Discovery Of New Silver Vein Fragments At The Phoenix Silver Project

VANCOUVER - Silver One Resources Inc. announced the discovery of additional large silver vein fragments along the major east-west 417 vein structure, immediately to the west of the large angular and unabraded 417 pound (189 kg) silver vein fragment that was estimated to contain over 70% silver.  The distribution of these newly discovered vein fragments, one weighing up to 6+ pounds (2.7 kg), extends the area of potential mineralization 600+ metres to the west of the 417 pound silver vein fragment, significantly expanding the area of potential high-grade silver prospectivity.

Geological reconnaissance on the new claims staked in October and December, 2023 has also uncovered several new copper and silver prospects with up to 1,785 g/t Ag and 2.74 % Cu in selected samples.  The southern portion of the Phoenix Silver property has numerous copper and silver showings and hosts potential for the discovery of porphyry related copper mineralization.  The southern part of the project is immediately northeast of the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry project being actively explored by BHP.

New silver fragments discoveries extend the area of potential silver vein mineralization for 600+ metres to the west of the previously discovered 417 lb (189 kg) angular and unabraded vein fragment that was estimated to contain over 70% silver and an 18.7 lb (8.5 kg) specimen assaying 459,000 g/t (14,688 oz/t) silver. The project is permitted for drilling on the potentially high-grade silver targets. New copper showings on recently acquired claims highlight the potential for porphyry copper mineralization. Copper values in selected samples range between 0.1% to 2.7% and silver between 10.9 g/t and 1,785 g/t containing locally abundant lead and zinc in veins, breccias and bed planes.

Greg Crowe, President and CEO, said, "The Phoenix Silver project continues to evolve, not only in the size and distribution of mineralized areas, but also in the very nature of the mineralized systems.  What started as a rare opportunity in potentially identifying areas of extremely rich silver vein mineralization, has now expanded to include large areas of copper-silver porphyry potential.

Large angular and unabraded silver vein fragments were detected by metal detectors and uncovered in overburden within a metre of the surface.  These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances.  One vein fragment weighed 417 lb (189 kg) and was estimated by specific gravity methods to contain 70% silver.  Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver (see Company News Release of February 5, 2020).  The recently discovered silver vein fragments have extended the known area of mineralization along the 417 vein structure for an additional 600+ metres to the west of the 417 pound vein fragment.  This illustrates the significant potential for outlining additional high-grade silver targets.

A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments.  Emphasis will be placed on the 417 vein structure.

The southern portion of the project also hosts regional northeast-trending veins, alteration and breccia zones, with several selected samples returning over 1% copper.  Recent sampling has uncovered more copper mineralization on the claims acquired in October and December of 2023.  The property lies to the northeast of Freeport McMoRan's copper producing Miami Complex and BHP's Ocelot porphyry copper exploration project.  Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host high-grade silver mineralization as well as porphyry related copper-silver mineralization."