Retains Investor Relations Consultant
VANCOUVER, BRITISH COLUMBIA – Silver One Resource Inc. (Symbol: TSX-V: SVE / FSE: BRK1 / OTC: SLVRF) (“Silver One”) is pleased to provide an update on the Candelaria Silver Project, Nevada.
The Candelaria Mine has produced over 68 million ounces of silver since the mid-1800’s. Early mining from high grade oxide veins, up until the 1950’s, produced some of highest grade silver ore in Nevada, averaging over 2,500 g/t (>70 oz/t) silver. Production between the 1960’s and late 1990’s was from open pit operations, the latest being by Kinross Gold. Silver Standard acquired the mine in 2001, undertook an extensive drilling program and outlined 43-101 resources (now Historical) equating to 44 million ounces silver Historic Measured and Indicated resources and 80 million ounces silver Historic Inferred resources. Of this, approximately 48 million ounces inferred lies within the old heap leach pads, reportedly averaging 44 g/t (1.29 oz/t) silver. This represents a considerable target and needs to be evaluated for its near-term production potential. Other operations in Nevada are producing oxide silver from leaching at grades less than half the average grade of the Candelaria heap leach pads.
Silver One has contracted an environmental and permitting consultant and has started the permitting process for drilling and testing of the Heap Leach pads. Studies will be aimed at determining the average grade, grade distribution, metallurgical recoveries, etc. Additional studies (i.e. pre-feasibility to feasibility) would aim to determine the economic viability and best methods for potentially reprocessing and recovering silver from the leach pads. A proposed time line for these studies suggests a completion near Q4, 2018 and, with positive results, a production and commencement of construction decision could follow thereafter.
Concurrent with the evaluation of the leach pads, Silver One will explore the along strike potential of the mineralized system beyond the areas of previous open-pit mining. There are numerous old workings that suggests the system extends well beyond the pits. It will also examine a deeper, down-dip, high-grade zone encountered in the Silver Standard drilling. One of the higher-grade intercepts reportedly returned 670 g/t (19.5 oz/t) silver over 13.7 m (50’), with several other intercepts reporting more than 300 g/t (8.7 oz/t) silver.
Silver One plans on moving as aggressively as possible in evaluation all these highly prospective targets.
Silver One recently conducted a site visit with investors, financiers and newsletter writers of its Candelaria silver property in Nevada. Everyone was very impressed with the upside exploration and development potential of this previously producing silver mine. Some even went so far as to say the project could be a “company builder”.
Retains Investor Relations Consultant
As well the Company has entered into an investor relations agreement with Neil MacRae whereby Mr. MacRae will provide investor relations services to Silver One. Mr. MacRae’s services will include communicating with members of the financial community, including potential investors and newsletter writers as well as current shareholders to keep them informed and up-to-date on Silver One’s activities.
Mr. MacRae is a mining investor relations professional with over 20 years of experience in investor relations, commodities trading, and corporate development within the global mining industry. Most recently, he has been the Director of Investor Relations for Santacruz Silver Mining Ltd., a silver producer with assets based in Mexico. Prior to Santacruz, Mr. MacRae spent over ten years in a variety of investor relations roles in the mining industry including Farallon Mining, which was a zinc based Mexican mining company that was purchased by Nyrstar. Additionally, he has worked with First Majestic Silver Corp. and NovaGold Resources. Prior to his roles in investor relations, Neil spent approximately ten years with Mitsui & Co. (Canada) Ltd., which is active in the non-ferrous minerals concentrates business globally. He is a graduate of the University of Calgary.
Silver One has agreed to pay a monthly consulting fee of $3,000, in June and July 2017, and $3,333, in August 2017, and issue options to purchase 200,000 common shares of Silver One at a price of $0.65 per share. The options are subject to the vesting provisions and the terms and conditions of Silver One’s stock option plan and the policies of the TSX Venture Exchange. The investor relations agreement is for a period of 3 months, which may be extended by agreement of the parties.
Mr. MacRae is not related to Silver One, does not have any direct or indirect material interest in Silver One or its securities, other than the stock options as described above. All matters reported herein are subject to TSX Venture Exchange approval.
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.
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 : email@example.com
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, 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.