JD400
4 years ago
$SSVFF .. Southern Intersects Bonanza-Grade Silver at Cerro Las Minitas with 8.0 Metres Averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn (2,040g/t AgEq) including 0.6 Metres Grading 3,180g/t Ag, 58.8% Pb and 2.3% Zn (5,148g/t AgEq)
Vancouver, British Columbia--(Newsfile Corp. - February 9, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQB: SSVFF) reported today that it has identified Bonanza-grade silver mineralization on a second target within the Mina La Bocona zone at the Cerro Las Minitas project, Durango Mexico. Drilling on the East side of the Cerro tested the down-dip projection of the La Bocona Chimney which was historically mined by artisanal miners to approximately 210 metres depth. Bonanza grade assays from drill hole 20CLM-131 returned:
15.1m down-hole (8.0m est. TT) averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn (2040g/t AgEq; 51.7% ZnEq) which includes subintervals of
1.1m down hole (0.6m est. TT) grading 3,180g/t Ag, 58.8% Pb and 2.3% Zn and 1.6m down hole interval (0.8m est. TT) grading 2,340g/t Ag, 35.9% Pb and 1.6% Zn;
Additional mineralized intervals intersected further down-hole include:
16.1m down-hole (8.5m est. TT) averaging 121g/t Ag, 2.5% Pb and 2.5% Zn (311g/t AgEq; 7.9% ZnEq) which includes 3.0m down hole (1.6m est. TT) grading 413g/t Ag, 8.7% Pb and 9.3% Zn (1,103g/t AgEq; 28% Zn); and
1.0m down-hole (0.5m est. TT) averaging 59g/t Ag, 0.6g/t Au and 3.37% Cu (489g/t AgEq)
Drill hole 20CLM-131 is one of four holes which tested the extension of the La Bocona Chimney over an approximate area of 60m x 140m and between the 210-metre mining level and roughly 350 metres below surface. Mineralization is open to depth and partially open along strike.
Select intercepts from other holes which tested the Chimney include:
20.9m down-hole (9.0m est. TT) averaging 212g/t Ag, 0.64g/t Au, 3.7% Pb and 3.3% Zn (512g/t AgEq; 13.0% ZnEq) which includes 7.4m down-hole (3.2m est TT) grading 287g/t Ag, 1.64g/t Au, 4.6% Pb and 4.8% Zn (763g/t AgEq; 19.3% ZnEq) from Drill hole 20CLM-129; and
6.4m down-hole (4.3m est. TT) averaging 146g/t Ag, 0.19g/t Au, 2.9% Pb and 1.6% Zn (320g/t AgEq; 8.1% ZnEq) which includes 0.8m down-hole (0.5m est TT) grading 809g/t Ag, 0.4g/t Au, 17.1% Pb and 9.1% Zn (1,741g/t AgEq; 44.1% ZnEq) from drill hole 20CLM-128.
The mineralization identified in the La Bocona Chimney is the second, thick sulphide lens with Bonanza-grade silver identified in the Mina La Bocona target area and the third high-grade lens identified on the eastern side of the Cerro. It is located just 150 metres to the west-northwest of the Muralla Chimney and the previously reported drill holes 20CLM-125 (33.2m est TT averaging 435g/t AgEq; see NR-01-21) and 15CLM-078 (several zones including 5.6m est TT averaging 528g/t AgEq and 3.6m averaging 1077g/t AgEq; see NR-10-15). Significantly, none of the mineralization identified on the east side of the Cerro either historically or as part of this current exploration program has yet been incorporated into the current Mineral Resource Estimate for the project.
Drilling has now resumed on the property with one drill targeting lateral and down-dip step-outs of drill hole 20CLM-131 at the La Bocona Chimney and a second targeting step-outs of drill hole 20CLM-125 at the Muralla Chimney. Drilling will continue to test and extend these two sulphide zones, the near surface oxide mineralization adjacent to the Muralla chimney and the South Skarn target as well as testing additional targets further to the to the northwest of the Bocona Chimney and the recently acquired El Sol claim.
Rob Macdonald, Vice President Exploration stated: "The identification of a third near-surface sulphide lens, with Bonanza- grades of silver, on the east side of the Cerro is significant as it not only demonstrates the continued exploration potential of these targets but also the clear potential to identify the critical mass of mineralization necessary to support a mining scenario. Drilling has now identified compelling sulphide and oxide intercepts within an 800 metres strike-length that require additional drilling. A further 400 metres remains to be tested on the east side of the Cerro and further drilling is warranted on the newly acquired El Sol Claim which will all be part of the continued 2021 drill campaign."
Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and the location for new drill targeting, at the Mina La Bocona, South Skarn and Las Victorias targets.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5344/73991_2d23323fa401ebda_002full.jpg
South Skarn and Muralla Chimney Targets
Additional assay results have also been received from both the Muralla Chimney and the South Skarn Target, located 500 metres to the south of the Mina La Bocona target, highlights of which include:
9.2m down-hole (4.1 est. TT) averaging 205g/t Ag, 0.16g/t Au, 4.0% Pb and 0.9% Zn (377g/t AgEq; 9.5% ZnEq) which includes 1.3m down-hole (0.6m est TT) grading 575g/t Ag, 0.05g/t Au, 9.9% Pb and 2.2% Zn (972g/t AgEq; 24.7% ZnEq) from Drill hole 20CLM-134 in the Muralla Chimney;
6.6m down-hole (4.4m est. TT) averaging 95g/t Ag, 0.7% Pb and 1.2% Zn (174g/t AgEq; 4.4 % ZnEq) which includes 1.0m down-hole (0.7m est TT) grading 398g/t Ag, 0.16g/t Au, 2.7% Pb and 4.0% Zn (679g/t AgEq; 17.2% ZnEq) from drill hole 20CLM-126 in the South Skarn target; and
1.6m down-hole (1.0m est. TT) grading 327g/t AgEq, 5.6% Pb and 11.5% Zn (960g/t AgEq; 24.4% Zn) from drill hole 20CLM-130 in the South Skarn target.
Approximately 8,600 metres of drilling have now been completed as part of the 2020-21 exploration program. Drilling has resumed to start the 2021 exploration season.
The CLM Project remains one of the larger undeveloped silver-lead-zinc projects in the World and is wholly owned, unburdened by royalties, fully financed and fully permitted.
Table 1: Select Assay intervals from Mina La Bocona and South Skarn target area.
Continues here>>>
https://www.newsfilecorp.com/release/73991/Southern-Intersects-BonanzaGrade-Silver-at-Cerro-Las-Minitas-with-8.0-Metres-Averaging-1072gt-Ag-18.8-Pb-and-7.5-Zn-2040gt-AgEq-including-0.6-Metres-Grading-3180gt-Ag-58.8-Pb-and-2.3-Zn-5148gt-AgEq
ThSeeker
4 years ago
Southern Silver Confirms High-grade Mineralization in the South Skarn Target at Cerro Las Minitas with a 6.7 metre intercept averaging 625g/t Ag, 11.8% Pb and 7.5% Zn (1,454g/t AgEq; 30.0% ZnEq)
Southern Silver Exploration Corp. (TSX.V: SSV) (“Southern Silver”) reported today initial assay results from its 10,000 metre 2020-21 core drilling program on the Cerro Las Minitas project, Durango State, Mexico which included intervals of strongly silver-enriched semi-massive to massive sulphide mineralization in drill hole 20CLM-119.
Assay highlights include:
a 9.0m down hole interval (6.7m est. True Thickness) averaging 625g/t Ag, 11.8% Pb and5% Zn (1,454g/t AgEq; 30.0% ZnEq) including a higher grade 2.3m interval (1.7m est. TT) averaging 1,338g/t Ag, 25.9% Pb and 17.6% Zn (3,201g/t AgEq; 66.1% ZnEq) from drill hole 20CLM-119; and
a 6.9m down hole interval (4.0m est. TT) averaging 109g/t Ag, 1.8% Pb and1% Zn (255g/t AgEq; 7.2% ZnEq) including a higher grade 1.2m interval (0.9m est. TT) averaging 412g/t Ag, 7.8% Pb and 9.2% Zn (1,174g/t AgEq; 24.3% ZnEq) from drill hole 20CLM-118.
The two drill holes are the first results in 2020 for the South Skarn target, which extends for over 500 metres of strike on the eastern side of the Cerro and has been tested to depths of over 450 metres. The South Skarn target is approximately 1 kilometre away from the known mineral deposits currently identified on the property. The holes are lateral and up-dip step-outs from previously reported mineralization in hole 13CLM-68 which returned 13.9 metres (8.4m est. TT) of 136g/t Ag, 2.4% Pb and 1.3% Zn (326g/t AgEq; 6.3% ZnEq; see NR-15-13) and establish the continuity of mineralization in the shallower parts of the South Skarn zone. Five holes totaling 2,191 metres have now been completed on the South Skarn target. Several additional holes are planned which will test the target to depths of up to 600 metres below surface.
Rob Macdonald, Vice President Exploration stated: “The mineralization identified in 20CLM-119 is comparable in both grade and thickness to several mineralized intercepts previously identified by Southern Silver at the South Skarn and Bocona targets in drilling between 2011 to 2015 and provides confidence in our targeting as we work to continue expanding the mineral resource base at the Cerro Las Minitas project.”
Approximately 3,700 metres of drilling has been completed of an anticipated 10,000 metres of core drilling for the 2020-21 exploration program. Drilling continues with one drill focused on the South Skarn target and a second drilling currently drilling the Mina La Bocona target. Two drill holes have been completed on the Las Victorias target.
Drilling on the east side of the Cerro will test an approximate 800 metre strike length of the Skarn Front and Mina La Bocona mineralized zones to depths of up to 650 metres as well as a high-grade hanging wall zone in the Mina La Bocona target area. The targeting is designed to increase the current mineral resource estimate by approximately 30%. The CLM Project remains one of the larger undeveloped silver-lead-zinc projects in the world and is both fully financed and fully permitted.
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$17/oz silver, US$1450/oz gold, US$2.8/lbs copper and US$0.95/lbs lead and US$1.20/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites calculated using a 80g/t AgEq cut-off and <20% internal dilution, except where noted; anomalous intercepts calculated using a 10g/t AgEq cut-off.
Cerro Las Minitas Project
The Cerro Las Minitas project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.
The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)
Indicated – 134Moz AgEq: 5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
Inferred – 138Moz AgEq: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
A total of 133 drill holes for 59,000 metres have been completed on the CLM Project with exploration expenditures of approximately US$25.5 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce to the end of 2019.
ThSeeker
4 years ago
Southern Silver Closes Transaction to Acquire 100% Interest in the Cerro Las Minitas Silver Project; Closes Three Private Placements for Proceeds of $14.456 Million
Southern Silver Exploration Corp. (TSX.V: SSV) (the “Company” or “Southern Silver”) reported that it has closed the transaction with Electrum Global Holdings L.P. (“Electrum”) to acquire Electrum’s 60% indirect working interest (for a total 100% interest) in the Cerro Las Minitas project (the “CLM Project”) located in Durango, Mexico (the “Transaction”). As consideration for the acquisition, Southern Silver must pay Electrum an aggregate US$15 million in a combination of cash and common shares, of which US$5 million and 2,336,590 common shares (valued at US$1,006,403 which, together with a credit of C$1,350,000 deposit paid, represents the US$2,000,000 share equivalent payment) have now been paid. The remaining consideration must be paid on or before:
March 15, 2021: US$2 million and common shares equal to US$2 million (based on the greater of the 20-day volume weighted average trading price of Southern Silver’s shares on the TSX Venture Exchange (“VWAP”) and the Discounted Market Price (as that term is defined in the policies of the TSX Venture Exchange) of the shares (the “DMP”)); and
September 15, 2021: US$2 million and common shares equal to US$2 million (based on the greater of the prior 20-day VWAP and the DMP).
The Company has the option to pay all cash in lieu of shares. To secure above noted payments, the Company has pledged to Electrum the shares representing Electrum’s 60% indirect working interest in the CLM Project. Southern Silver has received both shareholder and TSX Venture Exchange approval of the Transaction.
Benefits to Southern Silver Shareholders:
Simplifies ownership structure of the CLM Project
Establishes full control over project timeline and removes perceived joint venture discount
Provides 100% ownership of a premier, polymetallic deposit in Mexico with substantial resource growth potential (with a focus on targeting high grade silver targets)
150% increase in attributable resources to current resource of Indicated: 134Mozs AgEq and Inferred: 138Mozs AgEq (1)
Highly accretive to Southern Silver shareholders
Electrum remains a supportive cornerstone investor
Southern Silver becomes a more attractive takeover target
Enhances the market profile of the Company relative to its peer group
Through the Transaction, Southern Silver will acquire an additional 49.9 million ounces silver and 1.35 billion pounds of combined lead and zinc to its account based on the current National Instrument 43-101 Mineral Resources estimate of the CLM Project. Additionally, Southern Silver will become more attractive on a corporate level with the Company’s market profile being enhanced by having ownership of one of the larger and highest grade, undeveloped silver projects in the world.
Lawrence Page, Q.C., Southern Silver’s President and Director, stated: “Sole ownership of the CLM Project inclusive of the significant resources developed to date allows us great latitude in developing the Project for substantial resource growth. The Transaction also provides a 150% increase in attributable resources which is highly accretive to Southern Silver shareholders. An extensive diamond drill program will begin within the next two weeks designed to develop previously identified mineralization east of the intrusion for ultimate inclusion into the existing resource calculation.”
Private Placements recently closed:
Brokered offering of 50,000,000 subscription receipts at a price of C$0.20 per subscription receipt for gross proceeds of C$10,000,000. Each subscription receipt has now been exchanged, for no additional consideration, into one unit of the Company. Each unit consists of one common share and one-half of one share purchase warrant, with each full warrant exercisable to purchase one additional common share at a price of C$0.25 during the first year, increasing to C$0.30 in year two and to C$0.35 in year three.
Non-brokered offering of 19,047,620 subscription receipts at a price of C$0.21 per subscription receipt for gross proceeds of C$4,000,000. Each subscription receipt has now been exchanged, for no additional consideration, into one unit of the Company. Each unit consists of one common share and one-half of one share purchase warrant, with each full warrant exercisable to purchase one additional common share at a price of C$0.28 during the first year, increasing to C$0.33 in year two and to C$0.38 in year three.
Non-brokered private placement of 1,200,000 units at a price of $0.38 per unit for gross proceeds of $456,000. Each unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.50 per share for a period of three years.
Cerro Las Minitas Project
The CLM Project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.
The CLM Project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)
Indicated – 134Moz AgEq: 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
Inferred – 138Moz AgEq: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
A total of 133 drill holes for 59,000 metres have now been completed on the CLM Project with exploration expenditures of approximately US$18.5 million equating to exploration discovery costs of approximately C$0.07 per AgEq ounce to the end of 2019.
Southern Silver has identified a further 10,000 metres in exploration drilling for 2020, targeting specific step-outs from strongly silver-enriched mineral intercepts in the Las Victorias, South Skarn and the Mina La Bocona targets. The targeting is designed to increase the current mineral resource estimate by approximately 30%. The CLM Project remains one of the larger undeveloped silver-lead-zinc projects in the world. It is fully permitted.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.
The 2019 Cerro Las Minitas Resource Estimate was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID3 weighting. Silver and zinc equivalent values were subsequently calculated from the interpolated block grades. The model is identified at a 175g/t AgEq cut-off, with an indicated resource of 11,102,000 tonnes averaging 105g/t Ag, 0.10g/t Au, 1.2% Pb, 3.7% Zn and 0.16% Cu and an inferred resource of 12,844,000 tonnes averaging 111g/t Ag, 0.07g/t Au, 0.9% Pb, 2.8% Zn and 0.27% Cu. AgEq cut-off values were calculated using average long-term prices of $16.6/oz. silver, $1,275/oz. gold, $2.75/lb. copper, $1.0/lb. lead and $1.25/lb. zinc. Metal recoveries for the Blind, El Sol and Las Victorias deposits of 91% silver, 25% gold, 92% lead, 82% zinc and 80% copper and for the Skarn Front deposit of 85% silver, 18% gold, 89% lead, 92% zinc and 84% copper were used to define the cut-off grades. Base case cut-off grade assumed $75/tonne operating, smelting and sustaining costs. All prices are stated in $USD. Silver Equivalents were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used to calculate the ZnEq value. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for a resource’s mineability, selectivity, mining loss, or dilution. The current Resource Estimate was prepared by Garth Kirkham, P.Geo. of Kirkham Geosciences Ltd. who is the Independent Qualified Person responsible for presentation and review of the Mineral Resource Estimate. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.
On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
ThSeeker
5 years ago
Southern Silver Exploration
April 3rd, 2020
Southern Silver Exploration
Southern Silver Announces Acquisition of El Sol Claim; Corporate Update
Southern Silver Exploration Corp. (TSX.V: SSV) (the “Company” or “Southern Silver”) has entered into an agreement with Monarca Minerals Inc. to purchase the El Sol mineral claim in Durango, Mexico.
The claim is situated contiguous with Southern Silver’s Cerro Las Minitas mineral property, operated as a joint venture between Southern Silver and Electrum Global Holdings LP.
The purchase is solely for the account of Southern Silver and the claim will not form a part of the Cerro Las Minitas joint venture. Acquisition cost is $US 300,000 payable in three equal instalments on execution of a definitive agreement, twelve months and eighteen months together with retention by the vendor of a 2% NSR on production from the claim with a right in Southern Silver to purchase the royalty at any time for US$1,000,000.
El Sol Claim
The El Sol concession is a single 63ha claim strategically located on the northwestern boundary of the Bocona block of claims and is adjacent to the Area of the Cerro which hosts the four mineral deposits currently identified within the Cerro Las Minitas claim package. It covers an important northwest projection of the Blind-El Sol deposits and potentially at least one additional mineralized structure.
The claim is largely gravel covered with previous work including: airborne magnetic geophysics; surface soil and acacia sampling; limited dump sampling of historic artisanal workings and a single core hole in the southeastern end of the property.
A drill hole, from 2013, intersected thick intervals of aplite and monzonite with associated grossular skarn and re-crystallized limestone which corresponds well to the projection of the Blind Zone deposit and returned anomalous Ag-Pb-Zn values with associated pathfinder elements. Additional exploration potential exists, both down dip of the initial drill intercepts and on-strike to the northwest where the projected structure crosses two large magnetic anomalies located on the claim.
Select dump sampling of artisanal workings located to the northeast of the Blind Zone structure returned anomalous values from several strongly oxidized and silicified rocks including sample CLM-316 which returned 0.67g/t Au, 559g/t Ag, 3.3% Pb and 4.3% Zn. These workings do not appear to be related to the Blind Zone mineralization and represent a second potential high-grade target for priority follow-up.
Future exploration on the claim by Southern Silver will focus on: defining new drill targets along the projection of the Blind Zone deposit; further sampling in the area of the two large magnetic anomalies located on the claim and target definition in the area of the artisanal workings.
Figure 1: El Sol Claim Location. See full description of resource in Footnote 1
Corporate Update
In corporate matters, the Company reported on recent warrant and stock option exercises. During the current fiscal period:
9,944,295 share purchase warrants issued in March 2015, which expired in March 2020, with an exercise price of $0.08, have been exercised for gross proceeds receivable of $795,544;
1,818,000 stock options granted in March 2015, which expired in March 2020, with an exercise price of $0.08, were exercised for gross proceeds receivable of $145,440;
1,850,000 share purchase warrants issued in April 2016, which were due to expire in April 2021, with an exercise price of $0.08, have been exercised for gross proceeds receivable of $148,000; and
1,110,000 share purchase warrants issued in May 2016, which were due to expire in May 2021, with an exercise price of $0.15, have been exercised for gross proceeds receivable of $166,500.
Proceeds from such warrant and option exercises of $1,255,484, together with gross proceeds from our 2019 Unit private placement of $4,206,500, are being used for working capital and to cover the Company?s share of the costs associated with current and future exploration and development programs at Cerro Las Minitas and El Sol.
Southern Silver announces that it has granted 2,466,666 incentive stock options exercisable at a price of $0.12 per common share to directors, officers and consultants. 1,800,000 stock options have a five year term and the remaining 666,666 stock options have a three year term; all stock options are subject to the policies of the TSX Venture Exchange.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of world-class mineral deposits in north-central Mexico and the southern USA. Our specific emphasis is the Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing, along with our partner, Electrum Global Holdings LP, the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.
The 2019 Cerro Las Minitas Resource Estimate was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID3 weighting. Silver and zinc equivalent values were subsequently calculated from the interpolated block grades. The model is identified at a 175g/t AgEq cut-off, with an indicated resource of 11,102,000 tonnes averaging 105g/t Ag, 0.10g/t Au, 1.2% Pb, 3.7% Zn and 0.16% Cu and an inferred resource of 12,844,000 tonnes averaging 111g/t Ag, 0.07g/t Au, 0.9% Pb, 2.8% Zn and 0.27% Cu. AgEq cut-off values were calculated using average long-term prices of $16.6/oz. silver, $1,275/oz. gold, $2.75/lb. copper, $1.0/lb. lead and $1.25/lb. zinc. Metal recoveries for the Blind, El Sol and Las Victorias deposits of 91% silver, 25% gold, 92% lead, 82% zinc and 80% copper and for the Skarn Front deposit of 85% silver, 18% gold, 89% lead, 92% zinc and 84% copper were used to define the cut-off grades. Base case cut-off grade assumed $75/tonne operating, smelting and sustaining costs. All prices are stated in $USD. Silver Equivalents were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used to calculate the ZnEq value. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for a resource?s mineability, selectivity, mining loss, or dilution. The current Resource Estimate was prepared by Garth Kirkham, P.Geo. of Kirkham Geosciences Ltd. who is the Independent Qualified Person responsible for presentation and review of the Mineral Resource Estimate. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly or was part of the team that supervised the collection of the data from the El Sol Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.
On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver’s website at 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 may contain 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.
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Copyright © 2020 Southern Silver Exploration Corp.
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. 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. Further information regarding factors which may cause results to differ materially from those projected in forward-looking statements are included in the filings by the Company with securities regulatory authorities.
Southern Silver Exploration Corp., #1100 - 1199 West Hastings Street, Vancouver, British Columbia V6E 3T5 Canada
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