Vancouver, BC – February 14, 2019 - Silver One Resources Inc. (TSXV: SVE; OTC Pink: SLVRF; FSE: BRK1 - “Silver One” or the “Company”) announces that it has commenced a 1,000-metre diamond drilling program on its 100% owned Peñasco Quemado (“PQ”) project located in northern Sonora, Mexico.
Greg Crowe, President and CEO commented, “The strength of the soil geochemical anomalies near to a historically defined, manto or replacement style silver resource, in combination with geophysical anomalies strongly highlights Peñasco Quemado as a highly prospective drill target. The property hosts geological similarities to the silver-manganese oxide and zinc-lead-silver sulphide mineralization at the Hermosa and Taylor projects located just over 100 kilometres to the north in Arizona. These properties are currently being evaluated by South 32 acquired through the takeover of Arizona Mining in August 2018.”
The drilling will test three targets in two separate areas of the PQ property. These targets were selected based on coincidental geochemical and geophysical anomalies previously identified in the Company’s 2017-2018 exploration programs (see the Company’s news releases of April 12, 2018, December 4, 2017 and March 1, 2017).
Drill holes in the eastern part of the property will target an interpreted southwest, down-dip extension of the drill defined historic silver resource area, interpreted as a shallow, southwest-dipping replacement manto. This anomaly was outlined by geophysics (area of low-intermediate resistivity). Additional drilling will test the interpreted along-strike extensions to this historic resource area as identified by strong, 3+ kilometre long, southeast trending zinc, lead, barium and manganese in soil anomalies, which are in part associated with geophysical anomalies.
In the western part of the PQ property, drilling will test strong zinc, lead and copper soil anomalies with coincidental geophysics in an area drilled by Silvermex Resources Inc. in 2008 where significant silver values were intersected in drill hole PQRC51 (340 g/t Ag over 4.5 metres, 88 metres from surface).
Silver One’s Mexican subsidiary, Minera Terra Plata S.A. de C.V., has contracted Globexplore, S.A. de C.V. to conduct the drilling at Penasco Quemado and estimates the field portion of the program to be completed by the end of February 2019.
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 kilometre 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.
Monica Hamm - VP, Investor Relations
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.