Southern Silver Exploration Corp. (TSX.V:SSV) (“Southern”) reported today that final assays from the 2015 core drilling program on the Cerro Las Minitas Project, Durango State, Mexico have been received with the results continuing to extend the projections of high-grade silver-polymetallic mineralization at both the Blind - El Sol zone and the recent discovery at the Mina La Bocona zone. Semi-massive and massive sulphides were identified in the southeast extension of the Blind – El Sol zone in a thick (+30 metre) contact skarn on the margin of the Central Intrusion in a 2015 extension of drill hole 11CLM-025.
Highlight intervals from hole 15CLM-025 include:
- a 19.9m down hole interval (12.8m est TT) averaging 113g/t Ag, 0.5g/t Au, 0.4%Cu, 0.9% Pb and 3.6% Zn (348g/t AgEq) including a 2.4m down hole interval (1.5m est TT) averaging 534g/t Ag, 1.8% Cu, 4.6% Pb and 14.2% Zn (1391g/t AgEq); and
- a 5.8m down hole interval (3.7m est TT) averaging 79g/t Ag, 0.4% Cu, 0.2%Pb and 0.3% Zn (141g/t AgEq) including a 0.9m down hole interval (0.5m est TT) averaging 189g/t Ag, 1.5% Cu, 0.2%Pb and 0.2% Zn (371g/t AgEq).
Mineralization in hole 15CLM-025 represents an approximate 200m offset from an earlier reported mineralized intercept in hole 15CLM-081 (8.7m est TT of 136g/t Ag, 0.5% Cu, 0.3% Pb, 4.5% Zn) and remains open at depth and to the southeast for over 500 metres. Further drilling is planned to test the southeast continuation of the Blind – El Sol zone.
The company also reported that drilling at the Mina La Bocona Extension discovery (see NR-10-15, Oct 1, 2015) has identified a precious-metal enriched massive sulphide intercept down-dip of discovery hole 15CLM-078 and include:
- a 5.8m down hole interval (3.5m est TT) averaging 130g/t Ag, 0.4g/t Au, 1.1% Cu, 1.3% Pb and 9.3% Zn (646g/t AgEq) from hole 15CLM-010.
The mineralization was returned from an extension of drill hole 11CLM-010 and is one of two high grade intervals identified at +450 metres depth in the Bocona zone and highlights the continued exploration potential of the Bocona target at depth and along strike to the northwest.
Figure 1: Longitudinal Section of the El Sol Zone showing the location of the 15CLM-025 and 15CLM-081 mineralized intercept
2015 Exploration Program
Management is pleased with the results received to date from the exploration and definition drilling program on the Cerro Las Minitas project. As part of the 2015 exploration program, fourteen drill holes totaling approximately 9,100 metres have been completed on the project with assay results continuing to expand the overall size of the deposits and identify new zones of high-grade mineralization. Compilation and analysis of the 2015 results continues toward planning of the 2016 exploration program on the property, the details of which will be announced shortly.
Noteworthy milestones from the 2015 drilling program include:
- the identification of new high-grade Ag-Pb-Zn discoveries in the Mina La Bocona area (15CLM-078, see NR-12-15; 15CLM-010 see this release) and outboard of the Blind–El Sol zone (15CLM-081, see NR-10-15),
- the identification of potential new extensions to high-grade mineralization at the Santo Niño Mine (15CLM-023A, NR-12-15); and
- the identification of thick zones of massive and semi-massive sulphide at depth in the Blind – El Sol zone (15CLM-077, 15CLM-081, see NR-10-15; and 15CLM-025, see this release).
The 2015 program has added new areas of high-grade mineralization to the results of earlier exploration work by Southern Silver which resulted in the identification of two new mineral deposits known as the Blind and El Sol zones. With the completion of the current drill program, a total of 89 drill holes for 32,410m have now been completed on the Cerro Las Minitas project with exploration expenditures of approximately $5.5 million spent to date.
Airborne magnetic geophysics over the entire property and gravity and IP geophysics in specific target areas were also conducted and will form the basis for future exploration drilling programs on the project.
Figure 2: Plan Map showing the distribution of 2015 Drill Holes at Cerro Las Minitas
Table 1: Select Assays Summaries from 2015 Drilling on the Cerro Las Minitas Property
Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis, High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb overlimits (>20%) assayed by titration. AgEq was calculated using the approximate 2 year trailing average metal prices as of September 25, 2015: US$18.2/oz silver, US$1240/oz gold, US$2.8/lbs copper and US$0.9/lbs lead and US$0.9/lbs zinc. AgEq calculations did not account for relative metallurgical recoveries of the metals.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of world class mineral deposits in north-central Mexico and the southern USA with specific emphasis on our Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata which hosts multiple world class mineral deposits such as Penasquito, San Martin, Naica and Pitarilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.
Robert Macdonald, MSc., P.Geo, is a Qualified Person as defined by National Instrument 43-101 and responsible for the supervision of the exploration on the Cerro Las Minitas Project and for the preparation of the technical information in this disclosure.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President & Director, 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. 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. Factors that could cause actual results to differ materially from those in forward looking statements include 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.