Mr. Lawrence Page reports
SOUTHERN SILVER REPORTS 9.2 METRES OF 401 G/T AG, 8.5% PB AND 5.1% ZN AND EXTENDS PRECIOUS-BASE-METAL-RICH MINERALIZATION TO 600 METRES DEPTH AT THE CERRO LAS MINITAS PROJECT
Southern Silver Exploration Corp.'s wholly owned subsidiary, Minera Plata del Sur SA de CV, under the direction of Freeport-McMoRan Exploration Corp. (FMEC), has completed an initial eight-core-hole, 3,445-metre drill program on the company's Cerro Las Minitas project located in Durango, Mexico. Freeport-McMoRan Exploration holds a right to acquire up to a 70-per-cent indirect interest in the project.
The program targeted both lateral and vertical offsets to known mineralized zones at the South skarn, Blind zone and El Sol targets as well as several geophysical and geochemical targets throughout the property, and was successful in both confirming the distribution of high-grade mineralization in the Blind zone and identifying significant extensions of mineralization at each of El Sol and South skarn targets. Logging and sampling of the holes are complete; data compilation and interpretation of all results are under way to define additional drill targets in the next phase of exploration.
"Results from three holes in the current program (13CLM-066, -068, -069) highlight extensions of mineralization in the El Sol -- Puro Corazon area as well as in the underexplored southeastern part of the intrusive-sediment contact. Since acquisition of the property in 2010, drilling on the project has totalled 19,149 metres in 70 drill holes and has outlined several significant zones of mineralization. To date FMEC has spent approximately $2.4-million (U.S.) of its initial expenditures of $5-million required to earn an initial 51-per-cent indirect interest in the project. We are very pleased with their progress expanding on the results derived from our expenditure of approximately $4-million in exploration and acquisition costs on the project, which includes 15,704 metres of drilling resulting in the identification of several mineralized zones; we expect subsequent work to continue expanding the size and scope of the project," said Lawrence Page, QC, president.
Blind zone -- El Sol zone
A single west-to-east-oriented 680-metre drill hole was used to test both a shallow offset of mineralization within the Blind zone and the depth projection of mineralization in the adjacent El Sol zone, and returned extremely encouraging results, which include:
A 9.2-metre interval averaging 401 grams per tonne silver, 8.5 per cent lead and 5.1 per cent zinc
(777 g/t Ag equivalent), including a 2.1-metre interval averaging 1,190 g/t silver, 21.6 per cent lead
and 13.0 per cent zinc (2,120 g/t AgEq) from the top of drill hole 13CLM-066;
- A 50.6-metre interval averaging 41 g/t silver, 0.7 per cent lead and 5.3 per cent zinc
(202 g/t AgEq), including a 12.2-metre interval averaging 45 g/t silver,
1.7 per cent lead and 10.8 per cent zinc (379 g/t AgEq) intersected at over 500 metres
- A separate 9.3-metre interval averaging 9.4 g/t silver, 0.1 per cent copper and
13.0 per cent zinc (369 g/t AqEq), which was intersected 600 metres below surface
near the bottom of drill hole 12CLM-066.
The upper interval is a lateral offset from hole 13CLM-056 (5.7 m of 335 g/t Ag, 14.5 per cent Pb and 4.5 per cent Zn), which confirms the continuity of shallow high-grade silver mineralization in the upper portions of the Blind zone target. The deeper intercepts project to previously identified, near-surface mineralization in the adjacent El Sol zone, which had been tested during 2012 exploration to less than 200 metres depth. The above intercepts are reported as downhole thickness. True thickness of the mineralized intervals is estimated at about 40 per cent of the reported thickness.
South skarn target
Four core holes totalling 1,722 metres were drilled into the South skarn target during this phase of exploration. Three holes tested the target over a 250-metre strike length and 300-metre depth; one hole was abandoned prior to reaching target depth. Significant results include:
A 13.9-metre interval averaging 136 g/t silver, 2.4 per cent lead and 1.3 per cent zinc
(250 g/t AgEq), including a 2.4-metre interval averaging 545 g/t silver, 10.3 per cent lead
and 3.8 per cent zinc (943 g/t AgEq) from hole 13CLM-068;
- A 2.2-metre interval averaging 0.7 g/t Au, 225 g/t silver, 3.5 per cent lead and
0.5 per cent zinc (385 g/t AgEq) from hole 13CLM-069.
Mineralization in the South skarn target is open both along strike to the northeast, toward the historic La Bacona mine, and at depth. Accurate orientations of the mineralized zones have not been determined; however, mineralization appears to dip moderately to steeply southward. True thickness of the mineralized intervals may be up to over 70 per cent of the reported thickness.
These latest results clearly demonstrate both the vertical projection of mineralization in the El Sol zone and the potential for significant depth extensions to mineralization in other parts of the property.
SELECT COMPOSITES FROM 2013 CERRO LAS MINITAS DRILLING
Hole No. From To Interval Au Ag Cu Pb Zn AgEq
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
13CLM-063 228.6 230.2 1.6 1.0 160 0.1 3.3 0.4 319
13CLM-066 62.8 63.8 1.1 8.6 4 0.0 0.1 0.1 472
13CLM-066 88.4 97.5 9.2 0.1 401 0.1 8.5 5.1 777
inc. 92.9 97.5 4.6 0.2 727 0.1 13.5 7.0 1,289
inc. 92.9 95.0 2.1 0.2 1,190 0.0 21.6 13.0 2,120
13CLM-066 138.0 151.1 13.1 0.1 53 0.1 2.9 1.4 187
inc. 149.0 151.1 2.1 0.6 68 0.3 5.6 2.5 344
13CLM-066 165.8 176.8 11.0 0.1 53 0.1 3.9 3.5 264
13CLM-066 534.6 585.2 50.6 0.0 41 0.0 0.7 5.3 202
inc. 546.0 561.0 15.0 0.0 67 0.0 0.5 6.0 238
and 573.0 585.2 12.2 0.0 45 0.0 1.7 10.8 379
13CLM-066 633.3 642.6 9.3 0.0 9 0.1 0.1 13.0 369
inc. 638.2 640.4 2.2 0.0 14 0.4 0.0 20.6 597
13CLM-067 194.1 195.6 1.5 0.1 3 0.0 1.9 0.3 70
13CLM-068 285.4 299.3 13.9 0.2 136 0.0 2.4 1.3 250
inc. 285.4 287.8 2.4 0.2 546 0.1 10.3 3.8 943
13CLM-068 307.0 307.9 0.9 0.4 1,140 0.1 18.1 21.0 2,207
13CLM-069 380.5 382.7 2.2 0.7 225 0.2 3.5 0.5 385
13CLM-064 NSV NSV NSV
13CLM-065 NSV NSV NSV
13CLM-070 NSV NSV NSV
- Analyzed by FA-ES/AA for gold and ICP-MS by ALS Chemex, Vancouver, B.C.
- Silver overlimits (greater than 100 g/t Ag) reassayed with FA-Grav.
- AgEq was calculated using the following values: $23.3 silver, $1,255 gold,
$3.15 copper, 90 cents lead and 90 cents zinc. AgEq calculations did not
account for relative metallurgical recoveries of the metals.
Graham Thatcher has been appointed chief financial officer of the company to replace Mahesh Liyanage who has resigned such position. The company and the board of directors thank Mr. Liyanage for his service to the company. Mr. Thatcher moved from London, England, to Vancouver, B.C., in 2006. Specializing in financial reporting and auditing across a breadth of business sectors in both the United Kingdom and Canada, he brings extensive experience of operating with international financial reporting standards and paperless systems. He is also senior accountant at Manex Resource Group, which provides administrative, financial, corporate, corporate finance and geological services to a number of public companies in the mineral resource sector.
Robert Macdonald, PGeo, is a qualified person as defined by National Instrument 43-101, and has reviewed and approved the technical contents of this release.
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