According to the Phoenix Silver Project, that covers 6,141 hectares along the northern extension of a prolific 30+km long mineralized trend hosting past and current producing silver and copper mines. Very high-grade native silver vein fragments, including a 189 kg (417 lb.) specimen estimated to contain over 70% silver and an 8.5 kg(18.7 lb. ) specimen assaying 459,000 g/t (14,688 oz/t) silver.
Greg Crowe, President and CEO of Silver One commented: “Acquiring a 100% interest in Phoenix Silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralization. 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 (417 lb.) and was estimated by specific gravity methods to contain 70% silver. Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver.
A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments.
The southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples. In order to acquire a 100% interest in the Phoenix Silver Project, Silver One paid US$350,000 and issued ten million common shares of Silver One over 3 years to the property vendors. The central portion of the claim block is subject to a 2% NSR, which can be purchased for US$ 1.0 million.
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