February 15, 2022
Summa Silver (TSXV:SSVR) (OTCQB:SSVRF) (Frankfurt:48X) Adds Second Rig to Ramp Up Drilling at the Mogollon Project
- Summa Silver has announced new exploration activities at the Mogollon Property
- The company’s second drill rig has been mobilized to the property and is now in full operation
- Both rigs are testing for unmined extensions of the Consolidated Mine
- The company expects to drill 50 holes at the Consolidated Extension target throughout 2022
- The target is the first step in Summa’s exploration of the early-stage property
- Shares in Summa Silver (SSVR) are steady on the TSXV, trading at CAD$1.14 per share
Summa Silver has announced new exploration activities at the Mogollon Property in New Mexico.
The 2,467-acre Mogollon Property is located in the historically prolific Mogollon mining district of southwest New Mexico, approximately 120 km north of Silver City.
The company’s second drill rig has been mobilized to the property and is now in full operation. Like the first rig, the second is testing for unmined extensions of the Consolidated Mine, one of Summa’s three primary mines at Mogollon.
“The arrival of a second rig at Mogollon is an important step towards executing our aggressive drilling plans in 2022,” said Summa Silver CEO Galen McNamara. “Our primary focus this year is to build ounces largely via step-out drilling into veins of proven high-grade silver and gold mineralization.”
So far, the company has completed four holes across the property, with two currently in progress. All holes drilled to date have intersected multiple veins that indicate the presence of silver mineralization.
Summa Silver expects to complete a total of 25,000 metres of drilling in 50 holes at the Consolidated Mine throughout 2022. The Consolidated Extension target represents only 1.5% of the Mogollon Property’s total vein and structure strike length, and is the first step in the company’s exploration of the early-stage property.
The target was the site for historic drilling where nine drill holes intersected an average grade of 506 g/t silver equivalent over an average length of 12.0 metres, and currently remains open to expansion.
“As drilling progresses,” added Mr. McNamara, “we look forward to sharing progress updates and releasing assays in batches as we receive them.”
Summa Silver Corp. is a Canadian junior mineral exploration company. The company’s interests include the Hughes property in central Nevada and the Mogollon property in southwestern New Mexico.
Summa Silver (SSVR) is currently in the grey on the TSXV, trading at CAD$1.14 per share as of 12:03 pm EST.
On the OTCQB, SSVRF is down 0.49% to USD$0.8989 per share. And in European markets, Summa Silver (Frankfurt:48X) is down 4.88% on the day to EUR 0.78 per share.
For more information about Summa Silver and the Mogollon Property, visit the Company’s website. To view the full version of this release, click here.
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