In a recent video the CEO of Summa Silver (SSVR.v SSVRF), Galen McNamara, shared insightful details about the company's silver exploration projects. Summa Silver is currently focused on two prominent projects in Nevada and New Mexico, both historically rich terrains for silver production.
Summa's Hughes Project located in Nevada, spans the eastern half of the historic Tonopah mining district. Once the second-largest silver producer in Nevada, this area produced approximately 175 million ounces of silver and nearly 2 million ounces of gold. Despite production ceasing in the 1920s, Summa Silver has made exciting new discoveries, hinting at the potential for substantial silver resources. Recent drilling yielded three meters of 1450 grams per ton of silver equivalent, fueling optimism about the project's future.
The second project, situated in New Mexico, is the Mogollon project, known as the largest historic silver producer in the state. Summa Silver has identified vast unexplored areas with significant potential for silver deposits. Drilling results have been promising, with high-grade mineralization found close to the surface. The upcoming exploration plans include precise drilling to reveal the project's true scale and potential.
One key takeaway from the video is the strategic importance of domestic silver sources. With geopolitical tensions rising and a renewed focus on securing critical resources domestically, Summa Silver's projects in the United States become increasingly relevant. McNamara emphasizes the significance of finding silver deposits in good Western jurisdictions where property rights hold value.
The video also sheds light on the company's capital structure and management's alignment with shareholders. With over 45% of the company collectively owned by insiders, including prominent investor Eric Sprott, Summa Silver demonstrates a strong commitment to its success.
Full interview: