www.southernsilverexploration.com
Southern Silver Exploration Corp. (SSV-TSX.V; SEG-FRANKFURT) is a publicly traded Canadian-based precious and base metals exploration company. The company’s management team and professional staff have expertise in the acquisition, exploration and responsible development of potential world-class mining ventures in Mexico, New Mexico and Arizona. In New Mexico, the Oro project is a 1,150-hectare gold, silver, copper, lead and zinc project with excellent potential for new discovery. Drilling of the Oro Project is currently underway with results expected in Q2 of 2010.
In Mexico the company’s gold/copper Minas de Ameca project encompasses a 320 sq. km claim package in a 25 kilometer long mineralized trend in Jalisco State and the Pinabete project, a silver-zinc-lead Carbonate Replacement Deposit (CRD) deposit located in Chihuahua State. As well, the company’s has highly-prospective projects in Arizona. The company’s Arizona project is the Dragoon copper/molybdenum property located approximately 100 kilometres southwest of Tucson.
Further drilling planned for Southern Silver's Dragoon project in Arizona; average intersects of 0.1
Southern Silver (TSX-V:SSV)(FSX:SEG) said Thursday it has received final assays from drilling on the Dragoon project, located 70 kilometres southeast of Tucson, Arizona.
The Dragoon property is a contiguous block of 12.8 sq. km that comprises 68 unpatented mining claims and four State leases. It contains areas of exposed Copper-Molybdenum mineralization, Laramide-age porphyry and "leached capping" in the eastern part of the property, and a larger down-dropped block of porphyry related rocks in the gravel-covered western portion of the property. The presence of the "leached cap" rocks is significant, as they may overlie supergene-enriched copper mineralization at depth.
The company said that a single RC/core drill hole to a depth of 1065 metres was completed, which tested a gravel-covered down-thrown fault block of prospective Paleozoic stratigraphy, adjacent to an exposed Laramide-age porphyry system in the eastern part of the property.
Extensive oxidation of the primary sulphide minerals was noted beneath the gravel cover, from 380 metres to a depth of 820 metres where the hole then intersected, across a faulted contact, a sulphide-bearing footwall schist.
Anomalous copper mineralization, up to 497ppm over 402 metres, which includes several 3 to 6 metre intervals averaging from 0.1 to 0.5% copper, was intersected in the drill hole.
Southern Silver signed an option agreement with Freeport-McMoRan Exploration Corporation (FMEC), which gives FMEC the right to earn a 70% interest in the property by spending $3 million in exploration and development costs on the property by December 31, 2012.
FMEC has advised that permitting for a second hole on the project is in progress, and that it plans to drill the hole later in 2010.
Separately, Southern Silver also announced that compilation and surface exploration has started on the Cerro Las Minitas project, which the company recently optioned. Under the terms of the agreement, Southern can acquire a 100% interest in the project by making scheduled payments to a total of US$4 million over a three year period.
Southern Silver's current interests include the silver-lead-zinc Cerro Las Minitas project, the copper-gold-silver Minas de Ameca project and the silver-zinc-lead Pinabete project in Mexico, as well as the porphyry copper-molybdenum Dragoon project in Arizona and the gold-silver Oro project in New Mexico.
