August 16, 2021
Vancouver, BC– Summa Silver Corp (“Summa Silver” or the “Company”)(TSXV: SSVR, OTCQB: SSVRF, Frankfurt: 48X) is pleased to report results from a property-wide soil geochemical survey from its Hughes Property at Tonopah, Nevada.
- Extensive Coverage: Over 2,700 samples were collected over a 5 km2 area representing the first-ever soil survey across this highly prospective land package.
- Robust Anomalies: Numerous multi-element soil anomalies are defined by high concentrations of arsenic, copper and lead (see attached figure).
- Overlapping Targets: The new soil anomalies are coincident with zones of hydrothermal alteration at surface and the recently identified geophysical anomalies (see news release dated June 22, 2021).
- Strong Potential for Discovery Under Cover: These coincident anomalies are interpreted to represent concealed, structurally controlled alteration zones host to possible epithermal-related mineralization.
- Targets Never Drilled: Plans for systematic drill testing are being finalized and targets will be selected following the near-term completion of geological mapping.
- Current Drill Program Extended: With the ongoing intersection of bonanza grade mineralization on the property including 11,992 g/t silver equivalent (5,969 g/t Ag and 60.2 g/t Au) over 0.9 m within 4,408 g/t silver equivalent (2,252 g/t Ag and 21.6 g/t Au) over 2.8 m in SUM21-30 (see news release dated July 21, 2021), drilling will continue in excess of the originally planned 10,000 m.
- Assays Pending: So far in 2021 the Company has completed 17 holes and assays for 15 holes remain pending.
Galen McNamara, CEO, stated: “The completion and integration of new soil geochemistry together with data from our recently reported geophysical surveys represents an important step towards realizing the full potential of our Hughes property. Last year’s discovery at the Ruby target, a 1.3 km step-out from the historic Tonopah Mining District, proved that mineralization continues at least that far to the east, where it remains open. Coincident geochemical and geophysical anomalies east and north of Ruby will be systematically investigated in the coming months with a focus on discovery while at the same time aggressively drilling our zones of known high-grade mineralization.”
The goal of the soil geochemical survey was to generate new exploration targets by focusing on pathfinder element anomalism known to be associated with Tonopah-style epithermal-related, high-grade silver and gold mineralization (e.g., As, Zn, Pb, Cu). The survey footprint covered the prospective eastern extension of the historic Tonopah district as well as newly defined areas of prospectivity north of the Ruby target area.
The 5 km2 soil survey consisted of 2,700 samples collected from two grids. The northern grid comprised 17 east-west oriented lines spaced 100 metres apart with samples spaced 25 metres along the lines. The contiguous southern grid consisted of 30 north-south oriented lines spaced 100 metres with samples spaced 25 metres along the lines. Samples were analyzed using a tailored portable Xray fluorescence spectrometer (pXRF) workflow to measure elemental concentrations from prepared sample mounts in the field. Samples were prepared and analyzed daily.
Preliminary pXRF data highlights numerous multi-element (As+Zn+Pb+Cu) soil anomalies spatially associated with property-scale, northwest trending faults and previously reported high-chargeability and high-resistivity anomalies (see news release dated June 22nd, 2021). These coincident anomalies are interpreted to represent concealed, structurally controlled alteration zones host to possible epithermal-related mineralization. Targets are currently being refined and evaluated in the field through detailed geological and structural mapping. Plans to systematically drill test priority targets are ongoing, including permitting of drill pads.
A selection of samples from key lines will be submitted to the lab for low-detection ICP-MS analyses to better define trends in key elements such as silver, antimony and gold. These data will be used to refine the exploration models and interpreted depths of targets.
Additionally, the Company has entered into an agreement with Hallelujah Resources LLC (the “Vendor”) pursuant to which the Company will acquire certain intellectual property and data owned by the Vendor (the “Assets”) relating to the Company’s Mogollon silver-gold property in the State of New Mexico. The Assets include a significant database of geochemical rock sample data. As part of the consideration for the Assets, the Company will issue 10,000 common shares to the Vendor.
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 has options to earn 100% interests in the Hughes property located in central Nevada and 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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Galen McNamara, Chief Executive Officer
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Cautionary note regarding forward-looking statements
This news release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the release of assays, and the exploration and development of the Company’s mineral exploration projects including completion of surveys and drilling activities.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.
Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.