Southern Silver Returns Bonanza-Grade Silver from the North Felsite Zone Including: 1.0 metre Averaging 1785g/t Ag, 0.5g/t Au, 1.4% Cu, 3.1% Pb and 5.9% Zn (2309g/t AgEq) at Cerro Las Minitas
Southern Silver Returns Bonanza-Grade Silver
from the North Felsite Zone Including: 1.0
metre Averaging 1785g/t Ag, 0.5g/t Au, 1.4%
Cu, 3.1% Pb and 5.9% Zn (2309g/t AgEq) at
Cerro Las Minitas
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2022) -
Southern Silver Exploration Corp.
(TSXV: SSV) ("Southern Silver")
reported today that drilling continues to develop continuity within and
extend silver-polymetallic mineralization on the North Felsite and El Sol Targets on the Cerro Las Minitas
project, Durango, Mexico.
The North Felsite target is located on the eastern side of the Cerro, approximately 400 metres to the
northwest of the La Bocona and Mina Pina shafts, in an area that was not included in the most recent
NI43-101 Mineral Resource update on the property. New drilling tested the continuity of mineralization in
both the main Ag-Pb-Zn Skarn as well as strongly Au-enriched hanging wall zone.
Drilling highlights from the North Felsite target area include:
a 1.2 metre interval (1.0 metre est. TT.)
averaging
1785g/t Ag, 0.5g/t Au, 1.4% Cu, 3.1% Pb
and 5.9% Zn (2309g/t AgEq)
within
a 2.3 metre interval (1.8 metre est. TT.)
averaging
1001g/t
Ag, 0.3g/t Au, 0.8% Cu, 2.4% Pb and 3.3% Zn (1321g/t AgEq)
from drill hole
21CLM-185;
a 1.4 metre interval (1.0 metre est. TT)
averaging
5.6g/t Au, 19g/t Ag, 0.3% Pb and 0.1% Zn
(495g/t AgEq) from drill hole 22CLM-184;
and
a 0.5 metre interval (0.3 metre est. TT)
averaging
302g/t Ag, 0.2g/t Au, 0.5% Cu, 1.1% Pb
and 10.7% Zn (830g/t AgEq)
within
a 8.9 metre interval (6.0 metres est. TT)
averaging
117g/t
Ag, 0.1% Cu, 1.1% Pb and 1.0% Zn (213g/t AgEq)
from drill hole
22CLM-184;
Strong gold-enrichment, up to
5.6g/t Au
, is identified in several hangingwall intercepts correlating to
zones of mineralization outboard of the more typical, silver-enriched polymetallic mineralization of the
main skarn horizon located adjacent to the central monzonite intrusion. Similarly, drilling has
demonstrated both continuity within the North Felsite zone and continues to extend the target to depth
which can now be traced for up to 250 metres on strike and up to 425 metres below surface. Drilling
continues on this target including lateral and down-dip step-outs of this new lens of mineralization which
will form the basis of further exploration on the property in 2022.
Drilling resumed on the El Sol claim in early January following earlier reported high-grade intercepts from
drill hole
21Sol-003
(
3.5m of 932g/t AgEq
; see NR-02-22). Two holes were completed down dip of the
highlight intercept and returned anomalous values along the target structure. A third hole was completed
in the southern part of the claim to test potential extensions of the Blind Zone mineralization and returned
no significant values (see Table 1). Eight holes totaling 2,920 metres have now been completed on the
El Sol concession in 2021-22.
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and
the location for new drilling, at the North Felsite target.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5344/122621_3235df3ea4901811_002full.jpg
Figure 2: Longitudinal Section looking south of the North Felsite target area showing the
distribution of Southern Silver's most recent drill holes.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5344/122621_3235df3ea4901811_003full.jpg
Table 1: Select Assay Intervals from North Felsite Target Area.
Hole #
From
To
Interval
Tr. Thck
Ag
Au
Cu
Pb
Zn
AgEq
ZnEq
Notes
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(%)
CLM - North Felsite Zone
22CLM-182
333.8
351.1
17.3
14.1
55
0.7
0.1
0.4
0.7
162
4.1
North Felsite HW, 53% Dilution
inc.
346.5
347.3
0.8
0.7
451
1.1
0.0
2.0
1.2
651
16.5
and inc.
350.7
351.1
0.4
0.3
442
1.2
0.8
2.9
4.0
884
22.4
22CLM-182
497.7
500.9
3.2
2.6
195
0.1
0.1
0.6
2.5
328
8.3
North Felsite Skarn,
inc.
499.3
500.9
1.6
1.3
368
0.0
0.1
1.1
3.7
568
14.4
22CLM-183
520.0
520.9
0.9
0.7
51
0.0
0.0
0.7
3.5
211
5.4
North Felsite Skarn
22CLM-183
535.4
538.4
3.0
2.2
85
0.0
0.0
1.6
3.6
278
7.1
North Felsite Skarn
inc.
537.7
538.4
0.7
0.5
115
0.1
0.0
2.2
5.7
413
10.5
22CLM-183
570.8
572.2
1.4
1.0
22
0.7
0.3
0.0
0.8
140
3.5
North Felsite Skarn
22CLM-184
378.8
396.3
17.5
11.7
7
1.1
0.0
0.1
0.2
112
2.8
North Felsite HW,
inc.
384.5
385.9
1.4
1.0
19
5.6
0.0
0.3
0.1
495
12.5
22CLM-184
413.2
413.6
0.4
0.3
121
0.2
0.1
1.9
6.5
460
11.7
North Felsite Skarn
22CLM-184
418.3
427.3
8.9
6.0
117
0.1
0.1
1.1
1.0
213
5.4
North Felsite Skarn, 44% Dilution
inc.
418.3
418.8
0.5
0.3
302
0.2
0.5
1.1
10.7
830
21.0
and inc.
422.2
423.3
1.2
0.8
302
0.2
0.4
2.9
0.7
485
12.3
22CLM-185
377.8
378.7
0.9
0.7
185
0.6
0.1
3.1
0.6
358
9.1
North Felsite HW
22CLM-185
472.2
474.5
2.3
1.8
1001
0.3
0.8
2.4
3.3
1321
33.5
North Felsite Skarn
inc.
473.3
474.5
1.2
1.0
1785
0.5
1.4
3.1
5.9
2309
58.6
CLM - El Sol Zone
22SOL-006
136.5
136.9
0.3
11
1.1
0.0
0.4
5.8
345
8.8
22SOL-006
263.1
263.8
0.6
20
0.2
0.0
3.6
0.9
186
4.7
22SOL-007
181.5
184.7
3.3
68
0.1
0.0
0.2
1.1
127
3.2
22SOL-008
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
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.
New Mexico, USA.
The Company's property portfolio also includes the
Oro porphyry copper-gold project
and the
Hermanas gold-silver vein project
located in southern New Mexico, USA.
Drilling continues on a six-hole, 4,000m drill program on the Oro project, designed to test several
copper-molybdenum porphyry and copper-gold skarn targets within a broad phyllic alteration zone,
interpreted to overlie an unexposed porphyry centre. The first hole is completed and a second in
progress; logging and sampling continue with assays pending in the coming weeks.
Initial mapping and sampling of the Hermanas property was completed during the winter. Assays are
pending, the results of which will be incorporated into new drill targeting for permitting in 2022. Earlier
verification sampling by the company identified anomalous gold and silver in seven of nine samples
collected including: 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.
Cerro Las Minitas Project
Southern Silver continues to advance the Cerro Las Minitas project as one of the world's largest
undeveloped silver/lead/zinc resources, through advanced exploration, pre-production metallurgical and
engineering work, and economic assessment. The CLM Ag-Pb-Zn-Cu Skarn system is well located in
southern Durango, Mexico, in a safe jurisdiction, surrounded by producing companies, with easy access
and strong community support.
A total of 196 drill holes for 84,872 metres has been completed on the CLM Project with exploration
expenditures of over US$30.0 million equating to exploration discovery costs of approximately C$0.09
per AgEq ounce.
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.
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
https://www.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
https://www.newsfilecorp.com/release/122621