Vancouver, British Columbia--(Newsfile Corp. - November 7, 2019) - Silver One Resources Inc. (TSXV: SVE) (OTC Pink: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce the commencement of a multi-target drill program at its Candelaria past-producing silver mine project in Nevada. Drills were mobilized onto the property on November 5, 2019. The program will comprise approximately 3,500 meters of core drilling,
Targets selected for drilling include:
|Historical Resource Estimate|
|Area/Type||Classification||Tons||Factored Ag Grade (opt|
|Sol. Au Grade (opt Ausoluble)||AqEq Grade (opt AgEqtotal)||Ag Ounces (Agtotal)||Aq Equiv. Ounces (AqEqtotal)|
|Subtotal, Measured + Indicated||13,623,000||3.23||0.003||3.42||44,060,000||46,633,000|
|Notes: ||1) Lode resources tabulated at a 0.5 opt Agsoluble cut-off grades, with only Agtotal shown in this table|
|2) Leach pads and low-grade stockpile resources tabulated for entire accumulation of material.|
|3) Total silver grades factored from soluble silver grades using regression formulas developed by Snowden.|
|4) Silver equivalent grade includes the contribution from the gold grade (soluble) using an Ag:Au equivalency ratio of 57.8:1. |
The historical mineral resource estimate used "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", which are categories set out in NI 43-101. Accordingly, Silver One considers these historical estimates reliable as well as relevant as it represents key targets for exploration work by Silver One. The data base for the historical resource estimate:
The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Silver One is not treating this historical estimate as current mineral resources.
The program is estimated to last until Q1 2020.
Some of the holes will use PQ sized core drilling (85 mm or 3.35 inches) in order to obtain large samples for metallurgical testing. All metallurgical work completed to date by Silver One has been on the historic heap leach pads. The current drilling will allow us to determine the grade and estimate potential recoveries from In-situ mineralization.
Greg Crowe, President and CEO, commented; "This drill program will potentially allow us to provide Silver One's first 43-101 resource estimate. Previous quoted resources have all been 'Historical' due to the age of the original 43-101 report (2001-02) completed by Silver Standard. Having a current 43-101 resource will greatly increase the confidence with respect to the quantity and quality of mineralization at Candelaria. The drilling will also test the continuity of higher-grade mineralization down-dip from the two historic pits. Additional information that will be gleaned from this program include potential continuity of the mineralization outside the open-pits and the larger core size will provide sufficient samples for metallurgical testing of the in-situ hard rock mineralization."
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. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. 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.
The Company has staked 636 lode claims and entered into a Lease/Purchase Agreement to acquire 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.
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 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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