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NEW YORK, Dec. 14, 2021 /PRNewswire/ -- The demand for silver is projected to exceed one billion for the first time in six years, with global silver demand reaching 1.29 billion ounces in 2021. According to the Silver Institute, demand has risen across the board - from manufacturers of solar panels and electronics to jewelers to investors in physical silver bars and coins - and is showing no signs of slowing in 2022 and beyond thanks to expanding global connectivity. Summa Silver(TSXV:SSVR) (OTCQB:SSVRF), SilverCrest Metals Inc. (NYSE:SILV) (TSX:SIL), First Majestic Silver (NYSE:AG) (TSX:FR), Alexco Resources (NYSE:AXU) (TSX:AXU), and Mag Silver Corp (NYSE:MAG) (TSX:MAG) stand to benefit from the growing demand for silver.
Canadian junior mineral exploration company Summa Silver (TSXV:SSVR) (OTCQB:SSVRF) is focused on drilling at its two 100% owned past-producing high-grade silver-gold properties in the US, the Hughes Property in Tonopah, Nevada, and the Mogollon Property in New Mexico.
The company released an update for the Mogollon property, an underexplored region that presents a significant opportunity for drilling and exploring new opportunities on the mine.
Summa Silver previously commenced drilling at the historically producing high-grade silver-gold Mogollon Property in New Mexico and provided an update on property-wide geological, geophysical, and remote sensing surveys. The Mogollon property is a 2,467-acre property in the Mogollon mining district in Southwest New Mexico. The mine is located in a historically prolific mining region, about 120 km north of Silver City. The company anticipates at least 15,000m of drilling at the consolidated extension target which represents 1.5% of the vein and structure length at the Mogollon property.
In a new update, the company continues its drilling activities on the Mogollon property with a focus on testing unmined extensions of the consolidated mine. From the first drill hole, Summa Silver intersected a broad 50-meter vein zone with visible mineralization. The newly intersected vein consists of high concentrations of silver-bearing sulfosalts.
Galen McNamara, Summa SilverCEO, stated: "Although we don't expect the entire intersection to carry grade, the wide zone of classic low-sulfidation veining in our first hole attests to the prospectivity of the Queen Vein and the significance of the mineralizing system in general. This hole confirms our modeling of historic mine records and limited exploration drilling of the target. It also supports the strong potential of the vein along strike and down-dip."
The Mogollon mining district has been largely inactive since 1942. In addition, the property has about 34 km of new continuous epithermal-associated veins and faults, with only about 1.7 km of these veins and faults drill-tested.
According to Summa Silver CEO Galen McNamara, "The Mogollon district presents a very rare discovery opportunity" and "has the potential to be one of the great remaining vein fields still left in the US."
Summa Silver has already seen significant results from the ongoing drill program at the Hughes Property, which hosts the Belmont Mine, one of the most prolific silver producers in the US from the 1920s. In September, Summa announced that Rescue veins from the Belmont Mine intersected 1,699 g/t silver equivalent over 4.3 m including 9,989 g/t silver equiv. over 0.6 m. Drilling has just wrapped up on the Hughes property with results pending for nine additional holes.
"Each time I visit the property I am reminded of its potential and my recent visit was no exception. On this visit, myself and Chris York, VP Exploration, were able to access the Last Chance Mine. We have now begun sampling the uppermost level of the mine and are pursuing potential access to the lower levels of the mine via an intact winze," said Summa SilverCEO Galen McNamara. "Additionally, drilling is ongoing at the Consolidated Extension target where we are pursuing well-known extensions to mineralization in the Consolidated Mine, the last mine to stop producing in the district at the start of World War II."
For more information about Summa Silver (TSXV:SSVR) (OTCQB:SSVRF), please click here.
Silver Mining Companies Advance on Various Mining Projects
Canadian precious metals exploration and development company SilverCrest Metals Inc. (NYSE:SILV) (TSX:SIL)announced that the construction at Las Chispas mine remains on schedule, with 54% of the construction completed within Q3 2021. The company has made significant progress with its drill program at Las Chispas, having completed 104,804 meters of drilling by September 30, 2021. Silver Crest expects to release the results for its drilling program in Q4 2021.
First Majestic Silver (NYSE:AG) (TSX:FR) just filed an updated technical report for its Santa Elena silver-gold mine, including positive pre-feasibility results for its Ermitaño Project. According to the report, the proven and probable mineral reserves for Santa Elena increased by 59% to 51 million silver equivalent ounces with 12.6 million ounces of silver and 418.4 thousand ounces of gold. Meanwhile, the pre-feasibility study for the Ermitaño Project revealed after-tax NPV5% of $64.8 million, after-tax IRR or 34%, and a 7-year life of mine.
Alexco Resources (NYSEAmerican:AXU) (TSX:AXU) released its Q3 financial results, highlighting progress on its mining operations, exploration activities, and capital development projects. The company continued its longhole drilling and blasting at Bellekeno and completed ore production at the site in October 2021. Alexco Resources also anticipates beginning initial ore production at Flame and Moth later in Q4 2021 as underground development activities continue at the site.
On November 29, Mag Silver Corp (NYSEAmerican:MAG) (TSX:MAG) announced that it has completed a previously announced bought deal financing for gross proceeds of US$46.15 million. The company intends to use the proceeds to fund exploration and Juanicipio and its other projects, including Deer Trail.
The demand for silver continues to grow as economies recover and production resumes. This growth in demand creates increasing value for companies like Summa Silver, which is involved in silver mining.
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