Southern Silver Confirms Near Surface Extensions of the Blind Zone; Identifies New Target at Cerro Las Minitas
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/31/12 -- Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT: SEG) reported today that drilling on the Cerro Las Minitas project, located in Durango State, Mexico, continues to demonstrate near surface extensions of high-grade silver-polymetallic mineralization in the Blind Zone deposit. High-grade silver mineralization was also identified in a single drill hole located approximately 750 metres northeast of the Blind Zone along the northern margin of the central intrusive.
Blind Zone deposit
Core drilling targeted near surface mineralization in the Blind Zone deposit and has confirmed the extensions of the main mineralized structures.
Assay highlights include:
-- a 1.3 metre interval grading 382g/t silver, 9.9% lead and 5.1% zinc
(799g/t AgEq) within a broader 10.6 metre zone averaging 76g/t silver,
1.9% lead and 0.6% zinc (145g/t AgEq) from drill hole 12CLM-061, and
-- a 1.9 metre interval averaging 130g/t silver, 2.4% lead and 0.5% zinc
(218g/t AgEq) from drill hole 12CLM-060
Near surface mineralization was also intersected in drill hole 12CLM-059 which returned a 19.1 metre interval averaging 30g/t silver and a 15.8 metre interval averaging 26g/t silver. All of the above mineralized intercepts occur within 70 metres of surface. Thicker intervals of mineralization may be in part amenable to bulk mining methods. Individual higher grade intercepts continue to demonstrate the internal continuity of mineralized structures that comprise the Blind Zone deposit.
Initial modelling of the Blind zone has identified three distinct mineralized structures along much of the currently identified 618 metre strike-length of the deposit. Several additional less continuous lenses of mineralization are also identified in the model. True thickness of the mineralized intervals are estimated at 60% to 70% of the down hole thicknesses.
La Bocona Extension
Drill hole 12CLM-058 tested a northwest extension of the La Bocona deposit and returned a 1.3 metre interval grading 466g/t silver. Mineralization occurs within skarn and hornfels limestone on the eastern margin of a thick northwest-trending felsic dyke. This is a new target area located 750 metres to the northeast of the Blind Zone deposit and mineralization is open along strike for several hundred metres.
Additional drilling is planned to further test and delineate this new zone of mineralization.
Table 1: Summary of Select Composited Assays from the Cerro Las Minitas
Project
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BLIND ZONE TARGET
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From To Interval Ag Cu Pb Zn AgEq
Hole No. m m m g/t % % % g/t
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12CLM-059 12.0 31.1 19.1 30 0.0 0.6 0.2 53
inc. 12.0 12.9 0.9 72 0.0 2.1 1.7 177
and inc. 29.8 31.1 1.3 65 0.0 1.6 0.2 115
41.2 57.0 15.8 26 0.0 0.5 0.6 59
inc. 53.7 57.0 3.3 53 0.1 1.9 2.1 172
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12CLM-060 39.0 52.7 13.7 34 0.0 0.5 0.3 63
inc. 47.5 49.4 1.9 130 0.0 2.4 0.5 218
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12CLM-061 86.3 96.8 10.6 76 0.0 1.9 0.6 145
inc. 86.3 87.5 1.3 382 0.2 9.9 5.1 799
and inc. 94.0 96.8 2.8 201 0.0 4.6 0.4 335
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LA BOCONA EXTENSION
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12CLM-058 102.3 103.6 1.3 466 0.2 0.3 0.0 514
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Analyzed by FA-ES/AA for gold and ICP-MS by ALS Chemex, Vancouver BC; Silver
overlimits (greater than 100g/t Ag) re-assayed with FA-Grav. AgEq
calculation uses values that approximate the three year trailing average of
the contained metals: $23.3 silver, $1250 gold, $3.15 copper and $0.9 lead
and $0.9 zinc. AgEq calculations did not account for relative metallurgical
recoveries of the metals.
2012 Exploration Program
Twenty-nine drill holes totaling approximately 8,030 metres were completed on the project in 2011. An additional 7,510 metres in thirty-three drill holes have been completed to date in 2012. Assays from two drill holes are pending.
The Company has scheduled 20,000 metres of core drilling in 2012, with the goal of completing a NI 43-101 compliant resource on these first set of targets by Q4 of 2012. 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.
For a current drill-hole plan and a full table of drill results please visit the company's website at www.southernsilverexploration.com.
To view the map accompanying this press release, click on the following link: http://media3.marketwire.com/docs/ssv531m.pdf
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious and 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-copper 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.
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