Southern Silver hits bonanza grade silver, lead, zinc at Cerro Las Minitas

Southern Silver Exploration Corp. (CVE:SSV) saw its shares rise more than 6% on Thursday after announcing bonanza grade silver, lead and zinc mineralization from a new structure at its Cerro Las Minitas project in Durango, Mexico.
The results hail from the newly discovered poly-metallic structure identified under gravel cover of the previously known ore bodies at the property.
Drill hole 11CLM-008 returned a 1.8 metre interval averaging a whopping 1,400 grams per tonne (g/t) of silver, 19.7% lead, and 14.5% zinc, within a broader 3.3 metre interval of 818 g/t silver, 12.9% lead and 10.9% zinc, which forms part of a 10.9 metre intercept averaging 268 g/t silver, 4.5% lead and 3.8% zinc.
The hole represents the first test of the new find, which is within a geophysical target approximately 250 metres to the west of the contact with the central intrusive body.
The geophysical structure is open for up to 400 metres of strike, the Vancouver-based company said. A second, deeper geophysical anomaly has also been identified to the west of the current hole, a future target for upcoming drilling, Southern Silver said.
To date, the Canadian precious metals explorer has now completed ten holes in phase one at the project, for a total of 2,900 metres of drilling. Assays are still pending from portions of the above hole, and two other drill holes.
The results so far have prompted Southern Silver to expand the project into a second phase program, which will consist of between 25 to 30 diamond drill holes, totaling 10,000 metres - expected to begin in early July.
The new phase will be financed by a private placment announced earlier this week, and will target areas located within previously mined zones, as well as several additional areas identified from the recent surface geophysical program, including possible extensions to the new high grade discovery.
The Cerro Las Minitas property comprises 17 concessions, which total 10,980 hectares and an approximate 25 kilometre lineal strike length. The mineralized zones at the project have been exploited to depths of 300 metres and over widths of 60 metres.
The company's shares jumped more than 6% on Thursday, to trade at $0.17 as of 1:35pm EDT.