Silver One Resources has completed the acquisition of a 100% interest in the Phoenix Silver Project, positioned within the Arizona Silver Belt.
For this acquisition, Silver One disbursed C$350,000 and issued ten million common shares over three years to the original property vendors.
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The central area of the Phoenix Silver Project claim block carries a 2% net smelter return royalty.
However, Silver One retains the option to purchase this royalty for C$1m, offering a clear path to enhance the project’s economics.
Encompassing an area of 6,141 hectares, the Phoenix Silver Project lies along the northern extension of a mineralised trend exceeding 30km in length.
This trend is home to both historical and active silver and copper mines, indicating the project’s potential for high-grade silver deposits.
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By GlobalDataThe project has already secured the necessary permits for drilling, targeting the high-grade silver prospects.
This development paves the way for Silver One to commence exploration activities aimed at realising the full potential of the Phoenix Silver Project.
Silver One president and CEO Greg Crowe said: “Acquiring a 100% interest in Phoenix Silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralisation.
“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 189kg (417lb) and was estimated by specific gravity methods to contain 70% silver. Assays of smaller fragments returned up to 459,000 g/t [grams per tonne] (14,688oz/t) silver.”
Crowe explained that the southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples returning more than 1% copper.
He added that the property lies to the north-east of Freeport McMoRan‘s copper-producing Miami Complex and BHP‘s Ocelot porphyry copper exploration project.
