Summa Silver announces two resource estimates for early 2025!

The plan is in place: After Canadian silver company Here we go again! Summa Silver (TSXV SSVR / WKN A2P4EE) recently announced the resumption of drilling at its Hughes project in Nevada, the company has now announced that initial resource estimates for both Hughes and the Mogollon project in New Mexico are to be presented at the beginning of next year.

In our opinion, CEO Galen McNamara’s company could open some eyes in the market, then, as the market does not seem to recognize (yet) that Summa has already drilled significant meters. As the company emphasizes, the resource estimates will be based on 40,000 (!) metres of drilling, spread over 60 drill holes at the Hughes project and 22 drill holes at the Mogollon project.

Historical data can be incorporated into initial resource estimates

With the help of its own drilling, Summa Silver was also able to confirm the results of numerous historical drill holes and underground channel samples taken by previous operators. A veritable treasure trove of data that will now be incorporated into the initial resource calculations.

However, these calculations will be based solely on the results of drilling already completed and will not include the results of ongoing exploration activities and the drill program at Hughes which is aimed at further discoveries. This means that additional potential is already clearly recognizable.

At the Hughes project, Summa says, resource generation will focus on defining the size and grades of significant gold mineralization in the Murray, Belmont and Ruby target areas. The highlights of the drilling carried out there:

– 3,912 g/t AgEq (2,276 g/t Ag, 21.8 g/t Au) over 2.8 m (Belmont, SUM21-30)
– 522 g/t AgEq (286 g/t Ag, 3.10 g/t Au) over 18.5 m (Belmont, SUM20-06)
– 1,494 g/t AgEq (913 g/t Ag, 7.86 g/t Au) over 4.3 m (Belmont, SUM21-31)
– 444 g/t AgEq (253 g/t Ag, 2.53 g/t Au) over 6.1 m (Murray, SUM21-40)
– 1,450 g/t AgEq (813 g/t Ag, 8.41 g/t Au) over 3.0 m (Ruby, SUM23-59)

At the Mogollon project, the resource estimate will focus on defining the extent and grades of the strong silver and gold mineralization hosted by the Queen Vein. Here Summa drilled, among other things:

– 426 g/t AgEq (123 g/t Ag, 3.70 g/t Au) over 31.5 m (consolidated, MOG22-05)
– 640 g/t AgEq (306 g/t Ag, 4.26 g/t Au) over 9.9 m (Consolidated, MOG22-10)
– 433 g/t AgEq (134 g/t Ag, 3.66 g/t Au) over 23.2 m (consolidated, MOG22-16)
– 1,133 g/t AgEq (421 g/t Ag, 8.81 g/t Au) over 1.65 m (Eberle, MOG23-21)
– 393 g/t AgEq (64 g/t Ag, 3.92 g/t Au) over 7.4 m (South Queen, MOG23-20)

Interestingly, the resources for both projects are being prepared by the independent experts at RESPEC, who also prepared the calculation for Blackrock Silver’s Tonopah West deposit, which is adjacent to Hughes.

Perhaps not quite as “sexy” as drill results, but just as important in this context is metallurgy, which in simple terms determines how much of the discovered metal can actually be extracted. There is good news here too, as tests carried out to date on the Hughes project have yielded high average recovery rates of 90% for silver and 97% for gold. For Mogollon, the values were even higher, namely 97% for silver and 98% for gold.

Since Summa Silver completed its last drill program, the company’s technical team has been compiling data from exploration activities over the past four (!) years to create a geological model. Summa now wants to use this to inform the market about the number of ounces drilled as soon as possible. As CEO McNamara explains, the work to date at both Hughes and Mogollon has demonstrated a huge scope that now allows Summa to measure itself against its peer group. In any case, McNamara continues, both districts represent a truly unique opportunity due to their primary focus on silver, world-class grades, excellent metallurgy and world-class jurisdictions.

So, the excitement is building and the company’s shareholders can probably hardly wait for 2025 and the initial resource estimates. In the meantime, the new drill program at Hughes is progressing. Four drill sites have already been collared at the Ruby discovery and a core drill rig is currently on site advancing the first core-tail hole towards the various horizons. Channel samples from the RC holes are showing extensive strong hydrothermal alteration as expected, Summa Silver said.