Southern Silver Exploration Corp. [SSV–TSXV; SSVCL-SSE; SEG1-FSE] reported assay results from the first two holes (CLM-087/-088) from 2016 core drilling on the Cerro Las Minitas Project, Durango State, Mexico which identified a new thick interval of continuous polymetallic semi-massive and massive sulphide mineralization in drill hole 15CLM-088. Highlights from the best drill hole CLM-088 include:
- a 30.4-metre down hole interval (29.5m est. True Thickness) averaging 107.4 g/t silver, 0.40% copper, 1.1% lead and 2.3% zinc (275 g/t AgEq), including a higher grade 7.3-metre interval (7.1m est. TT) averaging 190 g/t silver, 0.37% copper, 3.4% lead and 5.5% zinc (552 g/t AgEq)
Mineralization in drill hole 16CLM-088 occurs in skarn on the margin of the Central Intrusion. Significantly, the intercept in 16CLM-088 is one of the thickest intervals of continuous high-grade mineralization identified on the property to date. The mineralization is open both down dip, to the west, and along strike to the north and northwest and represents an aggressive (~200 metre) step out from the previously modelled Blind and El Sol deposits and specifically drill hole 15CLM-081 (16.8m down hole interval 136 g/t silver, 0.5% copper, 0.3% lead and 4.5% zinc or 361g/t AgEq; see NR-14-15, December 1, 2015). Refer to company website press release for complete latest drill results.
The company also reports elevated values of silver, gold, arsenic and antimony in multiple mineralized intervals ranging from 5 to 12 metres thick in hydrothermal, quartz-cemented breccias in the upper portions of both holes CLM-087 and CLM-088. The breccias which are spatially associated with monzonite/dacite dykes represent a potential epithermal-styled target with a strong “pathfinder” signature in the upper parts of the mineralizing system with potentially stronger precious-metal potential at depth. Further drilling is required to test both of these new targets more thoroughly.
Management is very pleased with the results received to date from the 2016 exploration program. Approximately 3,100 metres of drilling have been completed in three drill holes testing the extensions of the Blind and El Sol deposits and drilling is currently underway in a 400-metre extension of hole CLM-001 which will test a lateral offset of the Mina La Bocona target.
Drilling at Mina La Bocona in 2015 returned thick high-grade zones of mineralization that were not included in the recently release 2016 mineral resource estimate including a 3.9m est. TT of 13.5g/t Au, 37g/t Ag, 2.2% Pb and 1.7% Zn (1093g/t AgEq) and an 8.2m est. TT of 0.5g/t Au, 150g/t Ag, 3.7% Pb and 0.7% Zn (325g/t AgEq) in drill hole 15CLM-078 (see NR-10-15, October 1, 2015). Further drilling on the project will focus on the delineation and definition of the Bocona mineralization and further extensions of the Blind and El Sol deposits.
Cerro Las Minitas Project
Exploration on the company’s flagship Cerro Las Minitas property, Durango Mexico is funded by Electrum Global Holdings L.P., which is financing a broad range of exploration activities to earn a 60% interest in the project through a US $5 million option earn-in on the property, with Southern Silver acting as operator.
The Cerro Las Minitas project contains an estimated inferred resource of 17.5 million oz silver and 237 million lbs lead and 626 million lbs zinc (77.3Mozs AgEq) and an estimated indicated resource of 10.8 million oz silver, 189+ million lbs lead and 207 million lbs zinc (36.5Mozs AgEq).
A total of 87 drill holes for 32,719 metres have now been completed on the Cerro Las Minitas Project with exploration expenditures of approximately US $7.5 million spent through to the end of 2015.
The 2016 Exploration program is underway with a drill program focused on targets based on the 2015 drill results which continued to extend the projections of high-grade silver-polymetallic mineralization at both the Blind – El Sol deposits and the recent discovery at the Mina La Bocona Zone.