Acquisition Of The Phoenix Silver Project

Acquisition Of The Phoenix Silver Project

VANCOUVER – Silver One Resources Inc. has exercised its option to acquire a 100% interest in the high-grade Phoenix Silver Project, located within the Arizona Silver Belt.

Greg Crowe, President and CEO, said, “Acquiring a 100% interest in Phoenix Silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralization.  Large angular and unabraded vein fragments were detected by metal detectors and uncovered in overburden within a metre of surface.  These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances.  One vein fragment weighed 189 kg (417 lb.) and was estimated by specific gravity methods to contain 70% silver.  Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver.

A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments.

The southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples returning over 1% copper.  The property lies to the northeast of Freeport McMoran’s copper producing Miami Complex and BHP’s Ocelot porphyry copper exploration project.  Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host very high-grade silver mineralization as well as porphyry related copper mineralization.”