Silver One discovers anomalies at Phoenix Project, Arizona
Silver One Resources Inc. [TSXV: SVE; OTCQX: SLVRF; FSE: BRK1] has completed the geophysical processing and 3-D modelling of helicopter-borne electromagnetic data from the ZTEM survey (Z-axis tipper electromagnetic) conducted in October 2024, at its Phoenix silver project located near Globe, Arizona.
The survey and processing were done by Geotech Ltd. Geotech’s processing, 3-D modelling and targeting analysis have identified several significant anomalies potentially related to copper and silver mineralization. Anomalies identified include two priority copper targets and five priority silver targets, all recommended for further exploration.
The copper targets in the project have geophysical, geochemical and geological features characteristic of porphyry copper deposits. The project area has a regional setting similar to BHP’s Ocelot copper deposit located 5 km of Silver One’s property. All occur within a prolific belt of copper producers, including Freeport McMoRan’s Copper Cities and Miami-Inspiration mining complex, Capstone Copper’s Pinto Valley Mine, KGHM’s Carlota mine, and Rio Tinto-BHP’s Resolution deposit.
Four of the five silver targets identified by the ZTEM are outside of the area hosting the large silver vein fragments that were drilled in the 2024 exploration program (417 area). Additionally, company geologists have identified a sixth silver target, outside of the ZTEM targets, to the north of the 417 area. It is defined by a train of numerous (40-plus) silver nuggets, weighing between a few grams to 9.5 kilograms (20.9 pounds), each estimated to contain over 20% silver based on specific gravity calculations. This area strongly warrants follow-up exploration.
Additional claims were staked on the southwest part of the property to completely cover the Defiance geophysical and geochemical target. These claims abut BHP’s claims to the south.
Greg Crowe, president, CEO and director, commented: “The ZTEM has been successful in identifying several anomalies at its Phoenix silver project. This includes several silver targets and two priority conductive areas interpreted as disseminated sulphide mineralization potentially related to an underlying porphyry system. We are enthusiastic about all these targets. However, the two potential porphyry-related conductive zones are particularly attractive as they are interpreted to be relatively shallow (500 metres to centre of anomaly) and are geophysically similar to the conductive anomaly of BHP-Rio Tinto’s Resolution copper deposit.
“Multiple select samples collected in the vicinity of these two ZTEM anomalies contain highly anomalous copper and silver values and are hosted in polymetallic veins and alteration zones in the southern part of the property. Silver Phoenix lies at the northeastern margin of a 50-plus-km-long porphyry belt that projects northeastwards beneath Silver One’s property. Several mines and/or prospects occur along this belt, such as Freeport McMoRan’s Miami-Inspiration mining complex, BHP’s Ocelot porphyry discovery, Rio Tinto and BHP’s Resolution deposit, and others. The proximity to major copper producers and exploration porphyry targets, along with excellent prospectivity defined by both geophysics and surface copper and silver samples, makes this project a high-priority porphyry exploration target. Additional silver anomalies add to the already overall exploration potential of Phoenix silver.”
The priority copper exploration targets consist of near-circular magnetic anomalies defined by relative magnetic lows surrounded by relatively high magnetization halos and resistivity lows near the centre of subcircular shaped magnetic anomalies. Priority copper targets are named Defiance and Quartz Ridge.
Previous exploration work at Phoenix silver, including geologic mapping, sampling and drone-borne magnetometry, has identified features possibly associated with the tops of porphyry copper systems. These include felsic dikes, mineralized polymetallic (silver-copper-lead-zinc) veins, alteration zones and structures that occur proximal to the ZTEM anomalies.
Additional porphyry targets were identified with the 2-D inversion of the drone-borne magnetic data. Targets DB1, DB3 and DB6 are located peripheral to the ZTEM priority targets. Target DB4 underlies the 417 area, where numerous silver fragments, including a 417-pound fragment, were found. Target DB5 is in the northern part of the property under thick alluvial cover. These targets are interpreted to be at a depth of 600 metres.
Five priority silver targets were identified using Geotech’s S3 targeting algorithm. The algorithm combines the analysis of structural data (known and inferred faults/contacts and magnetic ridges); self-organizing map, which includes ZTEM 3-D inversion resistivity data, and products derived from the structural analysis; and supervised deep neural network, which focuses on mine sites and major showings that altogether produce predictive probabilities in the selection of targets.
All the targets identified are located in resistive zones either surrounded or flanked by conductive zones or trends that are interpreted to occur within 300 metres from the surface. None of these areas have been mapped or sampled in detail, and will require further exploration.
Except for the target labelled PS1, all the silver targets identified by the ZTEM are outside of the 417 area hosting the large silver vein fragments that was drilled in the 2024 drill program. Company geologists have also identified a more northerly area of silver nuggets called Nuggets North. This zone is defined by a kilometre-long train of numerous (40-plus) silver nuggets ranging in size from one centimetre to 20 centimetres and weighing from a few grams up to 9.5 kilograms. This represents a high-priority exploration target.