VANCOUVER, BC, Feb. 8, 2024
/CNW/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX:
SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased
to announce that it has exercised its option to acquire a 100%
interest in the high-grade Phoenix Silver Project, located within
the "Arizona Silver Belt".
Highlights of Phoenix Silver Project:
- Phoenix Silver Project covers 6,141 hectares along the
northern extension of a prolific 30+km long mineralized trend
hosting past and current producing silver and copper
mines.
- Permitted for drilling on high-grade silver
targets.
- Very high-grade native silver vein fragments, including a
189 kg (417 lb.) specimen estimated to contain over 70% silver and
an 8.5 kg (18.7 lb. ) specimen assaying 459,000 g/t (14,688 oz/t)
silver (see news release dated February 20,
2020).
Greg Crowe, President and CEO
of Silver One commented: "Acquiring a 100% interest in Phoenix
Silver represents a rare opportunity in potentially identifying
extremely rich silver vein mineralization. Large angular and
unabraded vein fragments were detected by metal detectors and
uncovered in overburden within a metre of 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 189 kg
(417 lb.) 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 20, 2020).
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).
The southern portion of the project also hosts regional
trending veins and breccia zones, with several selected samples
returning over 1% copper. 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 very high-grade
silver mineralization as well as porphyry related copper
mineralization."
In order to acquire a 100% interest in the Phoenix Silver
Project, Silver One paid US$350,000
and issued ten million common shares of Silver One over 3 years to
the property vendors. The central portion of the claim block
is subject to a 2% NSR, which can be purchased for US$ 1.0 million.
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
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.
Silver One owns 100% interest in the Silver Phoenix Project. The
Silver Phoenix Project is a very high-grade native silver prospect
that 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 : gary@strata-star.com
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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SOURCE Silver One Resources Inc.