Silver One Resources Advances Exploration Targets At Phoenix Silver Project

VANCOUVER - Silver One Resources Inc. reported results of ongoing exploration at its Phoenix Silver Project near Globe, Arizona. The focus of the work undertaken since March 2020 has been to identify the upslope source of large, very angular vein fragments, one of which weighed 417 pounds. The host vein-structure was thus called the "417 Vein". Specific gravity measurements indicate that this fragment contains up to 70% silver. One of the smaller vein fragments discovered in the same area was assayed (concentrate assay) and returned just under 50% silver - 459,000 gm/t or 14,688 oz/t silver. Subsequent work undertaken included prospecting, geological mapping, rock and soil sampling, as well as ground supported Self Potential (SP) geophysical surveys. The SP and soil geochemistry revealed strong anomalies upslope and to the northwest of the area of the very high-grade vein fragments. The Company will also be undertaking a ground electromagnetic survey (EM) around the 417 vein and a drone-borne magnetic survey of the entire property.

Greg Crowe, President and CEO said, "Despite the onset of COVID-19, we have been able to continue our exploration of the Phoenix Silver Project while adhering to COVID-19 restrictions and regulations. Silver One has been successful in outlining new targets and, with the upcoming airborne geophysical surveys, should be in a position to significantly advance our exploration efforts in Q3. Our goal is to drill test some of the most prospective anomalies, especially those in the vicinity of the very high-grade vein fragments, once our surface exploration is complete. The Company has initiated archeological and biological surveys that will be required for drilling permits."

Several new vein structures were identified throughout the property. Some of these returned strongly elevated silver values. Of note is the area around the historic Mexican Mine, which lies just upslope from the 417 vein. The silver-rich vein structures in the northern part of the property are generally hosted within Precambrian - Proterozoic aged diabase. This system has potential to be more regional in scale as it occurs in a similar geological setting to the historic, world-class, high-grade silver camp in the Cobalt-Gowganda region of northern Ontario, Canada.