Southern Silver Confirms New Gold Zone at Cerro Las Minitas with a 28.5 Metre Intercept Averaging 1.41g/t Au and 36g/t Ag, (201g/t AgEq)
Southern Silver Confirms New Gold Zone at
Cerro Las Minitas with a 28.5 Metre Intercept
Averaging 1.41g/t Au and 36g/t Ag, (201g/t
AgEq)
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2020) -
Southern Silver Exploration
Corp. (TSXV: SSV) (OTCQB: SSVFF) ("Southern Silver")
reported today further assay results from
its 10,000 metre 2020-21 core drilling program on the
Cerro Las Minitas project
, Durango State,
Mexico. These early results from the Mina La Bocona target include a near surface interval of strongly
gold-enriched oxidized mineralization and a deeper poly-metallic sulphide zone from hole 20CLM-125
which returned:
a
28.5m down hole interval averaging 1.41g/t Au and 36g/t Ag (201g/t AgEq)
including a
higher grade
2.8m interval averaging 5.1g/t Au and 72g/t Ag (552 AgEq)
starting at 23.8m
down-hole; and
a
6.1m down-hole interval (4.0m est. TT) averaging 421g/t Ag, 0.45g/t Au, 5.5% Pb and
1.9% Zn (704g/t AgEq; 17.9% ZnEq)
including a higher grade
0.9m (0.6m est. TT) grading
1420g/t Ag, 0.64g/t Au, 16.8% Pb and 0.6% Zn (2012g/t AgEq; 51.0% ZnEq)
starting at 221.8
metres down-hole.
The upper gold-enriched oxide zone in hole 20CLM-125 correlates well with a previously reported oxide
gold zone from hole
15CLM-078
with
7.8m (3.9m est. TT)
averaging
13.5g/t Au, 37g/t Ag, 2.2% Pb
and 1.7% Zn
(1093g/t AgEq (see NR-10-15)
and a deeper gold-enriched sulphide zone from hole
15CLM-082
with
10.1m (4.8m est. TT)
averaging
1.4g/t Au and 88g/t Ag, 1.6% Pb and 2.1% Zn
(378g/t AgEq) (see NR14-15)
which together form a new gold-enriched oxide/sulphide target well
outboard of the Central Intrusion and extending 120 metres along strike and up to 168 metres in depth.
Mineralization is open to the southeast and at depth. Additional sampling has been completed both up
hole and down hole of the oxide gold intervals in each of holes 20CLM-125 and 15CLM-078 to
determine the full extent of the gold anomaly in each of these holes. Assays are pending.
The deeper silver-enriched polymetallic zone in hole 20CLM-125 is contained within the upper 19.8
metres of a semi-continuous mineralized zone extending from 216.8 metres to 272.0 metres downhole
and is an approximate 25 metre down-dip step-out of similar mineralization first identified in the 2015
hole
15CLM-078
with
16.5m (8.2m est. TT)
averaging
0.5g/t Au, 150g/t Ag, 3.7% Pb and 0.7% Zn
(325g/t AgEq) (
see NR-10-15; October 1, 2015). Assays for the remaining 35 metres of the 55.2 metres
mineralized interval are pending.
As well, two additional holes have been completed in this part of the Bocona Target and a further four
holes tested the down-dip projection of the La Bocona chimney located approximately 135 metres to the
northwest. Seven holes totaling 2,470 metres have now tested the Mina La Bocona target area with
assays still pending from each hole.
Rob Macdonald, Vice President Exploration stated:
"The confirmation of a shallow and potentially
high-grade gold target continues to highlight the terrific exploration potential on the east side of the
Cerro in the area of the historic Mina La Bocona chimney which was mined and developed by
artisanal miners to more than 200 metres in depth and produced up to an estimated 400,000 tonnes
of ore. Further drilling in the New Year will continue to test and extend this zone as it projects to the
southeast and to depth. This new drilling has also confirmed the extension of high-grade polymetallic
mineralization from hole 15CLM-078 providing yet another target for follow-up in 2021."
Approximately 7,500 metres of drilling have now been completed of the anticipated 10,000 metres of
core drilling for the 2020-21 exploration program. Drilling has paused for the Christmas break and will
continue early in January with one drill focused on the Mina La Bocona target and a second drill
exploring the South Skarn target.
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/5344/70431_dd630291c41c880b_002full.jpg
Drilling on the east side of the Cerro will test an approximate 800 metre strike length of the South Skarn
Target and Mina La Bocona Target 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. These drill targets are designed to
increase the current mineral resource estimate of 24 million tonnes
by approximately 30%.
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 Drill Hole 20CLM-125
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)
(%)
Mina La Bocona Target
20CLM-125
23.8
52.25
28.5
UNK
36
1.41
0.02
0.7
0.6
201
5.1
0.5g/t Au
Cutoff
inc.
31.35
34.1
2.8
UNK
72
5.09
0.08
1.0
0.5
552
14.0
Open
Ended
and inc.
48.9
52.25
3.4
UNK
57
2.59
0.03
1.2
1.7
377
9.6
20CLM-125
135
138.05
3.1
UNK
17
0.66
0.03
0.8
0.5
122
3.1
20CLM-125
216.75
236.55
19.8
13.0
183
0.25
0.03
2.3
0.8
308
7.8
24.5%
dilution
inc.
221.75
227.8
6.1
4.0
421
0.45
0.01
5.5
1.9
704
17.9
Open at
depth
inc.
223.65
224.55
0.9
0.6
1420
0.64
0.01
16.7
0.6
2012
51.0
Table 2: Previously Reported 2020 Assay Results from the South Skarn and Las Victorias
Target areas
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)
(%)
Previously Reported South Skarn Assay Results
20CLM-118
170.1
177.0
6.9
4.0
109
0.14
0.02
1.8
2.1
259
6.6
27.50%
inc.
174.2
175.4
1.2
0.9
412
0.14
0.06
7.8
9.2
1033
26.2
and
188.8
190.0
1.1
0.8
132
0.12
0.02
2.8
2.0
308
7.8
20CLM-119
95.0
96.5
1.5
1.1
54
2.83
0.01
3.6
0.4
417
10.6
and
206.4
210.7
4.3
3.2
99
0.27
0.01
0.7
0.6
165
4.2
41.9%
dilution
inc.
206.4
207.6
1.2
0.9
216
0.22
0.01
0.8
0.1
265
6.7
and
226.1
235.1
9.0
6.7
625
0.11
0.03
11.8
7.5
1298
32.9
40.8%
dilution
inc.
226.1
228.4
2.3
1.7
1338
0.15
0.04
25.9
17.6
2849
72.3
and inc.
232.0
233.3
1.3
0.9
1480
0.09
0.04
26.5
16.8
2973
75.4
and
241.5
243.0
1.6
1.2
112
0.07
0.02
2.2
2.1
272
6.9
20CLM-120
343.8
345.7
1.9
1.4
101
0.08
0.00
0.9
0.2
145
3.7
and
429.0
432.6
3.7
2.7
511
0.10
0.13
5.0
3.7
835
21.2
inc.
431.8
432.6
0.9
0.6
902
0.05
0.16
7.8
8.4
1496
37.9
and
441.0
442.3
1.3
1.0
51
0.07
0.06
1.5
1.1
153
3.9
and
450.8
452.9
2.1
1.6
182
0.23
0.21
4.4
4.1
522
13.2
20CLM-122
390.7
391.9
1.2
0.9
97
0.18
0.01
0.2
0.2
124
3.1
and
417.8
419.0
1.2
0.9
247
0.19
0.07
4.7
1.2
463
11.7
and
435.0
442.8
7.8
5.8
66
0.05
0.02
0.4
0.2
92
2.3
39.4%
dilution
inc.
442.1
442.8
0.6
0.5
237
0.07
0.02
0.9
0.2
281
7.1
20CLM-124
397.2
402.1
5.0
3.3
304
0.11
0.18
4.8
1.9
555
14.1
inc
400.1
401.0
0.8
0.6
607
0.15
0.49
11.0
3.4
1146
29.1
and
475.0
490.6
15.6
10.4
172
0.08
0.15
3.8
3.7
458
11.6
31.1%
Dilution
inc.
475.0
483.7
8.7
5.8
286
0.11
0.27
6.4
5.8
749
19.0
inc.
475.0
475.9
0.9
0.6
975
0.05
1.27
21.2
18.5
2503
63.5
and
498.0
499.9
1.9
1.2
303
0.05
0.02
7.1
5.8
755
19.2
inc.
499.0
499.9
0.9
0.6
544
0.05
0.02
13.1
9.1
1313
33.3
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)
(%)
Previously
Reported
Las
Victorias
20CLM-121
678.6
679.1
0.5
0.4
155
1.79
2.28
0.1
22.8
1460
37.0
and
682.6
683.4
0.9
0.7
51
0.02
0.29
0.1
3.0
204
5.2
and
685.9
687.6
1.8
1.4
188
0.07
0.53
0.2
4.1
420
10.7
20CLM-123
134.6
140.8
6.2
4.3
33
0.94
0.00
0.3
0.4
136
3.4
and
199.3
205.3
5.9
4.1
63
1.58
0.07
0.8
0.9
259
6.6
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$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 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/70431