Dec 14, 2021 PotStockNews

Summa Silver Intersects 50 Meter Vein Zone with Visible Mineralization in First Hole at Mogollon, New Mexico

 
Summa

Core Photos Reveal Extensive Vein Zone

Vancouver, British Columbia–Summa Silver Corp. (TSXV:SSVR)(OTCQB:SSVRF)(FSE: 48X) (“Summa” or the “Company“) is pleased to provide an update from on-going drilling at the high-grade silver-gold Mogollon Property, near Silver City, New Mexico.

Figure 1: Example of mineralized core from the Queen Vein. Banded and brecciated quartz vein with clotted and banded silver sulfides circled in red.Junior Mining Network

Figure 2: Drill core photo showing epithermal-related quartz vein textures in MOG21-01 at 299.9 meters

Key Highlights

  • First Hole Intersects Queen Vein: The first drill hole intersected a broad 50 meter zone of epithermal-related veining and brecciation with locally high concentrations of silver-bearing sulfides (see attached figures).

  • Core Photos: A complete set of photos of the Queen Vein intersection in hole MOG21-01 can be viewed here.

  • Drilling On-Going: Drilling is in progress at the Consolidated Extension target where the Company anticipates that a minimum of 15,000 m of drilling is necessary.

  • Work Just Beginning: This first target represents only 1.5% of the total vein and structure strike length present on the property.

Galen McNamara, CEO, stated: “Although we don’t expect the entire intersection to carry a grade, the wide zone of classic low-sulfidation veining in our first hole attests to the prospectivity of the Queen Vein and the significance of the mineralizing system in general. This hole confirms our modelling of historic mine records and limited exploration drilling of the target. It also supports the strong potential of the vein along strike and down-dip.”

Mogollon Drill program

The focus of the ongoing drill program is testing un-mined extensions of the Consolidated Mine, centered on the north-trending, epithermal-related Queen Vein (see October 15th, 2021 News Release). Holes on 100-meter centers are designed to systematically test the lateral and vertical continuity of mineralization over a strike-length of approximately 500 meters and near-vertical, down-dip extent of over 250 meters beginning at approximately 130 meters below the surface.

The first hole (MOG21-01, drilled to 440 meters) targeted the extension of structurally-controlled, vein-hosted mineralization south of the historic Consolidated stopes. A broad 50-meter zone of epithermal-related alteration, veining, brecciation, and mineralization, cored by the Queen Vein, was intersected at approximately 280 meters downhole. Within this zone, the hanging wall to the Queen Vein consisted of silicified and brecciated andesite and rhyolite cut by zones of colloform-banded chalcedonic quartz veins increasing in frequency with depth towards the Queen Vein. The 8 meters wide Queen Vein at approximately 296 meters downhole comprised calcite + quartz veins, quartz-rich breccias with bladed quartz, colloform banding, and local silver-bearing sulfides (Figure 2). The footwall to the Queen Vein consists of intensely silicified and brecciated andesite with abundant silver-bearing sulfides as disseminations and banded within chalcedony-rich veins (Figure 1).

Figure 1: Example of mineralized core from the Queen Vein. Banded and brecciated quartz vein with clotted and banded silver sulfides circled in red.

The presence of strong sulfide mineralization hosted near the footwall to the Queen Vein in MOG21-01 is similar to mineralization styles documented in historic mining and exploration reports from the Consolidated and other targets associated within the Queen Vein (see September 13th, 2021 News Release). This hole supports the company’s comprehensive exploration model and confirms the southern strike-extent of the mineralized Queen Vein. Lithological and structural data from MOG21-01 and subsequent holes are also being incorporated into the geological model to help target high-grade zones along with the vein system.

Drill core from MOG21-01 has been sampled and dispatched to Paragon Geochemical in Sparks, NV for assay analyses. High-resolution core box photos from MOG21-01 can be viewed here. Over 5,000 total meters are scheduled for this phase of drilling with an additional minimum of 10,000 meters planned for the first half of 2022 as drill hole spacings are tightened to approximately 50 meters.Junior Mining Network

Figure 2: Drill core photo showing epithermal-related quartz vein textures in MOG21-01 at 299.9 meters

Table 1: Collar Information for MOG21-01

Target Area Drill Hole Easting Northing Azimuth Dip Final Depth (Core)
Consolidated Ext. MOG21-01 705092 3698292 248 -56 440m

 
Coordinates are in NAD27, Zone 12N

Mogollon Property

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. Numerous underground workings have exploited high-grade gold and silver veins from three primary mines: Fanney, Last Chance, and Consolidated. Mining ceased in 1942 and the district has since been largely inactive besides a few exploration drill programs in the 1980s and in 2010: totaling 15,600 m. The property hosts approximately 34 km of near-continuous epithermal-associated veins and faults where only 1.7 km of those veins and faults have been drill tested. The Mogollon Property, therefore, offers a unique opportunity to build high-grade ounces near historic past-production while systematically exploring for new discoveries using modern techniques.

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company, and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

Neither the 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.

Cautionary note regarding forward-looking statements

This news release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the release of assays, and the exploration and development of the Company’s mineral exploration projects including the completion of surveys and drilling activities.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information are based on the management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Summa Silver Corp. (TSXV:SSVR)(OTCQB:SSVRF)(FSE: 48X)

[BONUS-POPUP id=”1″]

Please See Disclaimer


STOCKS YOU MAY LIKE


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of and sponsored by, Summa Silver Corp. Market Jar Media Inc. has or expects to receive from Summa Silver Corp.’s Digital Marketing Agency of Record (Native Ads Inc.) one hundred fifty-three thousand eight hundred dollars USD for 22 days (16 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on MicroSmallCap.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on MicroSmallCap.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.

6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Summa Silver Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Summa Silver Corp.’s industry; (b) market opportunity; (c) Summa Silver Corp.’s business plans and strategies; (d) services that Summa Silver Corp. intends to offer; (e) Summa Silver Corp.’s milestone projections and targets; (f) Summa Silver Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Summa Silver Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Summa Silver Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Summa Silver Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Summa Silver Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Summa Silver Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Summa Silver Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Summa Silver Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Summa Silver Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Summa Silver Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Summa Silver Corp.’s business operations (e) Summa Silver Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Summa Silver Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Summa Silver Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Summa Silver Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Summa Silver Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Summa Silver Corp. or such entities and are not necessarily indicative of future performance of Summa Silver Corp. or such entities.