Southern Silver Confirms High-Grade Mineralization in the South Skarn Target at Cerro Las Minitas with a 6.7 Metre Intercept Averaging 625g/t Ag, 11.8% Pb and 7.5% Zn (1,454g/t AgEq; 30.0% ZnEq)
Southern Silver Confirms High-Grade
Mineralization in the South Skarn Target at
Cerro Las Minitas with a 6.7 Metre Intercept
Averaging 625g/t Ag, 11.8% Pb and 7.5% Zn
(1,454g/t AgEq; 30.0% ZnEq)
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2020) -
Southern Silver Exploration
Corp. (TSXV: SSV) (OTCQB: SSVFF)
(Santiago: SSVCL)
("Southern Silver")
reported today initial
assay results from its 10,000 metre 2020-21 core drilling program on the
Cerro Las Minitas project
,
Durango State, Mexico which included intervals of strongly silver-enriched semi-massive to massive
sulphide mineralization in drill hole 20CLM-119.
Assay highlights include:
a 9.0m down hole interval (6.7m est. True Thickness) averaging 625g/t Ag, 11.8% Pb
and
7.5% Zn (1,454g/t AgEq; 30.0% ZnEq)
including a higher grade
2.3m interval (1.7m est. TT)
averaging 1,338g/t Ag, 25.9% Pb
and
17.6% Zn (3,201g/t AgEq; 66.1% ZnEq)
from drill hole
20CLM-119;
and
a 6.9m down hole interval (4.0m est. TT) averaging 109g/t Ag, 1.8% Pb
and
2.1% Zn (255g/t
AgEq; 7.2% ZnEq)
including a higher grade
1.2m interval (0.9m est. TT) averaging 412g/t Ag,
7.8% Pb
and
9.2% Zn (1,174g/t AgEq; 24.3% ZnEq)
from drill hole
20CLM-118.
The two drill holes are the first results in 2020 for the South Skarn target, which extends for over 500
metres of strike on the eastern side of the Cerro and has been tested to depths of over 450 metres. The
South Skarn target is approximately 1 kilometre away from the known mineral deposits currently
identified on the property. The holes are lateral and up-dip step-outs from previously reported
mineralization in hole
13CLM-68
which returned
13.9 metres (8.4m est. TT) of 136g/t Ag, 2.4% Pb
and 1.3% Zn (326g/t AgEq; 6.3% ZnEq; see NR-15-13)
and establish the continuity of mineralization
in the shallower parts of the South Skarn zone
.
Five holes totaling 2,191 metres have now been
completed on the South Skarn target. Several additional holes are planned which will test the target to
depths of up to 600 metres below surface.
Rob Macdonald, Vice President Exploration stated:
"The mineralization identified in 20CLM-119 is
comparable in both grade and thickness to several mineralized intercepts previously identified by
Southern Silver at the South Skarn and Bocona targets in drilling between 2011 to 2015 and provides
confidence in our targeting as we work to continue expanding the mineral resource base at the Cerro
Las Minitas project."
Approximately 3,700 metres of drilling has been completed of an anticipated 10,000 metres of core
drilling for the 2020-21 exploration program. Drilling continues with one drill focused on the South Skarn
target and a second drilling currently drilling the Mina La Bocona target. Two drill holes have been
completed on the Las Victorias target.
Drilling on the east side of the Cerro will test an approximate 800 metre strike length of the Skarn Front
and Mina La Bocona mineralized zones to depths of up to 650 metres as well as a high-grade hanging
wall zone in the Mina La Bocona target area. The targeting is designed to increase the current mineral
resource estimate by approximately 30%. The CLM Project remains one of the larger undeveloped
silver-lead-zinc projects in the world and is both fully financed and fully permitted.
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 this graphic, please visit:
https://orders.newsfilecorp.com/files/5344/68008_43ece7c004458824_002full.jpg
Figure 2: Longitudinal section of proposed, current and past drilling on the South Skarn target.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5344/68008_43ece7c004458824_003full.jpg
Table 1: Select Assay intervals from the South Skarn Target areas
Hole #
From
To
Interval
Est.Tr.Thk.
Ag
Au
Cu
Pb
Zn
AgEq
ZnEq
Dilution at
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(%)
80g/t AgEq
Cutoff
20CLM-118
170.1
177.0
6.9
4.0
109
0.14
0.02
1.8
2.1
255
7.2
27.50%
inc.
174.2
175.4
1.2
0.9
412
0.14
0.06
7.8
9.2
1020
28.8
20CLM-118
188.8
190.0
1.1
0.8
132
0.12
0.02
2.8
2.0
308
8.7
20CLM-119
95.0
96.5
1.5
1.1
53.9
2.83
0.01
3.6
0.4
387
10.9
20CLM-119
206.4
210.7
4.3
3.2
99
0.27
0.01
0.7
0.6
162
4.6
41.9% dilution
inc.
206.4
207.6
1.2
0.9
216
0.22
0.01
0.8
0.1
264
7.5
20CLM-119
226.1
235.1
9.0
6.7
625
0.11
0.03
11.8
7.5
1306
36.9
40.8% dilution
inc.
226.1
228.4
2.3
1.7
1338
0.15
0.04
25.9
17.6
2864
80.9
and inc.
232.0
233.3
1.3
0.9
1480
0.09
0.04
26.5
16.8
2995
84.6
20CLM-119
241.5
243.0
1.6
1.2
112
0.07
0.02
2.2
2.1
270
7.6
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$17/oz silver, US$1450/oz gold, US$2.8/lbs copper and US$0.95/lbs lead and US$1.20/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.
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 133 drill holes for 59,000 metres have been completed on the CLM Project with exploration
expenditures of approximately US$25.5 million equating to exploration discovery costs of approximately
C$0.09 per AgEq ounce to the end of 2019.
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/68008