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Summa Silver Corp
Symbol SSVR
Shares Issued 104,761,584
Close 2024-02-27 C$ 0.31
Market Cap C$ 32,476,091
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Summa Silver drills 7.4 m of 393 g/t AgEq at Mogollon

2024-02-27 11:38 ET - News Release

Mr. Galen McNamara reports

SUMMA SILVER DRILLS HIGH-GRADE MINERALIZATION IN FIRST HOLE AT THE SOUTH QUEEN TARGET, MOGOLLON PROJECT, NEW MEXICO

Summa Silver Corp. has released assay results from its first drill hole completed during the winter drill program at the high-grade silver-gold Mogollon project, New Mexico.

Key highlights:

  • First hole at the South Queen target intersected multiple zones of strong epithermal-related silver-gold mineralization, highlighted by:
    • 393 grams per tonne (g/t) silver equivalent (64 g/t silver (Ag) and 3.9 g/t gold (Au)) over 7.4 metres (m) from 242.4 m downhole (60 m vertical depth), including 2,735 g/t silver equivalent (320 g/t Ag and 28.6 g/t Au) over 1.5 m;
    • 357 g/t silver equivalent (186 g/t Ag and 2.2 g/t Au) over 0.9 m from 201.2 m downhole.
  • Size and scale on the Queen vein: This hole represents a 1.4-kilometre stepout on the Queen vein where mineralization remains open in all directions.
  • Between two historic producers: The newly intersected mineralized zone is located between the recently acquired Deadwood and Eberle mines, both of which were only mined at shallow-levels and remain untested at depth.
  • Additional exploration upside: Results support the high-prospectivity of the entire Queen vein where mineralization is open along strike and downdip warranting systematic follow-up drilling.
  • Assays pending: Drilling is now complete with results pending from two holes that tested for mineralization along strike and below the Eberle mine.

Galen McNamara, chief executive officer, stated: "We designed this drill program to test the size and scale of mineralization on the Queen vein. The targets were precisely planned and based on our extensive geological modelling efforts that have evolved over the past three years. Unsurprisingly, our first hole successfully intersected strong mineralization. We look forward to additional results and continuing to unlock value in what has long been an overlooked historic mining district."

Mogollon exploration drill program

The winter drill program at the Mogollon project was designed to test the silver and gold potential of zones along the north-striking Queen vein. The targets (South Queen and Eberle) are the result of extensive data compilation efforts which have evolved over several years and are designed to maximize discovery potential. The two targets are dispersed along 350 m of the Queen vein south of the Consolidated target, where Summa focused its previous drill programs. The first hole of the program (MOG23-20) tested the South Queen target.

The South Queen target is centred on the structural intersections between the east-west-trending Last Chance and Anne E veins and the north-south trending Queen vein. The first hole of the program (MOG23-20) was designed to test parallel vein-sets of the Queen vein system, as well as for high-grade and plunging mineralization hosted along the intersection of the Queen vein and Last Chance veins. The hole was collared 250 northwest of the Last Chance mine portal in the hangingwall of the Last Chance vein. The hole intersected banded and locally brecciated Fanney rhyolite to 313 m downhole. At 201 m, the hole intersected a weakly oxidized quartz-carbonate vein that yielded 357 g/t silver equivalent (186 g/t Ag and 2.2 g/t Au) over 0.9 m. Between 235 m and 264 m, the hole intersected a broad zone of strongly silicified and brecciated rhyolite cut by centimetre-scale to metre-scale zones of quartz-carbonate vein with local silver-bearing sulphides (393 g/t silver equivalent over 7.45 m, including 2,735 g/t silver equivalent over 0.5 m). Due to the shallow dip of the hole, this lower high-grade vein was intersected approximately 60 m below surface. The hole bottomed at 324 m in andesite of the Mineral Creek unit.

Results from hole MOG23-20 strongly supports the high-prospectivity of the Queen vein south of the Consolidated mine target, which is 1.4 km to the north. At Consolidated, the company has systematically tested for unmined extensions of mineralization across a strike length of approximately 500 m, where many holes returned significant zones of high-grade silver and gold mineralization (448 g/t silver equivalent (129 g/t Ag and 3.88 g/t Au) over 31 m of MOG22-05 and 640 g/t silver equivalent (306 g/t Ag and 4.26 g/t Au) over 9.9 m of MOG22-10; see the company's news releases dated May 3, 2022, and Feb. 1, 2023) hosted in the broad, steeply dipping and complex Queen vein system. A similar systematic approach to drilling is warranted at the Queen South target to better define the lateral and vertical extent of vein-hosted mineralization. This zone, approximately 270 m north of the Deadwood mine underground workings and approximately 200 m south of the Eberle mine underground workings, is open in both directions along strike and downdip.

Exploration permit affirmation

In a public hearing held on Feb. 15, 2024, in Santa Fe, the New Mexico Mining Commission voted unanimously (6-0) to affirm the company's part 3 minimal impact exploration permit. The commission acts as the rule-making and administrative review body for the 1993 New Mexico Mining Act. Anyone affected by actions or rulings related to the Mining Act regulatory program may appeal that action to the commission if they do not agree with the action or ruling provisions. The commission will then hold a public hearing on the appeal and decide to uphold or overturn the action. The hearing on Feb. 15, 2024, was held to address complaints made by a private citizen who alleged that the Mines and Minerals Division of the Energy, Minerals and Natural Resources Department of New Mexico (MMD) failed to issue correct maps of the area permitted for exploration when granting the permit. company employees and consultants participated in the hearing as expert witnesses. The decision affirms the permit and associated findings of fact made by the director of the MMD which include, among other things, that the Mogollon project is unlikely to have adverse impacts on threatened or endangered species, water resources or cultural resources.

Analytical and QA/QC (quality assurance/quality control) procedures

Drill core was sawn in half at Summa's core logging and processing facilities at the Mogollon project. All core samples were sent to Paragon Geochemical Laboratories in Sparks, Nev., for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold through fire assay with an AA (atomic absorption) finish and samples that assayed over eight parts per million (ppm) were rerun through fire assay with a gravimetric finish. Silver and trace elements were analyzed through inductively coupled plasma mass spectroscopy after four-acid digestion. Samples that assayed over 100 ppm Ag were rerun through fire assay for Ag with a gravimetric finish. In addition to Paragon quality assurance/quality control (QA/QC) protocols, Summa implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. McNamara, PGeo, the chief executive officer of the company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp.

Summa Silver is a junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes project located in central Nevada and the Mogollon project located in southwestern New Mexico. The high-grade past-producing Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the company's involvement.

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