Technical Study
Silver One Commences Core Drilling for Geotechnical Pit Slope Study at Its Candelaria, Project Nevada
Silver One advances Candelaria through geotechnical drilling and slope-stability work as financing momentum supports a robust 2026 drill and metallurgical program
Executive Summary
- 2026-03-02: Silver One started a nine-hole, 1,900 m HQ core drilling program at the Candelaria Silver Project in Nevada to collect geotechnical data for open-pit design and to underpin a pre-feasibility study (PFS) for an open-pit scenario. Call & Nicholas, Inc. engaged to conduct a PFS-level slope-stability study. The aim is to de-risk and optimize mine design, safety, and long-term operations ahead of a Q4 2026 PFS completion. The project has substantial Measured & Indicated and Inferred silver/gold resources, with a notable global resource base (AgEq) cited in prior releases.
- 2026-02-23: Drilling on heap-leach pads (LP1/LP2) for resource upgrades and metallurgical data for pilot testing. This program intends to upgrade leach-pad resources to Measured & Indicated and generate bulk samples for metallurgical testing to refine processing assumptions and economics.
- 2026-02-03: Closing of final tranche of a private placement (roughly CAD 32 million total from two tranches), including significant participation by Eric Sprott (~$10 million through his vehicle). The funds are earmarked for the Candelaria drilling, geophysics, metallurgical work, and advancing a pre-feasibility study, with broader exploration and corporate purposes.
- 2026-01-29: Opening close of the first tranche of CAD 31 million in private placement; announced participants included Eric Sprott (~$10 million). Management framed the financing as validating support from new institutions and enabling aggressive exploration drilling and metallurgical work as a prelude to a PFS.
- 2026-01-13: Initial announcement of a CAD 25 million private placement (materiality noted as “Material - Game Changer” in the source). The plan encompassed drilling, geophysics, metallurgical and environmental work at Candelaria, with the aim of supporting a PFS on the Candelaria project.
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2025-09 to 2025-12 era: Multiple updates on Phoenix Silver and Cherokee projects, geophysical surveys, geologic exploration, and NI 43-101 resource reporting for Candelaria. Notable items include an NI 43-101 technical report for Candelaria (May 2025) with pit-constrained M&I resources of 67.0 Moz AgEq and underground M&I; the Phoenix project activity includes IP/MT, Zonge geophysics, and copper-silver targets with a focus on potential porphyry-style mineralization, alongside ongoing heap-leach potential.
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Overall takeaway from the historical news stream: the company has been steadily de-risking and expanding its Candelaria resource base, advancing geotechnical and metallurgical work, and securing equity financing to fund aggressive drill programs and PFS-level studies. The latest March 2 release confirms continued technical progression and de-risking in the open-pit path, in line with prior guidance and financing-supported expansion plans.
Material Impact
- Significance to the business: The March 2, 2026 update reinforces a key project milestone (geotechnical data for open-pit design and slope stability for a robust PFS) and confirms ongoing de-risking and engineering work for Candelaria. This is material to project development timelines and economics, though it is part of an expected sequence of events for a mid-stage, silver-focused development project.
- Line with prior expectations: The news aligns with the company’s previously disclosed plans to advance a PFS in 2026 and to collect geotechnical data and metallurgical information to support enhanced economics and permitting. It’s a continuation rather than a surprise milestone.
- Improvements or misses: Improvement in de-risking (geotechnical slope stability along with pit design) supports project credibility and possible permitting timelines. No misses are evident in the latest release; the PFS milestone remains on track for Q4 2026.
- Overall rating of materiality for the latest release: Routine - Positive. The update is positive and meaningful for project progression but fits within the expected development pathway and does not, by itself, represent a transformative inflection like a major discovery or a new large-scale offtake/partnership.
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Company Overview
- Company overview: Silver One Resources is a silver-focused developer/miner with multiple projects in the Southwest U.S., including Candelaria (Nevada) as the flagship project, Phoenix Silver (Arizona), and Cherokee (Nevada). The company has progressed NI 43-101 reporting (M&I and Inferred resources), conducted geophysical surveys, and pursued metallurgical studies to improve recovery and economics.
- Flagship project: Candelaria Silver Project, Nevada
- Stage: Resource development with open-pit potential
- Key attributes: Substantial M&I resource base for an open-pit scenario; historical mining infrastructure nearby; strong exploration upside including heap leach pads and potential for expanding in-ground mineralization
- 2025 NI 43-101 resource: M&I 108.18 Moz AgEq, Inferred 29.46 Moz AgEq (Cu/other metals noted in related projects)
- 2026 milestone: Pre-feasibility study targeting completion in Q4 2026, with geotechnical slope-stability and pit design work underway
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May 27, 2026 · 00:16