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Southern Empire Resources Corp
Symbol SMP
Shares Issued 60,906,800
Close 2021-12-30 C$ 0.12
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Southern Empire options VLM; talks Pedro survey data

2021-12-30 11:11 ET - News Release

Also News Release (C-RRI) Riverside Resources Inc

Mr. Dale Wallster reports

SOUTHERN EMPIRE UPDATES ITS MEXICAN OPERATIONS

Southern Empire Resources Corp. has received preliminary high-resolution, airborne magnetic and radiometric geophysical data covering the Pedro gold project, located in northeastern Durango State, Mexico.

The Pedro gold project has the potential to host epithermal, bonanza-grade precious metal vein deposits as indicated by the HP breccia zone that was discovered in 2012 by regional grassroots prospecting.

In December, 2021, Terraquest Ltd. of Markham, Ont., collected 393.2 line-kilometres (approximately 244 line-miles) of airborne geophysical data on flight lines that were flown at azimuth 60 degrees/240 degrees with 50-metre spacings. This data have been delivered to Condor Consulting Inc. of Lakewood, Colo., experts in geophysical processing, analysis and inversion modelling.

David Tupper, PGeo, Southern Empire's vice-president of exploration, stated:

"The results of our preliminary airborne magnetic data provide some strong clues about the structural setting and underlying 'plumbing system' of the HP breccia gold zone. Together with the regional government magnetics, we see evidence for a deeper intrusive body that could be linked to the hydrothermal fluids and related potential for epithermal vein systems that are the target of Southern Empire's upcoming drill campaign."

Servicios de Ingeneria Ambiental y Seguridad SA de CV of Durango, Mexico, has mobilized a diamond drill rig to the Pedro property and is scheduled to start a 2,000-metre (6,560-foot), nine-hole core drill program in January of 2022.

Pedro gold project highlights:

  • Outcropping epithermal gold targets with potential for bulk minable and bonanza-grade vein deposits;
  • 4,000-metre-by-1,000-metre gold-in-soil anomaly coincident with gold-bearing, silica-rich breccia outcrops;
  • Additional gold targets identified beneath postmineral cover by 2020 geochemical survey;
  • Historical reverse circulation and core drilling by Newmont in 2014 that confirmed the presence of gold;
  • In 2019, a 70-line-kilometre induced polarization (IP) survey identified vertical feeder vein targets that are not yet drill tested;
  • Permits established for up to 25 drill holes;
  • Mineral concessions cover approximately 1,750 hectares (4,324 acres) of private ranch lands;
  • Located in Durango, a mining-friendly state in north-central Mexico;
  • Good access to the project area, approximately 80 kilometres (50 miles) west-northwest of the city of Torreon;
  • Local infrastructure available in the nearby town of Mapimi.

Southern Empire holds the Pedro gold project through an agreement with Commander Resources Ltd., allowing Southern Empire to acquire a 100-per-cent beneficial interest. Please see Southern Empire's news release of July 27, 2021, for further information about the Pedro gold project.

Qualified person

The scientific and technical information contained in this news release has been prepared, reviewed and approved by David Tupper, PGeo (British Columbia), Southern Empire's vice-president of exploration and a qualified person (QP) within the context of Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101).

Other corporate developments

Southern Empire has entered into an option agreement with Riverside Resources Inc. that grants Southern Empire the opportunity to acquire a 100-per-cent interest in the 647-hectare (approximately 1,600-acre) VLM project located in northwestern Mexico. Southern Empire may acquire the VLM project by paying a total of $137,500 and issuing a total of 1,625,000 common shares over a period of two years from the approval of the TSX Venture Exchange (TSX-V). Future production will be subject to net smelter return royalties, payable to Riverside, of 2.5 per cent on precious metals and 1.75 per cent on base metals. These royalties may be reduced to 1 per cent on precious metal production and 0.5 per cent on base metal production by payments of an additional $4-million within 10 years of the TSX-V approval date.

About Southern Empire Resources Corp.

Southern Empire is focused on the acquisition, exploration and development of metals and minerals deposits in North America.

In northeastern Durango State, Mexico, Southern Empire has an option to acquire a 100-per-cent beneficial interest in the 1,750-hectare Pedro gold project where 2014 drilling by a subsidiary of Newmont Mining Corp. encountered epithermal gold mineralization within basal conglomerates of the Ahuichila formation. Please see Southern Empire's news release of July 27, 2021, for further details.

In the Cargo Muchacho mountains of Imperial County, California, Southern Empire owns 100 per cent of the historical gold-producing American Girl mine property and holds options to acquire a 100-per-cent interest in the adjacent 2,160-hectare (5,338-acre) Oro Cruz property located approximately 22.5 kilometres (14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.

At Oro Cruz, extensive historical drilling and large-scale open-pit and underground mining of the American Girl, Padre y Madre, Queen and Cross oxide gold deposits by the American Girl Mining joint venture (AGMJV; ultimately owned 53 per cent by MK Gold Co. and 47 per cent by Hecla Mining Co.) occurred between 1987 and 1996. During that time, gold was recovered by either heap leaching of lower-grade, or milling of higher-grade ores until AGMJV operations ceased in late 1996 because of declining gold prices leaving the Oro Cruz property with many gold exploration targets in addition to the historical inferred resource estimate, reported in 2011 by Lincoln Mining Corp., totalling 341,800 ounces gold based on 4,386,000 tonnes averaging 2.2 grams per tonne (g/t) gold at a cut-off grade of 0.68 g/t Au (4,835,000 tons at 0.07 ounce gold per ton).

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