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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Southern Silver Exploration Corp | TSXV:SSV | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.005 | 2.08% | 0.245 | 0.23 | 0.255 | 0.245 | 0.23 | 0.245 | 149,640 | 21:12:17 |
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Southern Silver Exploration Corp. ("Southern Silver")(TSX VENTURE:SSV)
(FRANKFURT:SEG) reported today that its wholly owned subsidiary, Minera Plata
del Sur, S.A. de C.V., under the direction of Freeport-McMoRan Exploration
Corporation (FMEC), has completed an initial eight core hole, 3445 metre drill
program on the company's Cerro Las Minitas project located in Durango, Mexico.
Freeport-McMoRan Exploration Corporation holds a right to acquire up to a 70%
indirect interest in the project.
The program targeted both lateral and vertical offsets to known mineralized
zones at the South Skarn, Blind Zone and El Sol targets as well as several
geophysical and geochemical targets throughout the property and was successful
in both confirming the distribution of high-grade mineralization in the Blind
zone and identifying significant extensions of mineralization at each of El Sol
and South Skarn targets. Logging and sampling of the holes is complete; data
compilation and interpretation of all results is underway to define additional
drill targets in the next phase of exploration.
"Results from three holes in the current program (13CLM-066, -068, -069)
highlight extensions of mineralization in the El Sol - Puro Corazon area as well
as in the underexplored southeastern part of the intrusive - sediment contact.
Since acquisition of the property in 2010, drilling on the project has totaled
19,149 metres in 70 drill holes and has outlined several significant zones of
mineralization. To date FMEC has spent approximately US $2,400,000 of its
initial expenditures of US $5,000,000 required to earn an initial 51% indirect
interest in the project. We are very pleased with their progress expanding on
the results derived from our expenditure of approximately $4,000,000 in
exploration and acquisition costs on the project which includes 15,704 metres of
drilling resulting in the identification of several mineralized zones; we expect
subsequent work to continue expanding the size and scope of the project." said
Lawrence Page Q. C., President.
Blind Zone - El Sol Zone
A single west to east oriented 680 metre drill hole was used to test both a
shallow offset of mineralization within the Blind zone and the depth projection
of mineralization in the adjacent El Sol zone, and returned extremely
encouraging results which include:
-- a 9.2 metre interval averaging 401g/t silver, 8.5% lead and 5.1% zinc
(777g/t AgEq) including a 2.1 metre interval 1190g/t silver, 21.6% lead
and 13.0% zinc (2120 g/t AgEq) from the top of drill hole 13CLM-066;
-- a 50.6 metre interval averaging 41g/t silver, 0.7% lead and 5.3% zinc
(202g/t AgEq) including a 12.2 metre interval averaging 45g/t silver,
1.7% lead and 10.8% zinc (379g/t AgEq) intersected at over 500 metres
below surface; and
-- a separate 9.3 metre interval averaging 9.4g/t silver, 0.1% copper and
13.0% zinc (369g/t AqEq) which was intersected 600 metres below surface
near the bottom of drill hole 12CLM-066
The upper interval is a lateral offset from hole 13CLM-056 (5.7m of 335g/t Ag,
14.5% Pb and 4.5% Zn) which confirms the continuity of shallow high-grade silver
mineralization in the upper portions of the Blind zone target. The deeper
intercepts project to previously identified, near surface, mineralization in the
adjacent El Sol zone which had been tested during 2012 exploration to less than
200 metres depth. The above intercepts are reported as down-hole thickness. True
thickness of the mineralized intervals is estimated at about 40% of the reported
thickness.
South Skarn Target
Four core holes totaling 1722 metres were drilled into the South Skarn target
during this phase of exploration. Three holes tested the target over a 250 metre
strike length and 300 metre depth, one hole was abandoned prior to reaching
target depth. Significant results include:
-- a 13.9 metre interval averaging 136g/t silver, 2.4% lead and 1.3% zinc
(250g/t AgEq) including a 2.4 metre interval 545g/t silver, 10.3% lead
and 3.8% zinc (943 g/t AgEq) from hole 13CLM-068; and
-- a 2.2 metre interval averaging 0.7g/t Au, 225g/t silver, 3.5% lead and
0.5% zinc (385g/t AgEq) from hole 13CLM-069
Mineralization in the South Skarn target is open both along strike to the
northeast toward the historic La Bacona Mine and at depth. Accurate orientations
of the mineralized zones have not been determined; however mineralization
appears to dip moderately to steeply southward. True thickness of the
mineralized intervals may be up to +70% of the reported thickness.
These latest results clearly demonstrate both the vertical projection of
mineralization in the El Sol zone but also the potential for significant depth
extensions to mineralization in other parts of the property.
Figure: Location of drilling on Cerro Las Minitas Project
(http://media3.marketwire.com/docs/ssv-fig1.pdf)
Table: Select Composites from 2013 Cerro Las Minitas Drilling
----------------------------------------------------------------------------
Hole # From To Interval Au Ag Cu Pb Zn AgEq
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
----------------------------------------------------------------------------
13CLM-063 228.6 230.2 1.6 1.0 160 0.1 3.3 0.4 319
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-066 62.8 63.8 1.1 8.6 4 0.0 0.1 0.1 472
13CLM-066 88.4 97.5 9.2 0.1 401 0.1 8.5 5.1 777
inc. 92.9 97.5 4.6 0.2 727 0.1 13.5 7.0 1289
inc. 92.9 95.0 2.1 0.2 1190 0.0 21.6 13.0 2120
13CLM-066 138.0 151.1 13.1 0.1 53 0.1 2.9 1.4 187
inc. 149.0 151.1 2.1 0.6 68 0.3 5.6 2.5 344
13CLM-066 165.8 176.8 11.0 0.1 53 0.1 3.9 3.5 264
13CLM-066 534.6 585.2 50.6 0.0 41 0.0 0.7 5.3 202
inc. 546.0 561.0 15.0 0.0 67 0.0 0.5 6.0 238
and 573.0 585.2 12.2 0.0 45 0.0 1.7 10.8 379
13CLM-066 633.3 642.6 9.3 0.0 9 0.1 0.1 13.0 369
inc. 638.2 640.4 2.2 0.0 14 0.4 0.0 20.6 597
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-067 194.1 195.6 1.5 0.1 3 0.0 1.9 0.3 70
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-068 285.4 299.3 13.9 0.2 136 0.0 2.4 1.3 250
inc. 285.4 287.8 2.4 0.2 546 0.1 10.3 3.8 943
13CLM-068 307.0 307.9 0.9 0.4 1140 0.1 18.1 21.0 2207
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-069 380.5 382.7 2.2 0.7 225 0.2 3.5 0.5 385
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-064 NSV NSV NSV
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-065 NSV NSV NSV
----------------------------------------------------------------------------
----------------------------------------------------------------------------
13CLM-070 NSV NSV NSV
----------------------------------------------------------------------------
Analyzed by FA-ES/AA for gold and ICP-MS by ALS Chemex, Vancouver BC; Silver
overlimits (greater than 100g/t Ag) re-assayed with FA-Grav. AgEq was calculated
using the following values: $23.3 silver, $1255 gold, $3.15 copper and $0.9 lead
and $0.9 zinc. AgEq calculations did not account for relative metallurgical
recoveries of the metals.
Corporate Update
Graham Thatcher has been appointed Chief Financial Officer of the Company to
replace Mahesh Liyanage who has resigned such position. The company and the
board of directors thank Mr. Liyanage for his service to the company. Mr.
Thatcher moved from London, England to Vancouver, British Columbia in 2006.
Specializing in financial reporting and auditing across a breadth of business
sectors in both the UK and Canada, he brings extensive experience of operating
with International Financial Reporting Standards and paperless systems. He is
also senior accountant at Manex Resource Group which provides administrative,
financial, corporate, corporate finance and geological services to a number of
public companies in the mineral resource sector.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious and base metal exploration and
development company and a member of the Manex Resource Group; a private company
comprised of an exceptional multi-disciplinary team of professionals with
specific expertise in all areas of exploration, development, corporate finance
and public company administration.
The company's growth strategy is to acquire, explore and develop either directly
or through joint venture relationships high-quality mineral properties in
progressive jurisdictions within North America including Southern Silver's
silver-lead-zinc Cerro Las Minitas project located in Durango, Mexico.
Freeport-McMoRan Exploration Corporation currently holds an option to earn a 70%
indirect interest in the project by making staged purchase payments and funding
exploration and development expenditures of $25 million on the project over a
ten year period.
Desert Star Resources Ltd. has the option to earn up to a 70% interest in the
gold-silver-copper Oro project in New Mexico by making cash payments to
underlying optionors, issuing one million shares, completing a preliminary
economic assessment and incurring exploration expenditures of $6 million on the
property over a period of 66 months. Southern Silver is currently advancing the
porphyry copper-molybdenum Dragoon project in Arizona and the Minas de Ameca
silver, lead-zinc project in Jalisco, Mexico.
Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
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 including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. 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, assumptions regarding 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
market prices, exploitation and exploration successes, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Liana Shahinian
1.888.456.1112
liana@mnxltd.com
southernsilverexploration.com
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