Southern Silver Discovers New Mineralized Zone and Confirms the Extension of the Mina Santo Nino Chimney at Cerro Las Minitas
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/13/11 -- Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT: SEG) reported today that high-grade polymetallic mineralization was returned from drill assays at the Cerro Las Minitas Project, Durango, Mexico and that drill testing of a gravel covered IP geophysical target has identified a new zone of polymetallic mineralization separate from the previously known and historically mined ore bodies. The success of these initial drill holes has prompted a significant expansion of the current drill program.
Selected assays from drill hole 11CLM-006 include:
-- an upper 2.9 metre interval averaging 514g/t Ag, 12.8% Pb, 0.9% Zn
within a broader 9.1 metre interval, from 215.5 to 224.6 metres
downhole, averaging 194g/t Ag, 5.5% Pb and 1.8% Zn
-- a deeper 3.7 metre interval averaging 184g/t Ag, 2.0% Cu, 0.3% Pb and
18.4% Zn within a 17.4 metre interval, from 410.5 to 427.9 metres
downhole, averaging 51g/t Ag, 0.4% Cu, 0.2% Pb and 4.7% Zn
The upper mineralized interval intersected an oxidized silver-rich zone associated with mineralized felsite dykes located approximately 100 metres to the west of the Mina Santo Nino shaft and the contact with the central intrusive body.
The deeper mineralized intercept tested approximately 80 to 100 metres down-dip of the historic Mina Santo Nino workings and confirms the continued vertical projection at depth of this strongly silver-enriched, polymetallic chimney.
Two other holes (11CLM-004, -005) tested the northern margin of the intrusive body and returned anomalous silver and some base-metal values. Two additional holes (11CLM-007, -008) have been completed and a third hole is in progress. Southern has now completed approximately 2500 metres of a planned 3000 metre Phase I drill program on the project.
The company also notes that potentially significant polymetallic mineralization has been identified in the recently completed drill hole 11CLM-008, which represents a new discovery within an IP geophysical target located under gravel cover approximately 250 metres to the west of the contact with the central intrusive body. Assays from this hole are still pending and will be released upon receipt.
President Lawrence Page said: 'The identification by diamond drilling of a blind mineralized body, first located by ground geophysics and not associated with the existing known ore bodies currently being exploited validates the company's approach of using geophysics to identify potential ore bodies throughout the gravel covered project area which are not associated with surface outcrops. This discovery now makes all the many untested IP anomalies within the large land package very legitimate targets to be explored on an expedited basis.'
Positive results to date have lead to the expansion of the project into a second phase program of 25 to 30 diamond drill holes totalling 10,000 metres. This new drilling will target specific occurrences located within the area of historic mining and several additional targets derived from the recently completed 36 line-km surface IP geophysical program over portions of the property. Surface work on several regional targets continues.
To view Figure 1, visit the following link: http://media3.marketwire.com/docs/613SSVfigure1.pdf
Table 1: Summary of Composited Assays from the Cerro Las Minitas Project
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Hole No. From To Interval Ag Cu Pb Zn
m m m g/t % % %
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11CLM-004 214.5 219.0 4.5 20 0.4 0.4 ---
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11CLM-005 182 190 7.8 8.6 --- --- ---
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11CLM-006 215.5 224.6 9.1 194 0.1 5.5 1.8
220.4 223.3 2.9 514 0.1 12.8 0.9
342.1 343.4 1.3 22 --- 1.0 2.1
410.5 427.9 17.4 51 0.4 0.2 4.7
410.5 411.3 0.7 162 0.4 2.1 10.4
424.2 427.9 3.7 184 2.0 0.3 18.4
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About the Cerro Las Minitas property
The Cerro Las Minitas property comprises 17 concessions which total 10,980 hectares and an approximate 25 kilometre lineal strike length. The property is located about 70 kilometres to the northeast of the city of Durago, Durago State, Mexico and is accessed easily by road.
Mining has been conducted on the property since colonial times and has identified several types of silver-, lead- and zinc-enriched massive-sulphide pipes, veins and carbonate-replacement deposits (CRDs), as well as mineralized skarns at the margins of a large intrusive body. The Santa Eulalia replacement deposit (45Mt of 310g/t Ag, 7.1% Zn and 8.2% Pb) and the skarn deposit of San Martin (60Mt of 118g/t silver, 0.9% copper and 3.9% zinc) are examples of two major Mexican mines occurring in similar geological environments(1).
Limited historical drilling on the project by Noranda (not independently verified by Southern Silver) returned numerous intervals of higher grade silver and base metals, including: a 11.45 metre interval (down hole) grading 123g/t silver, 1.55% lead and 7.79% zinc from drill hole NGV-00-02 and a 1.41 metre interval (down hole) grading 529g/t silver, 6.99% lead and 1.27% zinc from drill hole NGV-00-06.
The mineralized zones at Cerro Las Minitas have been exploited to depths of 300 metres and over widths of 60 metres.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious/base metal exploration company and a member of the Manex Resource Group; a private company comprised of an exceptional multi-disciplinary team of professionals with specific expertise in all areas of exploration, development, corporate finance and public company administration.
The company's growth strategy is to acquire, explore and develop high-quality properties in progressive jurisdictions within North America. Its current projects include the silver-lead-zinc Cerro Las Mintas project and the copper-gold-silver Minas de Ameca in Mexico, the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver Oro project in New Mexico.
Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.
(1) Southern Silver advises that tonnage and grade of adjacent properties or those used for comparative purposes may not reflect the ultimate potential of the Cerro Las Minitas project
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, 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.
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.
Contacts:
Southern Silver Exploration Corp.
Liana Shahinian
1.888.456.1112
liana@mnxltd.com
www.southernsilverexploration.com