Key Highlights
Drilling has commenced: A reverse-circulation drill rig has been mobilized to site and is currently advancing the first hole of the program. A core rig is also on-site and will be drilling core tails on select holes.
High-Potential Targets: Five targets will be tested and a minimum of seven holes are planned. Targets were selected based on thorough interpretations of geophysical, geochemical, and geological mapping data acquired by the Company.
Additional Drilling at the Ruby Discovery: Representing the extension of the
Mineralization already intersected at Ruby: The three holes drilled by the Company at Ruby in 2020 and 2021 all intersected zones of quartz veining, alteration and intermittent mineralization with features strikingly similar to the ore bodies in the heart of
New Targets include Emerald, Diamond, Sapphire, and Topaz: These four new target areas, which were previously unrecognized, represent significant discovery opportunities just outside of the historic
Fully Funded: The Company remains fully funded with approximately
Hughes Exploration Drill Program
The focus for this phase of exploration drilling is on testing previously undrilled epithermal vein targets identified by
Four main target areas will be tested over the course of the program, and include: Ruby: The Ruby discovery has been drilled by the Company in three holes completed in 2020 and 2021. The area is characterized by a broad zone of pyrite-rich, phyllic alteration transitioning to strong argillic + silica alteration peripheral to a wide zone of strong epithermal-related gold and silver mineralization hosted in quartz-rich breccias and veins. All three holes intersected zones of local mineralization highlighted by hole SUM20-10 which intersected 469 g/t silver equivalent (258 g/t Ag and 2.63 g/t Au) over 2m. Subsequent 3D IP geophysical survey work identified coincident chargeability and resistivity anomalies immediately along strike to the east of the drilled area. The coincident anomalies are interpreted to represent broad zones of sulfide-rich, quartz-dominant hydrothermal-related alteration. Modelling suggests an east-west trend to the structural zone. Drilling will investigate the eastern strike-extent of Ruby mineralization and the exploration target is an extension of the
Topaz, Diamond and Sapphire: These targets comprise a series of coincident soil and geophysical anomalies with local zones of outcropping chalcedonic quartz-cemented breccias. Zones of near-surface and coincident high-chargeability and high-resistivity anomalies located proximal to magnetic lineaments are interpreted to represent epithermal vein-hosted targets. Reconnaissance-style RC holes will test three targets over a 2 kilometer east-west trend.
At Ruby, two holes are planned to be drilled with RC (reverse circulation) pre-collars followed by core tails through the target zones. At the other targets, four holes are planned to be drilled via RC. A pXRF (portable Xray fluorescence) instrument will provide close to real-time geochemical data focused on key pathfinder elements (e.g., arsenic, antimony, lead, zinc and copper). Based on these early results, additional holes may be drilled.
Corporate Update
The Company also announces that it has engaged Capital 10X to provide marketing and investor relations services (the 'C10X Services') to assist the Company with expanding investor awareness of its business and actively communicating with the investment community. In consideration for the C10X Services, the Company will pay Capital 10X a monthly fee of
The Company also announces that it has engaged
About
Contact:
Giordy Belfiore
Tel: 604-288-8004
Email: giordy@summasilver.com
Cautionary note regarding forward-looking statements
This news release contains certain 'forward-looking statements' and certain 'forward-looking information' as defined under applicable Canadian and
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions and other related risks and uncertainties.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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