VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 16, 2013) -Southern Silver Exploration Corp. ("Southern Silver")(TSX VENTURE:SSV) (FRANKFURT:SEG) reported today that its wholly owned subsidiary, Minera Plata del Sur, S.A. de C.V., under the direction of Freeport-McMoRan Exploration Corporation (FMEC), has completed an initial eight core hole, 3445 metre drill program on the company's Cerro Las Minitas project located in Durango, Mexico. Freeport-McMoRan Exploration Corporation holds a right to acquire up to a 70% indirect interest in the project.
The program targeted both lateral and vertical offsets to known mineralized zones at the South Skarn, Blind Zone and El Sol targets as well as several geophysical and geochemical targets throughout the property and was successful in both confirming the distribution of high-grade mineralization in the Blind zone and identifying significant extensions of mineralization at each of El Sol and South Skarn targets. Logging and sampling of the holes is complete; data compilation and interpretation of all results is underway to define additional drill targets in the next phase of exploration.
"Results from three holes in the current program (13CLM-066, -068, -069) highlight extensions ofmineralization in the El Sol - Puro Corazon area as well as in the underexplored southeastern part of the intrusive - sediment contact. Since acquisition of the property in 2010, drilling on the project has totaled 19,149 metres in 70 drill holes and has outlined several significant zones of mineralization. To date FMEC has spent approximately US $2,400,000 of its initial expenditures of US $5,000,000 required to earn an initial 51% indirect interest in the project. We are very pleased with their progress expanding on the results derived from our expenditure of approximately $4,000,000 in exploration and acquisition costs on the project which includes 15,704 metres of drilling resulting in the identification of several mineralized zones; we expect subsequent work to continue expanding the size and scope of the project." said Lawrence Page Q. C., President.
Blind Zone - El Sol Zone
A single west to east oriented 680 metre drill hole was used to test both a shallow offset of mineralization within the Blind zone and the depth projection of mineralization in the adjacent El Sol zone, and returned extremely encouraging results which include:
- a 9.2 metre interval averaging 401g/t silver, 8.5% lead and 5.1% zinc (777g/t AgEq) including a 2.1 metre interval 1190g/t silver, 21.6% lead and 13.0% zinc (2120 g/t AgEq) from the top of drill hole 13CLM-066;
- a 50.6 metre interval averaging 41g/t silver, 0.7% lead and 5.3% zinc (202g/t AgEq) including a 12.2 metre interval averaging 45g/t silver, 1.7% lead and 10.8% zinc (379g/t AgEq) intersected at over 500 metres below surface; and
- a separate 9.3 metre interval averaging 9.4g/t silver, 0.1% copper and 13.0% zinc (369g/t AqEq) which was intersected 600 metres below surface near the bottom of drill hole 12CLM-066
The upper interval is a lateral offset from hole 13CLM-056 (5.7m of 335g/t Ag, 14.5% Pb and 4.5% Zn) which confirms the continuity of shallow high-grade silver mineralization in the upper portions of the Blind zone target. The deeper intercepts project to previously identified, near surface, mineralization in the adjacent El Sol zone which had been tested during 2012 exploration to less than 200 metres depth. The above intercepts are reported as down-hole thickness. True thickness of the mineralized intervals is estimated at about 40% of the reported thickness.
South Skarn Target
Four core holes totaling 1722 metres were drilled into the South Skarn target during this phase of exploration. Three holes tested the target over a 250 metre strike length and 300 metre depth, one hole was abandoned prior to reaching target depth. Significant results include:
- a 13.9 metre interval averaging 136g/t silver, 2.4% lead and 1.3% zinc (250g/t AgEq) including a 2.4 metre interval 545g/t silver, 10.3% lead and 3.8% zinc (943 g/t AgEq) from hole 13CLM-068; and
- a 2.2 metre interval averaging 0.7g/t Au, 225g/t silver, 3.5% lead and 0.5% zinc (385g/t AgEq) from hole 13CLM-069
Mineralization in the South Skarn target is open both along strike to the northeast toward the historic La Bacona Mine and at depth. Accurate orientations of the mineralized zones have not been determined; however mineralization appears to dip moderately to steeply southward. True thickness of the mineralized intervals may be up to +70% of the reported thickness.
These latest results clearly demonstrate both the vertical projection of mineralization in the El Sol zone but also the potential for significant depth extensions to mineralization in other parts of the property.
Figure: Location of drilling on Cerro Las Minitas Project (https://media3.marketwire.com/docs/ssv-fig1.pdf)
Table: Select Composites from 2013 Cerro Las Minitas Drilling
Analyzed by FA-ES/AA for gold and ICP-MS by ALS Chemex, Vancouver BC; Silver overlimits (>100g/t Ag) re-assayed with FA-Grav. AgEq was calculated using the following values: $23.3 silver, $1255 gold, $3.15 copper and $0.9 lead and $0.9 zinc. AgEq calculations did not account for relative metallurgical recoveries of the metals.