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SILVER ONE INTERCEPTS 1,339 g/t SILVER and 1.21 g/t GOLD OVER 10.67 METRES WITHIN 48 METRES OF 332 g/t SILVER and 0.39 g/t GOLD

·23 min read

STEP-OUT HOLES CONTINUE EXTENDING THE MINERALIZATION DOWN DIP AND ALONG STRIKE

VANCOUVER, BC, Aug. 16, 2022 /CNW/ -- Silver One Resources Inc. (TSXV: SVE; OTCQX: SLVRF; FSE: BRK1 - "Silver One" or the "Company") is pleased to report results from its reverse circulation (RC) 7,500-metre ("m") drilling program recently completed at its Candelaria project, Nevada.  The objectives of the program, which included examining the extensions to silver-oxide mineralization adjacent to the past producing open pits and filling in between step-out holes drilled in 2021, were all successfully achieved.

Highlights:

  • Since November 2018, the Company has drilled over 25,000 metres in 131 holes, including RC, core, and sonic holes.

  • The recent 36-hole, 7,500 m drilling program tested the extensions to the silver-oxide mineralization to the east of the Mt. Diablo pit, down-dip from the Mt. Diablo and Northern Belle open pits and filled-in areas of silver mineralization between step-out holes drilled in 2021 west of the Mt. Diablo open pit (Figures 1 and 2).

  • Assays include:

  • Drilling results indicate the extension of the mineralization 400 m west (to drill hole SO-C-21-96) and 450 m east of the Mount Diablo pit (to drill hole SO-C-22-115). The mineralization remains open along strike in both directions as well as down-dip from both Mt. Diablo and Northern Belle pits.

  • The  Candelaria mineralization is now known to extend nearly 2 km along strike and 1 km in the down-dip direction and remains open in all directions (Fig.'s 1 and 2)

Silver One's President and CEO, Greg Crowe, commented: "We are very encouraged by the positive results from the assays of our recent round of reverse circulation drilling.  Holes drilled confirmed continuity of the mineralization down-dip and along-strike to the east and west of the past producing Mt. Diablo pit,  where drilling indicates that silver and gold grades exceed historical average grades mined by open pit.  This bodes well for the possibility to expand the known mineralization and the potential for both open-pit and underground mining.  The mineralization defined to-date is still open both along strike and down dip from both Mt. Diablo and Northern Belle pits and further exploration is highly warranted".

The silver and gold grades of the holes drilled by the company west of Mt. Diablo (this release, Feb 16, May 26 and July 15, 2021 news releases) exceed the average grades (88 g/t Ag and 0.1 g/t Au) mined by open pit by previous operators. Gold grades to the east of Mt. Diablo pit increase (drill holes SO-C-22-112 to SO-C-115) compared with grades mined by open pit in the past, however, silver grades decrease in this direction.

Future drilling will focus on testing the continuity of the mineralization down-dip and along strike from both Mt. Diablo and Northern Belle pits.

Drill collars are shown in Figure 1 and Figure 2.  Significant gold and silver assays are summarized in Table 1, and coordinates and identification drillhole data are in Table 2.

Metallurgical Testing

Core drilling for metallurgical testing is underway on the Mt. Diablo pit extension mineralization.  Core samples from the current program, in conjunction with six core holes drilled in the 2019-2020 campaign, and three bulk samples excavated with a backhoe from the bottom of the Mt. Diablo pit will be used to investigate the silver and gold extraction from the oxide, mixed (oxide-sulphide), and sulphide mineralization.  The samples are distributed throughout the deposit and are representative of the grades and major types of Candelaria mineralization.

Results from the metallurgical testing will be used in an upcoming in-ground resource estimate to replace the historical resource completed by Silver Standard in 2001.

The metallurgical results will also be used to evaluate the economics of various processing scenarios, including mixing fresh mineralization with the historic heap leach mineralization versus  processing the heap leach material alone.

Figure 1 – Drill Collars and Significant Assays of the 2022 RC drilling.

Figure 1 – Drill Collars and Significant Assays of the 2022 RC drilling.
Figure 1 – Drill Collars and Significant Assays of the 2022 RC drilling.

Note: See Table 1 and Table 2 for additional details on mineralized intervals and RC hole details.

Figure 2 – Drill Collars and Significant Assays,  2020-2021 and 2022 campaigns.

Figure 2 – Drill Collars and Significant Assays,  2020-2021 and 2022 campaigns
Figure 2 – Drill Collars and Significant Assays, 2020-2021 and 2022 campaigns

Table 1. Summary of relevant assays from recent RC drilling.

Drill hole

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

Area

SO-C-22-101

112.78

114.30

1.52

2.99

0.8

East Mt. Diablo pit

and

153.92

172.21

18.29

0.12

29.5

East Mt. Diablo pit

Includes

158.50

160.02

1.52

0.22

89.1

East Mt. Diablo pit

and

172.21

185.93

13.72

0.33

2.4

East Mt. Diablo pit

SO-C-22-102

147.83

166.12

18.29

0.14

62.6

East Mt. Diablo pit

Includes

147.83

155.45

7.62

0.12

72.6

East Mt. Diablo pit

Includes

158.50

160.02

1.52

0.30

109.0

East Mt. Diablo pit

Includes

164.59

166.12

1.52

0.20

146.0

East Mt. Diablo pit

SO-C-22-103

137.16

160.02

22.86

0.19

45.7

East Mt. Diablo pit

Includes

140.21

143.26

3.05

0.69

143.0

East Mt. Diablo pit

SO-C-22-104

97.54

120.40

22.86

0.16

85.0

East Mt. Diablo pit

Includes

97.54

106.68

9.14

0.22

165.8

East Mt. Diablo pit

and

123.44

137.16

13.72

0.23

10.4

East Mt. Diablo pit

SO-C-22-105

176.78

178.31

1.52

0.17

58.0

East Mt. Diablo pit

SO-C-22-106

150.88

173.74

22.86

0.03

28.2

East Mt. Diablo pit

Includes

161.54

163.07

1.52

0.05

119.0

East Mt. Diablo pit

SO-C-22-106A

160.02

163.07

3.05

0.05

127.0

East Mt. Diablo pit

and

252.98

275.84

22.86

0.29

142.3

East Mt. Diablo pit

Includes

263.65

266.70

3.05

0.76

501.5

East Mt. Diablo pit

SO-C-22-107

0

6.10

6.10

0.29

41.3

Northeast Mt. Diablo pit

and

9.14

12.19

3.05

0.13

30.9

Northeast Mt. Diablo pit

and

16.76

25.91

9.14

0.42

7.8

Northeast Mt. Diablo pit

and

228.60

246.89

18.29

0.14

44.7

Northeast Mt. Diablo pit

Includes

230.12

233.17

3.05

0.24

84.2

Northeast Mt. Diablo pit

SO-C-22-108

196.60

205.74

9.14

0.06

29.8

East Mt. Diablo pit

SO-C-22-109

155.45

176.78

21.34

0.11

42.6

East Mt. Diablo pit

SO-C-22-110A

118.87

144.78

25.91

0.12

43.9

East Mt. Diablo pit

Includes

132.59

134.11

1.52

0.28

87.9

East Mt. Diablo pit

SO-C-22-111

89.92

118.87

28.96

0.13

56.5

East Mt. Diablo pit

Includes

92.96

97.54

4.57

0.18

82.7

East Mt. Diablo pit

Includes

111.25

112.78

1.52

0.21

112.0

East Mt. Diablo pit

SO-C-22-112

41.15

48.77

7.62

0.31

16.6

East Mt. Diablo pit

and

85.34

86.87

1.52

0.56

19.6

East Mt. Diablo pit

and

120.40

121.92

1.52

0.37

11.2

East Mt. Diablo pit

and

128.02

132.59

4.57

0.12

34.9

East Mt. Diablo pit

SO-C-22-113

71.63

91.44

19.81

1.31

11.8

East Mt. Diablo pit

Includes

71.63

76.20

4.57

2.29

27.0

East Mt. Diablo pit

Includes

80.77

83.82

3.05

2.48

7.8

East Mt. Diablo pit

and

147.83

179.83

32.00

0.16

20.6

East Mt. Diablo pit

SO-C-22-114

102.11

108.20

6.10

0.57

124.3

East Mt. Diablo pit

Includes

102.11

103.63

1.52

0.90

409.0

East Mt. Diablo pit

and

175.26

199.64

24.38

0.09

27.1

East Mt. Diablo pit

Includes

192.02

195.07

3.05

0.18

75.2

East Mt. Diablo pit

SO-C-22-115

115.82

123.44

7.62

0.33

24.1

East Mt. Diablo pit

and

170.69

176.78

6.10

0.35

17.6

East Mt. Diablo pit

SO-C-22-116

135.64

156.97

21.34

0.14

15.6

East Mt. Diablo pit

SO-C-22-117

96.01

103.63

7.62

0.19

15.7

West Mt. Diablo pit

and

108.20

115.82

7.62

0.15

83.9

West Mt. Diablo pit

Includes

109.73

114.30

4.57

0.19

110.8

West Mt. Diablo pit

SO-C-22-118A

89.92

91.44

1.52

2.78

33.2

West Mt. Diablo pit

and

108.20

109.73

1.52

0.15

54.2

West Mt. Diablo pit

SO-C-22-119A

56.39

82.30

25.91

0.34

223.1

West Mt. Diablo pit

Includes

68.58

71.63

3.05

0.87

1,087.0

West Mt. Diablo pit

and

100.58

118.87

18.29

0.11

56.1

West Mt. Diablo pit

Includes

106.68

111.25

4.57

0.16

135.2

West Mt. Diablo pit

SO-C-22-119B

60.96

109.73

48.77

0.39

332.5

West Mt. Diablo pit

Includes

67.06

83.82

16.76

0.84

888.4

West Mt. Diablo pit

Includes

68.58

79.25

10.67

1.22

1,339.4

West Mt. Diablo pit

SO-C-22-120A

-

0.00

-

NSV


West Mt. Diablo pit

SO-C-22-121

100.58

118.87

18.29

0.17

63.0

West Mt. Diablo pit

Includes

108.20

111.25

3.05

0.23

108.0

West Mt. Diablo pit

SO-C-22-122

307.85

324.61

16.76

0.27

175.3

North Mt. Diablo pit

Includes

307.85

315.47

7.62

0.51

354.8

North Mt. Diablo pit

SO-C-22-123

310.90

312.42

1.52

0.36

131.0

North Mt. Diablo pit

and

335.28

336.80

1.52

0.24

74.7

North Mt. Diablo pit

and

349.00

350.52

1.52

0.25

41.1

North Mt. Diablo pit

SO-C-22-124

153.92

170.69

16.76

0.23

48.4

North Mt. Diablo pit

Includes

156.97

160.02

3.05

0.53

110.4

North Mt. Diablo pit

and

307.85

327.66

19.81

0.28

127.4

North Mt. Diablo pit

Includes

307.85

310.90

3.05

0.35

214.5

North Mt. Diablo pit

Includes

324.61

327.66

3.05

0.53

268.0

North Mt. Diablo pit

SO-C-22-125

109.73

137.16

27.43

0.13

22.1

North Mt. Diablo pit

Includes

132.59

135.64

3.05

0.32

57.4

North Mt. Diablo pit

and

281.94

298.70

16.76

0.48

252.4

North Mt. Diablo pit

Includes

284.99

288.04

3.05

0.85

518.5

North Mt. Diablo pit

Includes

294.13

297.18

3.05

0.90

420.0

North Mt. Diablo pit

SO-C-22-126

118.87

120.40

1.52

0.18

23.1

North Mt. Diablo pit

and

294.13

310.90

16.76

0.44

169.9

North Mt. Diablo pit

Includes

306.32

310.90

4.57

0.83

272.2

North Mt. Diablo pit

SO-C-22-127

77.72

79.25

1.52

0.27

99.0

North Mt. Diablo pit

and

275.84

284.99

9.14

0.38

143.0

North Mt. Diablo pit

SO-C-22-128

233.17

234.70

1.52

0.67

38.1

North Northern Belle pit

and

271.27

274.32

3.05

0.39

36.6

North Northern Belle pit

and

303.28

321.56

18.29

0.11

24.5

North Northern Belle pit

SO-C-22-129

176.78

181.36

4.57

1.04

31.5

North Northern Belle pit

and

187.45

199.64

12.19

0.72

128.2

North Northern Belle pit

Includes

187.45

193.55

6.10

0.82

228.4

North Northern Belle pit

and

220.98

224.03

3.05

0.42

199.0

North Northern Belle pit

SO-C-22-130

158.50

166.12

7.62

0.77

53.5

North Northern Belle pit

Includes

160.02

161.54

1.52

0.82

162.0

North Northern Belle pit

and

170.69

172.21

1.52

0.52

18.9

North Northern Belle pit

and

184.40

188.98

4.57

0.58

59.2

North Northern Belle pit

Includes

187.45

188.98

1.52

0.94

82.2

North Northern Belle pit

and

202.69

205.74

3.05

0.40

18.2

North Northern Belle pit

and

211.84

217.93

6.10

0.25

180.2

North Northern Belle pit

Includes

214.88

217.93

3.05

0.34

322.5

North Northern Belle pit

and

281.94

297.18

15.24

0.33

181.9

North Northern Belle pit

Includes

289.56

292.61

3.05

1.38

777.0

North Northern Belle pit

SO-C-22-131

140.21

150.88

10.67

0.49

178.4

North Northern Belle pit

Includes

147.83

150.88

3.05

0.50

491.5

North Northern Belle pit

and

155.45

156.97

1.52

0.16

50.5

North Northern Belle pit

Mineralized intervals reported are core lengths, and true widths are estimated to be 85% to 100% of these widths based on interpreted drill sections.

Table 2. RC holes coordinates (UTM83-11) and other identification data.

Drillhole_Id

East (m)

North (m)

Elevation (m)

Azimuth (Deg)

Dip (Deg)

Total Depth (m)

Notes

SO-C-22-101

405913

4222840

1848.0

270

-85

190.5


SO-C-22-102

405903

4222806

1852.0

270

-65

185.93


SO-C-22-103

405907

4222808

1852.0

90

-80

195.07


SO-C-22-104

405905

4222806

1852.0

180

-65

155.45


SO-C-22-105

405914

4222900

1841.8

270

-80

234.7


SO-C-22-106

405836

4223049

1831.8

270

-65

173.74

Abandoned *

SO-C-22-106A

405845

4223050

1831.6

270

-65

275.85


SO-C-22-107

405674

4223155

1832.5

224

-60

284.99


SO-C-22-108

405968

4222972

1833.9

180

-60

225.55


SO-C-22-109

405966

4222901

1839.8

180

-60

195.07


SO-C-22-110

405983

4222816

1848.5

180

-60

100.59

Abandoned *

SO-C-22-110A

405982

4222813

1848.6

180

-60

170.69


SO-C-22-111

405969

4222750

1858.7

180

-60

140.21


SO-C-22-112

406105

4222817

1839.7

180

-60

193.55


SO-C-22-113

406117

4222885

1830.6

180

-60

190.5


SO-C-22-114

406137

4222967

1824.3

180

-60

225.55


SO-C-22-115

406281

4222829

1833.9

180

-75

210.31


SO-C-22-116

406281

4222795

1837.3

180

-60

202.69


SO-C-22-117

404774

4222971

1886.9

0

-90

144.78


SO-C-22-118

404775

4222971

1886.9

90

-70

86.87

Abandoned *

SO-C-22-118A

404776

4222971

1886.9

90

-65

132.59


SO-C-22-119

404938

4222983

841.6

270

-60

42.67


SO-C-22-119A

404938

4222981

1841.7

270

-60

135.64


SO-C-22-119B

404939

4222982

1841.6

270

-65

135.64


SO-C-22-120

404936

4222978

1842.1

180

-60

80.77

Abandoned *

SO-C-22-120A

404940

4222976

1841.9

180

-60

79.25

Abandoned *

SO-C-22-121

404972

4223043

1833.6

180

-60

160.02


SO-C-22-122

405722

4223383

1877.2

224

-85

355.1


SO-C-22-123

405495

4223513

1864.5

0

-90

390.15


SO-C-22-124

405576

4223406

1888.6

180

-80

355.1


SO-C-22-125

405577

4223402

1888.6

180

-65

312.42


SO-C-22-126

405607

4223394

1888.4

180

-75

315.47


SO-C-22-127

405607

4223391

1888.4

180

-60

300.23


SO-C-22-128

404893

4223971

1734.5

180

-70

321.57


SO-C-22-129

404826

4223944

1728.6

180

-55

260.61


SO-C-22-130

404733

4223927

1737.1

180

-60

300.23


SO-C-22-131

404648

4223874

1756.1

180

-65

172.21


*

Drillhole incomplete






Candelaria Project Mineral Resources

Leach Pad Resource

In August 2020, The Company completed a resource estimate of indicated and inferred resources on Candelaria's heap leach pads. Thirty million ounces of indicated resources and 15.397 million of ounces in the inferred category were reported. The respective Technical Report, dated effective August 6, 2020, and filed on SEDAR on August 19, 2020, is titled "Technical Report on the Heap Leach Pads within the Candelaria, Property, Mineral and Esmeralda Counties, Nevada, USA".  The Report was prepared by James A. McCrea, P.Geo., who is a qualified person within the meaning of NI 43-101 and is independent of the Company; McCrea has reviewed and approved the disclosure regarding the updated resource estimate included herein.

Mineral Resources were reported for each leach pad separately, using a 0.01 g/t silver fire assay cut-off grade. See table below:

Zone/

Category

Tonnes

(000)

Ag (FA)

(ppm)

Au (FA)

(ppm)

Ag (soluble)

(ppm)

Au (soluble)

(ppm)

    Contained Metal*

Ag (Moz)      Au (oz)

Indicated

LP 1

22,184.000

42.1

0.074

15.6

0.022

30.017

52,000

Inferred

LP 2

11,451.000

41.8

0.100

23.3

0.032

15.397

36,700

* Contained Metal based on fire assay grades
The effective date of the mineral resource estimate is August 6, 2020.
1. A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.
An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.
An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.
2. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources has no known issues and do not appear materially affected by any known environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. There is no guarantee that Silver One will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the project or that the project will be placed into production.
3. The mineral resources in this study were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM'), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standing Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014.

Metal prices used for the resource estimate are: US $1500 per ounce for gold; US $20 per ounce of silver. These prices were used for calculating silver equivalents and for the exploitation scenarios related to reasonable prospects for eventual economic extraction.

Historical Resource

Historic resource estimates of the remaining downdip mineral resources in the project were determined for both the Mount Diablo and Northern Belle deposits by Snowden and reported in a NI 43-101 Technical Report prepared for Silver Standard Resources Inc. in 2001. The resources reported include a historic measured and indicated resource for Mount Diablo of 13.6 million short tons averaging 3.23 opt Agtotal and 0.003 opt Ausoluble, for 44.1 million ounces of silver. Additionally, there is a historic inferred resource for Mount Diablo and Northern Belle of 14.4 million short tons averaging 2.21 opt Agtotal and 0.002 opt Ausoluble, for 31.7 million ounces of silver.

The technical report titled "Candelaria Project Technical Report" dated May 24, 2001 (filed on SEDAR on June 20, 2002), prepared by Pincock Allen & Holt, disclosed the historical mineral resource estimate shown in the table below.

Candelaria Project

Historical Resource Estimate

Area/Type

Classification

Tons

Factored Ag
Grade (opt

Agtotal)

Sol. Au
Grade(opt
Ausoluble)

AqEq Grade
(opt
AgEqtotal)

Ag Ounces
(Agtotal)

Aq Equiv.
Ounces
(AqEqtotal)

Mount Diablo

Measured

3,391,000

4.44

0.004

4.67

15,054,000

15,838,000

Indicated

10,231,185

2.84

0.003

3.01

29,005,000

30,796,000

Subtotal,  Measured + Indicated

13,623,000

3.23

0.003

3.42

44,060,000

46,633,000









Mount Diablo

Inferred

5,191,000

2.12

0.003

2.30

11,015,000

11,939,000

Northern Belle

9,162,000

2.26

0.002

2.37

20,661,000

21,714,000

L.G. Stockpiles

4,000,000

0.75

---

0.75

3,000,000

3,000,000


Subtotal. Inferred

18,353,000

1.89

0.002

2.00

34,676,000

36,653,000

Notes:

1) Mount Diablo and Northern Belle resources  tabulated at a 0.5 opt Agsoluble cut-off grades, with only Agtotal shown in this table


2) Low-grade stockpile resources tabulated for entire accumulation of material.


3) Total silver grades factored from soluble silver grades using regression formulas developed by Snowden.


4) Silver equivalent grade includes the contribution from the gold grade (soluble) using an Ag:Au equivalency ratio of 57.8:1.

The historical mineral resource estimate used "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", which are categories set out in NI 43-101.  Silver One considers these historical estimates reliable as well as relevant as it represents key targets for exploration by Silver One.

Additional technical details on preparation of the historical resource estimate: 
(1)    Mount Diablo Deposit - Consisted of 538 drill holes by previous owners and 10 drill holes by SSR Mining.   For drill holes that were twinned, the author used the lower of the two values assigned to the original holes.  The mineral resource estimate used a kriging estimation method to establish ore zones with a cut-off grade of 0.5 opt Ag. Ordinary kriging was used to interpolate grades in the block model.  The block models were set up with block dimensions of 25 feet by 25 feet in plan and 10 feet in height.  The maximum search range used in the higher-grade zone was 235 feet, in the lower grade zone it was 1,000 feet and in the background zone it was 350 feet. Block models more than 300 feet from the nearest composite only constituted 3 percent of the total number of estimated blocks and were assigned to an inferred category.
(2)    Northern Belle Deposit - Consisted of 226 drill holes by previous owners, of which a portion of these holes were duplicated for the Mount Diablo Deposit database.  The mineral resource estimate used a kriging estimation method to establish ore zones with a cut-off grade of 0.5 opt Ag.  The mineral resource estimate used multiple indicator kriging to interpolate grades in the block model.  Block models were set up with block dimensions of 50 feet by 50 feet in plan and 20 feet in height.   The maximum search range used in the higher-grade zone was 85 feet, in the intermediate-grade zone was 120 feet and the lower-grade zone was 140 feet and in the lower undifferentiated material below the current pit topography was 260 feet.  Block models more than 300 feet from the nearest composite only constituted 3 percent of the total number of estimated blocks and were assigned to an inferred category.
(3)    Low-Grade Stockpile - Based on limited and incomplete data and documentation.  Material placed on the stockpiles ranged from 0.5 to 0.65 opt Ag.

The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource.  Silver One is not treating this historical estimate as a current mineral resource.

Analytical and QA/QC Procedures

All samples were assayed by American Assay Laboratories ("AAL") in Sparks, NV, USA (ISO accredited Laboratory, ISO/IEC 17025:2017).  Samples were analyzed for thirty-five elements by ICP-MS. Gold and silver were analyzed by cyanide extraction, FA with ICP finish, samples over 100 g/t Ag were analyzed by gravimetric methods. Over limit Cu, Pb and Zn were analyzed by ore-grade volumetric analysis.  The QA/QC program included the submission of Certified Standards, blanks, core duplicates, as well as the insertion of crushed duplicates and pulp duplicates at random intervals.  Certified Standards were inserted at a rate of one standard for every 20 samples (5% of total) and one blank for every 20 samples (5% of total). Pulp and crush duplicates combined were inserted at a rate of one duplicate per every 20 samples (5% of total).  The standards used in Candelaria's drilling program range in grade from 5.88 g/t Ag to 493.0 g/t Ag, and were sourced from Analytical Solutions, Ltd., in Mulmur, ON, Canada and from OREAS, Bayswater North, VIC, Australia.  Blanks have been sourced locally from barren silica. Drill sample duplicates were obtained via a 1/8th split of RC cuttings or from quartered core, crush and 'pulp' duplicates were taken from coarse reject material or pulverized splits, respectively. AAL also inserts blanks, standards and includes duplicate analyses to ensure proper sample preparation and equipment calibration.

About Candelaria

Candelaria was historically the highest-grade silver producer in the state of Nevada, averaging over 1,250 g/t AgEq (40 oz/ton AgEq) from high-grade vein mining between the mid-1800s and the mid-1900s.  Open pit mining operations were undertaken in the 1970s through 1998 by several companies, including Nerco Inc. and Kinross Gold Corporation ("Kinross").  Kinross closed the open pit and leach operation in 1998 due to low silver prices.  Leaching of the historic pads was not fully completed, leaving a substantial amount of silver unprocessed.  It is estimated that the property has produced over 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", and the 2001 SSR Mining Inc. technical report titled "Candelaria Project".

Qualified Person The technical content of this news release has been reviewed and approved by Robert M. Cann, P. Geo, and a Qualified Person as defined by National Instrument 43-101.

About Silver One

Silver One is focused on the exploration and development of quality silver projects.  The Company holds an option to acquire a 100%-interest in its flagship project, the past-producing Candelaria Mine located in Nevada.  Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production.  Additional opportunities lie in previously identified high-grade silver intercepts down-dip and potentially increasing the substantive silver mineralization along-strike from the two past-producing open pits.

The Company has staked 636 lode claims and entered into a Lease/Purchase Agreement to acquire five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along-strike.

Silver One holds an option to acquire a 100% interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver prospect that lies within the "Arizona Silver Belt", immediately adjacent to the prolific copper producing area of Globe, Arizona.

For more information, please contact:

Silver One Resources Inc.
Gary Lindsey - VP, Investor Relations
Phone: 604-974–5274
Mobile:  (720) 273-6224
Email:  gary@strata-star.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news 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 that actual performance may be affected by a number of material factors, many of which are beyond Silver One's control. Such factors include, among other things: risks and uncertainties relating to Silver One's limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on the Candelaria Project, obtaining the necessary permits to carry out its 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 legislation, Silver One undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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