Silver One Resources mobilizes RC rig for 25,000‑metre Nevada drilling
Two more rigs are planned for Candelaria in the second half of October as the company targets a first-quarter 2027 finish.
Mara Quinlan
Silver One Resources Inc. CVESVE OTCMKTSSLVRF said Thursday that contractor National Drilling mobilized a reverse-circulation rig in September to its Candelaria silver project in Nevada, with drilling scheduled to begin immediately. The company expects three rigs on site in the second half of October as it advances a 25,000-metre program targeted for completion in the first quarter of 2027.
Shares rose 2.2 per cent to C$0.47 at the Sept. 30 close on the TSX Venture Exchange, as of 4 p.m. EDT, according to the CVESVE quote on Google Finance. That close preceded Thursday's release.
Major Drilling America is due to resume reverse-circulation drilling in the second half of October. Evolve Drilling plans to bring a third rig in the same period, with capacity for both reverse-circulation and core drilling.
The added capacity is intended for resource expansion, exploration and drilling to assess ground for potential infrastructure. Silver One is targeting a pre-feasibility study by the end of 2026 based on its existing resource, while the current campaign is meant to test ground for a possible future resource expansion.
Silver One repeated its Sept. 17 assays in Thursday's release, including hole SO-C-26-196A. It cut 25.91 metres averaging 215 grams per tonne silver from 542.55 metres downhole.
That interval included 9.14 metres at 472 grams per tonne silver. Silver One estimates true widths at about 94 per cent of the reported intercepts.
Silver One said the hole extended known mineralization about 400 metres down-dip beyond the open-pit resource. Those assays did not update the resource estimate, and the October mobilization notice did not present a new one.
In the Sept. 17 release, the company reported 2,077 metres drilled in four holes, with assays returned for two. Its assay table listed SO-C-26-198 and SO-C-26-199 as pending.
The Oct. 1 mobilization release gave no updated drilled-metre total or new assay results, and did not date the next assay batch.
"Three rigs turning in the second half of October positions us to accelerate our 25,000 metre program and advance Candelaria's potential on multiple fronts," chief executive Greg Crowe said in the Oct. 1 release.
Silver One owns the past-producing Candelaria project and describes potential recovery of silver from its historical leach pads in its project description. The current program has separate jobs: step-out and down-dip holes to test the mineralized system, exploration holes on geophysical and geochemical targets, and condemnation holes for potential infrastructure sites.
Silver One has put a possible construction decision in late 2027, following the pre-feasibility study.
Major Drilling is scheduled to resume drilling, and Evolve's rig is expected to arrive, in the second half of October.
