Silver Demand to Surpass 1 Billion in 2021, Reaching 6-Year High

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NEW YORK, Dec. 14, 2021 /PRNewswire/ -- The demand for silver is projected to exceed one billion for the first time in six years, with global silver demand reaching 1.29 billion ounces in 2021. According to the Silver Institute, demand has risen across the board – from manufacturers of solar panels and electronics to jewelers to investors in physical silver bars and coins – and is showing no signs of slowing in 2022 and beyond thanks to expanding global connectivity. Summa Silver (TSXV:SSVR) (OTCQB:SSVRF), SilverCrest Metals Inc. (NYSE:SILV) (TSX:SIL), First Majestic Silver (NYSE:AG) (TSX:FR), Alexco Resources (NYSE:AXU) (TSX:AXU), and Mag Silver Corp (NYSE:MAG) (TSX:MAG) stand to benefit from the growing demand for silver. 

Canadian junior mineral exploration company Summa Silver (TSXV:SSVR) (OTCQB:SSVRF) is focused on drilling at its two 100% owned past-producing high-grade silver-gold properties in the US, the Hughes Property in Tonopah, Nevada, and the Mogollon Property in New Mexico.

The company released an update for the Mogollon property, an underexplored region that presents a significant opportunity for drilling and exploring new opportunities on the mine. 

Summa Silver previously commenced drilling at the historically producing high-grade silver-gold Mogollon Property in New Mexico and provided an update on property-wide geological, geophysical, and remote sensing surveys. The Mogollon property is a 2,467-acre property in the Mogollon mining district in Southwest New Mexico. The mine is located in a historically prolific mining region, about 120 km north of Silver City. The company anticipates at least 15,000m of drilling at the consolidated extension target which represents 1.5% of the vein and structure length at the Mogollon property.

In a new update, the company continues its drilling activities on the Mogollon property with a focus on testing unmined extensions of the consolidated mine. From the first drill hole, Summa Silver intersected a broad 50-meter vein zone with visible mineralization. The newly intersected vein consists of high concentrations of silver-bearing sulfosalts.

Galen McNamara, Summa Silver CEO, stated: "Although we don't expect the entire intersection to carry grade, the wide zone of classic low-sulfidation veining in our first hole attests to the prospectivity of the Queen Vein and the significance of the mineralizing system in general. This hole confirms our modeling of historic mine records and limited exploration drilling of the target. It also supports the strong potential of the vein along strike and down-dip."