Key Highlights: 16.6 metres at 445 g/t silver equivalent (AgEq) (3.00 g/t gold, 207 g/t silver), including 9.9 metres at 640 g/t AgEq (4.26 g/t gold, 306 g/t silver) both beginning at 289.1 metres in MOG22-10; 17.8 metres at 339 g/t AgEq (2.46 g/t gold, 143 g/t silver) beginning at 344.6 metres, including 2.1 metres at 1,233 g/t AgEq (1,002 g/t silver, 12.9 g/t gold) beginning at 348.3 m in MOG22-08.
Drilling focused on expansion around the historic Consolidated Mine continues to intersect strong mineralization where MOG22-08 is an 80-metre step-out, MOG22-10 is a 50-metre step-out and MOG22-11 is 65 metres step-out from previous drill holes.
This mineralized zone remains open in multiple directions with strong silver-gold assays returned from holes at both ends of the current drilling pattern.
Drilling continues with three rigs now in full operation until the end of February testing the Consolidated extension target over an area of 500 metres along strike by 350 metres up- and down-dip.
Work is just beginning at the project with this first target representing only 1% of the total vein and structure strike length present at the project.
Galen McNamara, CEO, stated: “Ten of 11 holes drilled by the Company at Mogollon have now intersected strongly mineralized zones of silver and gold. Our best holes also compare favourably to drill results from our more advanced peers exploring and developing deposits in some of the most prolific silver mining districts globally. With a view towards building a long-term presence in the area, we look forward to continuing to explore in this special part of New Mexico.”
The focus of the ongoing three-rig drill program is testing extensions of mineralization around the Consolidated Mine, centered on the north-trending Queen Vein. Assay results from the reported holes continue to demonstrate the high-grade nature of the Queen Vein and also the strong grade continuity along the vein and within the complex broad vein system.
The ongoing drill program consists of holes drilled on 50-to-100-metre centers across the north-south trending Queen Vein. The holes are designed to systematically test the lateral and vertical continuity of mineralization north and south of the Consolidated Mine over a strike-length of approximately 500 metres and near-vertical, down-dip extent of over 350 metres beginning at approximately 130 metres below surface.
The company approved the grant of 1,635,000 incentive stock options to officers, directors, and consultants of the company. The options vest quarterly over a one-year period following the grant date, are exercisable at a price of $0.80, and expire on February 1, 2028.
Summa Silver owns a 100% interest in the Hughes project located in central Nevada and has an option to earn 100% interest in the Mogollon project in southwestern New Mexico.