Silver One Commences Exploration at Its Cherokee Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2019) - Silver One Resources Inc. (TSXV: SVE) (OTCQB: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce that it has commenced exploration on its 100% owned Cherokee silver-gold-copper epithermal project in Lincoln County, Nevada. Cherokee hosts multiple high-grade epithermal style precious and base metal bearing veins within a system that has been traced for over 11 km along-strike. The Company staked 636 lode claims in 2018 covering the entire known strike-length of the mineralized vein system and entered into a Lease/Purchase Agreement to acquire five patented claims (see the Company's news releases of July 9 and July 19, 2018 and Figure 1). The Company now controls 100% of the area of known mineralization.
Select surface grab, chip and dump samples collected in 2018 from numerous areas on the property have returned silver and copper values of 985 g/t Ag and 4.8% copper from the area around the historic Cherokee pits and adits (see Figure 2). Values as high as 1,895 g/t silver and 2 g/t gold were obtained from select grab samples collected in the Hidden Treasure area lying approximately 7 km southeast of the Cherokee workings (see Figure 3 and the Company's news release of Oct. 23, 1018).
Known mineralization sampled to date is in epithermal style silica-carbonate veins and silicified units marginal to the veins, hosted by Paleozoic age limestones. This setting is similar in part to the host rocks for the mineralized systems at Pioche located approximately 75 km to the north. As stated in the 1970 Nevada Bureau of Mines Bulletin # 73, Geology and Mineral Deposits of Lincoln County, Nevada by C.M. Tschanz and E.H. Pampeyan, mineral production from the nearby Pioche area was initially from gold-silver-copper epithermal veins and later from underlying carbonate-hosted replacement-type mineralized bodies. From 1869 to present, the neighboring Pioche area mined over 6 million tons producing over 1 million ounces of gold, 20 million ounces of silver, 7 million pounds of copper, 350 million pounds of lead and 700 million pounds of zinc. Production at Pioche was initially from gold-silver-copper epithermal veins and later from underlying carbonate-hosted replacement-type mineralized bodies.
Greg Crowe, President and CEO of Silver One Resources commented, "Cherokee is an emerging epithermal silver, gold and base metal district hosting multiple vein systems that have been traced thus far for over 11 km along strike. These veins have returned very high-grade silver, gold and copper values from select surface samples. Mineralization characteristics suggest this is part of an intact epithermal style precious metal system. These systems are known to host many precious metal mines throughout Nevada and the rest of the world. It must be emphasized that the vein systems on the Cherokee property have never been drilled. The company is looking forward to completing the current exploration program with the aim of selecting drill targets for the 2020 exploration season.
Work planned over the next 2-3 months will include: continued mapping and sampling of veins and alteration zones; soil sampling in areas of overburden cover; 650 line-km of heliborne magnetic gradient survey. Results are expected in late Q4 2019 and will be used to select potential drill targets in 2020.
The figures below highlight the property location, the outlines of known veins and silver and gold sample results to date. The samples set forth herein are not necessarily representative of the mineralization hosted on the property. Additional maps and photos can be found on the Silver One website at www.silverone.com.
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Figure 2 - Cherokee Mine Area - Ag-Au-Cu Geochemistry and Geology
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Figure 3 - Hidden Treasure Silver Geochemistry and Geology
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Quality Assurance/Quality Control
The samples were hand-delivered by Silver One personnel to the labs to ensure proper chain-of-custody procedures. The samples were assayed by Bureau Veritas (ISO 9001:2008) and American Assay Laboratories (ISO/IEC 17025:2005) located in Reno, Nevada. At the laboratory, the samples were dried, split and assayed. The samples were then analyzed for total gold by fire assay with an AA finish, silver and multi-elements by aqua regia digestion-multi-element ICP-ES.
Over limits of silver and gold were further analyzed by fire assay-gravimetric using a 30-gram sample. Over limits of copper, lead and zinc were analyzed by AAS with aqua regia digestion. As part of the standard operating procedures, both labs also inserted certified blanks, standards and included duplicate analyses.
The technical content of this news release has been reviewed and approved by Greg Crowe, P. Geo, President and CEO of Silver One, and a Qualified Person as defined by National Instrument 43-101.
About Silver One
Silver One is focused on the exploration and development of quality silver projects. The Company holds an option to acquire a 100%-interest in its flagship project, the past-producing Candelaria Mine located in Nevada. The Company is currently conducting metallurgical tests to determine the best methods for and potential recoveries of silver from the historic leach pads. Additional opportunities lie in previously identified high-grade silver intercepts down-dip and potentially increasing the substantive silver mineralization along-strike from the two past-producing open pits.
In addition, the Company also holds a 100% interest in three significant silver assets located in Mexico - Peñasco Quemado, Sonora; La Frazada, Nayarit; and Pluton, Durango, acquired from First Mining Gold, one of the Company's largest shareholders.
For more information, please contact:
Silver One Resources Inc.
Phone: (720) 273-6224
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are no guarantees of future performance. Silver One cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Silver One's control. Such factors include, among other things: risks and uncertainties relating to Silver One's limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Silver One undertakes no obligation to publicly update or revise forward-looking information.
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