Southern Silver Options the Hermanas Au/Ag Project, New Mexico
Southern Silver Options the Hermanas Au/Ag
Project, New Mexico
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2021) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver" or the "Company")
has signed an option agreement with
Bull Mountain Resources, LLC ("Bull Mountain") to acquire a 100% interest in the
Hermanas
gold/silver project
in southwestern New Mexico, located approximately 40km east of Southern Silver's
Oro Porphyry Copper/skarn/CRD project.
The Hermanas project consists of 83 lode claims on Federal land administered by the Bureau of Land
Management. The claims cover an area of epithermal quartz veining approximately 4km by 3km.
Topography is gentle with large portions of the property covered by shallow alluvium. The vendors have
collected 151 surface samples, with seven samples containing +4ppm Au (maximum 30.1ppm Au) and
22 samples containing +30ppm Ag (maximum 4,790ppm Ag). The Company collected nine surface
samples to verify mineralization and seven samples assayed anomalous precious metals. Highlights
include a sample from a small historic mine dump that assayed 6.7ppm Au & 150ppm Ag and a sample
of outcropping banded quartz + carbonate vein that assayed 4.6ppm Au & 56ppm Ag.
Detailed geologic mapping and additional sampling are underway and, to date, only shallow historic drill
holes have been found along the southern end of the vein zone, well away from the best vein zones
identified by current sampling.
Southern Silver has reimbursed claim filing fees and will pay US$182,500 in staged Advanced Minimum
Royalty ("AMR") payments over six years to earn 100% interest; however, subject to retained Net
Smelter Return ("NSR") royalties. After exercising the option, Southern Silver will pay annual AMR
payments of US$50,000 towards the retained NSR royalty of 2% on claims and 0.5% NSR of production
of other land within an area of interest. Upon cumulative royalty payments of US$10 million, 2% royalties
will reduce to 1% and 0.5% royalties will reduce to zero.
President, Lawrence Page Q.C. said:
"Our primary interest is the development of our Cerro Las
Minitas silver-lead-zinc property in Durango, Mexico where a PEA report is currently underway. For
some years we have been developing the Oro project in New Mexico where a significant drill program
will commence in January 2022. We believe that the Hermanas project is synergistic to Oro and can
be explored on a cost-efficient basis while exploration and development proceeds at Oro."
The geologists with Bull Mountain Resources, LLC have a track record of successful discovery including
the Los Gatos Mine, San Agustin Mine, San Sebastián Mine, Camino Rojo Mine, Rodeo Mine and La
Pitarrilla Silver Project located in Mexico.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious and base metal exploration and development company
with a focus on the discovery of world-class mineral deposits in north-central Mexico and in 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 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 property portfolio also includes the 100% owned
Oro porphyry copper-gold project located in southern New Mexico, USA. The Oro claim package covers
a large zoned Laramide-age mineralizing system containing a number of highly prospective, drill -ready
porphyry/skarn and distal gold targets. The Company recently acquired an option to earn 100% interest
in the Hermanas gold -silver epithermal vein system 30km east of the Oro project. 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 the VP Exploration of Southern Silver Exploration Corp., is a
Qualified Person as defined by National Instrument 43-101 and is responsible for the supervision of the
Company's exploration programs 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.
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