Southern Silver reported today that it has received final assays from drilling on the Dragoon project, located 70 kilometres southeast of Tucson Arizona.
Optionee, Freeport-McMoRan Exploration Corporation (FMEC) indicated it has completed a single RC/core drill hole to a depth of 1065 metres which tested a gravel-covered down-thrown fault block of prospective Paleozoic stratigraphy adjacent to an exposed Laramide-age porphyry system in the eastern part of the property.
Extensive oxidation of the primary sulphide minerals was noted beneath the gravel cover from 380 metres to a depth of 820 metres where the hole then intersected, across a faulted contact, a sulphide-bearing footwall schist. Anomalous copper mineralization, up to 497ppm over 402 metres which includes several 3 to 6 metre intervals averaging from 0.1 to 0.5% copper, was intersected in the drill hole.
FMEC has advised that permitting for a second hole on the project is in progress and that it plans to drill the hole later in 2010 pending drill availability.
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 by spending $3 million in exploration and development expenses on the property by December 31, 2012.
Southern Silver also announced that compilation and surface exploration has started on the Cerro Las Minitas project which the company recently optioned. Under the terms of the agreement, Southern can acquire a 100% interest in the project by making scheduled payments to a total of US$4,000,000 over a three year period.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an emerging precious/base metal exploration company and a member of the Manex Resource Group; a private company comprised of an exceptional multi-disciplinary team of professionals, with specific expertise in all the areas of exploration, development and public company administration.
The company’s growth strategy is to acquire, explore and develop high-quality properties in progressive jurisdictions within North America. Its current interests include the silver-lead-zinc Cerro Las Minitas project, the copper-gold-silver Minas de Ameca project and the silver-zinc-lead Pinabete project in Mexico, the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver Oro project in New Mexico.
Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.