Southern Silver Exploration Corp. (TSX-V:SSV) (OTCQB:SSVFF) reported that it has identified Bonanza-grade silver mineralization on a second target within the Mina La Bocona zone at the Cerro Las Minitas project, Durango Mexico. Drilling on the East side of the Cerro tested the down-dip projection of the La Bocona Chimney which was historically mined by artisanal miners to approximately 210 metres depth. Bonanza grade assays from drill hole 20CLM-131 returned:
Additional mineralized intervals intersected further down-hole include:
Drill hole 20CLM-131 is one of four holes which tested the extension of the La Bocona Chimney over an approximate area of 60m x 140m and between the 210-metre mining level and roughly 350 metres below surface. Mineralization is open to depth and partially open along strike.
Select intercepts from other holes which tested the Chimney include:
The mineralization identified in the La Bocona Chimney is the second, thick sulphide lens with Bonanza-grade silver identified in the Mina La Bocona target area and the third high-grade lens identified on the eastern side of the Cerro. It is located just 150 metres to the west-northwest of the Muralla Chimney and the previously reported drill holes 20CLM-125 (33.2m est TT averaging 435g/t AgEq; see NR-01-21) and 15CLM-078 (several zones including 5.6m est TT averaging 528g/t AgEq and 3.6m averaging 1077g/t AgEq; see NR-10-15). Significantly, none of the mineralization identified on the east side of the Cerro either historically or as part of this current exploration program has yet been incorporated into the current Mineral Resource Estimate for the project.
Drilling has now resumed on the property with one drill targeting lateral and down-dip step-outs of drill hole 20CLM-131 at the La Bocona Chimney and a second targeting step-outs of drill hole 20CLM-125 at the Muralla Chimney. Drilling will continue to test and extend these two sulphide zones, the near surface oxide mineralization adjacent to the Muralla chimney and the South Skarn target as well as testing additional targets further to the to the northwest of the Bocona Chimney and the recently acquired El Sol claim.
Rob Macdonald, Vice President Exploration stated: “The identification of a third near-surface sulphide lens, with Bonanza- grades of silver, on the east side of the Cerro is significant as it not only demonstrates the continued exploration potential of these targets but also the clear potential to identify the critical mass of mineralization necessary to support a mining scenario. Drilling has now identified compelling sulphide and oxide intercepts within an 800 metres strike-length that require additional drilling. A further 400 metres remains to be tested on the east side of the Cerro and further drilling is warranted on the newly acquired El Sol Claim which will all be part of the continued 2021 drill campaign.”
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and the location for new drill targeting, at the Mina La Bocona, South Skarn and Las Victorias targets.
South Skarn and Muralla Chimney Targets
Additional assay results have also been received from both the Muralla Chimney and the South Skarn Target, located 500 metres to the south of the Mina La Bocona target, highlights of which include:
Approximately 8,600 metres of drilling have now been completed as part of the 2020-21 exploration program. Drilling has resumed to start the 2021 exploration season.
The CLM Project remains one of the larger undeveloped silver-lead-zinc projects in the World and is wholly owned, unburdened by royalties, fully financed and fully permitted.
Table 1: Select Assay intervals from Mina La Bocona and South Skarn target area.
Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis, High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using average metal prices of: US$20/oz silver, US$1650/oz gold, US$3.25/lbs copper and US$0.9/lbs lead and US$1.15/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone Composites have <20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.
Cerro Las Minitas Project
The Cerro Las Minitas project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.
The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)
A total of 150 drill holes for 67,375metres have been completed on the CLM Project with exploration expenditures of approximately US$27.0 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce to the end of 2020.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.
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