Southern Silver Exploration Corp. (TSX.V:SSV) reported today that silver-enriched mineralized intercepts were returned from each of the first three holes from its 2011 core hole program on its Cerro Las Minitas Project, Durango Mexico. The 10,980 hectare project includes a 425 hectare area that has been the subject of historic small-scale mining and a much larger unexplored gravel covered area.
Highlights from the drilling include:
- a 6.8 metre interval averaging 153g/t Ag, 1.47% Pb, 1.01% Zn within a broader 14.7 metre interval averaging 40g/t Ag, 1.02%Pb and 1.01% Zn from drill hole 11CLM-002,
- a 0.4 metre interval averaging 382g/t Ag, 6.25% Pb and 1.62% Zn from drill hole 11CLM-003, and
- a strongly copper enriched 2.1 metre interval averaging 100g/t Ag, 0.17% Pb, 3.08% Zn and 1.37% Cu within a 14.0 metre interval averaging 60g/t Ag, 0.31% Pb, 1.6% Zn and 0.94% Cu from CLM-003.
Southern has now completed five core holes totaling approximately1500 metres of a planned +3000 metre, Phase I drill program on the project. The current results are from widely spaced holes that were designed to provide initial tests of several different target types on this large polymetallic project. Drill hole 11CLM-002 tested silver-enriched polymetallic mineralization along the eastern margin of the intrusive in the area of the La Bocona Mine. Drill hole 11CLM-003 tested the northern margin of the intrusive in areas of elevated copper and gold mineralization. 11CLM-001 tested a geophysical target within the main intrusive. Assays are pending from two drill holes. All composites are reported as down hole intervals.
At least five additional holes are planned for this initial Phase of drilling which will help prioritize targeting for more detailed drilling at specific occurrences located within the 425 ha area of historic mining and several additional targets derived from the recently completed 36 line-km surface IP geophysical program over portions of the property. Surface work on several regional targets continues.
President Lawrence Page said: “We are extremely encouraged with these initial assays which validate, in part, the results of historic drilling and small-scale mining on the project and allow us to continue the systematic exploration of the many targets defined on surface and through geophysical methods.”
Table 1: Summary of Composited Assays from the Cerro Las Minitas Project
About the Cerro Las Minitas property
The Cerro Las Minitas property comprises 17 concessions which total 10,980 hectares and an approximate 25 kilometre lineal strike length.
Mining has been conducted on the property since colonial times and has identified several types of silver-, lead- and zinc-enriched massive-sulphide pipes, veins and carbonate-replacement deposits (CRDs), as well as mineralized skarns at the margins of a large intrusive body. The Santa Eulalia replacement deposit (45Mt of 310g/t Ag, 7.1% Zn and 8.2% Pb) and the skarn deposit of San Martin (60Mt of 118g/t silver, 0.9% copper and 3.9% zinc) are examples of two major Mexican mines occurring in similar geological environments(1).
Limited historical drilling on the project by Noranda (not independently verified by Southern Silver) returned numerous intervals of higher grade silver and base metals, including: a 11.45 metre interval (down hole) grading 123g/t silver, 1.55% lead and 7.79% zinc from drill hole NGV-00-02 and a 1.41 metre interval (down hole) grading 529g/t silver, 6.99% lead and 1.27% zinc from drill hole NGV-00-06.
The mineralized zones at Cerro Las Minitas have been exploited to depths of 300 metres and over widths of 60 metres.
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 areas of exploration, development, corporate finance 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 projects include the silver-leadzinc Cerro Las Mintas project, copper-gold-silver Minas de Ameca, the porphyry coppermolybdenum 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.
(1) Southern Silver advises that tonnage and grade of adjacent properties or those used for comparative purposes may not reflect the ultimate potential of the Cerro Las Minitas project
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company’s projects, and the availability of financing for the company’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.