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Sampling at Mining Asset Returns High Grades
Research Report

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This property, in a historic New Mexico mining district, showed gold, silver and copper mineralization in three prospective veins, noted a Research Capital Corp. report.

Summa Silver Corp. (SSVR:TSX.V; SSVRF:OTC) discovered several new, high-grade surface showings at the  Mogollon gold-silver project in New Mexico, on which the company has a 100% interest earn-in option, reported Research Capital Corp. analyst Stuart McDougall in a July 20 update note.

"We reiterate our Speculative Buy recommendation," McDougall wrote.

264% Implied Return

Upon the news, Research Capital also maintained its CA$2 per share target price on the Canadian explorer. Its share price now, in comparison, is CA$0.55.

The return to the target from Summa Silver's current price represents a substantial return for investors of 264%.

Samples Show High Grades

Summa Silver's discovery came during reconnaissance work in advance of anticipated drilling in the fall. These recent efforts included testing 126 surface samples of old dumps, outcrop, and float in the Silver Bar, Great Western, and highly prospective Queen vein systems.

Sample results "all point to their continuation beyond historic underground workings," wrote McDougall. Grades varied, as expected, but included high ones of silver, gold, and copper.

Some of the highlight results of sampling from all three veins were:

  • From the Silver Bar vein: 8,373 grams per ton silver (8,373 g/t Ag), 5.39 g/t gold (Au) and 4.43% copper (Cu) (float sample) and 2,332 g/t Ag, 0.67 g/t Au and 6.06% Cu (grab sample).
  • From the Great Western vein: 812 g/t Ag, 3.8 g/t Au and 18.4% Cu (dump sample) and 89 g/t Ag, 0.07 g/t Au and 8.77% Cu (grab sample).
  • From the Queen vein: 221 g/t Au, 39.3 g/t Au and 0.83% Cu (dump sample) and 38 g/t Ag, 4.52 g/t Au and 0.16% Cu (grab sample).

"Summa Silver intends to follow up the results with more detailed geological mapping, rock chip sampling, and soil geochemical surveys to better define the structural controls on mineralization and their orientations," wrote McDougall.

Further Exploration Upside

Ultimately, the new showings expanded Mogollon's cumulative vein potential to 75 kilometers (75 km). Only 0.5 km of that has been drilled.

Thus, the remainder represents exploration upside.

Drilling Progress at Hughes

In other news, reported McDougall, at its Hughes silver-gold project in Nevada, Summa Silver completed several drill holes, results of which are pending.

"Meter-scale quartz veins, breccias, and stockworks with silver sulfide minerals were noted from the Ruby and Sapphire targets located east of the core historic mine area," the analyst noted.

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Important Disclosures:

  1. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  2. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for Research Capital Corp., Summa Silver Corp., July 20, 2023

Analyst Certification I, Stuart McDougall, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at or may be requested by contacting the analyst. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Relevant Disclosures Applicable to Companies Under Coverage Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our website at

General Disclosures The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation ("RCC") are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Research Reports disseminated by RCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

Company Specific Disclosures Within the past 12 months, Research Capital has provided investment banking services to the issuer.

Potential Conflicts of Interest All Research Capital Corporation ("RCC") Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

RC USA INC. Information about Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our website at The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Research Capital Corporation assume any responsibility or liability. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report subject to the terms and limitations set out above. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker – Dealer registered with the Financial Industry Regulatory Authority (FINRA).

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