Southern Silver Exploration Corp. reported that Freeport-McMoRan Exploration Corp. (FMEC) has advised that it has completed an initial phase of drilling on the Dragoon Project located 90 kilometers southeast of Tucson, Arizona. Drill core from the first hole has been logged, split and submitted for assay. Assay result from the drilling are anticipated within a months time. Geophysical surveys at the Dragoon project are on-going.
FMEC has indicated it completed a single RC/core drill hole to a depth of 1065 metres within the gravel covered western side of the project area. This hole, which was drilled beyond the target depth of 900 metres, tested a down-thrown fault block of prospective Paleozoic stratigraphy adjacent to an exposed Laramide-age porphyry system in the eastern part of the property. FMEC reported that the hole intersected thick gravel cover to 380 metres depth followed by marble and skarn alteration, quartz veining and silicification within the underlying Paleozoic stratigraphy. Extensive oxidation of the primary sulphide minerals is noted to a depth of 820 metres where the hole then intersected, across a faulted contact, a sulphide-bearing footwall schist.
A decision for further work on the project is pending the receipt of assays and the results of geophysical surveys over the gravel covered areas of the property.
The Dragoon Property
The Dragoon property is a contiguous block of 12.8 sq. km that comprises 68 unpatented mining claims and four State leases located in southeast Arizona. The property contains areas of exposed Copper-Molybdenum mineralization, Laramide-age porphyry and “leached capping” 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 supergene-enriched copper mineralization at depth.
FMEC has the right to earn a 70% interest in the property, located in southern Arizona, by spending $3 million in exploration and development expenses on the property by December 31, 2012.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is focused on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure. Its current projects include the copper/gold/silver Minas de Ameca project and the silver/zinc/lead Pinabete project in Mexico, the Dragoon Porphyry project in Arizona and the Oro project in New Mexico.
Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical data for the Dragoon Project.
On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, President, Southern Silver Exploration Corp.
For further information, please visit the company’s website at southernsilverexploration.com or contact Liana Shahinian at 1.888.456.1112 or by email at liana@mnxltd.com.
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