Silver One Resources Inc. announced the discovery of additional large silver vein fragments along the major east-west 417 vein structure, immediately to the west of the large angular and unabraded 417 pound (189 kg) silver vein fragment that was estimated to contain over 70% silver . The distribution of these newly discovered vein fragments, one weighing up to 6+ pounds (2.7 kg), extends the area of potential mineralization 600+ metres to the west of the 417 pound silver vein fragment, significantly expanding the area of potential high-grade silver prospectivity. Geological reconnaissance on the new claims staked in October and December, 2023 (see company's news releases of October 23 and December 19, 2023) has also uncovered several new copper and silver prospects with up to 1,785 g/t Ag and 2.74 % Cu in selected samples (Table 1, Figure 3, and Figure 5 below).

The southern portion of the Phoenix Silver property has numerous copper and silver showings and hosts potential for the discovery of porphyry related copper mineralization. The southern part of the project is immediately northeast of the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry project being actively explored by BHP (see Figure 4 below). Large angular and unabraded silver vein fragments were detected by metal detectors and uncovered in overburden within a metre of the surface.

These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances. One vein fragment weighed 417 lb (189 kg) and was estimated by specific gravity methods to contain 70% silver. Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver.

The recently discovered silver vein fragments have extended the known area of mineralization along the 417 vein structure for an additional 600+ metres to the west of the 417 pound vein fragment. This illustrates the significant potential for outlining additional high grade silver targets. A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments.

Emphasis will be placed on the 417 vein structure. The southern portion of the project also hosts regional northeast-trending veins, alteration and breccia zones, with several selected samples returning over 1% copper. Recent sampling has uncovered more copper mineralization on the claims acquired in October and December of 2023.

The property lies to the northeast of Freeport McMoRan's copper producing Miami Complex and BHP's Ocelot porphyry copper exploration project. Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host high-grade silver mineralization as well as porphyry related copper-silver mineralization. Elevated copper and silver values with abundant manganese, iron oxides and local base metals (lead and zinc) shown in Table above, are representative of the mineralization in veins, hydrothermal breccias, and fracture systems that are widespread throughout the southern part of the property.

These values along with elevated molybdenum (to 44 ppm) and local chlorite hydrothermal alteration suggest the presence of intrusive centered hydrothermal systems and are distal manifestations potentially related to the margins of porphyry copper deposits. Examples of these manifestations can be seen at the Silver Queen and Silver King mines and the Old Dominion vein, which are the surface expression of the Magma copper deposits and Ocelot porphyry copper discovery, respectively. Silver One plans to continue the geologic reconnaissance and sampling of the new claims staked in October and December 2023.

Assays of 30 samples currently at Skyline laboratories in Tucson AZ are expected within 30 days.