Canadian junior mineral exploration company Summa Silver Corp. (TSXV:SSVR) (OTCQB:SSVRF) just provided an update from its exploration activities and reported results from a rock sampling program at its high-grade silver-gold Mogollon property near Silver City, New Mexico. The 2,467-acre Mogollon property is located in the historically prolific Mogollon mining district in southwest New Mexico, approximately 120 km north of Silver City.
The sampled area covers a 3.5 x 3.5 km footprint, highlighting the considerable scale of the Mogollon property and confirming it as a high-grade precious metal mineralized district. Multiple samples gave grades greater than 1000 g/t AgEq and locally greater than 5000 g/t AgEq. Most of the high surface grade veins have never been drilled and present interesting discovery opportunities after drilling of the consolidated extension zone in 2022.
Areas of historic surface workings and newly identified zones of mineralization have been the subject of systematic geological mapping and rock sampling throughout the property. The objective of the sampling program was to confirm the grade, style, and nature of the high-grade silver and gold mineralization historically mined in the district.
Large Drill Programs Planned for 2022
Summa Silver is planning an aggressive drilling program in 2022. The consolidated extension target, which is currently being drilled and represents only 1.5% of the prospective longitudinal length of the vein/structure on the property, requires 50 holes. The Rescue and Murray targets, which have already returned significant high-grade drill interceptions, require 25 holes. The main objective of drilling in 2022 will be to provide maiden mineral resource estimates when the planned holes are completed and the drilling results are published regularly
“We expect 2022 to be transformative for the Company. Extensive drill programs are required on both properties as we aggressively push towards mineral resource estimates. As this process moves forward, we also expect to regularly release results from up to 75 holes, all of which are planned to test zones of known high-grade mineralization on either an extension or infill basis,” said Summa Silver CEO Galen McNamara.
Summa Silver Intersects 50-Meter Vein Zone at Mogollon
On December 14, Summa Silver announced it has intersected a 50-meter vein zone with visible mineralization in the first drill hole at Mogollon.
CEO Galen McNamara said that while they did not expect the entire intersection to carry grade, the large area of classic low sulfidation veins in the first hole attests to the prospectivity of the Queen vein and the importance of the mineralization system in general. This hole confirms their modeling of historical mining records and limited exploration drilling of the target. It also supports the strong potential of the vein along strike and down-dip.
On December 2, Summer Silver announced that it has signed an agreement to earn a 100% interest in two patented mining claims covering the Eberle Mine immediately adjacent to the company’s Mogollon property from a private landowner in Southwestern New Mexico. Summa Silver has the option to acquire a 100% interest in the patents by making payments totaling US$700,000 over four years.
McNamara said as drilling progresses at Consolidated throughout 2022, they will also prepare permit applications for Eberle so that they can immediately move on to delineating the next area once drilling at Consolidated is complete.
For more information on Summa Silver Corp. (TSXV:SSVR) (OTCQB:SSVRF), please visit this link.
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