Southern Intersects Bonanza-Grade Silver at Cerro Las Minitas with 8.0 Metres Averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn (2,040g/t AgEq) including 0.6 Metres Grading 3,180g/t Ag, 58.8% Pb and 2.3% Zn (5,148g/t AgEq)
Southern Intersects Bonanza-Grade Silver at
Cerro Las Minitas with 8.0 Metres Averaging
1,072g/t Ag, 18.8% Pb and 7.5% Zn (2,040g/t
AgEq) including 0.6 Metres Grading 3,180g/t
Ag, 58.8% Pb and 2.3% Zn (5,148g/t AgEq)
Vancouver, British Columbia--(Newsfile Corp. - February 9, 2021) -
Southern Silver Exploration
Corp.
(TSXV: SSV) (OTCQB: SSVFF) reported today that it has identified Bonanza-grade silver
mineralization on a second target within the Mina La Bocona zone at the Cerro Las Minitas project,
Durango Mexico. Drilling on the East side of the Cerro tested the down-dip projection of the La Bocona
Chimney which was historically mined by artisanal miners to approximately 210 metres depth. Bonanza
grade assays from drill hole 20CLM-131 returned:
15.1m down-hole (8.0m est. TT) averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn (2040g/t
AgEq; 51.7% ZnEq) which includes subintervals of
1.1m down hole (0.6m est. TT) grading 3,180g/t Ag, 58.8% Pb and 2.3% Zn and 1.6m down
hole interval (0.8m est. TT) grading 2,340g/t Ag, 35.9% Pb and 1.6% Zn;
Additional mineralized intervals intersected further down-hole include:
16.1m down-hole (8.5m est. TT) averaging 121g/t Ag, 2.5% Pb and 2.5% Zn (311g/t AgEq;
7.9% ZnEq) which includes 3.0m down hole (1.6m est. TT) grading 413g/t Ag, 8.7% Pb and
9.3% Zn (1,103g/t AgEq; 28% Zn); and
1.0m down-hole (0.5m est. TT) averaging 59g/t Ag, 0.6g/t Au and 3.37% Cu (489g/t AgEq)
Drill hole 20CLM-131 is one of four holes which tested the extension of the La Bocona Chimney over an
approximate area of 60m x 140m and between the 210-metre mining level and roughly 350 metres
below surface. Mineralization is open to depth and partially open along strike.
Select intercepts from other holes which tested the Chimney include:
20.9m down-hole (9.0m est. TT) averaging 212g/t Ag, 0.64g/t Au, 3.7% Pb and 3.3% Zn
(512g/t AgEq; 13.0% ZnEq) which includes 7.4m down-hole (3.2m est TT) grading 287g/t
Ag, 1.64g/t Au, 4.6% Pb and 4.8% Zn (763g/t AgEq; 19.3% ZnEq) from Drill hole 20CLM-
129; and
6.4m down-hole (4.3m est. TT) averaging 146g/t Ag, 0.19g/t Au, 2.9% Pb and 1.6% Zn
(320g/t AgEq; 8.1% ZnEq) which includes 0.8m down-hole (0.5m est TT) grading 809g/t
Ag, 0.4g/t Au, 17.1% Pb and 9.1% Zn (1,741g/t AgEq; 44.1% ZnEq) from drill hole 20CLM-
128.
The mineralization identified in the La Bocona Chimney is the second, thick sulphide lens with Bonanza-
grade silver identified in the Mina La Bocona target area and the third high-grade lens identified on the
eastern side of the Cerro. It is located just 150 metres to the west-northwest of the Muralla Chimney and
the previously reported drill holes
20CLM-125 (33.2m est TT averaging 435g/t AgEq; see NR-01-21)
and
15CLM-078 (several zones including 5.6m est TT averaging 528g/t AgEq and 3.6m
averaging 1077g/t AgEq; see NR-10-15)
. Significantly, none of the mineralization identified on the
east side of the Cerro either historically or as part of this current exploration program has yet been
incorporated into the current Mineral Resource Estimate for the project.
Drilling has now resumed on the property with one drill targeting lateral and down-dip step-outs of drill
hole 20CLM-131 at the La Bocona Chimney and a second targeting step-outs of drill hole 20CLM-125
at the Muralla Chimney. Drilling will continue to test and extend these two sulphide zones, the near
surface oxide mineralization adjacent to the Muralla chimney and the South Skarn target as well as
testing additional targets further to the to the northwest of the Bocona Chimney and the recently acquired
El Sol claim.
Rob Macdonald, Vice President Exploration stated:
"The identification of a third near-surface sulphide
lens, with Bonanza- grades of silver, on the east side of the Cerro is significant as it not only
demonstrates the continued exploration potential of these targets but also the clear potential to
identify the critical mass of mineralization necessary to support a mining scenario. Drilling has now
identified compelling sulphide and oxide intercepts within an 800 metres strike-length that require
additional drilling. A further 400 metres remains to be tested on the east side of the Cerro and further
drilling is warranted on the newly acquired El Sol Claim which will all be part of the continued 2021 drill
campaign."
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/5344/73991_2d23323fa401ebda_002full.jpg
South Skarn and Muralla Chimney Targets
Additional assay results have also been received from both the Muralla Chimney and the South Skarn
Target, located 500 metres to the south of the Mina La Bocona target, highlights of which include:
9.2m down-hole (4.1 est. TT) averaging 205g/t Ag, 0.16g/t Au, 4.0% Pb and 0.9% Zn (377g/t
AgEq; 9.5% ZnEq) which includes 1.3m down-hole (0.6m est TT) grading 575g/t Ag,
0.05g/t Au, 9.9% Pb and 2.2% Zn (972g/t AgEq; 24.7% ZnEq) from Drill hole 20CLM-134 in
the Muralla Chimney;
6.6m down-hole (4.4m est. TT) averaging 95g/t Ag, 0.7% Pb and 1.2% Zn (174g/t AgEq; 4.4
% ZnEq) which includes 1.0m down-hole (0.7m est TT) grading 398g/t Ag, 0.16g/t Au, 2.7%
Pb and 4.0% Zn (679g/t AgEq; 17.2% ZnEq) from drill hole 20CLM-126 in the South Skarn
target; and
1.6m down-hole (1.0m est. TT) grading 327g/t AgEq, 5.6% Pb and 11.5% Zn (960g/t AgEq;
24.4% Zn) from drill hole 20CLM-130 in the South Skarn target.
Approximately 8,600 metres of drilling have now been completed as part of the 2020-21 exploration
program. Drilling has resumed to start the 2021 exploration season.
The CLM Project remains one of the larger 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
(m)
To
(m)
Interval
(m)
Est Tr Thck
(m)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AgEq
(g/t)
ZnEq
(%)
Notes
New Mina La Bocona Assay Results
20CLM-131
280.5
280.9
0.4
0.2
469
0.18
0.02
11.3
32.1
2101
53.3
and
299.9
315.0
15.1
8.0
1072
0.61
0.39
18.8
7.5
2040
51.7
and inc.
310.7
311.8
1.1
0.6
3180
0.29
0.33
58.8
2.3
5148
130.6
and inc.
312.5
314.1
1.6
0.8
2340
0.08
0.51
35.9
1.6
3575
90.7
and
319.3
335.4
16.1
8.5
121
0.06
0.10
2.5
2.5
311
7.9
33.5%
Dilution
inc.
330.7
333.7
3.0
1.6
413
0.18
0.36
8.7
9.3
1103
28.0
and
347.1
351.4
4.3
2.3
36
0.21
1.47
0.1
0.1
226
5.7
40%
Dilution
inc.
350.4
351.4
1.0
0.5
59
0.60
3.37
0.0
0.1
489
12.4
20CLM-128
254.2
255.1
0.9
0.6
460
0.21
0.24
9.4
12.6
1291
32.8
and
257.4
258.5
1.1
0.7
232
0.10
0.06
4.2
4.5
554
14.0
and
265.8
267.0
1.3
0.8
423
0.17
0.22
7.5
2.9
807
20.5
and
284.9
291.3
6.4
4.3
145
0.19
0.03
3.0
1.7
321
8.2
28%
dilution
inc.
290.5
291.3
0.8
0.5
809
0.41
0.11
17.1
9.1
1741
44.1
20CLM-129
244.3
265.2
20.9
9.0
212
0.64
0.06
3.7
3.3
512
13.0
inc.
248.3
255.7
7.4
3.2
287
1.64
0.09
4.6
4.8
763
19.3
and
269.1
275.7
6.6
2.8
51
0.10
0.29
0.8
2.3
208
5.3
45.5%
dilution
inc.
274.5
275.7
1.2
0.5
188
0.16
0.57
3.7
9.1
739
18.7
20CLM-132
190.5
191.1
0.6
0.4
70
0.30
0.02
3.0
3.1
308
7.8
and
238.4
241.6
3.2
2.0
20
0.04
0.12
0.0
6.5
293
7.4
and
271.1
272.7
1.6
1.0
112
0.08
0.01
2.0
0.8
212
5.4
20CLM-134
11.9
16.2
4.3
1.9
11
0.74
0.01
0.5
0.2
95
2.4
Oxide,
29%
dilution
20CLM-134
69.5
73.6
4.1
1.8
46
1.90
0.01
3.4
2.3
400
10.2
Oxide
inc.
72.0
73.6
1.6
0.7
85
4.33
0.03
7.4
5.4
885
22.4
20CLM-134
215.1
215.5
0.4
0.2
1230
0.06
0.08
28.9
8.5
2472
62.7
20CLM-134
248.4
257.6
9.2
4.1
205
0.16
0.00
4.0
0.9
377
9.5
inc.
251.7
252.9
1.3
0.6
575
0.05
0.01
9.9
2.2
972
24.7
20CLM-134
289.2
290.9
1.7
0.8
82
0.06
0.02
1.5
0.4
151
3.8
New South Skarn Assay Results
20CLM-126
559.2
565.8
6.6
4.4
95
0.06
0.06
0.7
1.2
174
4.4
46.6%
Dilution
inc.
564.8
565.8
1.0
0.7
398
0.16
0.24
2.7
4.0
679
17.2
20CLM-130
207.8
209.3
1.6
1.0
327
0.03
0.03
5.6
11.5
960
24.4
Oxide
and
558.8
559.7
1.0
0.6
159
0.07
0.07
0.8
7.6
498
12.6
and
563.1
571.7
8.6
5.5
58
0.04
0.09
0.1
2.3
167
4.2
inc.
563.7
564.1
0.5
0.3
89
0.07
0.16
0.1
9.0
470
11.9
20CLM-133
228.0
229.3
1.3
0.8
373
0.54
0.04
3.9
3.6
685
17.4
and
232.4
233.2
0.8
0.5
281
0.11
0.09
2.8
4.2
554
14.0
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.
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.
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.
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