07:21 AM EDT, 05/06/2025 (MT Newswires) -- Silver One Resources ( SLVRF ) said overnight Monday that it completed an updated NI 43-101 mineral resource estimate for its Candelaria project in Nevada.

The company said the combined Mount Diablo and Northern Belle pits contain measured and indicated resources of 22.1 million tonnes averaging 94 grams per tonne (g/t) silver and 0.20 g/t gold for 66.754 million ounces of silver and 141,400 ounces of gold, or 70.836 million ounces of silver equivalent.

Inferred resources stood at 3.0 million tonnes averaging 68 g/t silver and 0.18 g/t gold, for 6.462 million ounces of silver and 17,000 ounces of gold, or 7.00 million ounces of silver equivalent.

The company said updated estimate was based on results from extensive reverse circulation and core drilling programs and metallurgical studies that it completed.

"The current resource estimate exceeds the historic resource, which is encouraging as the current resource is pit-constrained and of higher confidence than historic estimates, plus the mineralization remains open in all directions.," said Greg Crowe, Silver One's president and CEO.

Silver One said it plans to resume drilling late in the year to continue expanding the in-ground mineralization, both in the near-surface mineralization and the higher-grade underground targets.

The company said it is conducting a preliminary economic assessment to compare the recoveries and costs of using cyanide versus these new non-cyanide solutions.

Silver One's share price gained 4.6% on Monday to $0.23 on the TSXV.