Southern Silver Continues to Identify High-grade Silver Within a 400 Metre Strike at the Cerro Las Minitas Project; Oro Cu-Au-Mo Project, Update

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Southern Silver Exploration Corp. (TSXV: SSV) ("Southern Silver") reported assay results from its final four drill holes on the North Felsite - North Skarn targets which continues to confirm and extend silver-polymetallic mineralization on the Cerro Las Minitas project, Durango, Mexico.

Drilling tested an eastern projection of the North Skarn target at approximately 400 metres below surface. Mineralization remains open both laterally to the east and at depth and demonstrates continuity with previously drilled mineralization in the Skarn Front deposit. Drilling also tested gaps within the current drill pattern around hole 21CLM-175 (1.9m of 1530g/t AgEq; see NR-19-21).

Highlight intercepts from the four drill holes include:

  • a 0.8 metre interval (0.6 metre est. TT.) averaging 746g/t Ag, 0.1g/t Au, 0.2% Cu, 17.1% Pb and 13.2% Zn (1904g/t AgEq) within a 2.6 metre interval (2.0 metre est. TT.) averaging 336g/t Ag, 0.1g/t Au, 0.2% Cu, 6.5% Pb and 4.7% Zn (780g/t AgEq) from drill hole 22CLM-194; and
  • a 3.4 metre interval (3.0 metre est. TT.) averaging 219g/t Ag, 2.5% Pb and 0.6% Zn (333g/t AgEq) from drill hole 22CLM-193;

Drilling on these targets, which started in September 2021, has now tested a 400 metre strike-length of mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links previously identified mineralization in the Mina La Bocona and Skarn Front deposits. Twenty-five holes totaling 11,275 metres were completed in the two target areas to depths of up to 450 metres below surface.

Vice President of Exploration Rob Macdonald states: "Drilling over the last 15 months has helped confirm the projection and continuity of new mineralization between the Mina La Bocona and Skarn Front deposits. Work has now started on modelling the data which will be used in an updated Mineral Resource Estimate for the project with the results anticipated in Q1 2023. Current engineering suggests that new Mineral Resources can be processed in the current Life-of-Mine design as described in the Company's PEA on the Cerro Las Minitas Project, available on SEDAR and as described in NR-07-22; August 29, 2022. The Company continues to work on these and other engineering upgrades to the project."

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Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits at the North Felsite and North Skarn targets.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5344/142083_333e93af84c6f8e3_002full.jpg

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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:
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Oro Project, New Mexico, USA.

Drilling continues 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 center.

Initial drilling and assays have identified thick zones of strongly anomalous copper mineralization, classic porphyry geochemical and alteration zonation, increasing molybdenum and copper at depth and several unexposed hydrothermal diatreme breccias. Three holes totaling 2,926m have been completed; a fourth hole is now in progress. Assays have been returned from two of the holes. Logging and sampling continue with assays pending from one of the completed holes and the current hole in progress.

Table 1a: Select Assay Intervals from North Felsite - North Skarn Target Area.

Hole # From To Interval Est. Tr. Thck. Ag Au Cu Pb Zn AgEq ZnEq
  (m) (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (%)
New Assays: North Felsite - North Skarn
                       
22CLM-192 408.6 411.0 2.4 1.2 181 0.01 0.39 1.5 1.5 338 8.2
                       
                       
22CLM-193 409.7 416.0 6.3 5.6 124 0.02 0.03 1.4 0.4 195 4.7
inc. 409.7 413.0 3.4 3.0 219 0.02 0.04 2.5 0.6 333 8.1
                       
                       
22CLM-194 81.2 84.7 3.5 2.3 140 0.04 0.01 1.9 0.1 212 5.2
                       
22CLM-194 289.5 290.4 0.9 0.7 386 0.17 0.25 6.0 4.7 827 20.1
                       
22CLM-194 306.2 308.8 2.6 2.0 336 0.14 0.16 6.5 4.7 780 18.9
inc. 306.2 307.0 0.8 0.6 746 0.09 0.22 17.1 13.2 1904 46.3
                       
                       
22CLM-195 NSV NSV NSV NSV NSV NSV NSV NSV NSV NSV NSV
                       
Previously Reported Assays: North Felsite - North Skarn
                       
21CLM-172 210.5 211.2 0.7 0.4 313 0.25 0.07 7.0 1.3 610 15.5
                       
                       
21CLM-173 328.0 329.6 1.6 0.9 5 0.46 0.22 0.0 1.2 113 2.9
                       
                       
21CLM-174 157.1 157.6 0.5 0.3 147 0.02 0.00 2.1 0.1 217 5.5
                       
                       
21CLM-175 224.0 226.7 2.7 1.9 599 0.08 0.03 16.9 10.2 1530 38.8
inc. 224.0 225.2 1.2 0.8 760 0.07 0.03 23.2 17.4 2169 55.0
                       
                       
21CLM-176 291.3 295.1 3.8 2.6 78 1.1 0.0 1.1 0.4 223 5.6
inc. 291.3 291.6 0.4 0.2 24 11.2 0.0 0.3 0.1 965 24.5
                       
21CLM-176 362.7 371.1 8.5 5.8 151 0.1 0.1 3.1 1.0 308 7.8
inc. 362.7 363.7 1.1 0.7 487 0.2 0.2 12.9 3.0 1040 26.4
                       
                       
21CLM-177 294.9 296.8 1.9 1.5 194 0.2 0.0 4.3 2.5 443 11.2
inc. 295.8 296.3 0.5 0.4 515 0.4 0.1 12.0 6.8 1190 30.2
                       
and 303.2 318.0 14.8 11.8 185 0.2 0.1 2.8 1.0 336 8.5
inc. 303.2 307.0 3.8 3.0 354 0.7 0.1 6.1 2.6 713 18.1
                       
                       
21CLM-178 245.2 250.2 5.0 4.6 63 2.0 0.1 0.8 0.5 288 7.3
inc. 245.2 246.3 1.1 1.0 21 5.3 0.0 0.1 0.1 471 11.9
                       
                       
21CLM-179 256.4 259.3 2.9 2.6 140 0.9 0.1 3.6 5.7 561 14.2
inc. 257.8 258.3 0.5 0.4 219 2.6 0.1 4.5 11.5 1028 26.1
                       
and 345.7 348.0 2.4 2.1 109 0.0 0.0 1.9 1.4 228 5.8
inc. 347.6 348.0 0.4 0.4 165 0.1 0.0 3.6 7.3 573 14.5
                       

 

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.

Table 1b: Select Assay Intervals from North Felsite - North Skarn Target Area.

Hole # From To Interval Est. Tr. Thck. Ag Au Cu Pb Zn AgEq ZnEq
  (m) (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (%)
Previously Reported Assays: North Felsite - North Skarn con't
                       
21CLM-180 400.3 400.9 0.6 0.4 1430 1.2 1.2 9.7 11.5 2419 61.3
                       
and 404.0 405.8 1.8 1.2 79 0.1 0.4 0.2 5.1 337 8.6
inc. 405.3 405.8 0.6 0.4 129 0.1 1.1 0.2 13.8 812 20.6
                       
                       
21CLM-181 321.9 327.0 5.1 3.7 174 0.5 0.1 1.5 0.9 310 7.9
inc. 324.9 325.6 0.7 0.5 914 2.1 1.0 7.2 4.8 1604 40.7
                       
21CLM-181 468.0 476.0 8.0 5.7 234 0.1 0.3 1.1 2.0 384 9.7
inc. 470.3 474.8 4.4 3.2 379 0.1 0.5 1.7 2.6 595 15.1
                       
21CLM-181 482.9 484.2 1.3 0.9 280 0.1 0.1 3.8 4.5 600 15.2
inc. 483.4 483.8 0.4 0.3 852 0.3 0.4 11.0 14.8 1846 46.8
                       
                       
22CLM-182 333.8 351.1 17.3 14.1 55 0.7 0.1 0.4 0.7 162 4.1
inc. 346.5 347.3 0.8 0.7 451 1.1 0.0 2.0 1.2 651 16.5
                       
22CLM-182 497.7 500.9 3.2 2.6 195 0.1 0.1 0.6 2.5 328 8.3
inc. 499.3 500.9 1.6 1.3 368 0.0 0.1 1.1 3.7 568 14.4
                       
                       
22CLM-183 535.4 538.4 3.0 2.2 85 0.0 0.0 1.6 3.6 278 7.1
inc. 537.7 538.4 0.7 0.5 115 0.1 0.0 2.2 5.7 413 10.5
                       
                       
22CLM-184 378.8 396.3 17.5 11.7 7 1.1 0.0 0.1 0.2 112 2.8
inc. 384.5 385.9 1.4 1.0 19 5.6 0.0 0.3 0.1 495 12.5
                       
22CLM-184 418.3 427.3 8.9 6.0 117 0.1 0.1 1.1 1.0 213 5.4
 inc. 422.2 423.3 1.2 0.8 302 0.2 0.4 2.9 0.7 485 12.3
                       
                       
22CLM-185 472.2 474.5 2.3 1.8 1001 0.3 0.8 2.4 3.3 1321 33.5
inc. 473.3 474.5 1.2 1.0 1785 0.5 1.4 3.1 5.9 2309 58.6
                       
                       
22CLM-186 410.2 411.0 0.8 0.6 107 7.0 0.0 7.6 4.9 1116 28.3
                       
22CLM-186 481.0 481.6 0.6 0.5 649 0.1 0.9 5.1 4.4 1088 27.6
                       
                       
22CLM-187 494.7 496.9 2.2 1.9 162 0.6 0.3 1.5 0.6 314 8.0
inc. 494.7 495.4 0.7 0.6 499 0.1 0.4 4.6 1.5 759 19.2
                       
                       
22CLM-188 441.8 457.8 16.0 12.7 128 0.0 0.0 0.8 1.1 202 5.1
inc. 455.6 457.2 1.6 1.3 675 0.0 0.3 5.5 3.4 1008 25.6
                       
                       
22CLM-189 469.5 470.0 0.5 0.4 1130 0.1 2.1 9.8 11.9 2143 54.3
                       
                       
22CLM-190A 342.6 343.4 0.8 0.6 462 0.0 0.1 11.1 3.0 937 23.8
                       
                       
22CLM-191 453.2 460.4 7.2 4.7 123 0.0 0.8 0.4 0.6 251 6.4
inc. 455.6 456.2 0.6 0.4 848 0.0 5.6 0.7 2.6 1596 40.5
                       
22CLM-191 474.7 478.7 4.0 2.6 77 0.0 4.4 0.2 0.9 617 15.6
inc. 474.7 476.2 1.5 1.0 165 0.1 11.5 0.1 0.4 1463 37.1
                       

 

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.

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 mining companies, with easy access and strong community support.

A total of 226 drill holes for 96,411 metres has been completed on the CLM Project with exploration expenditures of over US$35.0 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 identification of world-class mineral deposits in major jurisdictions, advancing them either directly or through joint-venture relationships. Our specific emphasis is on advancing the 100% owned Cerro Las Minitas project, one of the world's largest undeveloped silver-lead-zinc deposits, to a production decision.

Southern has assembled a team of highly experienced technical, operational and transactional professionals to support our efforts in developing (recent robust PEA) the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry copper-gold project where a diamond drill program is underway and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway; both are located in southern New Mexico, USA.

The scientific and technical content of this news release was compiled, reviewed and approved by Robert Macdonald, MSc. P.Geo, VP. Exploration, a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, K.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 ir@mnxltd.com.

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/142083

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