The Phoenix Silver Project is located within the “Arizona Silver Belt”, which occurs on the margins of the prolific copper producing area near Globe, Arizona. Copper giants such as BHP, Rio Tinto, and Freeport McMorran all have producing mines in the area (see location map). The Arizona Silver Belt hosts several small historic silver producers, such as the McMorris, Buckeye and Stonewall Jackson Mines, all of which lie immediately east of Silver One’s Phoenix Silver Project. Native silver and other silver bearing minerals characterize these deposits.
The Phoenix Silver project is an early stage exploration prospect. Several native-silver vein fragments have been uncovered from beneath the overburden (see showing and samples map). The fragments are interpreted to be derived from nearby vein structures as determined by both the intergrowth of the quartz and carbonate with native silver and other silver minerals and by the non-abraded physical nature of the fragments (i.e. they have not been transported very far).
One sample that was recovered from the central area of the property (see showing and sample map) weighed 417 lbs and a specific gravity measurement in combination with the visual presence of abundant native silver attests to a high silver content (see 417 Ibs fragment photo). This exceptionally rare fragment was not assayed in order to preserve the specimen quality of the sample.
One 8.5 Kg (18.7 lbs) sample (see multiple fragment photo) was assayed by concentrate sampling techniques at Skyline Assayers and Laboratories in Tucson, Arizona. This assay returned very high grades of 459,000 gm/t silver (14,688 oz/t).
Several vein structures are partially exposed on the property. Some of these have been sampled, with assays returning from background silver values to 149 gm/t silver. Most of the veins trend east-west, similar to mineralized structures in the nearby McMorris and Buckeye historic mines. The projection of some of these veins occur just upslope from the areas where the large silver bearing vein fragments were located (see showing and samples map).
Silver One is planning to conduct detailed mapping and sampling along with soil and bio-geochemical and geophysical surveys to explore for covered areas of the vein structures that may be the source of some of these very high-grade vein fragments.