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Summa Silver Samples Extensive Silver and Gold Mineralization in Tailings at the Hughes Property, NV

54 Auger Holes Average 2.9m at 72 g/t AgEq at Surface
Drill Program Featuring Minimum of 10,000 m Progressing Well

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Vancouver, June 1, 2021 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF - https://www.commodity-tv.com/ondemand/companies/profil/summa-silver-corp/ ) (Frankfurt:48X) is pleased to announce results from a 54-hole auger drill program completed in 2019 and 2020 which tested the tailings pile from the historic Belmont Mine.

Key Highlights

  • Widespread Mineralization: All 54 holes were mineralized from top to bottom with an average thickness of 2.9 m and average grade of 72 g/t AgEq* (44 g/t Ag and 0.28 g/t Au). The thickest section of tailings was in BH19-1 where 6.35 m returned 75 g/t AgEq* (49 g/t Ag and 0.27 g/t Au). The thinnest section of tailings was in BH20-21 where 0.10 m returned 74 g/t AgEq* (50 g/t Ag and 0.24 g/t Au).
  • Extensive Historic Production: The tailings are the by-product of historic mine and mill production from underground operations in the Belmont Mine, which was a premier producer in the Tonopah mining district and is currently an integral target of Summa’s exploration efforts.
  • Large Area and Simple Access: The tailings are situated on patented mining claims and cover an area of approximately 1,200 m by 280 m (84 acres), located immediately adjacent to US Highway 6 (see attached figure).
  • Evaluation is On-Going: The Company is initiating both density and bench-scale metallurgical testing with results expected later this year.
  • Core Drilling Continues: The previously announced 10,000 m drill program is well underway 6 holes completed. Two core rigs are now 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. Upon receipt of assays, the results will be compiled and announced in a timely manner.

 *AgEq based on 100 (Ag):1 (Au)

Galen McNamara, CEO, stated: “The historic Belmont Mine tailings were the original focus of Howard Hughes and his Summa Corporation when he owned the property in the 1970’s, and for good reason. The tailings cover a large area and are extensively mineralized. Although work from the 1970’s can’t be utilized in any modern assessment of reprocessing potential, the historical work gives us a great road map of what to expect from modern study. In the coming months, and in parallel to our extensive drill programs, we will be working on assessing key metallurgical and permitting questions with respect to the tailings.”

Table 1: Belmont Tailings Assay Results

Auger Hole

 Easting

 Northing

 Total Depth (m)

 Au (g/t)

 Ag (g/t)

 AgEq* (g/t)

BH19-1

482171

4213941

6.4

0.27

49

76

BH19-2

481625

4213845

1.7

0.22

38

60

BH19-3

481716

4213848

3.4

0.24

43

66

BH19-4

481820

4214029

1

0.35

29

64

BH19-5

481820

4213955

2.9

0.22

41

62

BH19-6

481821

4213846

4.35

0.31

49

80

BH19-7

481820

4213804

2.2

0.23

42

64

BH20-01

481578

4213701

3.5

0.29

57

87

BH20-02

481670

4213702

4.95

0.33

51

84

BH20-03

481489

4213699

2.35

0.26

54

81

BH20-04

481668

4213801

3.75

0.22

55

78

BH20-05

481580

4213801

4.7

0.27

57

84

BH20-06

481756

4213802

1.75

0.21

43

64

BH20-07

481852

4213799

2.8

0.22

44

66

BH20-08

481944

4213802

5.3

0.26

45

71

BH20-09

482041

4213801

3.8

0.25

48

73

BH20-10

482127

4213802

3

0.27

42

68

BH20-11

481491

4213802

4.6

0.34

46

80

BH20-12

482032

4214065

3.8

0.22

40

61

BH20-13

481944

4214069

3.2

0.28

52

80

BH20-14

481851

4214072

2.73

0.27

36

63

BH20-15

481759

4213983

1.7

0.46

44

89

BH20-16

481858

4213981

2.43

0.24

34

58

BH20-17

481944

4213985

5.75

0.28

48

76

BH20-18

482033

4213988

4.55

0.26

41

67

BH20-19

482125

4213983

4.8

0.25

47

72

BH20-20

481577

4213892

2

0.37

46

83

BH20-21

481674

4213894

0.1

0.24

50

74

BH20-22

481759

4213891

2.2

0.22

39

61

BH20-23

481854

4213893

2

0.23

37

59

BH20-24

481946

4213895

1.8

0.23

40

64

BH20-25

482035

4213892

2.75

0.26

43

69

BH20-26

482125

4213893

2.6

0.33

48

80

BH20-27

482221

4213891

4.25

0.28

42

70

BH20-28

482316

4213891

6

0.29

54

83

BH20-29

482222

4213979

4

0.26

52

78

BH20-30

482318

4213984

4.45

0.29

56

85

BH20-31

482403

4213979

3

0.28

47

75

BH20-32

481398

4213649

2

0.21

43

64

BH20-34

481422

4213799

2

0.22

33

54

BH20-35

481500

4213871

1.45

0.39

44

82

BH20-36

481691

4213980

1.55

0.25

34

58

BH20-37

481808

4214067

2

0.25

43

68

BH20-38

481860

4214140

1.55

0.23

38

61

BH20-39

481909

4214180

1.58

0.35

31

66

BH20-40

481967

4214152

2

0.29

30

59

BH20-41

481409

4213723

1

0.29

49

78

BH20-42

482218

4214069

2

0.24

39

63

BH20-43

482244

4214115

1

0.29

47

76

BH20-44

482345

4214069

1

0.38

53

91

BH20-45

482407

4214013

1.67

0.28

49

77

BH20-46

482509

4213983

2

0.31

47

78

BH20-47

482185

4213926

5.95

0.26

48

74

BH20-48

482084

4213843

2.38

0.34

47

81

AgEq based on 100 (Ag):1 (Au), Metal recoveries are assumed to be 100%

Coordinates are NAD27, Zone 11N

 

Table 2: Belmont Tailings Assay Statistics

Statistic

 Thickness (m)

 Au (g/t)

 Ag (g/t)

Average

2.9

0.3

44

Median

2.5

0.3

45

Standard Deviation

1.5

0.1

7

Maximum

6.4

0.5

57

Minimum

0.1

0.2

29

Auger-Hole Program Description

Holes were auger-drilled by hand at a vertical orientation and at approximate spacings of 50 to 90 m between holes. Samples were collected at systematic intervals which ranged from 0.25 to 1 m. Each hole was sampled from top to bottom. Holes were terminated at the bottom of the tailings pile as indicated by the presence of ground soil or bedrock.

Analytical and QA/QC Procedures

Samples were sent to ALS Global Ltd. (ALS) in Reno, NV for preparation and then to North Vancouver, Canada for analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed for gold via a 30 gram fire assay with an AAS (Atomic Absorption Spectroscopy) finish (AU-AA23). Silver was analyzed via ICP-AES (Inductively Coupled Plasma – Atomic Emission Spectroscopy) after a four-acid digestion (ASY-4A01 followed by ME-OG62). In addition to ALS quality assurance / quality control protocols, Summa Silver implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

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

Nima Shafigh

604-684-6730

[email protected]

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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: expectations regarding results of metallurgical testing, mobilization of drill rigs, the release of assays, and 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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