Southern Silver Exploration Corp. (CVE:SSV) said Tuesday it identified silver-enriched high-grade polymetallic mineralization in several separate target areas on its Cerro Las Minitas project in Mexico.
The property comprises 18 concessions that total 15,125 hectares and
an approximate 25 kilometre strike length. The property is located
approximately 70 kilometres northeast of the city of Durango.
In 2011, Southern Silver said that 29 drill holes totaling approximately 8,030 metres were completed on the project.
At the Blind zone, drilling continues the process of delineating both
the extent and internal continuity of the mineralized zone.
Assay results from hole 12CLM-030 returned a 1.1 metre interval
averaging 250 grams per tonne (g/t) silver, 10.7% lead and 16.95 zinc
(1,007 g/t silver equivalent) at a vertical depth of approximately 270
Hole 12CLM-034 tested the continuity of mineralization within the
Blind zone and returned multiple intervals of high-grade silver-enriched
polymetallic mineralization, including 1.5 metres averaging 338 g/t
silver, 0.5% copper, 11.1% lead and 15.9% zinc (1096 g/t silver
Drilling has now tested the Blind zone in excess of 600 metres strike
length and greater than 300 metres depth, with the zone remaining open
in all directions.
At El Sol, hole 12CLM-038, located 50 metres to the south east of
hole 11CLM-027 - which itself returned 124 g/t silver, 1.9% lead and
2.1% zinc over 24.8 metres - identified 17.7 and 15 metre zones of
polymetallic mineralization, which included higher-grade intervals of
0.7 metres averaging 167 g/t silver, 6.2% lead and 3.6% zinc (475 g/t
silver equivalent) and 1.8 metres averaging 98 g/t silver 1.3% lead and
4.5% zinc (267 g/t silver equivalent), respectively.
Southern Silver said that two of three holes that tested the South Skarn target returned encouraging results.
Drill hole 12CLM-031 intersected oxidized skarn mineralization from
74.4 metres to 165.0 metres depth. Elevated zinc values occured through
much of this drill intercept, said the company, which includes a 2.4
metre interval averaging 16 g/t silver, 0.2% copper and 9.8% zinc.
Similarly, base and precious metal enriched skarn was intersected at
the contact with the central monzonite porphyry in drillhole 12CLM-040,
which is located approximately 300 metres to the northwest of hole
The company said these two drill holes "continue to demonstrate the
widespread distribution of polymettalic mineralization" throughout the
Cerro Las Minitas project.
Additional drilling is planned to further test and delineate these new zones of mineralization.
In terms of other target areas, drilling at the La Bocona target identified polymetallic mineralization in one hole.
In the meantime, diamond drilling with two core rigs continues. One
drill rig remains dedicated to the continued delineation of
mineralization in the Blind and El Sol zones, while the second rig is
testing specific occurrences within the area of historic mining as well
as several targets derived from the recently-completed surface sampling
and IP geophysical program.
In 2012, an additional 4,073 metres in seventeen drill holes have
been completed so far, and two additional holes are in progress. Assays
from eight drill holes are pending.
For the remainder of the year, the company has scheduled 20,000
metres of core drilling with the aim of completing an NI 43-101
compliant resource on these first set of targets by the fourth quarter.
This will be the initial milestone toward the company's goal of
delineating a larger, multi-million tonne, high-grade, silver-enriched
polymetallic resource on the project.
Southern Silver, a member of the Manex Resource Group, is a precious
and base metal exploration company. Its current projects include the
silver-lead-zinc Cerro Las Mintas project and the copper-gold-silver
Minas de Ameca property, as well as the porphyry copper-molybdenum
Dragoon project in Arizona and the gold-silver-copper Oro project in New