Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) (“Silver One” or the “Company”) is pleased to announce that it has exercised its option to acquire a 100% interest in the high-grade Phoenix Silver Project, located within the “Arizona Silver Belt”.
Greg Crowe, President and CEO of Silver One commented: “Acquiring a 100% interest in Phoenix Silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralization. Large angular and unabraded vein fragments were detected by metal detectors and uncovered in overburden within a metre of surface. These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances. One vein fragment weighed 189 kg (417 lb.) and was estimated by specific gravity methods to contain 70% silver. Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver (see Company News Release of February 20, 2020).
A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments (see Company News Release of March 2, 2023).
The southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples returning over 1% copper. The property lies to the northeast of Freeport McMoran’s copper producing Miami Complex and BHP’s Ocelot porphyry copper exploration project. Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host very high-grade silver mineralization as well as porphyry related copper mineralization.”
In order to acquire a 100% interest in the Phoenix Silver Project, Silver One paid US$350,000 and issued ten million common shares of Silver One over 3 years to the property vendors. The central portion of the claim block is subject to a 2% NSR, which can be purchased for US$ 1.0 million.
