Southern Silver Initiates Drilling and Baseline Data Collection and Related Studies at its Cerro Las Minitas Project in Mexico
Southern Silver Initiates Drilling and Baseline
Data Collection and Related Studies at its
Cerro Las Minitas Project in Mexico
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) -
Southern Silver Exploration
Corp.
(TSXV: SSV) (OTCQX: SSVFF) ("Southern Silver" or the "Company") reports that drilling has
commenced on its 100% owned Cerro Las Minitas, Ag-Pb-Zn property, located in Durango, Mexico.
Up to 6,000m of core drilling is planned as a initial stage to test further extensions of shallow, high-grade
mineralization lateral to the three existing deposits which occur on the eastern and northern margins of
the central intrusion (Figure 1).
Previous drilling programs (~96,744 metres) resulted in the following mineral resource as of March 20,
2024 using a $60/t Net Smelter Return cut-off:
Indicated - 13.3Mt
averaging
102g/t Ag, 0.07g/t Au, 0.17% Cu 1.3% Pb,
and
3.1% Zn
totaling
43.4Moz Ag, 32Koz Au, 49Mlb Cu, 374Mlb Pb and 921Mlb Zn;
and
Inferred - 23.4Mt
averaging
111g/t Ag, 0.14g/t Au, 0.21% Cu, 1.1% Pb
and
2.1% Zn
totaling
83.4Moz Ag, 104koz Au, 111Mlb Cu, 582Mlb Pb and 1,106Mlb Zn.
(see Appendix A for reference, mineral resource details and assumptions)
The drilling is designed as a proof of concept to (i) demonstrate continued shallow resource growth
potential, and (ii) enhance the economics of the Cerro Las Minitas project.
Drilling has commenced on
the South Skarn Deposit in areas adjacent to planned underground mine development and will also
target down dip extensions of higher-grade mineralized shoots. Drilling will also target resource gaps
and down-dip extensions in the North Felsite deposit and shallow, lateral potential adjacent to the Skarn
Front deposit.
The Company also reports that work continues advancing numerous upside opportunities identified
subsequent to the July 2024 PEA, while also derisking and advancing the project with the
commencement of baseline data collection, hydrology, geotechnical, archaeological and land surveys
and studies.
Figure 1: Plan View of Mineral deposit and target distribution at Cerro Las Minitas
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Figure 2: View looking west of the Eastern Deposits at Cerro Las Minitas showing gaps in the
current resource model and further exploration potential at depth
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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 either directly or through joint-venture relationships in mineral
properties in major jurisdictions. 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. As currently modelled in the
recently updated PEA, the CLM project features a large-Scale underground mining operation with robust
project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast
Durango, Mexico. For more details, please visit Southern Silver's website at
southernsilverexploration.com
.
Our property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver
vein project where permitting applications drilling are currently underway, both located in southern New
Mexico, USA.
The scientific and technical content of this news release was reviewed and approved by Robert
Macdonald, MSc. P.Geo, VP. Exploration, and is 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
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. These statements are
based on a number of assumptions, including, but not limited to, general economic conditions, interest rates, commodity markets, regulatory and
governmental approvals for the Company's projects, and the availability of financing for the Company's development projects on reasonable terms.
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.
Appendix A: Base Case CLM Mineral Resource Estimate
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1)
From Cerro las Minitas Project, NI43-101Tech Report Preliminary Economic Assessment, July 23 2024, by Erin Patterson, Scott Elfin, James
Millard, Jason Allen, Garth Kirkham, Arthur Barnes.
2)
The current Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd.
3)
All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM")
definitions, as required under National Instrument 43-101 ("NI43-101").
4)
Mineral resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.
5)
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.
6)
Silver Equivalents and NSR$/t values were calculated using average long-term prices of $22.50/oz. silver, $1,850/oz. gold, $3.78/lb. copper,
$0.94/lb. lead and $1.25/lb. zinc. Metallurgical work from locked cycle testwork produced three saleable concentrates for the Skarn zone and
testwork on a composite of the Blind, El Sol and Las Victorias Zones produced saleable concentrates. This work, along with marketing studies
were used to decide the NSR cut-off value. All prices are stated in $USD.
7)
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.
8)
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.
9)
All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
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