Southern Intersects High-grade Copper-Silver- Gold at the Bocona Target with 6.3 Metres Averaging 134g/t Ag, 0.5g/t Au, 2.3% Cu (461g/t AgEq) including 1.1 Metres Averaging 567g/t Ag, 2.3g/t Au 11.2% Cu (2,106g/t AgEq)
Southern Intersects High-grade Copper-Silver-
Gold at the Bocona Target with 6.3 Metres
Averaging 134g/t Ag, 0.5g/t Au, 2.3% Cu (461g/t
AgEq) including 1.1 Metres Averaging 567g/t
Ag, 2.3g/t Au 11.2% Cu (2,106g/t AgEq)
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) -
Southern Silver Exploration Corp.
(TSXV: SSV) (OTCQB: SSVFF) (Santiago: SSVCL) reported today that it has identified high-grade
copper-gold-silver mineralization in a down-dip step-out from previously reported bonanza grade silver
mineralization in the Mina La Bocona target area at the Cerro Las Minitas project, Durango Mexico.
Polymetallic sulphide intercepts from the Mina La Bocona target area include:
a 12.1 metre down hole interval (6.3 metre est. TT) averaging 134g/t Ag, 0.5g/t Au 2.3% Cu
(461g/t AgEq) including a 2.1 metre down hole interval (1.1 metre est. TT) averaging 567g/t
Ag, 2.3g/t Au, 11.2% Cu (2,106g/t AgEq) from drill hole 21CLM-135 in the Bocona
Chimney; and
a 5.4 metre down hole interval (3.8 metre est. TT) averaging 217g/t Ag, 0.3g/t Au, 3.3% Pb
and 0.7% Zn (377g/t AgEq) from drill hole 21CLM-136 in the Muralla Chimney.
The mineralization identified in drill hole 21CLM-135 is an extension of the second, thick polymetallic
sulphide lens identified in the Mina La Bocona target area on the eastern side of the Cerro and is an
approximate 50 metre down-dip step-out from previously reported bonanza-grade silver in drill hole
20CLM-131
(8.0m est. TT averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn or 2040g/t AgEq; see
NR-02-21).
The mineralization is relatively shallow (<350 metres below surface) and
remains open to
depth for further testing in the remaining drill program.
Bocona Oxide-Gold Target
The Company also reports that it has identified additional gold-enriched intercepts within the near-
surface oxide-gold zone, identified earlier in the 2020-21 drill program, which sits above and out-board
of the main sulphide targets at Mina La Bocona. Drilling returned:
a 6.0 metre down hole interval (4.2 metres est. TT) averaging 241g/t Ag, 1.4g/t Au, 7.3% Pb
and 2.5% Zn (686g/t AgEq) including a 1.8 metre down hole interval (1.3 metres est. TT)
averaging 525g/t Ag, 3.5g/t Au 15.1% Pb and 2.4% Zn (1370g/t AgEq) from drill hole
21CLM-136 starting at 170.3 metres down hole;
and several narrower, higher grade intervals including:
a 0.8 metre interval (0.4 metre est. TT) averaging 153g/t Ag, 5.7g/t Au (658g/t AgEq) from
drill hole 21CLM-135 starting at 166.2 metres down hole; and
a 0.5 metre interval (0.4 metre est. TT) averaging 44g/t Ag, 7.8g/t Au (808g/t AgEq) from drill
hole 21CLM-136 starting at 104.8 metres down hole.
Drilling on the oxide-gold target continues to extend the lateral projection of this shallow mineralized zone
which remains a compelling target for further drill testing. Additional drill step-outs have been completed,
with assay results pending, which will provide better resolution of both the target type and resource
potential.
Rob Macdonald, Vice President Exploration, stated:
"Drilling in the Mina La Bocona target area
continues to extend the two polymetallic sulphide zones and the near surface gold mineralization
identified earlier in the 2020-21 drilling. The drill program, which was recently expanded from an initial
10,000 metre program to a 20,000 metre program, will continue to focus on the development of these
targets and the systematic investigation of further mineralization located to the northwest along the
east side of the Cerro."
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/5344/78748_42babc41143c2aef_002full.jpg
Exploration on the property continues with two drills targeting the east side of the Cerro and has now
completed 33 core holes totaling 13,745 metres since restarting drilling in September 2020. Assay
results from 11 drill holes are pending and are anticipated over the coming weeks.
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-
135
92.4
94.5
2.1
1.1
141
2.8
0.0
2.7
2.1
539
13.7
Oxide
21CLM-
135
328.8
329.6
0.8
0.4
153
5.7
0.1
0.7
0.3
658
16.7
Oxide
21CLM-
135
384.0
396.1
12.1
6.3
134
0.5
2.3
0.3
0.6
461
11.7
Bocona
Chimney
inc.
385.9
388.0
2.1
1.1
567
2.3
11.2
0.6
2.0
2106
53.4
21CLM-
136
104.8
105.3
0.5
0.4
44
7.8
0.0
1.5
1.8
808
20.5
Oxide
21CLM-
136
157.1
157.5
0.4
0.3
226
2.6
0.1
8.7
12.5
1205
30.6
Oxide
21CLM-
136
170.3
176.3
6.0
4.2
241
1.4
0.1
7.3
2.5
686
17.4
Oxide
inc.
174.5
176.3
1.8
1.3
525
3.5
0.0
15.1
2.4
1370
34.7
21CLM-
136
291.0
296.5
5.4
3.8
217
0.3
0.1
3.3
0.7
377
9.6
Muralla
Chimney
21CLM-
136
303.85
306.4
2.5
1.8
93
0.2
0.0
1.8
0.4
180
4.6
Muralla
Chimney
21CLM-
137
37.1
41.5
4.4
2.5
10
1.6
0.0
0.9
0.2
181
4.6
Oxide
inc.
37.6
38.7
1.2
0.7
9
4.6
0.0
0.9
0.3
429
10.9
21CLM-
138
75.3
77.0
1.8
1.0
7
1.7
0.0
0.2
0.2
163
4.1
Oxide
21CLM-
139
50.3
53.1
2.8
1.4
31
1.1
0.0
1.2
0.7
188
4.8
Oxide
inc.
50.3
51.6
1.3
0.7
53
2.2
0.0
2.1
0.5
320
8.1
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/78748