Southern Silver Exploration reported today that the company has negotiated an option to acquire a 100% interest in the Dragoon Porphyry project located approximately 100 kilometres southwest of Tucson Ariz ona .
The property comprises 68 unpatented mining claims and four State leases that contain areas of exposed “leached cap” in the eastern part of the property and a larger down-dropped block of porphyry related rocks in the gravel-covered western portion of the property. The presence of the “leached cap” rocks is significant as they may overlie enriched copper mineralization at depth.
Previous exploration and limited drilling on the property by Kennecott, Noranda and US Borax has identified mineralized hematite-quartz-sericite altered Larimide-age intrusive rocks. Extensive porphyry-related copper and molybdenum geochemical anomalies occur throughout the property with several historic drill holes ended in mineralization.
Under the terms of the agreement Southern Silver, through it’s US subsidiary, Southern Silver Exploration (US), may earn a 100% interest by making scheduled payments totaling $670,000 over five years. The vendors retain a 2 percent NSR roy alty in the property that may be purchased in 0.5% increments at $500,000 per increment.
Southern Silver’s acquisition of the Dragoon Property complements the previous acquisition of the Tombstone South Property, located 120 southeast of Tucson , (see NR-06-05) in it’s efforts to explore quality porphyry-related projects in southern Ariz ona . Drill ready targets have been identified on both projects in preparation for an anticipated 3,500 metre drill program scheduled for late Fall 2007 at an estimated cost of $750,000.
Minas de Ameca Update
The company also reports progress on its Mexican Minas de Ameca project . To date, a total of 3,100 metres of drilling has been completed in 15 drill holes over two phases of drilling on the San Luis and Cerro de la Cruz vein targets. Drilling has now tested a 650 metre strike length of the vein structure to depths of up to 200 metres. An additional 2,500 metres of drilling is planned for the remainder of the fourth quarter of 2007, which will test the Magistral Mine target as well as several prominent IP geophysical targets generated through recent surface exploration on the project. Assays from the recently completed drill holes are pending.
The Minas de Ameca project encompasses a 322 sq. km claim package assembled in part through option agreements between Southern Silve r and Fury Explorations Ltd. (TSX.V-FUR) and Soltoro Ltd. (TSX.V-SOL) together with the purchase from the Mexican Government of the El Magistral claim (see NR-10-06 and NR-01-07).
In addition to drilling at Minas de Ameca, two to three drill holes totaling approximately 800 metres will test the potential for Ag-Pb-Zn-rich replacement bodies and skarn mineralization at the Pinabete project, Chihuahua Mexico . Previous work on this target identified a large AMT geophysical anomaly and was tested with one drill hole by the previous owner. Drilling encountered altered and pyritized volcanic stratigraphy but failed to adequately test carbonate horizons along the margins of the felsic intrusive. Drilling is planned to commence after completion of the Minas de Ameca work.
Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
For further information visit www.southernsilverexploration.com or please contact Jay Oness at 1-888-456-1112 / 604-684-9384 or by email at firstname.lastname@example.org