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Summa Silver Corp
Symbol SSVR
Shares Issued 21,963,767
Close 2020-06-30 C$ 1.05
Recent Sedar Documents

Summa Silver prepares to drill Hughes

2020-06-30 16:39 ET - News Release

Mr. Galen McNamara reports

SUMMA SILVER MOBILIZES DRILLS TO THE HUGHES PROPERTY; FILES NI 43-101 TECHNICAL REPORT

Summa Silver Corp. has mobilized drilling equipment to the Hughes property. Additionally, the company has filed an independent technical report for the Hughes property on SEDAR.

Drill program update:

  • Drill mobilization under way: The company is currently mobilizing one reverse circulation drilling rig and one core drilling rig to the Hughes property.
  • Drilling imminent: The summer drill program will consist of a minimum of 7,500 metres of drilling in approximately 15 holes (see news release dated June 25, 2020).
  • First modern-day exploration: The first drill holes will test the immediate area of the company's historically producing Belmont mine, which is reported to have produced 36.7 million ounces of high-grade silver and 428,000 ounces of gold, but has never been systematically explored.
  • Multiple targets per hole are planned: The stacked nature of the veins in the Belmont mine area means that many of the planned holes will test multiple potentially mineralized structures.

With the recently completed $5-million financing, the company is fully financed for this first round of modern-day exploration on the project.

Chief executive officer to appear at Mines and Money on-line connect

On July 2, 2020, the company will be participating in the Mines and Money 5@5 series, a virtual networking session that catches up with five key players in the mining investment community for market commentary and project updates. Galen McNamara, chief executive officer of the company, will be giving a brief progress update and participating in a general discussion on the panel.

This is a free event, and participants will be able to interact with the panel and take part in a live chat with other attendees from around the globe.

Date:  Thursday, July 2, 2020

Time:  9 a.m. Pacific Time/12 p.m. Eastern Time

Technical report

An independent technical report for the Hughes property has been filed on SEDAR. The technical report was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and includes a two-phased recommendation for up to 15,000 m of drilling on the property.

Donna property update

After careful review of all available data, the company has elected to terminate the option agreement with Eagle Plains Resources in respect of the Donna property. The property has been returned to the optionor and the company no longer has an interest in the Donna property or any further obligations to the optionor. Although the Donna property is prospective for gold mineralization, the company believes its resources are better spent on the Hughes property in central Nevada and on evaluating other potential projects with a view to maximize shareholder value.

Engagement of Swiss Resource Capital

The company has engaged SRC Swiss Resource Capital AG to provide investor relations and communication services in Europe to increase exposure and awareness to investors especially in the German-speaking financial community but also through its services provided in English worldwide. SRC, which is led by Jochen Staiger, CEO, will assist the company's efforts in growing investor awareness and expanding exposure to retail and institutional investors by providing news dissemination and marketing services in German. In consideration for these services, the company will pay SRC 5,000 francs per month for a period of 12 months and has grated 100,000 stock options to SRC at a price of 92 cents per share with a five-year term, vesting in stages over 12 months beginning on the three-month anniversary of the issuance.

Data verification

The data disclosed in this news release relating historic production at the Belmont mine is historical in nature. Neither the company nor a qualified person has yet verified these data and therefore investors should not place undue reliance on such data. The company's future exploration work will include verification of the data.

Qualified person

The technical information disclosed in this news release has been reviewed and approved by Mr. McNamara, PGeo, the CEO of the company and a qualified person as defined by National Instrument 43-101. Mr. McNamara has not verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure.

About Summa Silver Corp.

Summa Silver is a Canadian junior mineral exploration company. The company is focused on the Hughes property located in central Nevada, which is host to the high-grade historically producing Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

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