Silver One Resources Inc. [TSXV-SVE, OTC-SLVRF, FSE-BRK1] has staked new claims, significantly expanding its ground holdings at the Pheonix Silver Project near Globe, Arizona, where the company was recently granted permits to drill high grade silver targets.
It said the newly staked claims cover the continuation of important magnetic anomalies located in the southern part of the property. These anomalies, which are located at the northeast end of the prolific 30 kilometre long, northeast-trending Resolution-Globe-Miami Porphyry copper belt are interpreted to be potentially related to deep porphyry copper systems.
The new staking includes 139 unpatented lode claims covering 1,162 hectares, increasing the size of the Pheonix project to 4,501 hectares. Silver One shares advanced on the news, rising 2.4% or $0.005 to 21.5 cents. The shares trade in a 52-week range of 44.5 cents and 20.5 cents.
“We are very pleased to have been able to stake additional ground in this prime location, adjacent to and along strike from the large Freeport-McMoran Inc. [NYSE-FCX] Miami copper mine and in close proximity to BHP Billiton Ltd.’s [NYSE-BHP, OTCPK-BHPLF] new Ocelot porphyry copper discovery,’’ said Silver One President and CEO Greg Crowe. “The company’s focus has been, and continues to be, the exploration of the drill permitted area covering the very high-grade silver targets within the property,’’ he said. “In addition, this current land expansion provides an excellent opportunity for new copper discoveries.’’
“We are very fortunate to have the ability to earn a 100% interest in the Pheonix Silver Project which contains not only extremely high-grade silver targets, but also hosts porphyry copper potential within an active and prolific copper-silver belt.
Already holding an option to acquire a 100% interest in the Silver Pheonix Project, the company recently received the permit from the U.S. Forest Service for drilling at Pheonix.
The main target area includes the potential source of very high-grade silver vein silver fragments located near the 417-pound (189 kilogram) vein fragment uncovered in the southern portion 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. Smaller specimens, also containing abundant visible native silver, assayed up to 459,000 g/t silver as determined by concentrate assays.
Silver One President and CEO Greg Crowe said the drilling permit allows the company to test what he views as a unique and rare opportunity which has the hallmarks to become a world class silver deposit, owing to its extremely high grade and singular characteristics.
“The property not only has the potential to host a large amount of silver within small structures, but also has multiple other as yet untested targets that made it a district scale exploration play,’’ Crowe said.
He said the property has never been drilled or systematically explored with modern exploration methods but the area has extensive mining history, starting with the discovery of native silver in the late 1800s and small-scale silver mining until the 1920s.