Silver One Resources Concludes Sonic Drilling Program at Candelaria Project, Nevada
TSX VENTURE: SVE
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2018) - Silver One Resources Inc. (TSXV:SVE) (OTC Pink: SLVRF) (FSE: BRK1) ("Silver One") is pleased to announce the conclusion of the sonic drilling program at its Candelaria silver project in Nevada. A total of 1,110 metres were drilled in 45 holes. Forty-three holes were drilled on the historic heap leach pads and stockpiles, and two holes on dump material left over from previous operations.
This drilling expands on a previous program of 10 sonic drill holes conducted by Kinross Gold Corporation in 1998 on Leach Pad #1. The Silver One program involved drilling on the leach pads and stockpiles including: 17 holes on Leach Pad #1 ("LP1"), 10 holes on Leach Pad #2 ("LP2"), and 16 holes on the stockpiles. Drilling was conducted on a 200 metre spacing rectangular grid with a hole in the center (providing a nominal spacing of 141 metres to 200 metres between drill holes) on LP1, a 100 metre grid on LP2, and a 50 to 75 metre spacing grid on the stockpiles. It is worth noting that, SSR Mining Inc. re-assayed pulps from the Kinross sonic drilling in 2000 and reported silver grades between 8 g/t (0.26 oz/t) to 274 g/t (8.8 oz/t). The average reported silver grade of all pulps from the 10 holes drilled by Kinross on LP1 is 47 g/t (1.50 oz/t). Readers should note that the silver grades returned from SSR Mining Inc.'s re-assay of the pulps from the Kinross sonic drilling in 2000 are not necessarily representative of the mineralization currently contained in the historic heap leach pads. Silver One's recent drilling program on the heap leach pads will serve to more accurately determine the average silver grade of the heap leach pads.
The company is currently evaluating various processing alternatives to recover gold and silver contained within the leach pads to better plan future metallurgical testing. In the meantime, samples from the recently completed drill program will be prepared for lab assays prior to metallurgical testing.
Candelaria was historically the highest-grade silver producer in the state of Nevada, averaging over 1,200 g/T AgEq (40 oz/t AgEq) from high-grade vein mining between the mid-1800s and the mid-1900s. Open pit mining operations were undertaken in the 1970s through 1998 by several companies, including Nerco, Inc. and Kinross. Kinross closed the open pit and leach operation in 1998 due to low silver prices. Leaching of the historic pads was not completed leaving a substantial amount of silver unprocessed. It is estimated that the property has produced over 68 million ounces of silver. Historical information was obtained from "Geology of the Candelaria Mining District, Mineral County, Nevada, 1959, Nevada Bureau of Mines, Bulletin 56", and the SSR Mining Inc. technical report titled "Candelaria Project Technical Report" dated May 24, 2001 (filed on SEDAR June 20, 2002), prepared by Pincock Allen & Holt.
The technical content of this news release has been reviewed and approved by Greg Crowe, P.Geo, President and CEO of Silver One, and a Qualified Person as defined by National Instrument 43-101.
About Silver One
Silver One is a silver focused exploration company that holds an option to acquire a 100% interest in the past producing Candelaria Silver Mine Project, located in Nevada, from SSR Mining Inc. (formerly, Silver Standard Resources Inc.) and holds a 100% interest in three significant silver assets located in Mexico: Penasco Quemado in the State of Sonora, La Frazada in the State of Nayarit, and Pluton in the State of Durango. The assets located in Mexico were acquired from First Mining Finance, which became a key shareholder resulting from the transaction.