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Summa Silver Drills 23.2 m of 433 g/t Silver Equiv. including 1.2 m at 2,686 g/t Silver Equiv. at the High-Grade Silver-Gold Mogollon Project, New Mexico

20.04.2023  |  Newsfile

High-grade silver and gold mineralization remains open in multiple directions

Vancouver, April 20, 2023 - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa" or the "Company") is pleased to report all remaining assay results from the recently completed drill program and an update from on-going data compilation at the high-grade silver-gold Mogollon Project near Silver City, New Mexico.

Key Current Drilling Highlights (see attached figures)

  • 23.2 m at 433 g/t silver equivalent* (3.66 g/t Au, 134 g/t Ag) including 1.2 m at 2,686 g/t silver equivalent* (26.3 g/t Au, 484 g/t Ag) both beginning at 240.5 m in MOG23-16.

  • 15.5 m at 250 g/t silver equivalent* (2.29 g/t Au, 60 g/t Ag) beginning at 186.6 m and 10.3 m at 234 g/t silver equivalent* (2.12 g/t Au, 59 g/t Ag) beginning at 221.1 m in MOG22-12.

  • This mineralized zone remains open in multiple directions with strong silver-gold assays returned from holes at both ends of the current drilling pattern.

  • Work is just beginning at the Mogollon project with this first target representing only 1% of the total vein and structure strike length present at the project.

Historic Drill Results Validated by the Company's Modern Drilling Campaign

Based on the success of the drill campaign, the Company now expects to be able to use historic drill hole data from the Consolidated Mine area for resource estimation purposes, particularly for domain volume definition and with appropriate risk mitigation applied in estimation and to the resource classification. Highlights include:

  • 14.0 m at 579 g/t silver equivalent* (4.46 g/t Au, 219 g/t Ag) beginning at 299 m in hole MGR-38.

  • 22.1 m at 368 g/t silver equivalent* (2.88 g/t Au, 135 g/t Ag) beginning at 290.6 m and including 4.0 m at 776 g/t silver equivalent* (5.69 g/t Au, 322 g/t Ag) beginning at 297.3 m in hole MGR-14.

  • 22.1 m at 320 g/t silver equivalent* (2.19 g/t Au, 147 g/t Ag) beginning at 257.6 m and including 4.6 at 742 g/t silver equivalent* (4.77 g/t Au, 372 g/t Ag) beginning at 275.1 m in hole MGR-8.

*Widths are downhole core lengths, true widths have yet to be determined. *AgEq is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Galen McNamara, CEO, stated: "These drill results continue to demonstrate that significant mineralization remains around the old mines of Mogollon. Our exploration drilling has also successfully verified the validity of historic high-grade drilling completed by a past operator in the 1980's. We are currently prioritizing targets for our fall drilling activities and plan to share more information both on new targets, and further historic data in the future. In the meantime, preparations are well underway for our upcoming drill program at the Hughes project in Tonopah, Nevada scheduled to begin in May."



Figure 1: Consolidated Extension Target Drill Hole Locations
Note that the photo of core in the above figure is not intended to be representative of broader mineralization on the Mogollon Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7983/163110_783ec4cbb49b4aac_002full.jpg



Figure 2: Consolidated Extension Target Longsection

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7983/163110_783ec4cbb49b4aac_003full.jpg



Figure 3: Mogollon Project Drilling and Target Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7983/163110_783ec4cbb49b4aac_004full.jpg

Mogollon Drill Program

The focus of the recently completed multi-rig drill program at the Mogollon Project was on testing for un-mined extensions of the Consolidated Mine, centered on the north-trending Queen Vein. Holes MOG22-13, MOG23-14, 16, 18, 17 and 19 were drilled north of the Consolidated mine and holes MOG22-12 and MOG23-15 were drilled south of Consolidated mine (Figures 1 and 2; see the company's new release dated March 6th, 2023 for hole descriptions and core photos).

Results to date demonstrate strong grade continuity along the vein and within the complex vein system and outline two key areas, north and south of Consolidated, that require additional infill and step-out holes to better constrain plunge orientations and the lateral and vertical continuity of the high-grade mineralized zones.

Mogollon Data Compilation

The Company has recently completed a comprehensive data compilation of all available historic underground production and surface exploration drill hole data from across the Mogollon project, with an initial focus on the Consolidated Extension target. Production records, surface and underground mapping, and channel sampling data together with mapped/surveyed developments and stopes have been digitised in 3D and compared with lithological and structural models generated from historic USGS reports.

Summary of Historic Drilling around the Consolidated Mine

Historic RC drill data from the 1980's comprises downhole geological logs, sample interval information and full laboratory assay certificates for gold and silver analyses. Where observed, spatial collar information has been verified in the field.

Similar to Summa's recent drill programs, the focus of previous drilling in 1984 and 1988 at the Consolidated Extension target was to test for mineralization extensions along strike to the north and south from the Consolidated stopes. Select holes from Summa's recent drill programs at the Consolidated target were designed to step-out and verify some historic assay data. Summa's results compare favorably to historic results (Figure 2). Broad zones of strong quartz-calcite breccias, stockworks and multi-phase veining proximal to rhyolite dykes with local high-grade intervals within broader lower-grade zones (e.g., 22.1 m at 368 g/t silver equivalent* including 6.4 m at 650 g/t silver equivalent* in hole MGR-14) were described in most holes from the 1980's. These observations and results are spatially consistent with geologic and assay data from new diamond drill hole data.

Table 1: Assay Results

Drill Hole From (m) To (m) Length (m) Au (g/t) Ag (g/t) AgEq* (g/t) Grade Thickness (AgEq x m)
MOG22-12 186.6 202.1 15.5 2.29 60 250 6,916
incl. 192.4 194.8 2.4 5.56 115 579
and 204.6 205.8 1.2 1.32 28 138
and 216.6 219.1 2.5 1.78 37 185
and 221.1 231.4 10.3 2.12 59 234
incl. 221.1 225.3 4.2 4.13 98 442
MOG22-13 318.5 319.6 1.1 5.10 212 627 2,321
and 340.0 346.5 6.5 1.38 148 251
incl. 343.6 346.5 2.9 2.62 174 381
MOG23-14 268.3 269.5 1.2 1.10 68 155 1,213
and 274.8 278.5 3.7 1.38 82 192
and 356.8 358.4 1.6 1.32 95 198
MOG23-15 333.4 334.1 0.7 1.66 89 221 227
and 390.2 390.8 0.6 0.75 61 119
MOG23-16 219.1 219.8 0.7 2.44 92 292 10,742
and 224.1 225.1 1.0 1.08 57 144
and 235.1 235.8 0.7 1.00 21 104
and 240.5 263.7 23.2 3.66 134 433
incl. 240.5 241.7 1.2 26.3 484 2,686
and 265.9 267.3 1.4 1.27 88 197
MOG23-17 360.6 361.0 0.4 1.25 93 190 681
and 370.8 372.0 1.2 0.71 64 118
and 388.1 391.0 2.9 1.40 44 160
incl. 390.4 391.0 0.6 5.62 184 646
MOG23-18 344.2 349.4 5.2 1.02 69 149 945
incl. 347.1 347.8 0.7 2.95 233 461
and 406.0 406.7 0.7 0.91 54 127
and 412.4 412.7 0.3 0.79 51 113
and 418.4 418.8 0.4 0.63 69 116
MOG23-19 147.0 151.5 4.5 2.01 35 203 1,482
and 162.8 163.1 0.3 2.30 49 240
and 175.0 176.5 1.5 3.20 63 330
incl. 176.1 176.5 0.5 6.66 142 697

Table 2: Historic Drill Hole Assay Results

Drill Hole From (m) To (m) Length (m) Au (g/t) Ag (g/t) AgEq* (g/t) Grade Thickness (AgEq x m)
MGR-7 No Significant Intersections - Poor Recovery In Queen Vein
MGR-8 257.6 279.7 22.1 2.19 147 320 7,072
incl. 275.1 279.7 4.6 4.77 372 742
MGR-13 320.7 329.3 8.5 3.67 250 539 4,597
incl. 323.2 327.4 4.1 6.14 392 877
MGR-14 290.6 312.7 22.1 2.88 135 368 8,122
incl. 306.6 310.6 4.0 5.69 322 776
MGR-15 349.6 352.3 2.7 1.10 99 183 485
incl. 350.8 351.1 0.3 4.83 422 794
MGR-35 343.7 346.4 2.7 7.10 523 1078 2,957
incl. 343.7 344.3 0.6 19.24 1531 3022
MGR-38 299.0 313.0 14.0 4.46 219 579 8,113
MGR-39 214.0 217.2 3.2 3.26 95 364 1,164
MGR-40 430.7 434.9 4.3 4.29 267 607 2,591
MGC-48 144.2 146.5 2.3 1.75 56 200 458
MGC-54 No Significant Intersections - Poor Recovery In Queen Vein
MGC-55 222.0 222.4 0.3 10.10 429 1250 381


*Widths are downhole core lengths, true widths have yet to be determined. *AgEq is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag - 90% and Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Table 3: Collar Information

Target Area Drill Hole Easting Northing Azimuth Dip Final Depth (m)
Consolidated Ext. MOG22-12 704954 3698421 256 -49 415
Consolidated Ext. MOG22-13 705062 3698630 326 -65 379
Consolidated Ext. MOG23-14 705068 3698729 325 -71 375
Consolidated Ext. MOG23-15 704954 3698421 246 -77 523
Consolidated Ext. MOG23-16 705006 3698715 243 -64 316
Consolidated Ext. MOG23-17 705062 3698630 326 -74 460
Consolidated Ext. MOG23-18 705068 3698729 322 -78 460
Consolidated Ext. MOG23-19 705006 3698715 267 -52 200

Table 4: Historic Drill Hole Collar Information

Target Area Drill Hole Easting Northing Azimuth Dip Final Depth (m)
Consolidated Ext. MGR-7 705,035 3,698,717 280 -62 244
Consolidated Ext. MGR-8 704,998 3,698,399 280 -68 367
Consolidated Ext. MGR-13 705,042 3,698,574 280 -64 390
Consolidated Ext. MGR-14 705,018 3,698,007 280 -64 348
Consolidated Ext. MGR-15 705,059 3,698,633 287 -65 337
Consolidated Ext. MGR-35 705,123 3,698,793 296 -60 342
Consolidated Ext. MGR-38 705,139 3,698,619 282 -67 489
Consolidated Ext. MGR-39 704,855 3,698,424 280 -65 159
Consolidated Ext. MGR-40 704,969 3,698,427 280 -66 282
Consolidated Ext. MGC-48 704,970 3,698,751 280 -70 196
Consolidated Ext. MGC-54 704,970 3,698,751 284 -76 215
Consolidated Ext. MGC-55 704,970 3,698,751 267 -83 258


Coordinates are in NAD 83, Zone 12N

Analytical and QA/QC Procedures

Drill core was sawn in half at Summa's core logging and processing facilities at the Mogollon project. All 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 silver via atomic emission spectroscopy or inductively coupled plasma mass spectroscopy after four-acid digestion ("AgMA-AAS or 48MA-MS"). Samples that assayed over 8 ppm Au were re-run via fire assay with a gravimetric finish ("Au-GR30"). Samples that assayed over 200 or 100 ppm Ag (depending on Ag method) were re-run via fire assay for Ag with a gravimetric finish ("Ag-GRAA30"). 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. Mr. McNamara has verified the data disclosed herein, including sampling and drilling data underlying the technical information contained herein, by reviewing blanks, duplicates and certified reference material that the Company inserted into the sample stream and confirming that they fall within limits as determined by acceptable industry practice. For the historical drilling results presented in this news release, Mr McNamara reviewed core logs, assay certificates, cross-sections, plan maps and supervised the verification of collar positions in the field from the historic drilling programs. He then compared all information to results from drilling completed by the Company into the same zone of mineralization.

About Summa Silver Corp

Summa is a Canadian junior mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property is the largest historic silver producer in New Mexico. Both properties have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company's involvement.

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS

"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the exploration and development of the Company's mineral exploration projects.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163110


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