Southern Silver Exploration Corp (CVE:SSV) announced Thursday that several thick intervals of strong copper and molybdenum grades were returned from its Dragoon project near Tucson, Arizona.
The company said the drill hole results indicate a large, widespread hydrothermal system that could produce potentially significant mineralization.
Assays from the second hole, DS-11-02, found 527.4 metres grading 0.06% copper, including 353.7 metres at 0.08% copper; 85.4 metres at 0.11% copper; and 12.2 metres grading 0.25% copper.
This hole was drilled to a depth of 1,054.9 metres, at a 90-degree dip angle.
Hole DS-11-01, the first of the drill program, which is being conducted by the property's optionee, Freeport-McMoRan Exploration Corp, returned 402 metres at 0.05% copper.
The Dragoon property covers a 12.8 square kilometre area that comprises 68 patented mining claims and four State leases.
In 2009, Southern Silver signed an earn-in agreement with Freeport-McMoRan, whereby Freeport-McMoRan can earn a 70% interest in Dragoon by spending USD $3.0 million on the property by the end of 2012.
Southern Silver's stock on the TSX-Venture Exchange rose 7.14% as of 3:29 pm EDT, to trade at $0.15 per share.
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