Summa Silver Corp. announced that it has discovered two new high-grade silver-gold veins in wildcat-style exploration holes at the Hughes Project near Tonopah, Nevada. Ruby Discovery: New vein discovery of 1,450 g/t silver equivalent over 3 m (812 g/t Ag, 8.4 g/t Au) including 2,959 g/t silver equivalent over 0.6 m (1,635 g/t Ag, 17.4 g/t Au).

The vein discovery was intersected approximately 200 m above the targeted Ruby horizon, is open in all directions, and represents a 1.5 km step-out from the historic Tonopah mining district. The new vein flanks a compelling geophysical target, and an additional 650 m step-out hole is now in progress. Sapphire Discovery: New vein discovery of 376 g/t silver equivalent over 1.5 m (175 g/t Ag, 2.56 g/t Au) in reverse-circulation hole SUM23-62.

Sapphire is the eastern-most target ever drilled at Tonopah and represents a 4.2 km step-out from the mining district. These results represent only the first hole into Sapphire where SUM23-62 was drilled as a wild-cat hole to test coincident soil and geophysical anomalies with approximate dimensions of at least 500 m x 500 m. Results are reported here for 2,214 m of drilling in both RC and core configurations across four epithermal vein targets, all located outside the historic Tonopah mining district. The purpose of the reconnaissance-style drill program was to test for epithermal-related veins along trend to the east from the Ruby discovery and to define the eastern extension of the district.

One additional hole was lost and abandoned at a depth of 230 m at the Ruby target due to poor ground conditions in a fault zone. The final planned hole of the program is in progress and assays for another remain pending. The primary targets were identified by Summa over the course of multiple ground-based exploration programs and include: The Ruby target was tested in core hole SUM23-59.

The hole was designed to test the eastern and up-dip extension of the Ruby vein discovery, previously drilled by Summa in three holes (e.g., hole SUM20-10, 469 g/t silver equivalent over 2 m), and primarily targeted coincident chargeability and resistivity anomalies located immediately along strike to the east. From near the top of hole, SUM23-59 intersected Mizpah Formation andesite characterized by broad zones of pyrite-rich, phyllic alteration with local zones of strong clay fault gouge and calcite veins and stringers. Zones of strong silicification (quartz veinlets and breccias) with associated silver-sulfide mineralized, banded, and brecciated meter-scale quartz veins were intersected in two discrete zones.

The upper zone at 480 m down hole returned 1,450 g/t silver equivalent over 3m and the lower zone at 566m down hole returned 118 g/t silver equivalent over 3.1m. The target depth for this hole was significantly deeper which suggests these new mineralized veins represent completely new vein systems. Additional drilling, structural interpretation and 3D modelling is required to evaluate the scale and potential of the greater Ruby target area. The Saphire target was tested in RC hole SUM23-62.

The large-scale target consists of coincident broad arsenic-in-soil with high-chargeability and high-resistivity anomalies open to the south and east. The hole was collared 4.2 km east of the Tonopah mining district and intersected 44 m of young tertiary sedimentary cover rocks of the Seibert Formation followed by variably quartz-sericite-pyrite altered Mizpah Formation porphyritic andesites to the bottom of the hole. Local zones of strong argillic alteration with high percentages of quartz-rich chips were noted down hole.

An interval of 376 g/t silver equivalent over 1.5 m was intersected in one of these zones. This interval represents a new vein discovery and warrants systematic follow-up diamond drilling to constrain the orientation and scale. The Emerald target was tested in RC hole SUM23-61.

The target is centred on an outcropping zone of polymictic, carbonate-rich hydrothermal breccia spatially associated with a broad arsenic-in-soil geochemical anomaly interpreted to represent the paleosurface nd/or upper-level expression of a low-sulfidation epithermal vein system. The hole collared in volcaniclastic rocks of the Fraction Tuff and intersected Mizpah Formation andesites and breccias variably quartz altered from 14 m to end of hole at 365 m. The hole bottomed in 20 m of strongly quartz-pyrite altered volcaniclastic breccia. Based on the presence of increasing hydrothermal alteration with depth and permissive volcaniclastic rocks, additional drilling along strike to the north and south as well as at depth is warranted to fully evaluate the epithermal vein potential of Emerald.

The Diamond target was tested in RC hole SUM23-63. The target consists of a near-surface, coincident north-trending strong chargeability and resistivity highs associated strong Fe-oxide at surface and arsenic-in-soil anomalism. The centre of the anomaly is 3.5 km east of the Tonopah mining district.

The hole collared in 29 m of young tertiary sedimentary rocks of the Seibert Formation followed by Mizpah Formation andesite to the end of the hole. Broad zones of strong clay alteration were intersected downhole, including 1 to 3 m intervals of quartz-dominant chips interpreted to be local zones of quartz veining. Although high-grade Ag-Au was not interested, zones of highly anomalous arsenic (up to 52ppm), an element commonly elevated proximal to veins central to the Tonopah mining district, associated with zones of strong hydrothermal alteration suggest the hole intersected the distal expression of an epithermal vein system.

Further drilling, stepped out from SUM23-63, is warranted to fully evaluate the epithermal-related Ag-Au potential of the area. Drilling is ongoing on hole SUM23-60 representing a 650 m eastern step out from hole SUM23-59. The hole is further testing the eastern strike-extent of the Ruby veins.

Results from this hole and hole SUM23-64 will be released once results are received from the lab. Drill core and RC chip samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures.

Samples were analyzed for gold via fire assay with an AA finish ("Au-AA30") and samples that assayed over 8 ppm were re-run via fire assay with a gravimetric finish ("Au-GR30"). Silver, and trace elements were analyzed via inductively coupled plasma mass spectroscopy after four-acid digestion ("49MA-MS"). Samples that assayed over 100 ppm Ag were re-run via fire assay for Ag with a gravimetric finish ("Ag-GR30").