Alleviated Sell Pressure with Sprott Purchase Last week, Eric Sprott announced his purchase of 3M common shares of Summa Silver (SSVR.v SSVRF), representing approximately 2.8% of the outstanding shares on a non-diluted basis for an aggregate consideration of $1,200,000.
Prior to this acquisition of shares, Sprott owned 16.97M shares and 2.98M share purchase warrants representing ~16.2% of the outstanding shares on a non-diluted basis and ~18.5% of the outstanding shares on a partially diluted basis, assuming the exercise of such warrants.
Acquired for investment purposes, Sprott now owns 19.97M shares and 2.98M warrants for approximately 19.1 of the outstanding shares on a non-diluted basis and approximately 21.3% on a partially diluted basis.
With a long term view of the investment, Sprott may acquire additional securities on the open market or through private acquisitions.
Notably, SSVR has been held down due to Allegiant's selling as of late, thus, Sprott's purchase alleviated the sell pressure. Coinciding well with the silver bull market, this provides a healthy catch up opportunity and this has resulted in recent SP action with a gain from the low 40 cent range to mid 50 range just last week.
Full News Release:
https://www.newsfilecorp.com/release/210868 Exploring One of the Last Great Vein Fields Having recently completed a winter drill program desined to test the silver and gold potential of two newly defined targgets, Summa Silver (SSVR.v SSVRF) is taking a strategic approach to exploration and development at its high-grade Mogollon Project in New Mexico.
The Mogollon Project is the largest historical silver producer in New Mexico with at least 16.4Moz Ag and 339kox Au of production at grades of 298g/t Ag and 6.16 g/t Au or 795 g/t AgEq between the 1880s and 1943.
Hinting at the potential for Mogollon to be one of the last great veins fields in the US due to its under-explored nature, SSVR hit two strong mineralized intersections at its first hole in between two old mines, a significant testament to the strength of the Queen Vein.
Substantial discovery potential remains as this drilling tested just two of the 77km of potentially silver-bearing vein length on project and targets along the Queen Vein representing only 2.5% of the total vein and structure length on the project.
Most recently, SSVR drilled high-grade mineralization at Mogollon's Eberle Target, intersecting 1,133g/t AgEq over 1.65m from 482.5m down hole, representing an aggressive step out.
This intersection is from a previously undrilled splay of the Queen Vein and opens new exploration potential into areas east of the main strand of vein.
Furthermore, this drill program successfully showed that strong mineralization exists along at least 2km of the Queen Vein System, hinting at additional upside as systematic follow up drilling is required on the Vein and beyond which is expected to delineate significant zones of high-grade mineralization.
Full News Release:
https://summasilver.com/summa-silver-drills-high-grade-mineralization-in-first-hole-at-the-eberle-target-mogollon-project/ Posted on Behalf of Summa Silver Corp.