Summa Silver – 2022 Exploration Strategy And Work Towards Maiden Resource Estimates At Both Mogollon And Hughes
Galen McNamara, CEO of Summa Silver (TSX.V:SSVR – OTCQB:SSVRF) joins us to discuss the exploration strategy at both their gold-silver Mogollon project in New Mexico and at the Hughes Project, on the Walker Lane Trend in Nevada.
We start with a review of the 34 kms of vein strike at Mogollon that is being explored, initially focused on just the 500 meter by 300 meter area drilled historically that shows an average grade of 500 g/t silver equivalent over an average of 12 meters. Out of their first 3 holes drilled last year they have release a photo from 1 hole showing there appears to be mineralization over 50 meters. Their goal for 2022 is to put about 50 drill holes into this project with 25,000 meters of drilling by Q3 and then put out a maiden resource in Q4 of this year.
Next we had Galen recap the prior exploration work on the Hughes Project where the 15,000 maiden drilling and additional 12,000 meters of drilling from 2021 have returned some high-grade silver drill intercepts mostly from around the past producing Belmont Mine, and the Murray Vein area. A few drill holes were also put in at the Ruby and Mizpah targets that show promise for more follow up exploration this year. The Company’s goal is to drill another 25 holes for approximately 10,000 meters and then move towards a maiden resource estimate at Hughes in late 2022. We wrap up with overview of the recent upsized $10 million financing, announced Jan 21st, that saw both Eric Sprot and First Majestic Silver participate.
If you have any follow up questions for Galen regarding Summa Silver, then please email us at either Fleck@kereport.com or Shad@kereport.com.
Mike – Thanks for all that context on the surrounding area near Gilla, the historic silver mines in New Mexico. I know you have shared some photos on the blog in the past of your excursions out there including a trip through Silver City. An interesting bit of history.
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I too am a happy Summa Silver shareholder and am very excited to see how the 50 drill holes they put into Mogollon and 25 more drill holes in Hughes come back, as well as the maiden resource estimate at both properties by year end.
Ex, et al. – Just for context here is a small map I stole and altered of the area:
http://pages.swcp.com/~mwfolsom/Gila_Mines.png
It doesn’t do justice to the area. I already have several more mines to add to the map, re: the Winston Project it is near the site labeled Kelly, the Bridal Chamber Mine is near Lake Valley. There are also mines of various sorts north of the Gilla in and around Magdalena which is west of Socorro. Apparently, it even has its own malachite mine. I have a story about Magdalena and a personal friend into paranormal things who won’t stay in that town – too many restless souls wander there. She was especially troubled by the large number of dead children in the graveyard that whispered to her. Welcome to New Mexico.
(DV) (DOLLF) Dolly Varden Silver Intersects 354 g/t Ag over 12.28 Meters at Kitsol, 1,220g/t Silver over 0.7 Meters at Northwestern Torbrit Step-out
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January 31, 2022
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https://mailchi.mp/dollyvardensilver.com/dolly-varden-silver-intersects-354-gt-ag-over-1228-meters-at-kitsol-1220gt-silver-over-07-meters-at-northwestern-torbrit-step-out
This is indeed exciting news but let’s not forget that Mogollon is on the SW corner of the Gilla Mountains. A site that has had many silver mines in the late 1800’s and early 1900’s. Summa is just the first to actually take a chance, drop a drill bit and start a modern exploration effort. There are other historic silver mines in the area – on the eastern edge of the Gilla is the Winston Mine near Chloride, NM. A place that got its name because a mule team driver found a rock in a stream with silver chloride in it. Still on the eastern side of the Gilla and bit further south is the historic Bridal Chamber Mine, given its name because of the visible silver in the walls and roof of the mine. And let’s not forget the major city in the area is called Silver City which was formed as a hub for all the silver mines that ring the Gilla. Silver is all over the Gilla. Congrats to Summa for opening their eyes and seeing.
And yes I am “talking my book” because I’ve been accumulating Summa for a while now. I own Summa and also stock in Far Resources, now know as Foremost Lithium, which owns the Winston Gold and Silver Project on the eastern slopes of the Gilla. Foremost Lithium however appears much more interested in Lithium than doing much at the Winston Project. Re: the Bridal Chamber Mine, I believer it is owned by Haile Mining, part of Oceanagold but on that point I am not totally sure – there is another company that also owns rights in the area. That company seems to be little more than a PO box. Again not much is happening there –