- Summa Silver (SSVR) has identified multiple never-before-drilled targets at its Hughes Property
- The company is releasing results from two geophysical surveys at the property
- The company has options to earn 100 per cent interests in the Hughes Property located in central Nevada
- A 10,000-metre drill program is well underway with 10 holes completed
- Summa Silver is down 4.65 per cent, trading at $1.23 at 1:26 pm ET
Summa Silver (SSVR) has identified multiple never-before-drilled targets at its Hughes Property.
This comes as the company releases results from two geophysical surveys at the property.
The Vancouver-based junior exploration company has options to earn 100 per cent interest in the Hughes property located in central Nevada.
Numerous targets are defined which will be ranked and systematically evaluated by geological and structural mapping and as well as soil geochemical surveys which are now in progress.
Covering the unexplored hydrothermal alteration zones present on the eastern half of the property, the geophysical surveys are the first-ever known to have been done on the property, which consists of the eastern half of the historic Tonopah Mining District and its extension.
A total of 330 line kilometres of drone-based, high-resolution magnetic data were collected to refine the property-scale structural model.
In addition, 42 line kilometres of both 3D and 2D induced polarization and resistivity data were collected to identify zones of alteration at depth which may be associated with high-grade silver and gold mineralization.
A 10,000-metre drill program is well underway with 10 holes completed. Two core rigs are fully operational on the project. All holes have intersected zones of quartz veins, stockworks and breccias featuring visible silver-sulfosalt minerals, which is often a strong indication that the core is mineralized.
“The presence of multiple, major and compelling targets that not only remain completely unexplored but also occur in the shadow of one of the richest silver districts in the United States is an exciting development. We look forward to integrating these new targets with geological and soil surveys that are now in progress as we advance them towards the drilling stage in the near future,” said Summa Silver CEO Galen McNamara.
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 mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.
Summa Silver is down 4.65 per cent, trading at $1.23 at 1:26 pm ET.