The state-of-the-art secret to Summa Silver Corp’s (CSE:SSVR, OTC:SSVRF, FRA:48X) ambitious silver strategy
Imagine being able to use state-of-the-art technology to uncover great riches from historic precious metal mines.
It sounds like pure fantasy, right?
The plan appears fairly simple, which is a big part of the attraction.
Reams of well-preserved historic data from the 1930s have been painstakingly plugged into the model, creating the most comprehensive underground view of the region ever put together.
The results have been so compelling that Summa (CSE:SSVR, OTC:SSVRF, FRA:48X) has been able to generate drill targets with surgical precision. The company is already long past the point of needing surface surveys or other field exploration.
It has been able to move straight to drilling because the signs are already highly encouraging
FOR A DEEP-DIVE INTO SUMMA SILVER’S (CSE:SSVR | OTC:SSVRF| FRA:48X) PLANS TO UNCOVER GREAT RICHES AT THE HISTORIC HUGHES PROJECT IN NEVADA, DOWNLOAD OUR EXCLUSIVE REPORT
CEO Galen McNamara — a renowned geologist in his own right — explains:
“FROM THE METICULOUS HAND-DRAWN MAPS OF USGS GEOLOGISTS, WE PUT ALL THE DATA BACK TOGETHER IN 3D. ONCE WE DID THAT, WE DIDN’T JUST DO IT FOR OUR PROPERTY, WE DID IT FOR THE ENTIRE DISTRICT.”
The data has proven to be incredibly useful, enabling the identification of target zones seen in the blue shapes in the map above.
What might this lead to?
“SOME OF THE BIGGEST SUCCESS STORIES IN THE HISTORY OF THE JUNIOR MINING MARKET HAVE INVOLVED DUSTING OFF A GREAT BUT FORGOTTEN ASSET AND LOOKING AT IT FROM A MODERN DAY TECHNOLOGY POINT OF VIEW.”— GALEN MCNAMARA, CEO: SUMMA SILVER CORP
READ OUR SPECIAL REPORT TO FIND OUT WHY WORLD-RENOWNED MINING INVESTOR ERIC SPROTT IS BACKING SUMMA SILVER (CSE:SSVR, OTC:SSVRF, FRA:48X)
Revisiting historic mining districts in the hunt for underground silver zones
Down in Sonora, Mexico, this Vancouver-based junior refreshed the old Las Chipas mine, which had been out of production since the 1930s.
In August 2020 the firm highlighted a vein that intersected 1.7m grading of 73,595 g/t silver equivalent.
Seventy-three thousand grams of silver equivalent per tonne. That’s 7.3% silver.
McNamara started looking at SilverCrest back in 2016, when the company’s share price was near zero.
“THEY ENDED UP WITH A PROJECT THAT WAS A SIMILAR STORY, A SERIOUS PAST PRODUCER OF SILVER AND GOLD THAT NEVER SAW ANY MODERN EXPLORATION. THEY WENT IN THERE AND STARTED DRILLING, AND THE REST IS HISTORY.”
Today SilverCrest is a $1.3bn company. From a $2 stock to nearly $10 in under two years.
McNamara is hopeful that his first major project in Nevada will have similar success.
“WE’RE GOING INTO A HISTORIC PRODUCER, THAT MINED ALMOST 200 MILLION OUNCES OF EXTREMELY HIGH-GRADE SILVER AND HASN’T SEEN ANY MODERN EXPLORATION. EVER.”— GALEN MCNAMARA: CEO, SUMMA SILVER CORP
FOR A DEEP-DIVE INTO SUMMA SILVER’S (CSE:SSVR | OTC:SSVRF | FRA:48X) PLANS TO UNCOVER GREAT RICHES AT THE HISTORIC HUGHES PROJECT IN NEVADA, DOWNLOAD OUR EXCLUSIVE REPORT
Bringing modern exploration to the Hughes Silver Project
Here — more than a century ago — the Belmont Mine helped create a mining boom town. But its fortunes turned to dust when commercial production ended in 1929.
Dozens of veins were discovered and mined. Early work stopped at Belmont not because of a lack of ore, but depressed metals prices as the world entered the 1930s.
It’s a sleepy highway town, halfway between Las Vegas and Reno.
When mining ended, so did the boom times in the town.
The surrounding area has a number of ghost towns to this day. Empty. Still. Perfectly preserved. Just like the local historic mines themselves.
No modern assessment or exploration has taken place since.
Modern 3D geological modelling in and around Belmont illustrates a stunning picture with high priority targets ready to go.
Historic grades in the district averaged between 1,200 and 1,300 g/t silver equivalent.
How could this have been missed?
The first point is land fragmentation. In these historic, older districts, claims to land and mining rights can be 100 years old. Owned by different families, passed down through generations. Held tightly. Underexplored.
The second point?
Incredibly, it’s a question of trends. Like any other industry, mining follows what’s hot.
What’s not? It gets shelved and quickly forgotten.
“IN NEVADA FOR AT LEAST THE LAST 50 YEARS THE FOCUS HAS REALLY BEEN ON OPEN PIT GOLD DEPOSITS. THEY WERE IN VOGUE. FOR THE LAST SEVERAL DECADES, THOSE HIGH-GRADE UNDERGROUND SETTINGS WERE JUST NOT LOOKED AT.”— GALEN MCNAMARA: CEO, SUMMA SILVER CORP
And while today Nevada is known for its high-grade gold mines, its first nickname was “The Silver State”. A whole history, left by the wayside. Now gold deposits are getting harder and harder to find. Silver is coming back.
Vein deposits that characterise rich areas for silver mining can be as small as a few centimetres wide.
At Belmont? The vein was FIFTEEN METRES wide.
“WE KNOW THE VEINS ARE OPEN ALONG STRIKE,” SAYS MCNAMARA. “WE KNOW THEY’RE OPEN DOWN DIP, WE KNOW WE HAVE A GREAT CHANCE TO FIND A LOT MORE.”
The budget for this drilling?
Just to start it’s $3m.
Assays will be ready within weeks.
And the major US Highway 6 crosses right along the southern edge of the property.
MCNAMARA ASKS: “AS YOU MOVE OUT TOWARDS THE EAST AND GET INTO THE EXPLORATION POTENTIAL, HOW MUCH SILVER COULD BE THERE TO FIND?”
This is what is creating so much excitement among investors.
“FOR ME THE UPSIDE HERE IS THE BLUE SKY POTENTIAL. THAT’S MY FOCUS. BECAUSE YOU CAN BUILD BIG OUNCES QUICKLY AT GRADES AS HIGH AS THEY USED TO MINE IN THIS DISTRICT.”— GALEN MCNAMARA: CEO, SUMMA SILVER CORP
Looking wider, the macroeconomic picture could hardly be better.
Just like gold, silver is in a long-term uptrend.
In September 2020 the precious metal hit eight-year highs against the British pound, seven-year highs against the US dollar and nine-year highs against the Canadian dollar and Australian dollars.
As a major hedge against inflation, silver is just as popular as its precious metal cousin.
And now the Federal Reserve has made bombshell changes to central bank policy to tolerate much higher inflation, there are intense levers at work for more upward pressure in silver prices.
Analysts believe that with such strong tailwinds, all time highs in the silver price are within easy reach.
Summa Silver Corp (CSE:SSVR, OTC:SSVRF, FRA:48X) is a growth story. It’s barely scratched the surface to date and with the results from its maiden 7,500m drill campaign eagerly expected the immediate future looks bright.
Investors are certainly starting to notice and volume is rising in the stock.
READ OUR SPECIAL REPORT TO FIND OUT WHY WORLD-RENOWNED MINING INVESTOR ERIC SPROTT IS BACKING SUMMA SILVER (CSE:SSVR, OTC:SSVRF, FRA:48X)
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