The Canadian mining company Summa Silver Corp (TSXV:SSVR) (OTCQB:SSVR) (FSE: 48X) delighted investors on December 8 after announcing the discovery of additional high-grade silver and gold at both the Rescue Veins and Murray Target on the Hughes Property at Tonopah Nevada.
Summa Silver successfully encountered 702 grams per ton (g/t) of silver equivalent over 3.9 meters (m) from 360.3m including 1,733 g/t of silver equivalent over 1.2m from 363.1m in one of the drill holes (SUM 21-47), which is a 50m step-out down-dip at Rescue. More impressively, the company discovered 4,116 g/t silver equivalent over 0.4m from 323.6m in SUM 21-37, another drill hole in Murray, which contains the highest-grade mineralization in the area.
While assays are pending for two step-out holes in Ruby Discovery, located 1.3 km from historical Tonopah District, Summa Silver (TSXV:SSVR) (OTCQB:SSVR) (FSE: 48X) concludes its drilling program on the Hughes Property in 2021 with significant progress.
The company plans to resume drilling in 2022, having identified multiple anomalous areas containing high-grade silver and gold mineralization. This may not be surprising since Summa Silver previously detected a 1,699 g/t silver equivalent over 4.3m from 421.6m, including 9,989 g/t in Rescue around September, indicative of this area’s discovery potential. “In less than two years since founding the Company we have now drilled multiple zones of strong mineralization over 3.5km at the Hughes Property in Nevada. Additionally, surface exploration has revealed that the property features totally un-tested and high priority targets, several of which are along immediate trend from one of the most prolific and famous historic districts in the US.” said Summa Silver CEO, Galen McNamara. “Substantial amounts of drilling are required both here and our Mogollon Property in 2022 as we drive towards mineral resource estimates. I anticipate that strong mineralization will be intersected regularly as drilling continues.
Exploring New Projects While Maximizing Potential In The Mogollon Property
Apart from focusing on its Hughes Property, Summa Silver (TSXV:SSVR) (OTCQB:SSVR) (FSE: 48X) announced on December 2nd that it has signed an agreement to acquire a 100% interest on two patented mining claims covering the Eberle Mine in southwestern New Mexico from a private landowner.
Because the Eberle Mine was privately owned since 1972, no modern exploration has taken place. This is why, despite historical development, the company is confident there’s a good chance of locating high-grade mineralized areas along strike and below the historical workings.
On November 8th, Summa Silver (TSXV:SSVR) (OTCQB:SSVR) (FSE: 48X) provided an update on geological, geophysical and remote sensing surveys being conducted on its Mogollon Property, near Silver City, New Mexico, which is the twin priority to the Hughes Property and adjacent to the upcoming Eberle Mine project. Various surface, underground, and soil sampling has been carried out to identify new opportunities past operators may not have realized. Additionally, CEO Galen McNamara believes ongoing drilling of at least 15,000 meters at the Consolidated Extension target could be strategic since one of the existing mines in the area’s vicinity stopped producing abruptly at the start of World War 2.
Investors interested in silver projects might want to keep an eye on Summa Silver, with a significant drill program expected in 2022 at the Hughes Property to expand zones of known high-grade mineralization and drill un-explored high-priority targets.
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