Southern Silver Exploration Corp. (TSX.V:SSV) (“Southern Silver”) reported today additional assay results from the core drilling program on the Cerro Las Minitas project, Durango State, Mexico, which extend to depth earlier reported copper enriched mineralization in hole 17CLM-098.
The mineralized interval in the lower part of hole CLM-098 now totals 53.8 metres (32.8m est. TT) averaging 105.1g/t Ag and 0.9% Cu. The mineralization extends from 1086.0 metres to 1132.9 metres down hole and includes new assays of:
- a 1.8m down hole interval (1.1m est. True Thickness) averaging 406g/t Ag, 3.8% Cu, 0.6% Pb and 0.6% Zn (850g/t AgEq; 24.0% ZnEq), and
- a 8.1m down hole interval (4.9m est. TT) averaging 49g/t Ag, 1.2% Cu and 0.2%
This mineralization occurs down hole from a previously reported 14.5m down hole interval (8.7m est. True Thickness) averaging 288g/t Ag, 2.0% Cu, 0.8% Pb and 1.2% Zn (575g/t AgEq; 16.2% ZnEq; see NR-06-17, June 06, 2017). The entire mineralized interval occurs within a broad zone of veined sulphides and breccia that extend into the skarn-altered margin of the central intrusion and is significant in that it represents the thickest zone of higher grade mineralization hosted within the monzonite identified to date. The interval is strongly copper enriched (up to 3.7% over 4.8 metres) and may represent a transition into a mineralized endoskarn which remains open down-dip and along strike to the northeast.
Robert Macdonald, Vice President of Exploration stated “The identification of such a thick interval of new copper-enriched mineralization in hole 17CLM-098 is tremendously encouraging and continues to further highlight the potential to both expand the current and develop new mineral resources on the margin of the Central Intrusion.”
The current 2017 drill program has recently identified significant intervals of new mineralization beneath the Blind and El Sol deposits along the leading edge of the skarn which surrounds the central monzonite stock. Mineralization along this “Skarn Front” can now be traced, discontinuously, for up to 800 down dip and over 650 metres along strike and remains open both to depth and laterally. Geological modelling suggests that intersections between the sub-vertical, northwest-trending Blind and El Sol mineralized zones and the generally more shallowly dipping, northeast-trending Skarn Front may localize higher-grade shoots of mineralization which may be in part responsible for the strong silver-enrichment identified in recent drill results. To view graphics showing the potential interaction of the currently defined mineral deposits and the newly identified Skarn Front zone, please visit Southern Silver’s website at southernsilverexploration.com.
Approximately 9,800 metres in 12 drill holes has now been completed in the planned US$2 million 2017 exploration program. Drilling will continue through July on both the North Skarn target and extensions of the Blind and Skarn Front zones to the southeast.
Table 1: Select assays summaries from hole CLM-098
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 (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using average metal prices of: US$18.2/oz silver, US$1240/oz gold, US$2.8/lbs copper and US$0.91/lbs lead and US$0.94/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites calculated using a 80g/t AgEq cut-off and <20% internal dilution, except where noted; anomalous intercepts calculated using a 10g/t AgEq cut-off.
Figure 1: Plan Map showing the distribution of 2017 Drill Holes at Cerro Las Minitas
Cerro Las Minitas Project
Exploration on the company’s flagship Cerro Las Minitas property, Durango Mexico is funded by Electrum Global Holdings L.P. (“Electrum”), which has financed a broad range of exploration activities and has earned a 60% interest in the project through a US$5.0M earn-in on the property, with Southern Silver acting as operator.
As reported on March 21st 2016, the Cerro Las Minitas project contains an estimated Inferred Resource of 17.5Mozs silver and 237Mlbs of lead and 626Mlbs zinc (77.3Mozs AgEq) and an estimated Indicated Resource of 10.8Mozs silver, 189Mlbs lead and 207Mlbs zinc (36.5Mozs AgEq).(1)
A total of 104 drill holes for 46,351 metres have now been completed on the Cerro Las Minitas project with exploration expenditures of approximately US$10.8 million.
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. Our specific emphasis is the 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 Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing, along with our partner, Electrum Global Holdings LP, 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.
- The March 21, 2016 Cerro Las Minitas Resource Estimate was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn and AgEq values interpolated using ID2 weighting. The models identified at a 150g/t AgEq cut-off, an indicated resource of 3,724,000 tonnes averaging 90g/t Ag, 0.05g/t Au, 2.3% Pb, 2.5% Zn and 0.09% Cu and a cumulative inferred resource of 6,611,000 tonnes averaging 82g/t Ag, 0.17g/t Au, 1.6% Pb, 4.3% Zn and 0.2% Cu. Mineral Resource cut-offs are estimated using an average long-term price of $15/oz silver, $1,100/oz gold, $2.75/lb Cu, $0.90/lb lead and $0.90/lb zinc and metal recoveries of 82% silver, 86% lead and 80% zinc. AgEq calculations did not account for relative metallurgical recoveries of the metals. All prices are stated in $USD. Mineral Resources are conceptual in nature and as such do not have demonstrated economic viability.
The current Resource Estimate was prepared by Garth Kirkham, P.Geo. of Kirkham Geosciences Ltd. who is the Independent Qualified Person responsible for presentation and review of the Mineral Resource Estimate.
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”
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver’s website at southernsilverexploration.com or contact us at 604.641.2759 or by email at ir@mnxltd.com.
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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.