Summa Silver Discovers Two New High-Grade Silver-Gold Veins East of the Tonopah Mining District, Nevada

Summa Silver Corp. (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) announced that it has discovered two new high-grade silver-gold veins in wildcat-style exploration holes at the Hughes Project near Tonopah, Nevada (the “Hughes Project”).

Ruby Discovery

• New vein discovery of 1,450 g/t silver equivalent* over 3 m (812 g/t Ag, 8.4 g/t Au) including 2,959 g/t silver equivalent* over 0.6 m (1,635 g/t Ag, 17.4 g/t Au) in core hole SUM23-59.
• The vein discovery was intersected approximately 200 m above the targeted Ruby horizon, is open in all directions, and represents a 1.5 km step-out from the historic Tonopah mining district.
• The new vein flanks a compelling geophysical target, and an additional 650 m step-out hole is now in progress

Sapphire Discovery

• New vein discovery of 376 g/t silver equivalent* over 1.5 m (175 g/t Ag, 2.56 g/t Au) in reverse-circulation hole SUM23-62.
• Sapphire is the eastern-most target ever drilled at Tonopah and represents a 4.2 km step-out from the mining district.
• These results represent only the first hole into Sapphire where SUM23-62 was drilled as a wild-cat hole to test coincident soil and geophysical anomalies with approximate dimensions of at least 500 m x 500 m.

Other Key Highlights

• Broad zones of strong hydrothermal alteration were intersected in every hole suggesting the eastern extension of the Tonopah district is primed for additional discoveries.
• High-grade silver and gold mineralization has now been intersected in multiple zones over 6.2 km across an east west-trend on the Hughes Project.

Figure 1: Hughes Project Drill Targets

Figure 2: Ruby Discovery Hole Locations and Targets

Figure 3: Hughes Project Long Section

Drill Program

Results are reported here for 2,214 m of drilling in both RC and core configurations across four epithermal vein targets, all located outside the historic Tonopah mining district (Figures 1 and 2). The purpose of the reconnaissance-style drill program was to test for epithermal-related veins along trend to the east from the Ruby discovery and to define the eastern extension of the district. One additional hole was lost and abandoned at a depth of230m at the Ruby target due to poor ground conditions in a fault zone. The final planned hole of the program is in progress and assays for another remain pending.

Table 1: Assay Results

Table 2: Collar Information

The primary targets were identified by Summa over the course of multiple ground-based exploration programs (see the Company’s news release dated May 2, 2023), and include:

• The Ruby target was tested in core hole SUM23-59 (Figures 3 and 4). The hole was designed to test the eastern and up-dip extension of the Ruby vein discovery, previously drilled by Summa in three holes (e.g., hole SUM20-10, 469 g/t silver equivalent* over 2 m), and primarily targeted coincident chargeability and resistivity anomalies located immediately along strike to the east. From near the top of hole, SUM23-59 intersected Mizpah Formation andesite characterized by  broad zones of pyrite-rich, phyllic alteration with local zones of strong clay fault gouge and calcite veins and stringers. Zones of strong silicification (quartz veinlets and breccias) with associated silver-sulfide mineralized, banded and brecciated meter-scale quartz veins were intersected in two discrete zones. The upper zone at 480 m down hole returned 1,450 g/t silver equivalent* over 3m and the lower zone at 566m down hole returned 118 g/t silver equivalent* over 3.1m. The target depth for this hole was significantly deeper which suggests these new mineralized veins represent completely new vein systems. Additional drilling, structural interpretation and 3D modelling is required to evaluate the scale and potential of the greater Ruby target area.
• The Saphire target was tested in RC hole SUM23-62. The large-scale target consists of coincident broad arsenic-in-soil with high-chargeability and high-resistivity anomalies open to the south and east. The hole was collared 4.2 km east of the Tonopah mining district and intersected 44 m of young tertiary sedimentary cover rocks of the Seibert Formation followed by variably quartz-sericite-pyrite altered Mizpah Formation porphyritic andesites to the bottom of the hole. Local zones of strong argillic alteration with high percentages of quartz-rich chips were noted down hole. An interval of 376 g/t silver equivalent* over 1.5 m was intersected in one of these zones. This interval represents a new vein discovery and warrants systematic follow-up diamond drilling to constrain the orientation and scale.
• The Diamond target was tested in RC hole SUM23-63. The target consists of a near-surface, coincident north-trending strong chargeability and resistivity highs associated strong Fe-oxide at surface and arsenic-in-soil anomalism. The centre of the anomaly is 3.5 km east of the Tonopah mining district. The hole collared in 29 m of young tertiary sedimentary rocks of the Seibert Formation followed by Mizpah Formation andesite to the end of the hole. Broad zones of strong clay alteration were intersected downhole, including 1 to 3 m intervals of quartz-dominant chips interpreted to be local zones of quartz veining. Although high-grade Ag-Au was not interested, zones of highly anomalous arsenic (up to 52ppm), an element commonly elevated proximal to veins central to the Tonopah mining district, associated with zones of strong hydrothermal alteration suggest the hole intersected the distal expression of an epithermal vein system. Further drilling, stepped out from SUM23-63, is warranted to fully evaluate the epithermal-related Ag-Au potential of the area.

Drilling is ongoing on hole SUM23-60 representing a 650 m eastern step out from hole SUM23-59. The hole is further testing the eastern strike-extent of the Ruby veins. Results from this hole and hole SUM23-64 will be released once results are received from the lab.

Figure 4: Ruby Discovery Cross Section

Figure 5: Sapphire Discovery Cross Section

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.

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.

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