Southern Silver Identifies New Drill Targets at CLM West Claims
Southern Silver Identifies New Drill Targets at CLM West
Claims
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2018) -
Southern Silver Exploration Corp. (TSXV: SSV)
(OTCQB: SSVFF) (FSE: SEG1) ("Southern Silver")
reported today that recent surface sampling targeting precious-metal
enriched epithermal vein systems on its newly staked CLM West claim group (Creston del Oro, Biznagas and Los Lenchos
claims) has identified several new drill targets for RC drill testing in Q2 2018.
Recent sampling on the four square kilometre
T3
Target
area returned elevated precious metal and pathfinder values in multiple
float samples including two distinct clusters of strongly anomalous silver values (up to 317g/t Ag), gold values (up to 0.64g/t Au),
antimony values (up to 9920ppm Sb) and a +1000 metre trend of strongly elevated mercury (up to 37.3ppm Hg). Further
sampling to the northwest and southeast of the T3 area currently is underway to determine the lateral extent of the anomalies.
The T3 area represents a previously unrecognized target
area
that sits several kilometres to the northeast of
,
and
parallel to,
the already established mineralized trend transecting the CLM West claim group
(see Figure 2).
Figure 1:
Distribution of S
urface
F
loat
S
ampling in the
T3
Target Area
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Surface exploration in the CLM West claim package is targeting high-grade epithermal silver-gold quartz vein systems within
Tertiary volcanic stratigraphy which are found in a geologically similar environment to the vein system at the Avino Mine located
approximately 10 km to the NW of the northern claim boundary of the CLM West claim group and at Hecla's San Sebastian mine
located approximately 40km to the east of the target area.
Southern Silver also reported that community consultations and agreements are completed and Environmental
permitting/reporting is in progress and nearing completion.
CLM West Sampling Program
Summary
Sampling has been conducted throughout the three claim groups over the last several months with collected samples consisting
of mostly quartz and rhyolite float. Mapping in areas of exposure in the northern areas of the claims has identified multiple quartz
veins and silicified zones up to 15 metres thick.
Over 2400 rock chip and float samples have been collected in the CLM West claims to date and identify a +12 kilometre long
northwest-southeast-trending corridor of anomalous precious-metal and pathfinder values that display a distinct zoning pattern
consistent with modelled vertical and lateral zonation within a large epithermal vein system. Multiple distinct clusters and trends
are seen in the metal distribution which will form the basis for drill targeting in the gravel covered areas.
Figure
2
:
Surface S
ampling on the
CLM West
C
laim
G
roup
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Table 1: Select Results from Float Sampling in the T3 Target Area
SAMPLE
WIDTH
AU
ppb
AG
g/t
AS
ppm
CU
ppm
MO
ppm
PB
ppm
SB
ppm
ZN
ppm
HG
ppm
17LBP-1683
Float, Selective sample
190
317.0
1945
1615
2
4350
164
34
0.1
17LBP-1894
Float, Selective sample
14
230.0
466
6
5
76
344
29
23.0
17LBP-1680
Float, Selective sample
642
165.0
38
155
18
200
297
113
0.7
17LBP-1865
Float, Selective sample
8
43.9
81
5
14
<2
137
20
2.0
17LBP-1756
Float, Selective sample
8
31.6
17
1
<1
5
296
7
3.9
17LBP-1859
Float, Selective sample
745
18.8
58
8
1
28
595
35
0.1
17LBP-42
Float, Selective sample
577
3.8
149
6
6
8
370
23
0.9
17LBP-1830
Float, Selective sample
164
0.6
33
1
1
2
694
39
0.2
17LBP-1690
Float, Selective sample
118
1.1
217
4
<1
11
342
23
0.3
17LBP-1748
Float, Selective sample
<5
0.6
212
1
1
2
9920
8
0.2
17LBP-1915
Float, Selective sample
<5
8.1
77
2
<1
3
7280
16
1.8
17LBP-1574
Float, Selective sample
<5
<0.5
17
1
3
30
<5
45
37.3
17LBP-1519
Float,
Selective sample
<5
<0.5
10
2
2
14
103
50
21.8
Cerro Las Minitas Project
Recent exploration on the company's flagship Cerro Las Minitas property, Durango Mexico has been funded by Electrum Global
Holdings L.P. ("Electrum"), which has now earned a 60% indirect interest in the property through a US$5.0M earn-in on the
property, with Southern Silver acting as operator of on-going joint venture operations.
The Cerro Las Minitas project as of January 8
th
, 2018 contains an estimated Inferred Resource, at a 175g/t AgEq cut-off, of
33.6
Mozs silver and
319
Mlbs of lead and
813
Mlbs zinc
(
116.1
Mozs AgEq)
and an estimated Indicated Resource of
20.7
Mozs silver,
131
Mlbs lead and
870
Mlbs zinc (
92.7
Mozs AgEq)
.
(1)
A total of 108 drill holes for 49,600 metres have now been completed on the Cerro Las Minitas project with exploration
expenditures of approximately US$15.1 million with an exploration cost of $0.07 per AgEq ounce.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of
world-class mineral deposits in north-central Mexico and the southern USA. Our specific emphasis is the 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, San Martin, Naica, Los Gatos and Pitarrilla. We have assembled a team of highly experienced technical,
operational and transactional professionals to support our exploration efforts in developing, along with our partner, Electrum
Global Holdings LP, 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. The Oro property consists of patented land, State leases and BLM located mineral claims which
cover a highly prospective quartz-sericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre and distal
sediment-hosted, oxide-gold target.
1
.
The 2018 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 and
AgEq values interpolated using ID
2
weighting. The models identified at a 175g/t AgEq cut-off, an indicated resource of
10,135,000 tonnes averaging 102g/t Ag, 0.1g/t Au, 1.4% Pb, 3.6% Zn and 0.15% Cu and a cumulative inferred resource of
8,685,000 tonnes averaging 74g/t Ag, 0.04g/t Au, 0.7% Pb, 4.5% Zn and 0.15% Cu. Mineral Resource cut-offs are
estimated using an average long-term price of $16/oz silver, $1,200/oz gold, $2.75/lb Cu, $1.00/lb lead and $1.10/lb zinc
and metal recoveries of 82% silver, 86% lead 80% copper and 80% zinc. AgEq calculations did not account for relative
metallurgical recoveries of the metals. All prices are stated in $USD. Mineral Resources are conceptual in nature and as
such do not have demonstrated economic viability.
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.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and responsible for the
supervision of the exploration on the Cerro Las Minitas Project and for the preparation 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 may contain 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.