Galen McNamara, CEO & Director of Summa Silver Corp. (TSXV:SSVR | OTCQX:SSVRF | Frankfurt:48X) and Peter Krauth of Silver Stock Investor discuss the company’s Hughes Project located in central Nevada and the Mogollon Project located in southwestern New Mexico at Metals Investor Forum on January 19-20, 2024.
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Hi everyone we’re here backstage doing interviews for the medals investor Forum January Edition I have gayen magnamar who is CEO of Suma silver game gayen thanks for being here thank you Peter great to be back uh it’s been a great conference here so far so excellent so
Not at all we’re happy to have you participate um so you gave your presentation just a little while ago and uh as I was saying your company is fortunate to have what I consider two Flagship assets um Hughes in Nevada mgan in New Mexico you’ve actually wrapped up
Drilling uh with new discoveries at Hughes maybe you can tell us a little bit more about that how that evolved and and where we are today yeah you know what we had a very busy last year on both of our projects but you know specifically focusing in on Hughes in
Nevada I mean this was the second largest historic silver producer in Nevada the queen of the silver camps was was what it was called 100 years ago uh and we saw some great potential to really step out on a kilometer scale try to extend the district take that swing
And look for that next 100 million ounces uh drilled uh six holes this past summer uh in a lot of them in brand new exploration targets wild catting really and and discoveries of three new veins up to 4.7 km east of the old mining District a long strike you know with a
Lot of room to run in between there the Highlight being 3 m of 1450 G per ton silver equivalent so the first hole into a new vein that’s that’s that you know I think that that really gets our geologists excited uh and and they’re really uh uh chomping at the bid to get
Back there and continue to drill those out and and you know to be honest with you I only wish I had been aggressive like this earlier right but hindsight is 2020 exactly so um maybe you can tell us a little bit about how you got to choosing where you were going to drill
What was sort of uh the background and sort of the um I guess the uh the process that made you choose those targets and that were uh thankfully successful yeah well you know it comes down to our Prof our our our really our approach excuse me uh to the Discovery
Process it’s very very modern focused in a way that we try to use the the the most cuttingedge Technologies but most also the most cuttingedge ideas and it’s and it’s based on a decision process that you know is probably split between half a dozen really exploration potentials geologists that have a lot of
Experience working in the these types of systems uh have had a lot of success in other places so really I mean you can take that experience that you have in other places and everything that you’ve learned all the wins you’ve had and the losses that you’ve had just like
Anything in life right and apply it to to Discovery so you know we see anytime you go into these historic mining districts that in their day were prolific you know not something that was just some you know hole in the in the wall somewhere right that that were iic
And haven’t seen mod exploration can pretty much guarantee you that there’s going to be really good targets there to drill so we’re finding that out we’re proving that out as quickly as we can so how far have you managed to extend Hughes now at this point yeah about we
Have we have hits over 1,000 G per ton silver equivalent along a trend of 6 and 12 km and a lot of space not drilled around those holes so that speaks to huge potential absolutely yeah that’s that’s that’s really I think good point to put it in put it into perspective
Where tonapa produced over a strike length of 4 km and 175 million o i mean we’re stepping out 4 kmet East of the district with the first holes and hitting exactly exactly that’s really quite impressive so um is there any more sort of detail you want to bring us on
Hues or do you want to kind of switch gears and we can move on to the New Mexico asset yeah I think let’s do that let’s move on to New Mexico so that’s called mgan um that’s a former producing uh vein type area yeah and um it was uh
The the largest um um silver mine in New Mexico so I mean I’ll let you fill us in obviously it’s your baby it’s you’re the expert and maybe tell us a little bit about the history where you’ve brought it to and uh sort of the most recent
Work and and you’re you’ve started a drill program there Rec yeah that’s that’s great so let’s start at the history because it’s a quintessentially American mining story and that this this place was discovered in the 1880s by a sergeant in the US Cavalry he kept it secret until he mustered out in couple
Years later and then went back to the place with his brother started a little mining District were were very successful but this was the time when uh this was the time when you know the American government uh were still fighting um the Apache tribes okay and they were very hostile so the the
Apaches got him uh they killed them wow and and they’re very well-known people one of the Chiefs that was there that was you know leading this raid was Victorio there’s reports that gono was there as well anyways they got him they buried him in a rock tomb which is you
Know just off of our mining claims that you can go and see today a hollowed out Big Bowler of ran he’s inside there is that right they sealed it up with ore from his mind that you can see in this door but but what but what the Apaches
Were doing then is they were riding to the little Community just Downstream from there a couple miles away and and they were going to attack it um but because the discoverer of this place uh went and warned them first they they were ready and and there was actually
Quite a quite a big fight there over I think 24 hours so kind of one again you know one of these places that helped shape really the early history of the American West absolutely so you now have Mogan named after former Governor yeah and um it has huge potential as well
Tell us about where you’ve brought it to so far and uh and some of the more recent work yeah yeah yeah great so we started off on a on a a vein length about 500 M we drilled 19 holes over the last couple Seasons highlight holes
Being 31 m of 450 G per ton silver equivalent on one side of where we drilled on the other side you get up to 10 meters of 600 G per ton silver equivalent you know that’s 500 M but there’s 75 plus kilometers of vein on the project so this what we’re doing
This year and the drill is turning now is we’re testing over a length of 2 km on the main structure on the project with very precise holes that we really think are high potential based on all of our modern compilation and geological understanding so that’s what I was going
To ask ni again these are chosen with a lot of science behind it yes correct okay correct exactly with a lot where we’re looking for multiple features that we think are really going to lead us to fast-tracking Discovery you 3D models of all the underground veins and where you
Know different faults intersect with each other and well we want to drill under where we know there’s mineral where we know there’s already good highgrade Minal ization so some maybe will drill under an old mine that you know is very very shallow but there’s no reason to think that it doesn’t continue
Deeper so it’s targets like that um we were going to drill over a kilometer and a half 2 kilm excuse me three separate targets probably now it’ll just be two because I’m liking what I’m seeing on one so it’s hard to pull a rig off when
You like what exactly exactly so um the program has just gotten started is that right at Mogan uh the Dr program and uh how many meters are you going to do yeah so we started in November and it’ll run probably till the end of February and
Like I was saying you know like precise approach to showing potential so it’s 2500 M uh say between 2, 2500 M uh in three or four holes um where we’re we’re looking for that step change where I can come come back to you and the next time
We’re here and say hey look now there’s mineralization over x amount of kilome exct right where we know it’s over 5 500 m already okay yeah super so what kind of timeline makes sense uh eventually um I’m assuming you’re going to work your way towards resources at both projects what’s your feel for
What’s realistic given the progress that you’ve had uh the you know the market conditions and all of that how long can we can we expect to to wait to see that’s the question and I’m not going to give you I’m not going to give you an
Answer in stone you know cuz I don’t want to under promise and over deliv but basically you know I don’t want to put something out that I think doesn’t really show you know the scale because when you put a resource out you know it’s it’s a moment in time it is sure
But the perception on the market is that it’s a Finish Line really it’s a start line true so you know I think I need to see what you know a critical mass or path through a critical mass of something between somewhere around 100 million ounces on each project or at
Least a clear path there right before I think about putting out a resource so that’s one point the second point is you’ve looked at a lot of the silver companies or or any companies that have put out resources in the past little while and it ends up just being a
Liquidity event right so you know the stock goes down and I don’t think that would be in the best interest of us as shareholders so it’s something that I think about a lot and we’re always we’re always considering where do we think that we’ll get upside and when
We think we’ll get upside from that then we’ll put out a resource makes sense yeah so we have a minute or so left what uh what are some of the catalysts that we can look forward to this year yeah well so for us I mean it’s it’s just
About it’s about Drilling and continuing to wrap our arms around what’s left in the past year and we’re doing this now too you know we’ve took we’ve taken both of our projects we’ve stepped out very aggressively we’ve continued to hit at Hughes and I think we’re continuing to
Hit at mugg own so it’s a matter now of hey you know we’ve got these big Footprints now let’s think about coming back and what’s it going to take to to really take that big swing and how do we become the next you the next uh Silver
Crest or you know if I think really big how do we come we become the next uh first Majestic and it takes time to do that but we’re not afraid to think big and yeah so that’s what we’re doing good well you’ve got amazing projects with superb grades uh long intercepts again
Sounds like both are uh Rarities and you have two and uh congrats on that yeah and we certainly look forward to following the progress at at Suma absolutely and I’m sure we’ll see you very soon and we’ll keep you and everyone in the loop going forward all right thanks again game
1 Comment
Great potential, now the stock just needs to wake up.