Silver One Resources conducting geophysics at Phoenix project, Arizona
Silver One Resources Inc. [TSXV: SVE; OTCQX: SLVRF; FSE: BRK1] has begun a property-wide airborne geophysical survey at its high-grade Phoenix silver project, located near Globe, Arizona.
The goal of this survey is to potentially outline areas of alteration that may be associated with buried porphyry-related mineralized systems. The property lies at the northeastern end of a 50-plus-kilometre belt that is host to multiple porphyry copper mines and prospects. These include the nearby Miami-Inspiration producing complex operated by Freeport McMoRan and the newly discovered Ocelot project being explored by BHP. Both occur along strike from the company’s Phoenix silver property, where multiple select grab samples have returned high copper and silver values.
The geophysical program will cover an area of 100 km2 and consists of a helicopter-borne Z-axis tipper electromagnetic system survey that will be conducted by Geotech Ltd. This type of electromagnetic survey has been particularly successful in delineating alteration halos associated with porphyry copper deposits around the world. At the Phoenix silver project, the survey is expected to be useful in outlining structures, as well as areas of hydrothermal alteration potentially related to mineralization.
The survey will be completed in October 2024, with data processing and interpretation to follow. Once these data are integrated with existing geological, geochemical and geophysical data, it is hoped that new silver and copper targets will be identified.
Greg Crowe, CEO and director, commented: “The silver targets on the property continue being the focus of our exploration, and, to that end, the company commenced drilling the first week of October. The potential for copper, however, is also compelling, and as such, we have commenced an airborne ZTEM survey to assess the porphyry copper potential in the property. This type of mineralization is 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-plus metres averaging 0.6 to 0.7% copper and lies beneath the historic Dominion mine that produced base metals, silver and gold from near-surface veins. Both the Miami and Ocelot are along strike and are part of a 50-plus-kilometre-long porphyry belt that projects northeastwards beneath the Phoenix silver project.”
Silver One is focused on the exploration and development of quality silver projects. The company holds a 100% interest in its flagship project, the past-producing Candelaria mine, located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in previously identified high-grade silver intercepts downdip and potentially increasing the substantive silver mineralization along strike from the two past-producing open pits.
The company owns 636 lode claims and five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along strike.
Silver One also owns a 100% interest in the Phoenix silver project. The Phoenix silver project is a very high-grade native silver prospect that lies within the Arizona silver belt, immediately adjacent to the prolific copper-producing area of Globe, Arizona.