Southern Silver Extends Oxide-Gold and Sulphide Zones at Cerro Las Minitas with 6.1 Metres Averaging 344g/t Ag, 5.7% Pb and 3.9% Zn (728g/t AgEq) and 1.0 Metre Grading 1070g/t Ag, 23.3% Pb and 3.2% Zn (1,937g/t AgEq)
Southern Silver Extends Oxide-Gold and
Sulphide Zones at Cerro Las Minitas with 6.1
Metres Averaging 344g/t Ag, 5.7% Pb and 3.9%
Zn (728g/t AgEq) and 1.0 Metre Grading
1070g/t Ag, 23.3% Pb and 3.2% Zn (1,937g/t
AgEq)
Vancouver, British Columbia--(Newsfile Corp. - January 21, 2021) -
Southern Silver Exploration
Corp.
(TSXV: SSV) (OTCQB: SSVFF)
reported today further intervals of
gold-enriched oxide
and
sulphide mineralization
in step out drilling as well as a significant downhole extension of earlier
reported high-grade, silver-enriched polymetallic sulphide mineralization in drill hole
20CLM-125
at the
Mina La Bocona zone, Cerro Las Minitas project, Durango Mexico.
New assay results from drill hole
20CLM-125
have extended an earlier reported 19.8 metre down hole
mineralized interval to a full
50.6 metres (32.2m est. TT)
of semi-continuous mineralization averaging
435g/t AgEq
including new higher-grade intervals of:
a
9.3m down-hole interval (6.1m est. TT) averaging 344g/t Ag, 0.59g/t Au. 5.7% Pb and
3.9% Zn (728g/t AgEq; 18.5% ZnEq)
;
a
2.2m down-hole interval (1.4m est. TT) averaging 520g/t Ag, 0.34g/t Au, 10.6% Pb and
9.8% Zn (1268g/t AgEq; 32.2% ZnEq)
; and
a
7.5m down-hole interval (5.0m est. TT) averaging 364g/t Ag, 0.3g/t Au, 7.0% Pb and 1.8%
Zn (678g/t AgEq; 17.2% ZnEq)
;
Results from drill hole 20CLM-125 have also identified:
in
the sulphide zone, a relatively narrow interval of bonanza-grade silver mineralization a further
60m down hole and adjacent to the Central Intrusion which returned a
1.4m interval (1.0m est. TT)
grading 1070g/t Ag, 0.09g/t Au, 23.3% Pb and 3.2% Zn (1,937g/t AgEq; 49.1% ZnEq).
in the upper oxide-gold zone (first reported in NR-16-20, December 16
t
h
, 2020) an extension of the
zone of mineralization to
56.8m (30.9m est. TT)
averaging
0.87g/t Au and 24g/t Ag
.
The mineralization identified in drill hole 20CLM-125 is the second, thick sulphide zone identified in this
part of the Mina La Bocona target area. It represents a 12m to 25m lateral and down dip extension of
mineralization first identified in drill hole 15CLM-078 from the 2015 drilling program and opens up the
additional potential for further down-dip extensions of the sulphide mineralization which will be a
continued focus of drilling in this current exploration program.
Results from drill hole
20CLM-127
which was cored up-dip from drill hole 20CLM-125, on the same
azimuth, returned both gold-enriched oxide and deeper sulphide mineralization including:
a
43.2m down-hole interval (26.5m est TT) averaging 0.37g/t Au and 26g/t Ag
of shallow
oxide mineralization; and
a
10m down-hole interval (6.1m est TT) averaging 162g/t Ag, 0.57g/t Au, 3.2% Pb and 1.3%
Zn (359gt/t AgEq; 9.1% Zn)
that correlates with the deeper sulphide mineralization
Assay results from drill hole 20CLM-127 complement the sulphide and oxide mineralization previously
identified in both drill holes 20CLM-125 and 15CLM-078 and highlight the continued exploration
potential of the sulphide mineralization to depth and of the shallow oxide mineralization laterally to the
southeast. Further drilling is continuing as part of the 2020-21 program to test both of these mineralized
projections.
The identification of new thick zones of high-grade sulphide mineralization on the east side of the Cerro,
complements the results from earlier drilling and greatly adds to the company's confidence that it can
meet or exceed its exploration goals. The now expanded oxide-gold zone remains an intriguing new
target for further delineation in 2021.
President Lawrence Page, Q. C. noted:
"The present mineral resource estimate is based upon results
derived from drill holes situate on the West side of the Cerro. Results from seventeen drill holes
located on the East side of the Cerro, many containing high-grade mineralization, are not included in
the 2019 Resource Estimate. Drilling currently being conducted on the east side of the Cerro is
producing significant values of both oxide and sulphide mineralization, the results of which, together
with results of the seventeen drill holes previously drilled, will be incorporated into an updated 43-101
Mineral Resource Estimate leading to further economic assessment studies incorporating all data
later in 2021."
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/5344/72524_6353e8a9346ba9a7_002full.jpg
Table 1: Select Assay intervals from Drill Holes 20CLM-125 and 20CLM-127 in the Mina La
Bocona Target
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
80.6
56.8
30.9
24
0.87
0.02
0.6
0.4
131
3.3
Inc. New
Assays
inc.
31.4
34.1
2.8
1.5
72
5.09
0.08
1.0
0.5
552
14.0
Previously
Released
and inc.
48.9
52.3
3.4
1.8
57
2.59
0.03
1.2
1.7
377
9.6
Previously
Released
and
135.0
138.1
3.1
1.7
17
0.66
0.03
0.8
0.5
122
3.1
Previously
Released
and
216.8
267.4
50.6
33.2
224
0.29
0.03
3.6
1.8
435
11.0
Inc. New
Assays
inc.
221.8
227.8
6.1
4.0
421
0.45
0.01
5.5
1.9
704
17.9
Previously
Released
and inc.
237.8
247.1
9.3
5.2
344
0.59
0.04
5.7
3.9
728
18.5
New Assays
and inc.
250.8
253.0
2.2
1.2
520
0.34
0.06
10.6
9.8
1268
32.2
New Assays
and inc.
257.6
265.2
7.5
4.2
364
0.30
0.03
7.0
1.8
678
17.2
New Assays
and
326.7
328.2
1.4
0.8
1070
0.09
0.12
23.3
3.2
1937
49.1
New Assays
20CLM-127
44.7
56.1
11.4
7.0
24
0.93
0.01
0.5
0.7
146
3.7
36% dilution
and
132.5
175.7
43.2
26.5
26
0.37
0.02
0.5
0.4
89
2.2
inc.
132.5
134.6
2.1
1.3
131
2.56
0.15
4.3
3.6
633
16.0
and inc.
160.2
161.9
1.7
1.0
40
1.75
0.01
2.4
0.2
268
6.8
and
214.2
224.2
10.0
6.1
162
0.57
0.01
3.2
1.3
359
9.1
27% dilution
and
288.9
292.0
3.1
1.9
199
0.25
0.01
1.2
1.0
298
7.6
and
301.3
307.6
6.3
3.8
62
0.13
0.01
1.6
0.6
146
3.7
32% dilution
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.
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 which was paused for the Christmas break
will
continue in late January with one drill focused on the Mina La Bocona target and a second drill exploring
the South Skarn 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 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.
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 150 drill holes for 67,375metres have been completed on the CLM Project with exploration
expenditures of approximately US$27.0 million equating to exploration discovery costs of approximately
C$0.09 per AgEq ounce to the end of 2020.
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 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.
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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