A Separate Newly Discovered Large Anomalous Area Has Also Been Identified
March 1, 2017
VANCOUVER, BRITISH COLUMBIA – Silver One Resource Inc. (Symbol: TSX-V: SVE / FSE: BRK1 / OTC: SLVRF) (“Silver One” or the “Company) has completed geochemical soil surveys on its wholly owned Peñasco Quemado (“PQ”) and La Frazada silver properties in Mexico.
At Peñasco Quemado, the results outline two main target areas. The first is a 3,000 meter long and 300 meter wide linear zone, characterized by strongly anomalous zinc, lead, barium and manganese, with values up to 3500 ppm zinc and 800 ppm lead. This zone contains, at its northwestern end, the previously reported (News Release of September 27, 2016) 9.63 million ounce silver Historic Measured and Indicated Resource in association with manganese and barium oxide replacement of a shallow westward dipping conglomeratic horizon. The length of the potentially mineralized system has now been expanded from the 450 meter long Historic Resource area to over 3,000 meters. The second anomalous area is a new, as yet unexplored and un-drilled, 2,000 meter by 1,500 meter target located in the western side of the property.
The La Frazada anomalies are more localized proximal to exposed mineralization and where underground workings access the surface. This is possibly due to the extreme leaching of metals in a tropical environment.
Silver One’s President and CEO, Greg Crowe, stated: “The geochemical results at Peñasco Quemado are very encouraging as they put in perspective a much larger upside potential to the property than was previously understood. These two standout exploration targets defined by highly anomalous zinc, lead, barium and manganese values not only extend the prospective strike length of the mineralized system from the 450 meters associated with the Historic Resource to over 3,000 meters, but the association with strongly elevated zinc and lead values suggests the possible presence of other buried zinc and lead +/- silver bearing mineralized systems at depth This geochemical signature bears strong similarities to the silver-manganese oxide and deeper zinc-lead-silver sulphide deposits currently being successfully evaluated by Arizona Mines at their Hermosa and Taylor projects in Arizona. Further exploration is clearly warranted.”
Peñasco Quemado
The geochemical survey consisted of 1,925 soil samples collected in a regular grid with east-west lines 200 m apart and sample spacing of 100 meters covering the entire property. Sampling was completed in December 2016 and XRF assays in January 2017. 320 Quality control (QA/QC) samples were analyzed at Skyline Labs in Tucson, AZ. Skyline results correlate very well with XRF assays and confirm values obtained by the company’s XRF analyses. 33 elements were analyzed obtaining significant anomalies of elements associated with silver.
The Peñasco Quemado geochemical anomalies match well with known mineralized structures. The main anomaly reflects the known mineralized body and Historic Measured and Indicated Resource and extend the mineralized trend significantly. The most relevant elements include manganese (with anomalous values between 0.17% and 1.1%) and barium (0.15%-0.88%), which form a 3,000 meters long prominent envelope that wraps around the known mineralized body located in the northwestern end of the anomaly. Zinc (400-3500ppm) and lead (135-800ppm) highlight certain sectors of the trend delineated by the manganese and barium halo. A second, oval-shaped 2,000 meters long by 1,000 meters wide zinc, lead, barium and manganese anomaly, located in the western part of the property, occurs in a conglomerate unit, however, this area has not been mapped or tested in detail. This area represents a new target that has never been drilled.
Peñasco Quemado is a 3,746 hectare property located in northern Sonora, 60 km south of the town of Sasabe on the US-Mexican border. A 2006 drilling program outlined a historical measured and indicated resource of 2.57 million tonnes at a grade of 117 g/t silver for a silver historic measured and indicated resource of 9.63 million ounces. The silver mineralization is associated with manganese and barium oxides in a near surface shallow westerly dipping zone of polymictic conglomerate in the northern part of the deposit, and in stockwork quartz and manganese oxides in a rhyolite dome in the southern part of the deposit.
La Frazada
The La Frazada survey consists of 222 soil samples collected in in a regular grid with east-west lines 100 m apart and sample spacing of 100 meters covering the entire property grid and analyzed for 33 elements. Soil sampling was completed as planned on December 2016 and XRF assaying conducted in January 2017.
The results reveal lead-zinc-copper and antimony anomalies that correlate with known mineralized veins. Portions of the veins however, do not show contrast with background values. The tropical weather of Frazada has leached silver and to some extent other elements such as zinc and copper that are more easily detectable in dry weather. Thus, the vein is not easily visible with the soil geochemistry. Despite such limitations, certain elements are useful to identify the veins and delineate extensions of the mineralized trends. Antimony, for example, roughly correlates with the Jabalina East vein. Lead, zinc and copper roughly correlate with the Frazada vein in the eastern part of the property and indicate that the vein extends an additional 300 meters to the west.
La Frazada property consists of semi-parallel epithermal silver-lead-zinc veins located in the historic Real del Zopilote mining district in Nayarit. The property hosts a total historical resource of 4.70 million ounces of silver in the Measured plus Indicated categories plus 3.86 million ounces of silver Inferred (see News Release of September 27, 2016.
Sampling and Assay Procedure
All samples were analyzed by Silver One professional personnel with a pXRF instrument and verified by Skyline Labs in Tucson, AZ (ISO/IEC 17025:2005. The samples were collected with plastic spoon in the C-horizon of soil, typically at the bottom of 20 to 40 cm deep pre-dug pits and then sieved at minus 10 mesh in the field before placing approximately 300 grams in pre-labeled ziplock bags. pXRF assays were conducted with an Olympus Delta-Premium 50kV analyzer mounted in a test stand reading through the Ziploc bag in soil mode (2 beam 30 sec each). Duplicates and resplits were done every 25 samples, Si blank and two standards were analyzed every 100 samples. QA/QC was conducted periodically at the end each shift by XRF operator. Verification samples were assayed by Skyline Labs in Tucson, AZ (ISO/IEC 17025:2005). Skyline further prepared the samples (dry and sieve at -80 mesh) and analyzed 32 elements by ICP/OES. The laboratory includes routine Canadian Certified Reference Materials (CCRM), in-house standards and blank samples with each sample submission. Silver One ensures that chain-of-custody is maintained at all time from point of collection to delivery to the assay laboratory.
Relinquishment of Margurete Gold Property
Due to Silver One’s acquisition of its three significant silver assets located in Mexico and its option to acquire the Candelaria Silver Project, Silver One has terminated its option to acquire the Margurete Gold Property, located in British Columbia.
About Silver One
Silver One is a silver focused exploration and development company that holds a 100% interest in three significant silver assets located in Mexico acquired from First Mining Finance (TSX-V: FF). Through this transaction First Mining Finance became a key shareholder. Silver One has also entered into an Option Agreement with Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) to acquire a 100% interest in the past producing Candeleria Mine. The Candelaria Mine lies within the Candelaria Mining District, historically the richest silver mining district in Nevada and previously produced over 69,000,000mm oz of silver and subject of a substantial historic resource estimate. Silver One has initiated an exploration program to update the historical resource estimates on two of its Mexican properties with plans to explore the high-grade target on the third project. As well Silver One is working with Silver Standard to develop a work program on the Candelaria project to explore high grade deeper targets discovered through a previous drill program by Silver Standard. For more information on Silver One and a summary of its historic resource estimates please visit the website at www.silverone.com.
Qualified Person
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.
For more information, please contact:
Silver One Resources Inc.
Greg Crowe, President and CEO
Phone : (604) 974-5274
Email : info@silverone.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 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.
