Commencement Of Road And Pad Construction In Preparation For Drilling At High-Grade Phoenix Silver Project

VANCOUVER - Silver One Resources Inc. reported the commencement of construction of road and drill pads in preparation for drilling the first of several silver targets at its high-grade Phoenix Silver Project located near Globe, Arizona.

Forest Service fire restrictions have been lifted in the project area and road construction has started in preparation for drilling by the first week of October. The main drill target is the 417 Target Area which includes the potential source of very high-grade silver vein fragments located around the 417 pound (189 kg) vein fragment found in the central part of the property. This vein fragment was not assayed, as it is a collectors' specimen, but specific gravity tests indicate a very high-grade silver content of up to 70% native silver.

Multiple other smaller specimens found in the property, also containing abundant visible native silver, assayed up to 459,000 g/t (13,385 oz tr/sh tn) silver. This assay result correlates well with the order of magnitude of silver found in other vein fragments, including the specific gravity estimate of silver in the 417 pound vein fragment.

The easing of fire restrictions will also allow the scheduling of the ZTEM geophysical survey announced in the August 12 news release, estimated for the fourth week of September. This electromagnetic survey is expected to be useful in outlining areas of alteration and/or mineralization. This will be especially important in the southern part of the property where multiple select samples from breccia and alteration zones and veining have returned values greater than 1% copper with high silver values (see News Release of June 6, 2024). This type of mineralization may be related to a buried porphyry system similar to the along strike and nearby Miami copper complex being operated by Freeport McMoRan and the recently discovered Ocelot porphyry system being explored by BHP. The Ocelot hosts multiple intercepts of 250+ meters averaging 0.6-0.7% copper and lies beneath the historic Old Dominion mine that produced base metals, silver and gold from near surface veins (BHP's News Release 9/23 of Apr 21, 2023). Both the Miami and Ocelot are along strike and are part of a 40+ km long porphyry belt that projects northeastwards beneath the Phoenix Silver project.

The drill program approved by the company consists of 2,500 metres including up to 40 diamond drill holes off 13 different drill pads, as authorized by the Forest Service.