Silver One Resources Inc. announced that it has received the permit from the US Forest Service for drilling its high-grade Phoenix Silver Project (or the " property") located near Globe, Arizona. The main target area includes the potential source of very high-grade silver vein fragments located near the 417 pound (189 kg) vein fragment uncovered in the southern portion of the property. This vein fragments was not assayed, as it is a collectors' specimen, but specific gravity tests indicate a very high-grade silver content of up to 70% native silver.

Smaller specimens, also containing abundant visible native silver, assayed up to 459,000 g/t (14,688 ounces/ton) silver as determined by a concentrate assay performed at Skyline Assayers and Laboratories, Tucson, Arizona (ISO:17025:2005). This assay result correlates well with the order of magnitude of silver found in other vein fragments, including the specific gravity estimate of silver in the 417 pound vein fragment. There is little exposed bedrock on the property and these fragments were discovered through prospecting and metal detecting.

The angular and unabraded nature to these fragments, that were discovered at shallow depths under the cover soil, attests to the fact that this material has not traveled far from its suspected source. The best drill targets identified to date are just upslope from where the 417 pound fragment was uncovered and are coincidental with the location of geophysical and geochemical anomalies. The area will be tested by up to 40 diamond drill holes off 13 different drill pads.

Drilling is expected to commence in the first half of 2023 after site preparation. The property has never been drilled or systematically explored with modern exploration methods but the area has extensive mining history, starting with the discovery of native silver in the late 1800's and small scale silver mining until the 1920's (Geology and Ore Deposits of the Richmond Basin, Gila County, AZ, UofA MS Thesis, Otey Manley 1935).  This was followed by the discovery of large nearby copper deposits, also in the late 1800's, which are still being mined today.  Silver One's Phoenix Silver project occurs along the regional northeast-trending mineralized structural system and lies between Freeport McMoRan's Globe-Miami copper mines, located just 10 km southwest of the property, and past producing native silver mines to the northeast of Phoenix Silver.