Southern Silver Continues to Identify High- grade Mineralization in the South Skarn Target at Cerro Las Minitas with a 10.4 metre intercept averaging 172g/t Ag, 3.8% Pb and 3.7% Zn (520g/t AgEq; 10.7% ZnEq)
Southern Silver Continues to Identify High-
grade Mineralization in the South Skarn Target
at Cerro Las Minitas with a 10.4 metre
intercept averaging 172g/t Ag, 3.8% Pb and
3.7% Zn (520g/t AgEq; 10.7% ZnEq)
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2020) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver")
reported today further assay results from its 10,000 metre
2020-21 core drilling program nearing completion on the
Cerro Las Minitas project
, Durango State,
Mexico. Results include strongly silver-enriched semi-massive to massive sulphide mineralization in the
South Skarn target in two diamond drill holes which returned:
a 15.6m down hole interval (10.4m est. TT) averaging 172g/t Ag, 3.8% Pb
and
3.7% Zn
(520g/t AgEq; 10.7% ZnEq)
including a higher grade
0.9m interval (0.6m est. TT) grading
975g/t Ag, 21.2% Pb
and
18.5% Zn (2,830/t AgEq; 58.5% ZnEq)
from drill hole
20CLM-124.
a 3.7m down hole interval (2.7m est. TT) averaging 511g/t Ag, 5.0% Pb
and
3.7% Zn (907g/t
AgEq; 18.7% ZnEq)
from drill hole
20CLM-120;
The two holes are down-dip step-outs of mineralized intercepts in previously reported holes
20CLM-118
(
4.0m of 292g/t AgEq)
and
20CLM-119
(
6.7m averaging 1454g/t AgEq)
(see NR-14-20) and
represent the deepest assay results from the South Skarn mineralized zone which has now been largely
outlined for over 400 metres down dip and 200 to 300 metres along strike. Two additional step-out holes
have been completed a further 100 metres down dip of 20CLM-124, with assays pending. Several more
holes are planned along strike, northward, in order to continue definition of these new and high-grade
mineralized bodies located on the eastern margin of the central monzonite intrusion (see Figure 1 and
Figure 2)
Seven holes totaling
3,434 metres
have now been completed on the
South Skarn target
which is
located approximately 1 kilometre to the east of the known mineral deposits currently identified on the
property. Six holes totaling
1,210 metres
have been completed at the
Mina La Bocona target
located
approximately 500 metres to the north of the South Skarn drilling. Assays from these holes are pending.
Rob Macdonald, Vice President Exploration stated:
"We began this drill campaign targeting an
approximate 30% increase in the Mineral Resources for the Cerro las Minitas project which currently
totals 134 million Silver Equivalent ounces in the Indicated category and 138 million Silver
Equivalent ounces in the Inferred category
(1)
through the addition of new mineralization in the South
Skarn and Mina La Bocona areas which are not included in the current Mineral Resource Estimate of
the property. Early assay results from the east side of the Cerro are encouraging and continue to
extend and expand new zones of high-grade Ag-Pb-Zn mineralization with additional pending results
from both the South Skarn and Mina La Bocona target areas. Upon completion of the program,
anticipated in February 2021, a further update of the Mineral Resource estimate will be computed
incorporating the newly identified mineralization."
Two holes totaling
1,210 metres
were completed in the
Las Victorias target
area with hole
20CLM-
121
returning high-grade polymetallic mineralization grading
0.4m (est. TT) of 155g/t Ag, 1.79g/t Au,
0.1% Zn and 22.8% Zn
(1479g/t AgEq or 36.0% ZnEq)
which extends this prospective target area an
additional 100 metres to the southeast.
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/5344/69925_f50696ac24a298a1_002full.jpg
Figure 2: Longitudinal section of proposed, current and past drilling on the South Skarn target.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5344/69925_f50696ac24a298a1_003full.jpg
In total, approximately 6,735 metres of drilling have now been completed of the anticipated 10,000
metres of core drilling for the 2020-21 exploration program. Drilling continues with a drill focused on the
South Skarn target as well as a second drill currently exploring the Mina La Bocona target.
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 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 the South Skarn 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)
(%)
South Skarn Target
20CLM-120
343.8
345.7
1.9
1.4
101
0.08
0.00
0.9
0.2
155
3.2
and
429.0
432.6
3.7
2.7
511
0.10
0.13
5.0
3.7
907
18.7
inc.
431.8
432.6
0.9
0.6
902
0.05
0.16
7.8
8.4
1630
33.7
and
441.0
442.3
1.3
1.0
51
0.07
0.06
1.5
1.1
175
3.6
and
450.8
452.9
2.1
1.6
182
0.23
0.21
4.4
4.1
593
12.2
20CLM-122
390.7
391.9
1.2
0.9
97
0.18
0.01
0.2
0.2
127
2.6
and
417.8
419.0
1.2
0.9
247
0.19
0.07
4.7
1.2
509
10.5
and
435.0
442.8
7.8
5.8
66
0.05
0.02
0.4
0.2
97
2.0
39.4% dilution
inc.
442.1
442.8
0.6
0.5
237
0.07
0.02
0.9
0.2
289
6.0
20CLM-124
397.2
402.1
5.0
3.3
304
0.11
0.18
4.8
1.9
609
12.6
inc
400.1
401.0
0.8
0.6
607
0.15
0.49
11.0
3.4
1259
26.0
and
475.0
490.6
15.6
10.4
172
0.08
0.15
3.8
3.7
520
10.7
31.1% Dilution
inc.
475.0
483.7
8.7
5.8
286
0.11
0.27
6.4
5.8
849
17.6
inc.
475.0
475.9
0.9
0.6
975
0.05
1.27
21.2
18.5
2830
58.5
and
498.0
499.9
1.9
1.2
303
0.05
0.02
7.1
5.8
860
17.8
inc.
499.0
499.9
0.9
0.6
544
0.05
0.02
13.1
9.1
1493
30.8
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
292
6.0
27.50%
inc.
174.2
175.4
1.2
0.9
412
0.14
0.06
7.8
9.2
1174
24.3
and
188.8
190.0
1.1
0.8
132
0.12
0.02
2.8
2.0
347
7.2
20CLM-119
95.0
96.5
1.5
1.1
54
2.83
0.01
3.6
0.4
456
9.4
and
206.4
210.7
4.3
3.2
99
0.27
0.01
0.7
0.6
176
3.6
41.9% dilution
inc.
206.4
207.6
1.2
0.9
216
0.22
0.01
0.8
0.1
273
5.6
and
226.1
235.1
9.0
6.7
625
0.11
0.03
11.8
7.5
1454
30.0
40.8% dilution
inc.
226.1
228.4
2.3
1.7
1338
0.15
0.04
25.9
17.6
3201
66.1
and inc.
232.0
233.3
1.3
0.9
1480
0.09
0.04
26.5
16.8
3322
68.6
and
241.5
243.0
1.6
1.2
112
0.07
0.02
2.2
2.1
308
6.4
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)
(%)
Las Victorias
20CLM-121
678.6
679.1
0.5
0.4
155
1.79
2.28
0.1
22.8
1674
34.6
and
682.6
683.4
0.9
0.7
51
0.02
0.29
0.1
3.0
232
4.8
and
685.9
687.6
1.8
1.4
188
0.07
0.53
0.2
4.1
459
9.5
20CLM-123
134.6
140.8
6.2
4.3
33
0.94
0.00
0.3
0.4
144
3.0
and
199.3
205.3
5.9
4.1
63
1.58
0.07
0.8
0.9
278
5.7
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
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