Southern Silver Reports Oro Copper Porphyry Property Is Fully Permitted with Drilling Commencing Within Two Weeks
Southern Silver Reports Oro Copper Porphyry
Property Is Fully Permitted with Drilling
Commencing Within Two Weeks
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2022) -
Southern Silver Exploration
Corp. (TSXV: SSV) ("Southern Silver" and the "Company")
reports that it has received all
approvals from the New Mexico Mining and Minerals Division, the New Mexico State Land Office, and
the Bureau of Land Management to conduct an approximate 4,000-metre diamond drilling program to
test several copper porphyry and skarn targets at its wholly owned Oro property, located in southwestern
New Mexico, USA.
Figure 1: Selected Drill Targets (A-H) on the Oro Project
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The property consists of patented land, New Mexico State leases, and Federal/BLM mineral claims
acquired by purchase, staking and lease over the past several years. Several historic mines produced
copper, lead, zinc, silver, and gold from discrete portions of the amalgamated property. The property
covers a large, well-zoned Laramide-age mineral system consisting of a ring of Carbonate Replacement
Deposits (CRDs) around a core of intense sericite-pyrite alteration, which clay mineralogy indicates is
the lithocap overlying an unexposed porphyry centre. Targeting for copper mineralization is based upon
3D modelling of data generated by geologic mapping, historic drill holes, geochemical zoning studies,
alteration clay zoning studies, and geophysical surveys. A 6-hole (4,000-metre) diamond drill program
will focus on porphyry and skarn targets and is expected to commence early in February.
Surrounding the CRD zone are distal-disseminated, sediment-hosted, gold showings, such as at the
Stockpond target, where the Company has conducted limited exploratory drilling. The drilling
encountered strongly oxidized, disseminated gold mineralization beneath shallow gravel cover that was
limited by a post-mineral fault which buried potential extensions beneath thick gravel cover and which
remains open for further exploration.
Southern Silver also expanded the property by staking 40 new unpatented lode claims to cover a gold +
copper geochemical anomaly in soils along the projection of the gold zone under gravel cover south of
the Stockpond target where gravity geophysics indicates that the gravel is shallow. The new claims
increase the size of the property to approximately 26 square kilometers. The soil sampling was
conducted in early September, with follow-up soil lines added in October which verified the soil anomaly.
President, Lawrence Page Q. C.
commented,
"Oro is a large district play that we have been
systematically consolidating and advancing for several years, and we feel this is an opportune time to
test the copper targets and potentially develop a copper resource. For several years our financing and
exploration and development efforts have been concentrated at our Cerro las Minitas property in
Durango Mexico where the mineral inventory of silver, lead and zinc has been increased to Indicated
137Mozs AgEq or 2.3Blbs ZnEq: 42.1Mozs Ag, 358Mlbs Pb, and 895Mlbs Zn; and Inferred 198Mozs
AgEq or 3.3Blbs ZnEq: 73.6Mozs Ag, 500Mlbs Pb, and 1,009Mlbs Zn
(1)
with a Preliminary Economic
Assessment currently being conducted by an independent consultant. Addition of a significant copper
resource to our global mineral inventory, assuming success in our exploration program, would add a
component to an inventory of metals which are increasingly in demand by manufacturers in the
emerging energy storage and transmission industries."
Figure 2: Interpretive Cross-section of Porphyry targets on the Oro Property
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Hermanas Project
In other news,
geological mapping and sampling at the Company's recently acquired
Hermanas
Gold/Silver property
is expected to be completed in early February. Following receipt of assays,
Southern Silver will select drill sites and begin permitting an initial drilling program, planned for Q4 2022
or Q1 2023.
Figure 3: Location of Oro and Hermanas Projects in southwestern New Mexico, USA
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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 as well as the recently acquired Las Hermanas project, both 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.
Five historic mines on the Oro property produced silver, gold, lead, and zinc at shallow levels from
carbonate-replacement deposits which the company interpret as being outboard of a deeper porphyry
copper deposit. 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 Corporation, 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.
(1) The 2021 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 3m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID2 weighting. Silver, zinc equivalent and $NSR/t values
were subsequently calculated from the interpolated block grades. The model is identified at a $NSR/t cut-off, with an indicated resource of
12,325,000 tonnes averaging 106g/t Ag, 0.07g/t Au, 1.3% Pb, 3.3% Zn and 0.16% Cu and an inferred resource of 19,605,000 tonnes averaging
117g/t Ag, 0.12g/t Au, 1.2% Pb, 2.3% Zn and 0.23% Cu. AgEq cut-off values and NSR values were calculated using average long-term prices of
$20/oz. silver, $1,650/oz. gold, $3.50/lb. copper, $1.0/lb. lead and $1.20/lb. zinc. Metal recoveries are variable as a function of deposit and
concentrate and are detailed in NR-18-21, Oct 27, 2021. Base case cut-off grade assumed $60NSR/tonne operating, processing and sustaining
costs. All prices are stated in $USD. Silver Equivalents, Zn equivalents and $/t NSR values were calculated from the interpolated block values using
relative recoveries and prices between the component metals and silver to determine final values. 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.
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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