Mr. Lawrence Page reports
SOUTHERN SILVER EXTENDS THE EXTENT OF MINERALIZED ZONES AT CERRO LAS MINITAS
Southern Silver Exploration Corp. has released an update that drilling on the Cerro Las Minitas project, located in Durango state, Mexico, continues to extend laterally and to depth, projections of the known mineralized structures at both the Blind zone and El Sol deposits.
Blind zone
Three core holes were drilled to depths between 120 and 150 metres along the northwestern extension of the Blind zone with each hole returning multiple high-grade intercepts of silver-polymetallic mineralization.
High-grade assays include:
- A 4.4-metre interval averaging 186 grams per tonne (g/t) silver, 5.6 g/t lead and 4.6 per cent zinc
(471 g/t silver equivalent (AgEq)) from drill hole 12CLM-047;
- A 0.8-metre interval grading 421 g/t silver, 15.2 per cent lead and 6.8 per cent zinc
(1,030 g/t AgEq) from drill hole 12CLM-045;
- A 0.5-metre interval grading 1,040 g/t silver, 16.7 per cent lead and 2.9 per cent zinc
(1,566g /t AgEq) from drill hole 12CLM-049.
Drilling continues to extend the projection of the Blind zone mineralization at depth toward the northwest. Initial modelling of the Blind zone has identified three distinct mineralized structures that project along a 550-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 65 per cent to 75 per cent of the downhole thicknesses.
El Sol zone
Drilling on the El Sol deposit continues to extend the northwestern extension of previously reported mineralization from drill hole 12CLM-027 (24.8 metres of 124 g/t silver, 1.9 per cent lead and 2.1 per cent zinc) and returned multiple intercepts of mineralization including:
- A 0.8-metre interval grading 745 g/t silver, 0.8 per cent lead and 0.4 per cent zinc
(1,252 g/t AgEq) within a broader 5.9-metre interval averaging 133 g/t
silver, 1.3 per cent lead and 0.5 per cent zinc (260 g/t AgEq) from drill hole 12CLM046.
Whereas earlier drilling on this deposit targeted near-surface mineralization (that is at 12CLM-027 and 12CLM-034), drill hole 12CLM-046 significantly extends the depth projection of the El Sol zone to approximately 200 metres below surface. Additionally, drilling on the El Sol deposit has identified an approximate 250-metre cumulative strike length in seven drill holes.
Company president Lawrence Page stated: "The Blind zone mineralization was identified through IP geophysics and subsequent drilling and has validated this method of identifying mineralization below gravel cover. While present drilling is identifying mineralization in the area of the Cerro Las Minitas intrusion, large portions of the 15,000-hectare mineral claims, which are overlain with gravel cover, contain geophysical anomalies similar to the anomalies at Cerro Las Minitas and will be tested in subsequent drill programs after the nature and extent of the mineralization presently being developed at Cerro Las Minitas is fully ascertained."
SUMMARY OF RECENT SELECT COMPOSITED ASSAYS
FROM THE CERRO LAS MINITAS PROJECT
Blind zone target
From To Interval Ag Cu Pb Zn AgEq
Hole No. (m) (m) (m) (g/t) (%) (%) (% (g/t)
12CLM-045 194.1 194.9 0.8 421 0.2 15.2 6.8 1030
216.5 218.1 1.6 36 0.0 1.2 1.1 103
229.5 230.1 0.6 103 0.0 3.7 3.6 301
12CLM-047 162.6 167.0 4.4 186 0.2 5.6 4.6 471
inc 162.6 165.5 2.9 254 0.2 7.8 4.9 609
186.8 189.6 2.8 71 0.1 2.0 2.9 212
inc 189.0 189.6 0.6 202 0.3 5.5 8.1 587
12CLM-049 108.4 111.1 2.7 87 0.2 5.4 5.3 408
116.7 117.2 0.5 1040 0.0 16.7 2.9 1566
168.8 172.2 3.4 97 0.2 2.5 2.1 239
inc 168.8 170.2 1.4 93 0.3 2.3 3.0 258
El Sol target
From To Interval Ag Cu Pb Zn AgEq
Hole No. (m) (m) (m) (g/t) (%) (%) (% (g/t)
12CLM-046 104.2 105.3 1.1 179 0.1 9.4 8.1 656
145.1 151.5 6.4 75 0.3 2.7 3.7 272
inc. 147.7 150.1 2.4 98 0.2 3.7 7.9 421
195.5 201.4 5.9 133 0.8 1.3 0.5 260
inc. 195.5 196.3 0.8 745 5.1 0.8 0.4 1252
208.2 211.5 3.3 74 0.1 4.0 1.2 221
12CLM-048 24.1 24.8 0.6 60 0.2 2.0 2.1 190
North Skarn target
12CLM-050 123.9 125.0 1.1 69 0.2 2.6 2.5 224
217.4 218.3 1.0 28 0.0 1.2 1.7 108
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
calculation uses values that approximate the three-year trailing average of
the contained metals: $23.30 silver, $1,250 gold, $3.15 copper, 90 cents
lead and 90 cents zinc. AgEq calculations did not account for relative
metallurgical recoveries of the metals.
2012 exploration program
Diamond drilling with two core rigs continues on the Cerro Las Minitas project. One drill rig remains dedicated to the delineation of mineralization in the Blind and El Sol zones. The second drill rig is testing specific occurrences located within the area of historic mining and several targets derived from the recently completed surface sampling and an IP geophysical program.
Twenty-nine drill holes totalling approximately 8,030 metres were completed on the project in 2011. An additional 5,977 metres in 27 drill holes have been completed to date in 2012, and two additional holes are in progress. Assays from six drill holes are pending.
The company has scheduled 20,000 metres of core drilling in 2012, with the goal of completing an NI 43-101-compliant resource on these first set of targets by the fourth quarter of 2012. This will be the initial milestone toward the company's goal of delineating a larger, multimillion-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 ccompany's website.
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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