Summa Silver Announces High-Grade Step Out Discovery in Nevada

Summa Silver Corp. (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) is pleased to announce the discovery of a new high-grade vein zone in final assay results from the recently completed drill program at the Hughes Project in Nevada.

Figure 2: Hughes Project Highlighting New Drill Result (SUM23-60)

In addition, the Company has commenced its drill program at the Mogollon Project in New Mexico (the “Mogollon Project” or “Mogollon”). Approximately 2,000 meters of drilling is planned across three new targets along the Queen Vein at the Mogollon Project.

Hughes Project Discovery Highlights

• 392 g/t AgEq* over 3.0 m (3.04 g/t Au, 147 g/t Ag) in a newly discovered vein-zone approximately 650 m east of the Ruby zones in hole SUM23-60 (see attached figures).
• Eastern Extension of the Tonopah Mining District: Three new discoveries were made in 2023 between 1.5 km and 4.7 km along strike from the historic Tonopah mining district.
• New Zones Open for Expansion: All new zones are open in all directions and require step-out drilling over a total trend length of 6.5 km.

Mogollon Project Drill Program Highlights

• High Potential Targets: Drill holes have been designed to test targets immediately below and along strike from zones of shallow high-grade mineralization (see attached figures).
• Size and Scale on the Queen Vein: All holes will represent significant step outs along a strike length of nearly 2 km on the Queen vein.
• Drilling Highlights from the Queen Vein
  • MOG22-05: 448 g/t AgEq* over 31 m (129 g/t Ag, 3.88 g/t Au)
  • MOG22-10: 640 g/t AgEq* over 9.9 m (306 g/t Ag, 4.26 g/t Au)
  • MOG22-16: 433 g/t AgEq* over 23.2 m (134 g/t Ag, 3.66 g/t Au)

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%; AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Completed Hughes Drill Program

The recently completed exploration drill program at Hughes Project consisted of reverse circulation (“RC”) and diamond drilling across five previously undrilled epithermal vein targets, all located east and northeast of the historic Tonopah mining district.

The purpose of the reconnaissance-style drill program was to test for epithermal-related veins and vein-sets along trend to the east from the Ruby discovery and to define the eastern extension of the district. Three new vein discoveries have so far been made (Figures 1 and 2).

Figure 1: Map showing the Hughes project drill targets with selected results

Table 1: Assay Results

Table 2: Collar Information

Recently completed SUM23-60 consisted of 335 m of RC pre-collar followed by 454 m of diamond core tail to a final depth of 790 m. From near the top of the hole, SUM23-60 intersected favorable Mizpah Formation andesite characterized by broad zones of pyrite-rich, phyllic alteration with local zones of pervasive clay/silca alteration with meter-scale quartz-rich breccias and vein-sets.

The hole bottomed in Tonopah Formation felsic rocks with local zones of clay alteration. The hole intersected over 500 m of strong and locally pervasive epithermal-related hydrothermal alteration with elevated pathfinder element geochemistry (e.g., arensic and antimony) highlighted by local intervals of silver and gold bearing veins in meter-scale quartz rich breccias and veins.

An upper zone of 392 g/t silver equivalent* (3.0 g/t Au, 147 g/t Ag) over 3.0 m from 323.2 m downhole demonstrates the mineralization potential of the greater Ruby target as this zone is approximately 300 m above the favourable Ruby Horizon, defined approximately 650 m to the west. Further drilling across the un-constrained Ruby area is warranted to define the structural controls and mineralization potential of the area.

Commencement of Mogollon Drill Program

The Mogollon drill program is designed to systematically test the high-grade mineralization potential of new targets located along the Queen vein (Figures 3 and 4). The winter drill program will now consist of significant step out holes along a ~2 km strike length, south of the Consolidated target. Three targets have been prioritised and are proximal to historic, small-scale underground mines where mineralization is open for expansion. Targets include South Queen, Eberle and Clifton. The drill is currently on hole MOG23-20, testing the South Queen target.

Figure 3: Long section of the Queen vein with drill targets

Figure 4: Map of Mogollon project targets for current drill program

Analytical and QA/QC Procedures

Drill core and RC chip samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA30”) and samples that assayed over 8 ppm were re-run via fire assay with a gravimetric finish (“Au-GR30”). Silver, and trace elements were analyzed via inductively coupled plasma mass spectroscopy after four-acid digestion (“49MA-MS”). Samples that assayed over 100 ppm Ag were re-run via fire assay for Ag with a gravimetric finish (“Ag-GR30”). In addition to Paragon quality assurance / quality control (“QA/QC”) protocols, Summa implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

Corporate Update

The Company has approved the grant of 2,305,000 incentive stock options to certain officers, directors, employees and consultants of the Company. The options vest over a two-year period following the grant date, are exercisable at a price of $0.62, and expire on December 6, 2028.

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.