Southern Continues to Extend Mina La Bocona High-Grade with 7.5 Metres Averaging 261g/t Ag, 7.0% Pb and 1.7% Zn (559g/t AgEq)
Southern Continues to Extend Mina La Bocona
High-Grade with 7.5 Metres Averaging 261g/t
Ag, 7.0% Pb and 1.7% Zn (559g/t AgEq)
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2021) -
Southern Silver Exploration Corp.
(TSXV: SSV) ("Southern Silver")
reported today that further assay results from the Mina La Bocona
target area continues to extend both shallow gold-silver enriched oxide mineralization and high-grade
polymetallic sulphide mineralization laterally and at depth at its Cerro Las Minitas project, Durango
Mexico.
Newly released polymetallic sulphide intercepts from the Mina La Bocona target area include:
a 8.6 metre interval (7.5 metre est. TT) averaging 261g/t Ag, 0.1g/t Au,7.0% Pb and 1.7% Zn
(559g/t AgEq) including a 5.1 metre interval (4.5 metre est. TT) averaging 324g/t Ag, 0.2g/t
Au, 8.8% Pb and 2.4% Zn (706g/t AgEq)
from drill hole
21CLM-140;
a 7.1 metre interval (4.0 metre est. TT) averaging 161g/t Ag, 0.2g/t Au, 3.1% Pb and 0.4%
Zn (293g/t AgEq)
from drill hole
21CLM-143; and
a 4.2 metre interval (2.4 metre est. TT) averaging 335g/t Ag, 0.2g/t Au, 0.3% Cu, 5.3% Pb
and 2.4% Zn (638g/t AgEq) including a 1.4 metre interval (0.8 metre est. TT) averaging
636g/t Ag, 0.4g/t Au, 0.5% Cu, 10.5% Pb and 2.8% Zn (1147g/t AgEq)
from drill hole
21CLM-
143;
The mineralization identified in drill holes CLM-140 and -143 are extensions of the thick mineralized
intercepts previously identified in the Muralla chimney and continue to extend these high-grade lenses
both laterally and down-dip from previously reported drill holes
21CLM-125 (33.2m of 435g/t AgEq;
see NR-01-21)
and
15CLM-078 (including 3.9 of 1093g/t AgEq and 16.5m of 325g/t AgEq; see
NR-10-15)
.
Additional assay results from drilling at the Bocona chimney extend mineralization laterally toward
Muralla Chimney and include:
a
3.6 metre interval (2.9 metre est. TT)
averaging
174g/t Ag, 0.6g/t Au, 4.3% Pb and 5.0% Zn
(568g/t AgEq)
from drill hole
21CLM-144
;
While deeper drilling beneath the Bocona chimney continues to demonstrate strong copper-enrichment
in the lower part of the zone and returned:
a
20.4 metre interval (12.5 metre est. TT)
averaging
51g/t Ag, 0.9% Cu, and 0.1% Zn (166g/t
AgEq)
from drill hole
21CLM-141
;
The Company also reports that it has identified additional gold-enriched intercepts within the near-
surface oxide-gold zone in the upper part of drill hole 21CLM-143 which returned:
a
7.1 metre down hole interval (4.0 metre est. TT)
averaging
57g/t Ag, 2.2g/t Au, and 2.3%
Pb (358g/t AgEq)
in oxide
starting from
110.4 metres down hole
in drill hole
21CLM-143
.
Drilling on the oxide-gold target continues to extend the lateral projection of this shallow mineralized zone
eastward and confirms the depth projection of the zone to about 150 metres below surface where it
transitions into sulphide mineralization.
Drilling in the Mina La Bocona target area continues to extend the two polymetallic sulphide zones and
the near surface gold-enriched mineralization identified earlier in the 2020-21 drilling. Mineralization can
now be traced laterally for over 150 metres strike and up to 450 metres depth and drilling between the
two main high-grade lenses has returned positive assays resulting in increased continuity between the
two lenses. Four additional holes have been completed on the Mina La Bocona target and a further two
holes have been completed in the South Skarn target with assays pending.
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and
the location for new drill targeting, at the Mina La Bocona, South Skarn and Las Victorias
targets.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5344/81844_9eaf2454d48f3b4c_002full.jpg
Exploration on the property continues with two drills targeting the east side of the Cerro and has now
completed 38 core holes totaling 14,759 metres since restarting drilling in September 2020. Assay
results from 6 drill holes are pending and are anticipated over the coming weeks.
Southern has now tested over 650 metres of strike length along the east side of the Cerro to depths of
up to 500 metres. Three bonanza grade mineralized zones have been identified with over 250 metres of
strike-length remaining to be tested.
The CLM Project remains one of the largest undeveloped silver-lead-zinc projects in the World and is
wholly owned, unburdened by royalties, fully financed and fully permitted.
Table 1: Select Assay intervals from Mina La Bocona and South Skarn target area.
Hole #
From
To
Interval
Est. Tr.
Thck.
Ag
Au
Cu
Pb
Zn
AgEq
ZnEq
Notes
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(%)
21CLM-
140
329.4
338.0
8.6
7.5
261
0.1
0.0
7.0
1.7
559
14.2
Muralla
Chimney
inc.
331.8
336.9
5.1
4.5
324
0.2
0.0
8.8
2.4
706
17.9
21CLM-
141
397.4
417.8
20.4
12.5
51
0.1
0.9
0.0
0.1
166
4.2
Bocona
Chimney
inc.
399.5
412.4
12.9
7.9
60
0.2
1.2
0.0
0.1
207
5.2
21CLM-
142
346.5
348.0
1.5
0.7
47
0.1
0.4
0.3
0.7
131
3.3
Muralla/Skarn
Front
21CLM-
143
110.4
117.5
7.1
4.0
57
2.2
0.1
2.3
0.9
358
9.1
Oxide Au
21CLM-
143
137.5
138.0
0.5
0.3
770
0.2
0.1
17.9
11.1
1789
45.4
Upper
Muralla
21CLM-
143
159.7
168.0
8.3
4.7
58
2.2
0.0
1.7
1.6
361
9.2
Upper
Muralla
inc.
162.8
165.8
2.9
1.7
108
5.2
0.0
3.2
3.3
773
19.6
21CLM-
143
275.3
282.4
7.1
4.0
161
0.2
0.0
3.1
0.4
293
7.4
Muralla
Chimney
inc.
281.9
282.4
0.5
0.3
594
0.0
0.0
10.5
1.6
985
25.0
21CLM-
143
368.9
373.1
4.2
2.4
335
0.2
0.3
5.3
2.4
638
16.2
Skarn Front
inc.
371.7
373.1
1.4
0.8
636
0.4
0.5
10.5
2.8
1147
29.1
21CLM-
143
390.4
393.6
3.2
1.8
167
0.3
0.3
4.0
3.3
484
12.3
Endoskarn
inc.
391.8
392.2
0.5
0.3
696
1.3
1.9
20.6
11.0
2083
52.8
21CLM-
144
363.0
366.5
3.6
2.9
174
0.6
0.1
4.3
5.0
568
14.4
Bocona
Chimney
inc.
363.0
363.9
0.9
0.8
361
1.5
0.3
8.9
11.7
1256
31.9
21CLM-
145
Hole was Lost
21CLM-
146
236.4
240.3
3.9
1.5
118
0.1
0.0
1.8
0.8
221
5.6
38.5%
Dulition
and inc.
239.8
240.3
0.5
0.2
528
0.6
0.0
9.3
4.5
1038
26.3
21CLM-
146
349.7
352.9
3.2
1.2
49
0.1
0.9
0.5
0.7
197
5.0
inc.
351.0
351.9
0.9
0.3
106
0.2
2.3
1.0
1.9
486
12.3
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$20/oz silver, US$1650/oz gold,
US$3.25/lbs copper and US$0.9/lbs lead and US$1.15/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of
the metals. Ore-grade composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone Composites have
<20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.
Cerro Las Minitas Project
The Cerro Las Minitas project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD
project located in southern Durango, Mexico.
The Cerro Las Minitas project as of May 9
th
, 2019 contains a Mineral Resource Estimate, at a 175g/t
AgEq cut-off, of
(
1)
Indicated - 134Moz AgEq:
37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
Inferred - 138Moz AgEq
: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
A total of 150 drill holes for 67,375metres have been completed on the CLM Project with exploration
expenditures of approximately US$27.0 million equating to exploration discovery costs of approximately
C$0.09 per AgEq ounce to the end of 2020.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the
discovery of world-class mineral deposits. Our specific emphasis is the 100% owned 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, Los Gatos, 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 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.
1
.
The 2019 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 values interpolated using ID3 weighting. Silver and zinc equivalent
values were subsequently calculated from the interpolated block grades. The model is identified at a 175g/t AgEq cut-off, with an indicated
resource of 11,102,000 tonnes averaging 105g/t Ag, 0.10g/t Au, 1.2% Pb, 3.7% Zn and 0.16% Cu and an inferred resource of 12,844,000
tonnes averaging 111g/t Ag, 0.07g/t Au, 0.9% Pb, 2.8% Zn and 0.27% Cu. AgEq cut-off values were calculated using average long-term
prices of $16.6/oz. silver, $1,275/oz. gold, $2.75/lb. copper, $1.0/lb. lead and $1.25/lb. zinc. Metal recoveries for the Blind, El Sol and Las
Victorias deposits of 91% silver, 25% gold, 92% lead, 82% zinc and 80% copper and for the Skarn Front deposit of 85% silver, 18% gold,
89% lead, 92% zinc and 84% copper were used to define the cut-off grades. Base case cut-off grade assumed $75/tonne operating,
smelting and sustaining costs. All prices are stated in $USD. Silver Equivalents were calculated from the interpolated block values using
relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used
to calculate the ZnEq value. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource
estimates do not account for a resource's mineability, selectivity, mining loss, or dilution. 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. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to
add precisely.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and
supervised directly the collection of the data from the CLM Project that is reported in this disclosure and
is responsible for the presentation 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
.
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 contains 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/81844