Southern Silver Continues to Identify High- grade Silver Within a 400 Metre Strike at the Cerro Las Minitas Project; Oro Cu-Au-Mo Project, Update
Southern Silver Continues to Identify High-
grade Silver Within a 400 Metre Strike at the
Cerro Las Minitas Project; Oro Cu-Au-Mo
Project, Update
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver")
reported assay results from its final four drill holes on the
North Felsite - North Skarn targets which continues to confirm and extend silver-polymetallic
mineralization on the Cerro Las Minitas project, Durango, Mexico.
Drilling tested an eastern projection of the North Skarn target at approximately 400 metres below
surface. Mineralization remains open both laterally to the east and at depth and demonstrates continuity
with previously drilled mineralization in the Skarn Front deposit.
Drilling also tested gaps within the
current drill pattern around hole 21CLM-175 (1.9m of 1530g/t AgEq; see NR-19-21).
Highlight intercepts from the four drill holes include:
a 0.8 metre interval (0.6 metre est. TT.)
averaging
746g/t Ag,
0.1g/t Au, 0.2% Cu,
17.1%
Pb
and 13.2% Zn
(1904g/t AgEq)
within
a 2.6 metre interval (2.0 metre est. TT.)
averaging
336g/t
Ag,
0.1g/t Au,
0.2% Cu,
6.5% Pb and 4.7% Zn (780g/t AgEq)
from drill hole
22CLM-194; and
a 3.4 metre interval (3.0 metre est. TT.)
averaging
219g/t Ag, 2.5% Pb and 0.6% Zn (333g/t
AgEq) from drill hole 22CLM-193;
Drilling on these targets, which started in September 2021, has now tested a 400 metre strike-length of
mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links
previously identified mineralization in the Mina La Bocona and Skarn Front deposits.
Twenty-five holes
totaling 11,275 metres were completed in the two target areas to depths of up to 450 metres below
surface.
Vice President of Exploration Rob Macdonald states:
"Drilling over the last 15 months has helped
confirm the projection and continuity of new mineralization between the
Mina La Bocona
and
Skarn
Front deposits
. Work has now started on modelling the data which will be used in an updated Mineral
Resource Estimate for the project with the results anticipated in Q1 2023. Current engineering
suggests that new Mineral Resources can be processed in the current Life-of-Mine design as
described in the Company's PEA on the Cerro Las Minitas Project, available on SEDAR and as
described in NR-07-22; August 29, 2022. The Company continues to work on these and other
engineering upgrades to the project."
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits at the
North Felsite and North Skarn targets.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5344/142083_333e93af84c6f8e3_002full.jpg
Figure 2: Longitudinal Section looking south of the North Felsite target area showing the
distribution of Southern Silver's most recent drill holes.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5344/142083_333e93af84c6f8e3_003full.jpg
Oro Project, New Mexico, USA.
Drilling continues on the
Oro project
, designed to test several copper-molybdenum porphyry and
copper-gold skarn targets within a broad phyllic alteration zone, interpreted to overlie an unexposed
porphyry center.
Initial drilling and assays have identified thick zones of strongly anomalous copper mineralization, classic
porphyry geochemical and alteration zonation, increasing molybdenum and copper at depth and several
unexposed hydrothermal diatreme breccias. Three holes totaling 2,926m have been completed; a fourth
hole is now in progress. Assays have been returned from two of the holes. Logging and sampling
continue with assays pending from one of the completed holes and the current hole in progress.
Table 1a: Select Assay Intervals from North Felsite - North Skarn Target Area.
Hole #
From
To
Interval
Est. Tr.
Thck.
Ag
Au
Cu
Pb
Zn
AgEq
ZnEq
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(%)
New Assays: North Felsite - North Skarn
22CLM-192
408.6
411.0
2.4
1.2
181
0.01
0.39
1.5
1.5
338
8.2
22CLM-193
409.7
416.0
6.3
5.6
124
0.02
0.03
1.4
0.4
195
4.7
inc.
409.7
413.0
3.4
3.0
219
0.02
0.04
2.5
0.6
333
8.1
22CLM-194
81.2
84.7
3.5
2.3
140
0.04
0.01
1.9
0.1
212
5.2
22CLM-194
289.5
290.4
0.9
0.7
386
0.17
0.25
6.0
4.7
827
20.1
22CLM-194
306.2
308.8
2.6
2.0
336
0.14
0.16
6.5
4.7
780
18.9
inc.
306.2
307.0
0.8
0.6
746
0.09
0.22
17.1
13.2
1904
46.3
22CLM-195
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
Previously Reported Assays: North Felsite - North Skarn
21CLM-172
210.5
211.2
0.7
0.4
313
0.25
0.07
7.0
1.3
610
15.5
21CLM-173
328.0
329.6
1.6
0.9
5
0.46
0.22
0.0
1.2
113
2.9
21CLM-174
157.1
157.6
0.5
0.3
147
0.02
0.00
2.1
0.1
217
5.5
21CLM-175
224.0
226.7
2.7
1.9
599
0.08
0.03
16.9
10.2
1530
38.8
inc.
224.0
225.2
1.2
0.8
760
0.07
0.03
23.2
17.4
2169
55.0
21CLM-176
291.3
295.1
3.8
2.6
78
1.1
0.0
1.1
0.4
223
5.6
inc.
291.3
291.6
0.4
0.2
24
11.2
0.0
0.3
0.1
965
24.5
21CLM-176
362.7
371.1
8.5
5.8
151
0.1
0.1
3.1
1.0
308
7.8
inc.
362.7
363.7
1.1
0.7
487
0.2
0.2
12.9
3.0
1040
26.4
21CLM-177
294.9
296.8
1.9
1.5
194
0.2
0.0
4.3
2.5
443
11.2
inc.
295.8
296.3
0.5
0.4
515
0.4
0.1
12.0
6.8
1190
30.2
and
303.2
318.0
14.8
11.8
185
0.2
0.1
2.8
1.0
336
8.5
inc.
303.2
307.0
3.8
3.0
354
0.7
0.1
6.1
2.6
713
18.1
21CLM-178
245.2
250.2
5.0
4.6
63
2.0
0.1
0.8
0.5
288
7.3
inc.
245.2
246.3
1.1
1.0
21
5.3
0.0
0.1
0.1
471
11.9
21CLM-179
256.4
259.3
2.9
2.6
140
0.9
0.1
3.6
5.7
561
14.2
inc.
257.8
258.3
0.5
0.4
219
2.6
0.1
4.5
11.5
1028
26.1
and
345.7
348.0
2.4
2.1
109
0.0
0.0
1.9
1.4
228
5.8
inc.
347.6
348.0
0.4
0.4
165
0.1
0.0
3.6
7.3
573
14.5
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.
Table 1b: Select Assay Intervals from North Felsite - North Skarn Target Area.
Hole #
From
To
Interval
Est. Tr.
Thck.
Ag
Au
Cu
Pb
Zn
AgEq
ZnEq
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(%)
Previously Reported Assays: North Felsite - North Skarn con't
21CLM-180
400.3
400.9
0.6
0.4
1430
1.2
1.2
9.7
11.5
2419
61.3
and
404.0
405.8
1.8
1.2
79
0.1
0.4
0.2
5.1
337
8.6
inc.
405.3
405.8
0.6
0.4
129
0.1
1.1
0.2
13.8
812
20.6
21CLM-181
321.9
327.0
5.1
3.7
174
0.5
0.1
1.5
0.9
310
7.9
inc.
324.9
325.6
0.7
0.5
914
2.1
1.0
7.2
4.8
1604
40.7
21CLM-181
468.0
476.0
8.0
5.7
234
0.1
0.3
1.1
2.0
384
9.7
inc.
470.3
474.8
4.4
3.2
379
0.1
0.5
1.7
2.6
595
15.1
21CLM-181
482.9
484.2
1.3
0.9
280
0.1
0.1
3.8
4.5
600
15.2
inc.
483.4
483.8
0.4
0.3
852
0.3
0.4
11.0
14.8
1846
46.8
22CLM-182
333.8
351.1
17.3
14.1
55
0.7
0.1
0.4
0.7
162
4.1
inc.
346.5
347.3
0.8
0.7
451
1.1
0.0
2.0
1.2
651
16.5
22CLM-182
497.7
500.9
3.2
2.6
195
0.1
0.1
0.6
2.5
328
8.3
inc.
499.3
500.9
1.6
1.3
368
0.0
0.1
1.1
3.7
568
14.4
22CLM-183
535.4
538.4
3.0
2.2
85
0.0
0.0
1.6
3.6
278
7.1
inc.
537.7
538.4
0.7
0.5
115
0.1
0.0
2.2
5.7
413
10.5
22CLM-184
378.8
396.3
17.5
11.7
7
1.1
0.0
0.1
0.2
112
2.8
inc.
384.5
385.9
1.4
1.0
19
5.6
0.0
0.3
0.1
495
12.5
22CLM-184
418.3
427.3
8.9
6.0
117
0.1
0.1
1.1
1.0
213
5.4
inc.
422.2
423.3
1.2
0.8
302
0.2
0.4
2.9
0.7
485
12.3
22CLM-185
472.2
474.5
2.3
1.8
1001
0.3
0.8
2.4
3.3
1321
33.5
inc.
473.3
474.5
1.2
1.0
1785
0.5
1.4
3.1
5.9
2309
58.6
22CLM-186
410.2
411.0
0.8
0.6
107
7.0
0.0
7.6
4.9
1116
28.3
22CLM-186
481.0
481.6
0.6
0.5
649
0.1
0.9
5.1
4.4
1088
27.6
22CLM-187
494.7
496.9
2.2
1.9
162
0.6
0.3
1.5
0.6
314
8.0
inc.
494.7
495.4
0.7
0.6
499
0.1
0.4
4.6
1.5
759
19.2
22CLM-188
441.8
457.8
16.0
12.7
128
0.0
0.0
0.8
1.1
202
5.1
inc.
455.6
457.2
1.6
1.3
675
0.0
0.3
5.5
3.4
1008
25.6
22CLM-189
469.5
470.0
0.5
0.4
1130
0.1
2.1
9.8
11.9
2143
54.3
22CLM-190A
342.6
343.4
0.8
0.6
462
0.0
0.1
11.1
3.0
937
23.8
22CLM-191
453.2
460.4
7.2
4.7
123
0.0
0.8
0.4
0.6
251
6.4
inc.
455.6
456.2
0.6
0.4
848
0.0
5.6
0.7
2.6
1596
40.5
22CLM-191
474.7
478.7
4.0
2.6
77
0.0
4.4
0.2
0.9
617
15.6
inc.
474.7
476.2
1.5
1.0
165
0.1
11.5
0.1
0.4
1463
37.1
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
Southern Silver continues to advance the Cerro Las Minitas project as one of the world's largest
undeveloped silver/lead/zinc resources, through advanced exploration, pre-production metallurgical and
engineering work, and economic assessment. The CLM Ag-Pb-Zn-Cu Skarn system is well located in
southern Durango, Mexico, in a safe jurisdiction, surrounded by producing mining companies, with easy
access and strong community support.
A total of 226 drill holes for 96,411 metres has been completed on the CLM Project with exploration
expenditures of over US$35.0 million equating to exploration discovery costs of approximately C$0.09
per AgEq ounce.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the
identification of world-class mineral deposits in major jurisdictions, advancing them either directly or
through joint-venture relationships. Our specific emphasis is on advancing the 100% owned Cerro Las
Minitas project, one of the world's largest undeveloped silver-lead-zinc deposits, to a production
decision.
Southern has assembled a team of highly experienced technical, operational and transactional
professionals to support our efforts in developing (recent robust PEA) the Cerro Las Minitas project into
a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry
copper-gold project where a diamond drill program is underway and the Hermanas gold-silver vein
project where permitting applications for the conduct of a drill program is underway; both are located in
southern New Mexico, USA.
The scientific and technical content of this news release was compiled, reviewed and approved by
Robert Macdonald, MSc. P.Geo, VP. Exploration, a Qualified Person as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, K.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver's website at
https://www.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/142083