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Southern Silver Intersects 29.5m Grading 107.4g/t Ag, 0.40% Cu, 1.1% Pb and 2.3% Zn (275g/t AgEq) at Cerro Las Minitas

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Southern Silver Intersects 29.5m Grading 107.4g/t Ag, 0.40% Cu, 1.1% Pb and 2.3% Zn (275g/t AgEq) at Cerro Las Minitas

 

 

 

 

 

Southern Silver Exploration Corp. (TSX-V:SSV) (FRANKFURT:SEG1) (SSE:SSVCL) reported today assay results from the first two holes (CLM-087/-088) from 2016 core drilling on the Cerro Las Minitas project, Durango State, Mexico which identified a new thick interval of continuous polymetallic semi-massive and massive sulphide mineralization in drill hole 15CLM-088. Highlights from drill hole CLM-088 include:

 

  • a 30.4m down hole interval (29.5m est. True Thickness) averaging 107.4g/t Ag, 0.40% Cu, 1.1% Pb and 2.3% Zn (275g/t AgEq) including a higher grade 7.3m interval (7.1m est. TT) averaging 190g/t Ag, 0.37% Cu, 3.4% Pb and 5.5% Zn (552g/t AgEq)

 

 

Mineralization in drill hole 16CLM-088 occurs in skarn on the margin of the Central Intrusion. Significantly, the intercept in 16CLM-088 is one of the thickest intervals of continuous high-grade mineralization identified on the property to date. The mineralization is open both down dip, to the west, and along strike to the north and northwest and represents an aggressive (~200 metre) step out from the previously modelled Blind and El Sol deposits and specifically drill hole 15CLM-081 (16.8m down hole interval 136g/t Ag, 0.5% Cu, 0.3% Pb and 4.5% Zn or 361g/t AgEq; see NR-14-15, December 1, 2015).

 

 

The company also reports elevated values of Ag, Au, As and Sb in multiple mineralized intervals ranging from 5 to 12 metres thick in hydrothermal, quartz-cemented breccias in the upper portions of both holes CLM-087 and CLM-088. The breccias which are spatially associated with monzonite/dacite dykes represent a potential epithermal-styled target with a strong “pathfinder” signature in the upper parts of the mineralizing system with potentially stronger precious-metal potential at depth. Further drilling is required to test both of these new targets more thoroughly.

 

 

Management is very pleased with the results received to date from the 2016 exploration program. Approximately 3100 metres of drilling have been completed in three drill holes testing the extensions of the Blind and El Sol deposits and drilling is currently underway in a 400 metre extension of hole CLM-001 which will test a lateral offset of the Mina La Bocona target. Drilling at Mina La Bocona in 2015 returned thick high-grade zones of mineralization that were not included in the recently release 2016 Mineral Resource Estimate including a 3.9m est TT of 13.5g/t Au, 37g/t Ag, 2.2% Pb and 1.7% Zn (1093g/t AgEq) and an 8.2m est. TT of 0.5g/t Au, 150g/t Ag, 3.7% Pb and 0.7% Zn (325g/t AgEq) in drill hole 15CLM-078 (see NR-10-15, October 1, 2015). Further drilling on the project will focus on the delineation and definition of the Bocona mineralization and further extensions of the Blind and El Sol deposits.

 

 

Table 1: Select Composites from 2016 Drilling on the Cerro Las Minitas Property

 

Table 1: Select Composites from 2016 Drilling on the Cerro Las Minitas Property

Hole #

From
(m)

To
(m)

Interval
(m)

Est. Tr. Thck.
(m)

Ag
(g/t)

Au
(g/t)

Cu
(%)

Pb
(%)

Zn
(%)

AgEq
(g/t)

Comments

                       

16CLM-087

529.1

532.0

2.9

2.3

5.3

0.21

0.00

0.1

0.0

25

10g/t AgEq CUTOFF

inc.

531.4

532.0

0.6

0.4

21.3

0.63

0.00

0.5

0.2

89

                       

16CLM-087

723.3

732.8

9.6

7.6

20.2

0.02

0.27

0.1

1.0

87

10g/t AgEq CUTOFF

inc.

723.3

724.5

1.3

1.0

49.6

0.06

0.05

0.3

2.2

145

and inc.

728.6

729.4

0.8

0.6

96.4

0.04

2.82

0.5

4.9

585

                       

16CLM-087

809.5

811.6

2.1

1.7

23.5

0.02

0.42

0.0

0.1

72

40% Dilution

inc.

810.4

811.6

1.3

1.0

37.6

0.03

0.68

0.0

0.1

115

                       

16CLM-088

134.1

135.0

1.0

0.5

25.9

0.03

0.01

0.8

0.3

66

                       

16CLM-088

683.7

714.0

30.4

29.5

107.4

0.07

0.40

1.1

2.3

275

inc.

683.7

691.0

7.3

7.1

190.2

0.13

0.37

3.4

5.5

552

and inc.

702.3

714.0

11.8

11.4

99.9

0.04

0.48

0.6

1.9

242

inc.

712.7

714.0

1.3

1.3

178.0

0.01

0.86

2.0

3.3

453

 

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 overlimits (>20%) assayed by titration. AgEq was calculated using the approximate 2 year trailing average metal prices of: US$18.2/oz silver, US$1240/oz gold, US$2.8/lbs copper and US$0.9/lbs lead and US$0.9/lbs zinc. AgEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites calculated using a 80g/t AgEq cut-off and <20% internal dilution, except where noted; anomalous intercepts calculated using a 10g/t AgEq cut-off.

 

 

Cerro Las Minitas Project

 

 

Exploration on the company’s flagship Cerro Las Minitas property, Durango Mexico is funded by Electrum Global Holdings L.P. which is financing a broad range of exploration activities to earn a 60% interest in the project through a US$5.0M option earn-in on the property, with Southern Silver acting as operator.

 

 

The Cerro Las Minitas project contains an estimated Inferred Resource of 17.5Mozs silver and 237Mlbs of lead and 626Mlbs zinc (77.3Mozs AgEq) and an estimated Indicated Resource of 10.8Mozs silver, 189Mlbs lead and 207Mlbs zinc (36.5Mozs AgEq).(1)

 

 

A total of 87 drill holes for 32,719 metres have now been completed on the Cerro Las Minitas project with exploration expenditures of approximately US$7.5 million spent through to the end of 2015.

 

 

The 2016 Exploration program is underway with a drill program focused on targets based on the 2015 drill results which continued to extend the projections of high-grade silver-polymetallic mineralization at both the Blind – El Sol deposits and the recent discovery at the Mina La Bocona zone.

 

 

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1058642_map1.jpg

 

 

Figure 1: Plan Map showing the distribution of 2016 Drill Holes at Cerro Las Minitas

 

 

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1058642_figure2.jpg

 

 

Figure 2: Longitudinal Section of the El Sol Zone showing the intercepts of drill holes 16CLM-087, -088 and -089 projected to a vertical plane.

 

 

About Southern Silver Exploration Corp.

 

 

Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of world class mineral deposits in north-central Mexico and the southern USA. Our specific emphasis is the 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, San Martin, Naica and Pitarilla. 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.

 

  1. The 2016 Cerro Las Minitas Resource Estimate was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn and AgEq values interpolated using ID2 weighting. The models identified at a 150g/t AgEq cut-off, an indicated resource of 3,724,000 tonnes averaging 90g/t Ag, 0.05g/t Au, 2.3% Pb, 2.5% Zn and 0.09% Cu and a cumulative inferred resource of 6,611,000 tonnes averaging 82g/t Ag, 0.17g/t Au, 1.6% Pb, 4.3% Zn and 0.2% Cu. Mineral Resources are estimated using an average long-term price of $15/oz silver, $1,100/oz gold, $2.75/lb Cu, $0.90/lb lead and $0.90/lb zinc and metal recoveries of 82% silver, 86% lead and 80% zinc. All prices are stated in $USD. Mineral Resources are conceptual in nature and as such do not have demonstrated economic viability.

 

Posted June 13, 2016

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