Southern Silver Exploration Corp. (TSX-V: SSV) reported that crews have mobilized in preparation for the start of the 2020-21 drill campaign on the Cerro Las Minitas Project, Durango, Mexico.
Commencement of exploration follows the closing of the transaction with Electrum Global Holdings L.P. to acquire Electrum’s 60% indirect working interest in the CLM Project (thus increasing Southern Silver to a 100% interest) and the closing of previously announced private placements with gross proceeds of Cdn$14.456 million (see NR-12-20; September 16, 2020).
The exploration/drill program includes up to 10,000 metres of core drilling in 20 to 25 holes which will focus on the development of mineral resources on the east side of the Cerro through step-out drilling from previously identified high-grade, strongly silver-enriched mineralization in the Mina La Bocona and South Skarn target areas (see Figure 1 and Table 1). Some meterage will also be used to further extend mineralization at the Las Victorias target.
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.
Drilling will test an approximate 800 metre strike length of the Skarn Front mineralized zone on the east side of the Cerro to depths of up to 650 metres, as well as a high-grade hanging wall zone in the Mina La Bocona target area. Between 2011 to 2015, Southern Silver drilled 15 core holes on the east side of the Cerro with select assay results summarized below. New drill targeting will step out from this known mineralization and aims to increase the current mineral resource estimate on the property by approximately 30%. The CLM Project remains one of the larger undeveloped silver-lead-zinc projects in the world and is fully funded and permitted.
Table 1: Select Assay intervals from the Mina La Bocona and South Skarn Target areas
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$16.6/oz silver, US$1275/oz gold, US$2.8/lbs copper and US$1.00/lbs lead and US$1.25/lbs zinc. AgEq and ZnEq 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
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 133 drill holes for 59,000 metres have now been completed on the CLM Project with exploration expenditures of approximately US$25.5 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce to the end of 2019.
Stock Option Grant
Southern Silver also reports that it has granted 9,500,000 incentive stock options to directors, officers and consultants. The options are exercisable at a price of $0.51 per common share for a period of five years and are subject to the policies of the TSX Venture Exchange.
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, 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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We acknowledge the [financial] support of the Government of Canada.