Southern Silver Extends New North Felsite Zone with Multiple Drill Intercepts Including: 11.8 Metres Averaging 185g/t Ag, 0.2g/t Au, 2.8% Pb and 1.0% Zn at Cerro Las Minitas
Southern Silver Extends New North Felsite
Zone with Multiple Drill Intercepts Including:
11.8 Metres Averaging 185g/t Ag, 0.2g/t Au,
2.8% Pb and 1.0% Zn at Cerro Las Minitas
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2022) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver")
reported today that drilling continues to extend high-grade
Ag-polymetallic mineralization at the newly identified North Felsite Target on the Cerro Las Minitas
project, Durango, Mexico. The North Felsite target is an area located approximately 400 metres to the
northwest of the La Bocona and Mina Pina shafts on the eastern side of the Cerro, in an area that was
not included in the most recent NI43-101 Mineral Resource update on the property.
The newly released polymetallic sulphide intercepts from the North Felsite target area include:
a 3.8 metre interval (3.0 metre est. TT.)
averaging
354g/t Ag, 0.7g/t Au, 6.1% Pb and 2.6% Zn
(713g/t AgEq)
within
a 14.8 metre interval (11.8 metre est. TT.)
averaging
185g/t Ag, 0.2g/t Au,
2.8% Pb and 1.0% Zn (336g/t AgEq)
from drill hole
21CLM-177;
a 0.7 metre interval (0.5 metre est. TT.)
averaging
914g/t Ag, 2.1g/t Au, 7.2% Pb and 4.8% Zn
(1,604g/t AgEq)
within
a 5.1 metre interval (3.7 metre est. TT.)
averaging
174g/t Ag, 0.5g/t Au,
1.5% Pb and 0.9% Zn (310g/t AgEq)
from drill hole
21CLM-181;
and
a 4.4 metre interval (3.2 metre est. TT.)
averaging
379g/t Ag, 0.5% Cu, 1.7% Pb and 2.6% Zn
(595g/t AgEq)
within
a 8.0 metre interval (5.7 metre est. TT.)
averaging
234g/t Ag, 0.3% Cu,
1.1% Pb and 2.0% Zn (384g/t AgEq)
from drill hole
21CLM-181;
This current drilling tested down dip of previously reported intercepts from drill holes
21CLM-175
(
1.9m
est. TT of 1,530g/t AgEq
; see NR-19-21) and
21CLM-172
(
0.4m est. TT. of 610g/t AgEq
; see NR-19-
21) and now extends the projection of mineralization within the North Felsite zone to over 400 metres
below surface and upwards of 250 metres along strike, making it a potentially substantial discovery.
More drilling remains to be completed on this target including lateral and down-dip step-outs of this
newly identified lens of mineralization which will form the basis of further exploration on the property in
2022.
Drilling resumed on the property in early January. As part of these new exploration efforts, three
additional holes were completed on the El Sol claim to follow-up on recently reported high-grade
mineralization in
21Sol-003
(
3.5m of 932g/t AgEq
; see NR-02-22). Assays from these three holes are
pending and anticipated over the coming weeks. Eight holes totaling 2,920 metres have been
completed on the El Sol concession in 2021-22.
Drilling has now resumed on the North Felsite target. Initial drilling will step-out from hole
21CLM-181
as
it targets additional mineralization both along strike and at depth (see Figure 2). Ten drill holes totalling
3,896 metres were completed in the North Felsite target area in the Fall of 2021.
Rob Macdonald, Vice President Exploration, stated,
"The identification of a significant new lens of
mineralization on the north side of the Cerro highlights the continued exploration potential of the
property. Drilling resumed in January and will continue the process of resource expansion while work
proceeds on the development of a Preliminary Economic Assessment of the Cerro las Minitas project
due in Q2 2022."
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and
the location for new drilling, at the North Felsite target and El Sol concession.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5344/113638_8a59467724c5fb7f_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://orders.newsfilecorp.com/files/5344/113638_8a59467724c5fb7f_003full.jpg
Table 1: Select Assay Intervals from North Felsite 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)
(%
)
CLM - North Felsite
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
239.8
242.3
2.5
2.0
193
0.0
0.0
4.3
0.5
353
8.9
inc.
241.4
242.3
0.9
0.7
328
0.0
0.1
7.3
0.6
592
15.0
and
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
and inc.
322.0
323.7
1.7
1.4
267
0.1
0.0
2.6
3.2
484
12.3
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
and
359.7
360.0
0.4
0.3
275
0.0
0.0
10.7
4.8
798
20.2
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
459.5
463.1
3.6
2.6
146
0.3
0.4
0.4
3.0
351
8.9
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
inc.
470.3
471.4
1.1
0.8
661
0.2
1.1
2.0
6.2
1104
28.0
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
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.
Oro Project Update
The Company property portfolio also includes the Oro porphyry copper-gold project located in southern
New Mexico, USA, comprised of patented land, State leases and BLM mineral claims totalling 22.3 sq.
km. Targeting has been finalized and permitting and bonding completed for a 4,000m drill program,
designed to test several copper-molybdenum porphyry and copper-gold skarn targets within a broad
quartz-sericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre. Drilling is
planned to commence in February, 2022.
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 companies, with easy access
and strong community support.
A total of 190 drill holes for 81,646 metres has been completed on the CLM Project with exploration
expenditures of approximately US$30.0 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
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.
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
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/113638