In addition to supporting resource conversion, the program will generate bulk samples for metallurgical pilot testing – a key component in refining processing assumptions and strengthening project economics.
The campaign includes 1,400 yards using an 8-inch diameter Hollow Stem Auger (“HSA”) in 56 planned holes on the LP1 and LP2 leach pads.
Candelaria’s resources currently comprise 22.18 million tonnes grading 42.1 g/t silver and 0.074 g/t gold, containing 30.02 million ounces of silver and 52,000 ounces of gold in the Indicated category. The Inferred category includes a further 11.45 million tonnes, grading 41.8 g/t silver and 0.10 g/t gold, containing 15.4 million ounces of silver and 36,700 ounces of gold. Silver equivalent (“AgEq”) resources total 30.8 million ounces indicated and 16.1 million ounces inferred (see Table 1 and the company’s May 6, 2025 press release).
Gregory Crowe, president and CEO, commented: “This upcoming drilling and sampling program is designed to increase confidence in these substantial leach platform resources, while providing the metallurgical data necessary to support the project’s continued progress. Pilot testing will potentially validate increased silver recovery using Extrakt/Bechtel non-cyanide solutions and pave the way for what will hopefully be a robust PFS later in 2026.”
Table 1. The mineral resources of Candelaria Leach Pad as reported in the technical report entitled “Mineral Resource Estimate on the Candelaria Property” dated April 30, 2025 and filed on SEDAR+.
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Candelaria’s project resources total 108.18 million ounces of silver equivalent (“AgEq”) in the Measured and Indicated categories, and 29.46 million ounces of AgEq, including material in the ground, leach pad and inventories (see the Company’s press release dated May 6, 2025 and the technical report entitled “Mineral Resource Estimate on the Candelaria Property” dated April 30, 2025 and filed on SEDAR+ for full technical details).
Background of the Candelaria project
Candelaria was historically the highest quality silver producer in the state of Nevada, averaging more than 1,200 g/t Ag (40 oz/T Ag) from high-grade vein mining between the mid-19th and mid-20th centuries. Open-pit mining operations recovered silver and base metals from stockwork and manto-style mineralized bodies with accessory gold values hosted in rocks of the Candelaria and Pickhandle Gulch formations. Most of the mineralization is associated with the Lower Candelaria shear and Pickhandle thrusts. Open-pit mining was carried out in the 1980s through 1998 by several companies, including Nerco, Inc. and Kinross Gold. Kinross closed the open pit mining and leaching operation in 1998 due to low silver prices, but leaching of the historic pads was not completed, leaving a significant amount of unrecovered silver. It is estimated that the property has produced more than 68 million ounces of silver. Historical information was obtained from “Geology of the Candelaria Mining District, Mineral County, Nevada, 1959, Nevada Bureau of Mines, Bulletin 56”.
Qualified persons
The technical contents of this press release, not related to the mineral resource, have been reviewed and approved by Robert M. Cann, P. Geo, a Qualified Person as defined by National Instrument 43-101 and an independent advisor to the Company.
About Silver
Silver One focuses on the exploration and development of high-quality silver projects. The company has a 100% interest in its flagship project, the past-producing Candelaria mine in Nevada. Potential reprocessing of silver from the historic Candelaria leach pads provides opportunities for potential near-term production. Additional opportunities lie in the previously identified high-grade silver intercepting the downdip and potentially increasing substantial silver mineralization during the strike of the two past producing open-pit mines.
The company owns 636 lode claims and five patented claims on its Cherokee Project in Lincoln County, Nevada, which is home to multiple silver-copper-gold vein systems that have been traced to date for more than 7.5 miles.
Silver One also owns a 100% interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver project located within the “Arizona Silver Belt”, immediately adjacent to the prolific copper producing area of Globe, Arizona.
Forward-Looking Statements
The information in this press release contains forward-looking statements that are based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silver One cautions that all forward-looking statements are inherently uncertain and actual performance may be affected by a number of material factors, many of which are beyond Silver One’s control. Such factors include, among others: risks and uncertainties relating to Silver One’s limited operating history, the ability to obtain sufficient financing to carry out the exploration and development objectives of the Candelaria Project, obtaining the necessary permits to conduct the activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities laws, Silver One undertakes no obligation to publicly update or revise any forward-looking information.
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