Southern Silver Exploration Corp. (TSX-V: SSV) (OTCQB: SSVFF) (Santiago: SSVCL) reported that it has identified high-grade copper-gold-silver mineralization in a down-dip step-out from previously reported bonanza grade silver mineralization in the Mina La Bocona target area at the Cerro Las Minitas project, Durango Mexico.
Polymetallic sulphide intercepts from the Mina La Bocona target area include:
The mineralization identified in drill hole 21CLM-135 is an extension of the second, thick polymetallic sulphide lens identified in the Mina La Bocona target area on the eastern side of the Cerro and is an approximate 50 metre down-dip step-out from previously reported bonanza-grade silver in drill hole 20CLM-131 (8.0m est. TT averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn or 2040g/t AgEq; see NR-02-21). The mineralization is relatively shallow (<350 metres below surface) and remains open to depth for further testing in the remaining drill program.
Bocona Oxide-Gold Target
The Company also reports that it has identified additional gold-enriched intercepts within the near-surface oxide-gold zone, identified earlier in the 2020-21 drill program, which sits above and out-board of the main sulphide targets at Mina La Bocona. Drilling returned:
and several narrower, higher grade intervals including:
Drilling on the oxide-gold target continues to extend the lateral projection of this shallow mineralized zone which remains a compelling target for further drill testing. Additional drill step-outs have been completed, with assay results pending, which will provide better resolution of both the target type and resource potential.
Rob Macdonald, Vice President Exploration, stated: “Drilling in the Mina La Bocona target area continues to extend the two polymetallic sulphide zones and the near surface gold mineralization identified earlier in the 2020-21 drilling. The drill program, which was recently expanded from an initial 10,000 metre program to a 20,000 metre program, will continue to focus on the development of these targets and the systematic investigation of further mineralization located to the northwest along the east side of the Cerro.”
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.
Exploration on the property continues with two drills targeting the east side of the Cerro and has now completed 33 core holes totaling 13,745 metres since restarting drilling in September 2020. Assay results from 11 drill holes are pending and are anticipated over the coming weeks.
The CLM Project remains one of the largest 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.
|Hole #||From||To||Interval||Est. Tr. Thck.||Ag||Au||Cu||Pb||Zn||AgEq||ZnEq||Notes|
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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