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    SSVR   CA86565E1051

SUMMA SILVER CORP.

(SSVR)
Delayed Bourse de Toronto  -  03:59 2022-08-15 pm EDT
0.7300 CAD   -2.67%
07/29Summa Silver Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended May 31, 2022
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07/28Summa Silver Announces Warrant Extension
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07/21Summa Silver Provides Drilling Update from the High-Grade Silver-Gold Hughes Project, Nevada
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Summa Silver Corp. Announced High-Grade Silver and Gold Drill Results from the Mogollon Property Near Silver City, New Mexico and Commencement of Significant Drill Program At the Hughes Property Near Tonopah, Nevada

03/03/2022 | 07:42am EDT

Summa Silver Corp. ("Summa" or the "Company") announced high-grade silver and gold drill results from the Mogollon Property near Silver City, New Mexico and the commencement of a significant drill program at the Hughes Property near Tonopah, Nevada. The Company also provides an update on its operations at the Mogollon Property. Based on the positive results to date, and as a condition of their permit, Summa Silver paused exploration on March 1, 2022, to conduct a survey of the Mexican Spotted Owl, expanding on the initial survey work the company completed in September 2021. The pause in drilling will allow the bird survey to be completed in an uninterrupted manner over approximately 90 days. The Company is also awaiting assay results from two additional holes which are expected within the next 30 to 60 days. This pause in drilling activity will be used to refine and improve the geological model to maximize the effectiveness of further drilling. Drilling Commences at the Hughes Property in Nevada to Focus on Step-out and Definition Drilling: Drilling Started at the Hughes Property: One diamond drill rig is currently in operation with a second rig mobilizing to site. Program to Focus on Resource Drilling: The priority targets are the Murray and Belmont areas, where previous drilling intersected strong mineralization. Approximately 10,000 m of drilling is planned at Hughes. Strong exploration potential at the Ruby Discovery 1.3 km east of the Belmont Mine: Final two holes from the 2021 drill program at the Ruby Discovery intersected broad zones of strong alteration and classic epithermal style veins on 100 m step-outs from SUM20-10. SUM21-49 intersected 251 g/t silver equivalent over 1.9 m including 383 g/t silver equivalent over 0.6 m and SUM21-50 intersected 130 g/t silver equivalent over 0.7 m and 108 g/t silver equivalent over 2.66 m including 186 g/t silver equivalent over 0.6 m. The intersection of these zones confirms the strong exploration potential at the Ruby discovery, where large resistivity and chargeability anomalies just east of the area remain undrilled. The focus of the Mogollon drill program is testing un-mined extensions of the Consolidated Mine, centered on the north-trending, epithermal-related Queen Vein. Holes MOG21-01, 02, 03, and 04 targeted vein-hosted mineralization south of the Consolidated stopes over an area of approximately 100 m by 65 m where broad zones (up to 50 m) of epithermal-related alteration, veining, and brecciation with locally strong silver-sulfide mineralization were intersected. The first four holes demonstrate the high-grade nature of the Queen Vein and also the strong grade continuity along the vein and within the complex broad vein system. Assay results from drill holes - MOG21-01, 02 and MOG22-03 and 04 are reported. All holes intersected multiple zones of strong silver and gold mineralization. Hole MOG21-01 intersected 326 g/t AgEq over 4.2 m from 295.4 to 299.6 m down hole and 220 g/t AgEq over 13.6 m from 303.7 to 317.3 m down hole for a cumulative grade thickness of 6,225 g/t AgEqm. Hole MOG21-02 intersected 279 g/t AgEq over 7.1 m from 280.3 to 287.4 m down hole and 197 g/t AgEq over 8.0 m from 299.9 to 307.9 m down hole for a cumulative grade thickness of 4,522 g/t AgEqm. The presence of multiple parallel zones of vein-hosted mineralization with strong grade continuity attests to the prospectivity of the target. Hole MOG22-04 tested the Queen Vein below and to the south of the Consolidated stopes and intersected 450 g/t silver equivalent over 11.6 m from 345 to 356.6 m down hole including 1,940 g/t silver equivalent over 0.9 m from 351.1 to 352 m. Hole MOG21-03 was terminated early due to the intersection of historic workings after unexpected and strong deviation of the hole during drilling. The bottom of the hole intersected 185 g/t silver equivalent over 14.0 m from 303.3 to 317.3 m and returned a cumulative grade-thickness of 2,756 g/t AgEqm which suggests potential for mineralization in the hanging wall to the Consolidated stopes. Using cumulative grade thickness as a proxy for the tenure of mineralization and also for modelling the presence of plunging high-grade shoots, these holes suggest considerable exploration potential along-strike and down-dip surrounding the Consolidated Mine. Drill core from holes MOG22-05 and MOG22-06 are currently being processed at site and prepared for shipment. The Queen Vein system consists of a hanging wall of silicified and brecciated andesite and rhyolite cut by zones of colloform-banded chalcedonic quartz veins increasing in frequency with depth towards the Queen Vein. The Queen Vein is highly-complex with evidence for multiple epithermal-related fluid events that formed calcite + quartz veins, quartz-rich breccias with bladed quartz, colloform banding, and local silver-bearing sulfides. The footwall to the Queen Vein system consists of intensely silicified and brecciated andesite with locally abundant silver-bearing sulfides as disseminations and banded within chalcedony-rich veins. Drill holes on 50 to 100 m centers are designed to systematically test the lateral and vertical continuity of mineralization over a strike-length of approximately 500 m and near-vertical, down-dip extent of over 300 m beginning at approximately 130 m below surface. Drilling will first focus on the Murray vein, on the western side of the Hughes Property where the gently-dipping, southwest-striking vein is associated with broad intervals of strong argillic alteration cored by zones of quartz-stockwork up to 30 m wide with local Ag-sulfide bearing, banded quartz veins. Previous drilling by Summa (e.g., 4,116 AgEq over 0.4 m and 303 g/t AgEq over 4.1 m in SUM21-037) defined strong grade continuity over an area of approximately 300 by 200 m where it remains open for expansion. Infill and exploration drilling up- and down-dip along the vein will be the focus for this phase of drilling. Holes are currently planned on 50 to 100 m centers. Assay results from the final two holes drilled at Hughes in late 2021 have been returned from the lab. Holes SUM21-49 and 50 tested the lateral and vertical extent on 100 m step-outs of epithermal-related silver and gold mineralization discovered in 2020 at the Ruby target (SUM20-10). Both holes intersected broad zones of silica + clay alteration and local quartz-adularia breccias featuring visible Ag-sulfides.


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Financials
Sales 2021 - - -
Net income 2021 -5,44 M -4,22 M -4,22 M
Net cash 2021 7,21 M 5,59 M 5,59 M
P/E ratio 2021 -10,9x
Yield 2021 -
Capitalization 56,4 M 43,7 M 43,7 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 75,3%
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Galen McNamara Chief Executive Officer & Director
Martin Bajic Chief Financial Officer & Director
Thomas O'Neill Independent Director
Brian Goss Independent Director
Michael A. Konnert Independent Director
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