Southern Silver Exploration Corp. (“Southern Silver” or the “Company”) (TSX.V:SSV) reported today that the company plans to conduct an intensive exploration program on the Cerro Las Minitas project commencing in February 2011. The program will consist of airborne, ground geophysics, and a minimum of 3,000 metres of diamond drilling.
The geophysical program will include:
- An Airborne Magnetic Survey covering the entire 10,980 hectare property, including the known mineralized zones at Cerro Las Minitas. The airborne survey, consisting of 1,100 line-kilometres, will commence mid to late February and will assist in understanding the geology and identifying drill targets. The geophysical targets will be examined with follow-up mapping, sampling and ground geophysics.
- A Ground I.P. Survey, consisting of approximately 20 line kilometres, will cover the immediate area of historic mining at Cerro Las Minitas. The survey will help define the lateral and down-dip extent of the wide (up to 60 metres) contact skarn zone that is located at the contact of an intrusion and limestone. The skarn contains well documented high-grade, silver-, lead- and zinc-rich replacement chimney and manto deposits, which were the focus of historical mining in the area. In addition, the skarn hosts disseminated copper and gold mineralization.
The geophysical program will cover both known areas of mineralization and newly recognized unexplored regions that may then be prioritized based on similarity to the known mineralized zones.
A minimum 3,000 metre diamond drill program will consist of two phases:
- The primary phase is planned to commence upon receipt of environmental permits, which are currently in the application process, and will focus on geological targets and those targets identified by previous drilling.
- The second phase will test the anomalies generated by the magnetic and I.P. surveys.
Previously reported assays from a program of detailed mapping and sampling of surface exposures and trenches in the area of the historic mining by Southern Silver confirmed both the style and general tenor of historically reported mineralization on the property. Eleven of 86 initial grab and chip samples returned values in excess of 100g/t silver, including 464g/t silver and 15.7% lead and 1.16% zinc from a hand-cobbled sample from the Santa Nino chimney(1). Additional select chip sampling of historic trenches to the southeast and east of the high-grade mantos and chimneys returned strongly anomalous gold (+1g/t) and copper (0.1% to 0.8%) mineralization, which represent significant bulk-tonnage targets in the skarn immediately adjacent to the main intrusive body.
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. The project lies within the Faja de Plata (Belt of Silver) of north-central Mexico, which is one of the most significant silver producing regions in the world. Current reserves/resources and historic production from this region are in excess of three billion ounces of silver.
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(2). The mineralized zones at Cerro Las Minitas have been exploited to depths of 300 metres and over widths of 60 metres.
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 HGV-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.
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 projects include the silver-lead-zinc Cerro Las Mintas, copper-gold-silver Minas de Ameca, the porphyry copper-molybdenum project Dragoon in Arizona and the gold-silver project Oro 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.
- Southern Silver advises that grab and select chip samples may not be representative of all mineralization on the property
- Southern Silver advises that tonnage and grade of adjacent properties or those used for comparative purposes may not reflect the unrealized potential of the Cerro Las Minitas 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.
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.