Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) announced it has acquired an additional 3,985 acres of mineral rights at its high-grade silver-gold Mogollon Project near Silver City, New Mexico (the “Mogollon Project”).
Key Highlights:
- Northern Extension of the Mogollon District: A contiguous block of 200 unpatented mining claims was staked north of the Mogollon Project boundary covering unexplored multi-kilometer extensions of the Queen Vein, Great Western Vein and others (see attached figures).
- Acquisition of the Deadwood Mine: Two patented mining claims were purchased covering the strongly mineralized and largely unexplored historic Deadwood Mine on the Queen Vein two kilometers south of the Consolidated Mine.
- Project Size Significantly Increased: The Mogollon Project now covers 7,730 acres of mineral rights in private and federally administered lands, a 106% expansion over the previous 3,745 acres.
- Multiple Targets are Unexplored: None of the new areas have seen meaningful exploration activity and represent significant new discovery opportunities.
- Drilling is Ongoing at the Hughes Project, Nevada: A diamond drill rig is currently in operation at the Company’s Hughes Project, testing targets which may represent the eastern extension of the historic Tonopah mining district.
- Well Financed: Summa Silver remains well financed with $9.5M in working capital.
Staked Unpatented Mining Claims
A block of 200 unpatented mining claims was staked along the northern project boundary, effectively extending the project 3.5 km to the north (the “Unpatented Claims”) (Figure 1). The Unpatented Claims are located within Gila National Forest. The area was selected for staking based on extensive research of publicly available historic and technical data coupled with the observation that the Queen Vein is plainly visible on public satellite imagery (e.g. Google Earth) over land that was open to staking.
The Unpatented Claims are transected by multiple east-west and north-south oriented faults where numerous historic prospect pits, portals and shafts have already been identified in the field. These historic mine workings mark the surface expression of mineralized veins and vein-sets. Similar to previous exploration in the core of the Mogollon district, areas of historic disturbance will be the initial focus of systematic geological mapping and sampling as specific targets are identified and advanced.
Purchased Patented Mining Claims
Two patented mining claims (the “Patents”) covering approximately 33 acres were purchased outright from an arms-length third party for CAD $20,000. Summa Silver also granted a 1% NSR to the vendor, half of which can be purchased for CAD $500,000 prior to the start of production from the Patents, should such production be economically and environmentally justified.
The Patents are host to the historic Deadwood Mine which consists of a 180 m vertical shaft and approximately 1,500 m of underground development on seven levels in drifts and cross-cuts. The mine is reported to have produced 75,450 tonnes grading 4.6 g/t Au and 239 g/t Ag prior to 19421. Additionally, Summa Silver has separately acquired and is currently digitizing and verifying historic data showing that significant zones of mineralization were left remaining underground in the Deadwood Mine in two discrete strands of the Queen Vein.
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.
Summa Silver Corp is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.
