Silver One Resources Inc. provides an update of its ongoing exploration at its Phoenix Silver Project near Globe, Arizona. The focus of the work undertaken since March 2020 has been to identify the upslope source of large, very angular vein fragments. One fragment weighed 417 pounds (189 kg) and specific gravity measurements indicate that it contains up to 70% silver. One of the smaller vein fragments discovered in the same area was assayed (concentrate assay) and returned just under 50% silver - 459,000 gm/t or 14,688 oz/t silver. The magnetic survey has been particularly useful in identifying structural linears, some of which are associated with silver bearing veins. Not only were the east-west trending 417 and Mexican Mine structures identified, but additional strong lineaments were outlined in the northeast and northwest orientations. Of particular interest is that all three interpreted linear structures intersect in close proximity to, and upslope from the area hosting the very high-grade vein fragments (including the 417 pound fragment and the 459,000 g/t fragment) and also in the vicinity of the Mexican Mine. Other areas of intersecting structures have been identified elsewhere on the property and will require future exploration to determine if they are related to silver vein mineralization. Rock sampling and geological mapping have identified multiple areas of veining on the property and the mapping has led to a much greater understanding of the geological and structural controls on the mineralization. Two separate mineralizing events are suspected of being responsible for the bulk of the veins discovered to date. The first event comprises high-grade silver veins hosted in Proterozoic (Precambrian) aged diabase, near the contacts with similar aged metasediments. This style and grade of mineralization is similar to the high-grade Cobalt silver camp in northern Ontario, Canada. The second event consists of silver-bearing polymetallic veins (copper, zinc, lead and gold) which may include remobilization of older silver mineralization during the much younger, Laramide (Upper Cretaceous - Tertiary) porphyry copper event. This younger mineralizing episode resulted in the emplacement of large copper deposits which are actively being mined immediately to the southwest of Phoenix silver. Three dimensional modeling of the magnetic data has not only helped in outlining enhanced lineaments potentially associated with veins, but has also revealed multiple areas of low magnetic susceptibility which could be indicative of hydrothermal alteration and deep-seated sources of hydrothermal fluids. These latter characteristics are very similar to the magnetic signature of the Laramide aged copper deposits located adjacent to the southwest area of the Phoenix Silver project. Exploration for porphyry copper is being conducted immediately to the west of Phoenix silver. Combined with the results of Silver One's magnetic survey, this further substantiates the possibility that the silver- bearing polymetallic veins, that occur especially in the southern parts of the property, may be associated with a porphyry copper system at depth.