New Discovery Returns 1.8 Metres Averaging 1400g/t Ag, 19.7% Pb and 14.5% Zn at Southern Silver's Cerro Las Minitas Project
June 23 2011 - 9:00AM
Marketwired
Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT:
SEG) -
Editors Note: There is one image associated with this Press
Release.
Southern Silver Exploration Corp. ("the Company") reported today
that it has intersected bonanza-grade silver, lead and zinc
mineralization in assays from a newly discovered polymetallic
structure identified under gravel cover and outboard of the
previously known and historically mined ore bodies at the Cerro Las
Minitas project in Durango, Mexico.
The Company said that drill hole 11CLM-008 intersected a 1.8
metre interval averaging 1400g/t Ag, 19.7% Pb and 14.5% Zn within a
3.3 metre interval averaging 818g/t Ag, 12.9% Pb and 10.9% Zn which
forms part of a 10.9 metre interval averaging 268g/t Ag, 4.5% Pb
and 3.8% Zn. Assay results are reported as down hole intervals.
The drill hole was the first test of a new discovery within an
IP geophysical target located under gravel cover approximately 250
metres to the west of the contact with the central intrusive body.
The geophysical signature is open for up to 400 metres strike. A
second deeper geophysical anomaly occurs to the west of the current
hole and is a target for upcoming drilling on the property.
The Company has now completed ten holes for a total of 2,900
metres in phase one of the project. Assays are pending from
portions of 11CLM-008 and two other drill holes (11CLM-007 and
11CLM-010) and will be released upon receipt. Drill hole 11CLM-009
drilled short of the intended target and was repositioned to site
11CLM-010.
The positive results to date have lead to the expansion of the
project into a second phase program of 25 to 30 diamond drill holes
totaling 10,000 metres which will begin in early July. This new
drilling will be funded by a placement announced on June 20, 2011
and will target specific occurrences located within the area of
historic mining and several additional targets derived from the
recently completed surface IP geophysical program over portions of
the property including extensions of this newly discovered
high-grade zone in 11CLM-008. Surface work on several regional
targets continues.
Table 1: Summary of Select Composited Assays from the Cerro Las Minitas
Project
----------------------------------------------------------------------------
From To Interval Ag Pb Zn
Hole No. m m m g/t % %
----------------------------------------------------------------------------
11CLM-008 168.4 179.3 10.9 268 4.5 3.8
----------------------------------------------------------------------------
inc. 168.4 171.7 3.3 818 12.9 10.9
----------------------------------------------------------------------------
inc. 169.6 171.4 1.8 1400 19.7 14.5
----------------------------------------------------------------------------
About the Cerro Las Minitas property
The Cerro Las Minitas property comprises 17 concessions which
total 10,980 hectares and an approximate 25 kilometre lineal strike
length. The property is located about 70 kilometres to the
northeast of the city of Durango in Durango State, Mexico, and is
accessed easily by road.
Mining has been conducted on the property since colonial times
and has identified several types of silver-, lead- and
zinc-enriched massive-sulphide pipes, veins and
carbonate-replacement deposits (CRDs), as well as mineralized
skarns at the margins of a large intrusive body. The Santa Eulalia
replacement deposit (45Mt of 310g/t Ag, 7.1% Zn and 8.2% Pb) and
the skarn deposit of San Martin (60Mt of 118g/t silver, 0.9% copper
and 3.9% zinc) are examples of two major Mexican mines occurring in
similar geological environments(1).
Limited historical drilling on the project by Noranda (not
independently verified by Southern Silver) returned numerous
intervals of higher grade silver and base metals, including: a
11.45 metre interval (down hole) grading 123g/t silver, 1.55% lead
and 7.79% zinc from drill hole NGV-00-02 and a 1.41 metre interval
(down hole) grading 529g/t silver, 6.99% lead and 1.27% zinc from
drill hole NGV-00-06.
The mineralized zones at Cerro Las Minitas have been exploited
to depths of 300 metres and over widths of 60 metres.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious/base metal
exploration 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
high-quality properties in progressive jurisdictions within North
America. Its current projects include the silver-lead-zinc Cerro
Las Mintas project and the copper-gold-silver Minas de Ameca in
Mexico, the porphyry copper-molybdenum Dragoon project in Arizona
and the gold-silver Oro project in New 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.
(1) Southern Silver advises that tonnage and grade of adjacent properties
or those used for comparative purposes may not reflect the ultimate
potential of the Cerro Las Minitas project
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
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.
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visit:
http://www.marketwire.com/library/20110622-ssv0623-map800.jpg.
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.
Contacts: Southern Silver Exploration Corp. Liana Shahinian
1.888.456.1112 liana@mnxltd.com
www.southernsilverexploration.com
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