Summa Silver’s First Drill Results from Mogollon Return 11.6 m of 450 g/t Silver Equiv. including 0.9 m of 1,940 g/t Silver Equiv.
Assays from All Holes Drilled to Date Reveal Multiple High-Grade Silver and Gold Zones with Two Holes Pending and 34 Km of Strike Potential Identified
10,000 m Two-Rig Drill Program Beginning At the Hughes Property, NevadaVancouver, BC– Summa Silver Corp (“Summa” or the “Company”)(TSXV: SSVR, OTCQB: SSVRF, Frankfurt: 48X) announces high-grade silver and gold drill results from the Mogollon Property near Silver City, New Mexico and the commencement of a significant drill program at the Hughes Property near Tonopah, Nevada. The Company also provides an update on its operations at the Mogollon Property. Queen Vein of the past producing Consolidated Mine, Mogollon Property
- 6 m at 450 g/t silver equivalent* (2.7 g/t Au, 220 g/t Ag) including 0.9 m at 1,940 g/t silver equivalent (11.35 g/t Au, 975 g/t Ag) in MOG22-04 where total grade thickness through all mineralization is 5,343 g/t AgEq*m (see attached figures).
- 6 m at 220 g/t silver equivalent (1.4 g/t Au, 105 g/t Ag) and 4.2 m at 326 g/t silver equivalent (2.23 g/t Au, 137 g/t Ag) plus additional zones in MOG21-01 where total grade thickness through all mineralization is 6,225 g/t AgEq*m.
- 1 m at 279 g/t silver equivalent (2.07 g/t Au, 103 g/t Ag) and 8.0 m at 197 g/t silver equivalent (1.32 g/t Au, 85 g/t Ag) plus additional zones in MOG21-02 where total grade thickness through all mineralization is 4,522 g/t AgEq*m.
- Assays Pending: Assay results from holes MOG22-05 and MOG22-06 remain pending. Both holes intersected significant zones of quartz-carbonate veins, stockworks, and breccias commonly featuring visible silver sulfide minerals. This is a strong indication that the core is mineralized (see previously released core photos).
- Open in all Directions: The newly drilled mineralized zone remains open to expansion in all directions.
- Aggressive Drill Plan: The Company anticipates that a minimum of 25,000 m of drilling at Consolidated in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 x 300 m in order to publish its first resource estimate.
- Drilling Started at the Hughes Property: One diamond drill rig is currently in operation with a second rig mobilizing to site.
- Program to Focus on Resource Drilling: The priority targets are the Murray and Belmont areas, where previous drilling intersected strong mineralization. Approximately 10,000 m of drilling is planned at Hughes.
- Strong exploration potential at the Ruby Discovery 1.3 km east of the Belmont Mine:
- Final two holes from the 2021 drill program at the Ruby Discovery intersected broad zones of strong alteration and classic epithermal style veins on 100 m step-outs from SUM20-10. Core photos of the vein zones in SUM21-49 can be viewed here.
- SUM21-49 intersected 251 g/t silver equivalent* over 1.9 m including 383 g/t silver equivalent over 0.6 m and SUM21-50 intersected 130 g/t silver equivalent over 0.7 m and 108 g/t silver equivalent over 2.66 m including 186 g/t silver equivalent over 0.6 m
- The intersection of these zones confirms the strong exploration potential at the Ruby discovery, where large resistivity and chargeability anomalies just east of the area remain undrilled.
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AgEq* (g/t)||Grade Thickness (AgEq x m)|
|Drill Hole||Between (m)||And (m)||Interval (m)||Total Mineralization** (m)||Au (g/t)||Ag (g/t)||AgEq* (g/t)||Total Grade Thickness (AgEq x m)|
Figure 1: Mogollon Property Drilling Area and Targets
Figure 2: Mogollon Property Drill Hole Locations
Figure 3: Consolidated Extension Target LongsectionMogollon Drill program Assay Results The focus of the Mogollon drill program is testing un-mined extensions of the Consolidated Mine, centered on the north-trending, epithermal-related Queen Vein (see October 15th, 2021 News Release). Holes MOG21-01, 02, 03, and 04 targeted vein-hosted mineralization south of the Consolidated stopes over an area of approximately 100 m by 65 m (Figure 3) where broad zones (up to 50 m) of epithermal-related alteration, veining, and brecciation with locally strong silver-sulfide mineralization were intersected (see February 24th, 2022 News Release). The first four holes demonstrate the high-grade nature of the Queen Vein and also the strong grade continuity along the vein and within the complex broad vein system. Assay results from drill holes MOG21-01, 02 and MOG22-03 and 04 are reported in Table 1.
- All holes intersected multiple zones of strong silver and gold mineralization. Hole MOG21-01 intersected 326 g/t AgEq over 4.2 m from 295.4 to 299.6 m down hole and 220 g/t AgEq over 13.6 m from 303.7 to 317.3 m down hole for a cumulative grade thickness of 6,225 g/t AgEq*m. Hole MOG21-02 intersected 279 g/t AgEq over 7.1 m from 280.3 to 287.4 m down hole and 197 g/t AgEq over 8.0 m from 299.9 to 307.9 m down hole for a cumulative grade thickness of 4,522 g/t AgEq*m. The presence of multiple parallel zones of vein-hosted mineralization with strong grade continuity attests to the prospectivity of the target.
- Hole MOG22-04 tested the Queen Vein below and to the south of the Consolidated stopes and intersected 450 g/t silver equivalent over 11.6 m from 345 to 356.6 m down hole including 1,940 g/t silver equivalent over 0.9 m from 351.1 to 352 m.
- Hole MOG21-03 was terminated early due to the intersection of historic workings after unexpected and strong deviation of the hole during drilling. The bottom of the hole intersected 185 g/t silver equivalent over 14.0 m from 303.3 to 317.3 m and returned a cumulative grade-thickness of 2,756 g/t AgEq*m which suggests potential for mineralization in the hanging wall to the Consolidated stopes.
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AgEq* (g/t)|
|Target Area||Drill Hole||Easting||Northing||Azimuth||Dip||Total Depth (core)|
Figure 4: Hughes Property Drill Hole Locations
Figure 5: Underground View of Ruby Discovery area showing undrilled geophysical anomaliesAnalytical and QA/QC Procedures Drill core was sawn in half at Summa’s core logging and processing facilities at the Mogollon and Hughes properties. Samples from both properties were sent to Paragon Geochemical Laboratories in Sparks, Nevada 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 via fire assay with an AA finish (“Au-AA30”) and silver via atomic emission spectroscopy after four-acid digestion (“AgMA-AAS”). Samples that assayed over 8 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GR30”). Samples that assayed over 100 ppm Ag were re-run via fire assay for Ag with a gravimetric finish (“Ag-GRAA30”). In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Summa Silver 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 Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101. About Summa Silver Corp Summa Silver Corp is a Canadian junior mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property is the largest historic silver producer in New Mexico. Both properties have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company’s involvement. ON BEHALF OF THE BOARD OF DIRECTORS “Galen McNamara” Galen McNamara, Chief Executive Officer [email protected] Follow us on Twitter & LinkedIn
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