Vancouver, May 2, 2023 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQX: SSVRF) (Frankfurt:48X) is pleased to announce that it has commenced an exploration drill program at the high-grade silver-gold Hughes Project near Tonopah, Nevada (the “Hughes Project”).
Drilling has commenced: A reverse-circulation drill rig has been mobilized to site and is currently advancing the first hole of the program. A core rig is also on-site and will be drilling core tails on select holes.
High-Potential Targets: Five targets will be tested and a minimum of seven holes are planned. Targets were selected based on thorough interpretations of geophysical, geochemical, and geological mapping data acquired by the Company (see attached figures).
Additional Drilling at the Ruby Discovery: Representing the extension of the Tonopah District and located 1.3 km east of the Belmont Mine, this discovery will be tested with aggressive step-outs.
Mineralization already intersected at Ruby: The three holes drilled by the Company at Ruby in 2020 and 2021 all intersected zones of quartz veining, alteration and intermittent mineralization with features strikingly similar to the ore bodies in the heart of Tonopah district (see previously released core photos from SUM21-49 here and the Company’s press releases dated December 17, 2020 and March 3, 2022).
New Targets include Emerald, Diamond, Sapphire, and Topaz: These four new target areas, which were previously unrecognized, represent significant discovery opportunities just outside of the historic Tonopah mining district.
Fully Funded: The Company remains fully funded with approximately $10.5 million in working capital.
Galen McNamara, CEO, stated: “The targets we will be drilling at the Hughes Project this season were developed from a systematic, multi-layered approach which included detailed interpretations of structural geology, geophysics and geochemistry. In our opinion, its very rare that compelling undrilled targets can still exist within sight of a prolific historically producing mining district like Tonopah. The five targets we will be drilling at the Hughes Project this spring and summer represent opportunities for significant new discoveries that the team has been very much looking forward to testing for some time.”
Hughes Exploration Drill Program
The focus for this phase of exploration drilling is on testing previously undrilled epithermal vein targets identified by Summa over the course of multiple ground-based exploration programs (Figure 1). The targets are all east of the historic Tonopah mining district and will be tested using both reverse circulation (RC) and core drilling methods in a minimum of seven holes.
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