LA FRAZADA PROJECT
Target Type: Silver-Zinc-Lead epithermal veins
La Frazada is located approximately 300 km northwest of Guadalajara and hosts silver rich epithermal veins with base metals. The 299-hectare exploration concession lies within the western foothills of the Sierra Madre Occidental. Access is good, being only a few kilometers from the main coastal highway with average elevations less than 200m above sea level. La Frazada was mined in the late 1890’s until about 1910 when the Mexican revolution effectively stopped all activity. Two parallel quartz veins with galena and sphalerite have been traced for over 1800m along strike and host mineralization in three known mineralized shoots. La Frazada has a historical measured and indicated resource totaling 583,000 tonnes at 250 g/t Ag, 0.87% Pb, and 2.44% Zn; historical inferred resources are an additional 534,000 tonnes at 225 g/t Ag, 0.92% Pb, and 2.62% Zn. These resources are near surface and within the existing mine workings. Silverton plans to reopen the historic workings to map and sample the veins to assess the viability of this deposit in the first quarter of 2022.
Historic Resource
| RESOURCE CATEGORY (UNDERGROUND) | MINERAL TYPE | TONNES (MT) | AG (G/T) | AU (G/T) | PB (%) | ZN (%) | AG (MOZ) | AU (OZ) | PB (MLB) | ZN (MLB) | CU (MLB) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Measured | Sulphides | 0.30 | 260 | 0.20 | 0.88 | 2.36 | 2.54 | 1,900 | 5.86 | 15.78 | 0.63 |
| Indicated | Sulphides | 0.28 | 241 | 0.14 | 0.86 | 2.52 | 2.16 | 1,300 | 5.30 | 15.50 | 0.55 |
| Total M+ I | Sulphides | 0.58 | 251 | 0.17 | 0.87 | 2.44 | 4.70 | 3,200 | 11.16 | 31.28 | 1.18 |
| Inferred | Sulphides | 0.53 | 225 | 0.17 | 0.92 | 2.62 | 3.86 | 3,100 | 10.86 | 30.77 | 1.05 |
** Silvermex Resources Limited reported in a technical report titled “Technical Report and Preliminary Resource Estimate for the La Frazada Silver Property, El Zopilote Mining District, Nayarit, Mexico) dated November 24, 2008 (amended January 19, 2009) (filed on SEDAR on February 18, 2009), prepared by William J. Lewis, the above historical mineral resource estimate. 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. Accordingly, Silver One considers these historical estimates reliable as well as relevant as it represents a target for exploration work by Silver One. The data base for the historical resource estimate consisted of 729 samples; 233 belonging to the La Jabalina West vein, 384 to the La Frazada vein and 112 samples corresponding to the La Jabalina East-Tiro Real vein. The mineral resource estimate used a block model method with a cut-off grade of 80 g/t Ag, 0.75% Pb and 1% Zn. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource therefore Silver One is treating these historical estimates as relevant but not current mineral resources.