SILVER ONE DISCOVERS NEW SILVER VEIN FRAGMENTS AND OUTLINES NEW COPPER SHOWINGS ON ITS PHOENIX SILVER PROJECT IN ARIZONA

Geological reconnaissance on the new claims staked in October and December, 2023 (see company’s news releases of October 23 and December 19, 2023) has also uncovered several new copper and silver prospects with up to 1,785 g/t Ag and 2.74 % Cu in selected samples (Table 1, Figure 3, and Figure 5 below).  The southern portion of the Phoenix Silver property has numerous copper and silver showings and hosts potential for the discovery of porphyry related copper mineralization.  The southern part of the project is immediately northeast of the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry project being actively explored by BHP (see Figure 4 below).

Highlights:

• New silver fragments discoveries extend the area of potential silver vein mineralization for 600+ metres to the west of the previously discovered 417 lb (189 kg) angular and unabraded vein fragment that was estimated to contain over 70% silver and an 18.7 lb (8.5 kg) specimen assaying 459,000 g/t (14,688 oz/t) silver (see news release dated February 5, 2020).
• The project is permitted for drilling on the potentially high-grade silver targets (See Figure 2).
• New copper showings on recently acquired claims highlight the potential for porphyry copper mineralization immediately along strike from the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry project being actively explored by BHP
  • Copper values in selected samples range between 0.1% to 2.7% and silver between 10.9 g/t and 1,785 g/t containing locally abundant lead and zinc in veins, breccias and bed planes.

Greg Crowe, President and CEO of Silver One commented: “The Phoenix Silver project continues to evolve, not only in the size and distribution of mineralized areas, but also in the very nature of the mineralized systems.  What started as a rare opportunity in potentially identifying areas of extremely rich silver vein mineralization, has now expanded to include large areas of copper-silver porphyry potential. 

Large angular and unabraded silver vein fragments were detected by metal detectors and uncovered in overburden within a metre of the surface.  These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances.  One vein fragment weighed 417 lb (189 kg) and was estimated by specific gravity methods to contain 70% silver.  Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver (see Company News Release of February 5, 2020).  The recently discovered silver vein fragments have extended the known area of mineralization along the 417 vein structure for an additional 600+ metres to the west of the 417 pound vein fragment.  This illustrates the significant potential for outlining additional high-grade silver targets.

A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments (see Company News Release of March 2, 2023).  Emphasis will be placed on the 417 vein structure.

The southern portion of the project also hosts regional northeast-trending veins, alteration and breccia zones, with several selected samples returning over 1% copper.  Recent sampling has uncovered more copper mineralization on the claims acquired in October and December of 2023.  The property lies to the northeast of Freeport McMoRan’s copper producing Miami Complex and BHP’s Ocelot porphyry copper exploration project.  Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host high-grade silver mineralization as well as porphyry related copper-silver mineralization.

The Phoenix Silver project is truly a unique and exceptional exploration opportunity.” 

Table 1: Selected assays in new claims staked in the Phoenix Silver Project (October 23, and December 19, 2023 news releases). All samples are rock chip samples.  Selected copper assays are shown in Fig. 3.

Elevated copper and silver values with abundant manganese, iron oxides and local base metals (lead and zinc) shown in Table 1 above, are representative of the mineralization in veins, hydrothermal breccias, and fracture systems that are widespread throughout the southern part of the property.  These values along with elevated molybdenum (to 44 ppm)  and local chlorite hydrothermal alteration suggest the presence of intrusive centered hydrothermal systems and are distal manifestations potentially related to the margins of porphyry copper deposits.  Examples of these manifestations can be seen at the Silver Queen and Silver King mines and the Old Dominion vein, which are the surface expression of the Magma copper deposits and Ocelot porphyry copper discovery, respectively.

Silver One plans to continue the geologic reconnaissance and sampling of the new claims staked in October and December 2023.  Assays of 30 samples currently at Skyline laboratories in Tucson AZ are expected within 30 days. 

Analytical and QA/QC

Chip samples were collected by geologists during a recent property visit and varied in size from approximately 1 kg to 5 kg.  Samples were submitted to ALS USA Inc. (“ALS”) in Reno, NV, USA for sample preparation and analyzed at ALS in North Vancouver, BC, Canada (ISO accredited Laboratory, ISO/IEC 17025:2017 and ISO 9001:2015). Samples were analyzed for fifty-one elements by four acid digestion on a 0.25 g sample and ICP-MS finish (ME-MS61L). Over limit silver, copper, manganese, lead and zinc were analyzed by ore-grade four acid digestion (0.4 g sample) and ICP-AES (OG62). Gold was analyzed by 30 g FA/ICP-AES (Au-ICP21). Chromium, niobium, silica, tantalum, titanium, yttrium,  zircon, and niobium were also semi-quantitatively analyzed at ALS by portable XRF (pXRF) on sample pulps. ALS inserts blanks, standards and includes duplicate analyses to ensure proper sample preparation and equipment calibration.

Qualified Person

The technical content of this news release has been reviewed and approved by Robert M. Cann, P. Geo, a Qualified Person as defined by National Instrument 43-101 and an independent consultant to the Company.

About Silver One

Silver One is focused on the exploration and development of quality silver projects.  The Company owns a 100%-interest in its flagship project, the past-producing Candelaria Mine located in Nevada.  Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production.  Additional opportunities lie in unmined historic resources as well as in previously identified high-grade silver intercepts down-dip, which can potentially increase the substantive silver mineralization along-strike from the two past-producing open pits.

The Company owns 636 lode claims and  five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along-strike.

Silver One also owns a 100% interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver prospect, recently permitted for drilling, which lies within the “Arizona Silver Belt,” immediately adjacent to the prolific copper producing area of Globe, Arizona. 

For more information, please contact:

Silver One Resources Inc.

Gary Lindsey – VP, Investor Relations

Phone: 604-974–5274

Mobile : (720) 273-6224

Email :  [email protected]

Forward-Looking Statements

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 not 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 the Candelaria Project, 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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SOURCE Silver One Resources Inc.

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