TSX-V-listed Silver One has exercised its option to acquire a 100% interest in the high-grade Phoenix Silver project, in the ‘Arizona Silver Belt’.
The project covers 6 141 ha along the northern extension of a prolific 30-km-long mineralised trend hosting past and current producing silver and copper mines.
“Acquiring a 100% interest in Phoenix Silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralisation,” says Silver One president and CEO Greg Crowe.
He says large angular and unabraded vein fragments were detected by metal detectors and uncovered in overburden within a metre of surface. These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances. One vein fragment weighed 189 kg and was estimated by specific gravity methods to contain 70% silver.
Crowe notes that assays of smaller fragments returned up to 459 000 g/t (14 688 oz/t) silver.
Silver One has secured a drill permit to test structures believed to be the host of these high-grade vein fragments.
The property lies to the northeast of Freeport-McMoRan’s copper-producing Miami Complex and BHP’s Ocelot porphyry copper exploration project.
Phoenix Silver lies at the northeast margin of a 30-km-long porphyry copper and silver belt and has excellent potential to host very high-grade silver mineralisation, as well as porphyry-related copper mineralisation.
To acquire a 100% interest in the Phoenix Silver project, Silver One paid $350 000 and issued ten-million common shares over three years to the property vendors. The central portion of the claim block is subject to a 2% net smelter return, which can be purchased for $1- million.