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Summa Silver Drills 6,220 g/t Silver Equivalent over 0.7 m at the Hughes Property, Nevada

High-Grade Silver and Gold Discovered in all Four Target Areas across 3.5 km

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Vancouver, December 17, 2020 – Summa Silver Corp. (“Summa” or the “Company”) (CSE:SSVR) (OTCQB: SSVRF) (Frankfurt:48X - https://www.commodity-tv.com/ondemand/companies/profil/summa-silver-corp/) is pleased to announce additional high-grade silver-gold intersections from the Hughes Property in central Nevada. These results spanning across 3.5 km confirm the considerable geologic potential of the project while the new Ruby Discovery represents a 1.3 km step-out from the historic Tonopah District (see attached figures). 

Key Highlights

Rescue Veins in the Belmont Mine Target Area:

  • 6,220 g/t silver equivalent (2,910 g/t Ag and 33.1 g/t Au) over 0.7 m from 397.4 m within

3,182 g/t silver equivalent (1,495 g/t Ag and 16.9 g/t Au) over 1.4 m from 397.4 m in SUM20-20

Ruby Discovery and the potential 1.3 km extension of the Tonopah District:

  • 1,597 g/t silver equivalent (790 g/t Ag and 8.07 g/t Au) over 0.5 m from 610.8 m within

522 g/t silver equivalent (258 g/t Ag and 2.63 g/t Au) over 2.0 m from 610.8 m in SUM20-10

  • Six zones of mineralization were intersected in SUM20-10 where the most significant hydrothermal alteration on the property seen to date was also drilled

Murray Target yields high grade mineralization over a large area:

  • 1,079 g/t silver equivalent (560 g/t Ag and 5.19 g/t Au) over 0.9 m from 302.8 m in SUM20-17

Mizpah Extension Target shows strong mineralization between Belmont and Ruby:

  • 518 g/t silver equivalent (273 g/t Ag and 2.46 g/t Au) over 1.3 m from 340.9 m within

290 g/t silver equivalent (153 g/t Ag and 1.37 g/t Au) over 4.0 m from 340.2 m in SUM20-09

Drill Program Complete and More Assays Pending: The recently expanded Phase I drill program consisted of 14,460 m in 29 holes drilled in 4 high-priority target areas over a 3.5 km strike-length; Assays remain pending for 14 holes

Phase II Program: A follow-up drill program is planned for 2021 with specific details to be finalized once all assays are received

Note: AgEq based on 100 (Ag):1 (Au), True widths are unknown.

Galen McNamara, CEO, stated: “The completion of the Company’s first drill program represents a significant milestone for all shareholders.  It is now even more apparent that the Tonopah Mining District still hosts significant zones of high-grade silver and gold mineralization. In addition, the importance of drilling such strong mineralization in such an aggressive step-out at the new Ruby Discovery is difficult for me to over emphasize. Further drilling is necessary to determine if the Ruby Discovery is in fact a one-plus kilometer extension of the Tonopah District, or a unique discovery on its own. In any case, we very much look forward to further drilling at the Hughes Property and another busy year in 2021”

 

Table 1: Assay Results - Belmont Mine Target Area

Drill Hole

 Vein

 From (m)

 To (m)

 Length (m)

 Ag (g/t)

 Au (g/t)

 AgEq* (g/t)

SUM20-02

Shoestring

359.1

359.7

0.6

152

1.59

311

SUM20-02

Favorite

417.7

418

0.3

43

21.8

-

SUM20-03

724 Vein

168.9

169.8

0.9

110

1.01

211

including

168.9

169.2

0.3

207

1.97

404

SUM20-03

725 Vein

310.2

311.7

1.5

312

2.33

545

including

311.3

311.7

0.4

721

5.48

1269

SUM20-03

Shoestring

366.1

369.9

3.8

145

1.53

298

including

368.6

369.9

1.3

252

2.58

510

SUM20-04

Rescue #2

370.9

371.2

0.3

349

3.94

743

SUM20-05

Rescue #2 (Targeted)

 Hole Lost in Underground Workings - Target Not Tested                                         No Significant Intersections  

SUM20-20

Rescue #2

397.4

398.8

1.4

1495

16.9

3182

including

397.4

398.1

0.7

2910

33.1

6220

SUM20-20

Un-named Vein

409.8

410.4

0.6

97

0.97

193

 

Table 2: Assay Results - Ruby Discovery and Mizpah Extension Target Area

Drill Hole

 Vein

 From (m)

 To (m)

 Length (m)

 Ag (g/t)

 Au (g/t)

 AgEq* (g/t)

SUM20-08

N/A

 No Significant Intersections

SUM20-09

Halifax East

340.2

344.2

4

153

1.37

290

including

340.9

342.2

1.3

273

2.46

518

SUM20-09

Halifax East Splay

354.2

354.6

0.4

107

1.75

282

SUM20-10

Ruby Discovery

564.4

565.6

1.2

101

0.93

194

SUM20-10

Ruby Discovery

579.2

579.9

0.7

99

0.79

178

SUM20-10

Ruby Discovery

587

590.1

3.1

86

0.84

170

including

589.7

590.1

0.4

252

2.68

520

SUM20-10

Ruby Discovery

598.2

598.8

0.6

202

1.93

395

SUM20-10

Ruby Discovery

601.6

602.8

1.2

107

0.91

198

SUM20-10

Ruby Discovery

610.8

612.8

2

258

2.63

522

including

610.8

611.3

0.5

790

8.07

1597

 

 

Table 3: Assay Results - Murray Target Area

Drill Hole

 Vein

 From (m)

 To (m)

 Length (m)

 Ag (g/t)

 Au (g/t)

 AgEq* (g/t)

SUM20-11

Lower Murray

320.9

323.1

2.2

121

1.20

241

including

320.9

321.5

0.6

331

3.19

650

SUM20-11

Lower Murray Splay

327.4

328

0.6

227

2.27

454

SUM20-11

Lower Murray Splay

332.5

333

0.5

119

1.19

238

SUM20-12

Lower Murray

349.3

356.1

6.8

119

1.14

233

including

354

354.8

0.8

371

3.56

727

SUM20-13

Upper Murray

248.1

249.5

1.4

121

0.91

212

SUM20-13

Lower Murray Splay

404.1

406.8

2.7

153

1.02

254

SUM20-13

Lower Murray Splay

410.6

411.1

0.5

230

1.23

353

SUM20-13

Lower Murray

414.7

415.4

0.7

341

2.41

582

SUM20-17

Lower Murray

302.8

303.7

0.9

560

5.19

1079

AgEq based on 100 (Ag):1 (Au), True widths are not yet known, Reported intervals are based on a 150g/t AgEq cut-off grade.

 

Table 4: Drillhole Information

Target Area

 Drill Hole

 Easting 

 Northing 

 Azimuth

 Dip

 Pre-Collar Depth (RC)

 Final Depth (Core)

Belmont

SUM20-02

480772

4213850

170

-67

165

530

Belmont

SUM20-03

480772

4213850

186

-71

122

573

Belmont

SUM20-04

480847

4213449

140

-69

140

598

Belmont

SUM20-05

480847

4213449

184

-71

110

374

Belmont

SUM20-20

481201

4213534

204

-70

280

483

Mizpah Ext

SUM20-08

481660

4214003

190

-69

146

500

Mizpah Ext

SUM20-09

481660

4214003

190

-60

146

562

Ruby

SUM20-10

482555

4214015

167

-69

462

653

Murray

SUM20-11

479304

4214160

187

-56

N/A

457

Murray

SUM20-12

479304

4214160

207

-66

N/A

451

Murray

SUM20-13

479304

4214160

189

-85

N/A

569

Murray

SUM20-17

479430

4214109

200

-68

N/A

442

Coordinates are NAD27, Zone 11N. SUM20-10 remains cased-off to 462m for re-entry and use as a mother hole for wedged step-outs at the Ruby Discovery

Drill Program Summary

The Phase I drill program was designed to test the lateral and vertical extent of structurally controlled, epithermal-related, high-grade silver and gold mineralization historically mined in the Tonopah District. Based on a pre-drilling compilation of all available historic drill and underground geological, structural and assay data, four priority targets were selected (Belmont, Murray, Mizpah Extension, and Ruby). These targets cover an east-west strike-length of approximately 4 km and were systematically tested in 29 drill holes.

Nineteen holes tested numerous steeply-dipping, west-southwest striking veins and secondary splays in the Belmont target area. At each vein location, a series of holes tested the along-strike and down-dip extensions of mineralization in approximately 50 m centered piece-points along the vein (e.g. Rescue #2 Vein, see attached figures). In most cases, mineralization consists of locally Ag-sulfasalt bearing, banded to brecciated quartz ± adularia veins with associated argillic alteration halos hosted in intermediate to felsic volcanic and volcaniclastic rocks. Vein thickness varied from a few centimeters to a few meters. Assays for 5 holes are reported in Table 1 and 11 holes remain pending from the Belmont target area.

One hole tested the Ruby target located 1.3 km east of the Belmont mine where a broad zone of strong propylitic alteration transitioning to pervasive and intense clay and sericite alteration with local zones of Ag-sulfosalt bearing banded and brecciated quartz ± adularia veins were cut. The orientation of the main alteration zones and associated mineralized veins are interpreted to be steeply-dipping to the north. The lateral extent of mineralization along strike has yet to be tested. Additionally, the hydrothermal alteration intersected in the hole is interpreted to be the strongest and most significant alteration observed on the property to date. The volcanic host rocks are interpreted to be equivalent to the host rocks in the heart of the adjacent historically mined Tonopah District. Assays for the Ruby Discovery are reported in Table 2.

Two holes tested the gently-dipping, east-striking Halifax vein of the Mizpah Extension. Here, several intervals of banded and brecciated quartz ± adularia veins hosted in interpreted splays off the main Halifax vein were intersected in both holes.  Assays for the Mizpah Extension holes are reported in Table 2. 

Seven holes tested the gently-dipping, southwest-striking Murray vein hosted along the regional-scale Tonopah fault at the Murray target. Mineralization here is associated with broad intervals of strong argillic alteration cored by zones of quartz stockwork up to 30 m wide and local Ag-sulfosalt bearing, banded quartz veins.  Assays for 4 holes are reported in Table 3 and assays for 3 holes remain pending from the Murray target.

Remaining assay results from the Phase I program will be reported in a timely manner as they are received and compiled.

Geophysical Survey

A high-resolution, 330-line kilometer drone-based magnetic geophysical survey was also completed. The survey footprint covered the entire Hughes property and consisted of 50 metre spaced north-south lines and 100 metre spaced east-west lines. The data are currently being integrated into the property-scale geological model for the Tonopah district to better inform the structural architecture and district-scale controls on high-grade mineralization. Results from this modelling will be used to prioritise areas for detailed geological and structural mapping as well as to assist drill hole targeting in the prospective, yet un-tested, eastern portion of the property. 

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. 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.

Follow Summa Silver on Twitter: @summasilver

LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer

[email protected]

www.summasilver.com

 

Investor Relations Contact:

Kin Communications

Arlen Hansen

604-684-6730

[email protected]

 

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Cautionary note regarding forward-looking statements

This news release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the exploration and development of the Company’s mineral exploration projects.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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