Southern Silver Exploration Corp (TSX-V:SSV, OTCQX:SSVFF) has received assay results from the final two core holes of its 4,050-meter, 2022 drilling program at its Oro property in New Mexico, the company announced.
Specifically, hole OR22-012 tested a geophysical anomaly in an area believed to be relatively high in the metal system and where Cretaceous-age carbonate host rocks were expected to lie at relatively shallow depths beneath Laramide-age andesite volcanic rocks, the company said.
The hole intersected veins with strongly anomalous gold (12.4 grams per ton over 0.8 meters at 495.7 meters depth) in a banded anhydrite-pyrite-calcite breccia vein and, deeper down, intersected anomalous silver and lead (908 g/t silver and 10.4% lead over 0.2 meters at 594.6 meters depth) in a barite-galena vein, consistent with expected metal zoning.
Additionally, favorable carbonate host rocks were intersected with abundant sulfide minerals below a 6-meter massive anhydrite vein at roughly 590-meters depth. The 427.2-meter interval from 578.6 to 1,005.8 meters averages 0.15% copper equivalent with variable mineralization continuing to the end of the hole at 1,006 meters of depth.
The strongest mineralization is 9.1 meters of 0.59% copper, 0.01% molybdenum, 0.3 g/t gold, and 2.3g/t silver (0.92% copper equivalent) from 834.5 to 843.7 meters in a carbonate replacement zone with abundant magnetite, specular hematite, and epidote with minor pyrite, calcite and anhydrite.
Hole OR22-012 only tested a portion of the strong anomaly in the area leaving a significant strike-length and width of the anomaly remaining for further drill testing, the company said. An additional 56 federal lode claims were staked to cover the possible extensions of the copper-rich skarn/CRD mineralization intersected in OR22-012
Meanwhile, hole OR22-013 is an offset to the first two holes of the 2022 program. It also intersected the breccia pipe with copper oxides beneath surface gravel, intersecting 19.7 meters (12-32.6 meters) of 0.12% copper equivalent (0.08% copper, 0.1% zinc, and 1.7 g/t silver) before entering much less altered andesite volcanics.
"This program greatly advanced our understanding of the Oro mineral system, confirming our belief that the current erosional surface exposes the lithocap, or uppermost portion, of a large Laramide-age copper porphyry system,” consultant Joe Kizis said in a statement.
"…The mineralization in hole OR22-012 is very encouraging because it demonstrates the importance of favorable carbonate host rocks, which concentrate copper, and it may indicate that the intrusive center indicated by the ZTEM low to the northwest may be more productive than the intrusive center intersected in hole OR22-013. There is also an intersection of mineralized faults west of hole OR22-012, justifying the new claims recently staked.”
New CFO
Southern Silver also announced the appointment of Killian Ruby as chief financial officer, effective March 30. Ruby replaces Graham Thatcher, who will remain involved with the Company in an advisory capacity.
Ruby is CEO of Malaspina Consultants Inc in Vancouver and focuses on clients in the resource and junior public sector, the company. He advises clients on matters related to financial management and public company reporting and is particularly adept at handling complex issues and multiple stakeholders with a collaborative, team-based approach.
Also, Larry Buchanan has retired from the board of directors.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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