Southern Silver Commences Drilling at Cerro Las Minitas and Provides an Update on Financing
August 15 2011 - 9:15AM
Marketwired
Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT:
SEG) ("Southern Silver") reported today that Phase II drilling on
the Cerro Las Minitas project has started with one hole completed
to date. The newly expanded, second phase of drilling anticipates a
+30 core hole program totalling 10,000 metres. Drilling will target
specific occurrences located within the area of historic mining and
several additional targets derived from the recently completed
surface IP geophysical program including extensions of a newly
discovered high-grade zone in 11CLM-008 which 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.
Southern Silver also notes that potentially significant
polymetallic mineralization has been identified in the recently
completed hole 11CLM-011, which targeted a 50 metre lateral offset
to the north of the bonanza-grade mineralization identified in
drill hole 11CLM-008. Logging and sampling of the hole is in
progress. Drilling will continue to test the lateral and down dip
extensions of the high-grade mineralization.
Phase I drilling on the property by Southern Silver tested other
widely-spaced targets, each of which with the potential to develop
significant high-grade mineral inventories. These will be tested in
the latter part of the current program. Surface work on other
regional targets continues.
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.
Financing Update
The TSX Venture Exchange has granted Southern Silver a two week
extension until August 29, 2011 of the deadline to file the final
documentation of its previously announced non-brokered private
placement. The first tranche of the private placement issuing
14,151,706 units at a price of $0.17 per unit for gross proceeds of
$2,405,790 closed on July 20, 2011.
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.
Southern Silver'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, Q.C., President, Southern Silver Exploration
Corp.
For further information, please visit Southern Silver's website
at: www.southernsilverexploration.com
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 Southern
Silver's projects, and the availability of financing for Southern
Silver'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.
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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