Southern Silver Exploration Corp (TSX-V:SSV, OTCQX:SSVFF) has unveiled encouraging drill results from the first two diamond drill holes at its wholly-owned Oro property in southwestern New Mexico, USA, which have underlined the project's porphyry potential.
The first two deep holes, of a six-hole, 4,000 metre (m) program, tested the main porphyry target, which had been identified via earlier geological compilation, clay-alteration studies and airborne geophysics.
Thick zones of copper mineralization were hit in one hole, which was sunk to a total depth of 1,005.8m, and included an intersection of 644m of 0.030% copper from 359m to 1,003m depth, with the lower 180m averaging 0.048% of the red metal.
Increasing molybdenite concentrations with depth also suggested that the strongest copper mineralization lies deeper in the hydrothermal system, the firm said.
READ: Southern Silver Exploration reveals positive PEA results for its Cerro Las Minitas project in Mexico
A second hole, sunk to 914.4m, encountered 143m of 0.012% copper from 569 to 712m depth.
"Oro is located in an important belt of copper porphyry deposits in the southwestern US, and our interpretation that the entire hydrothermal system is preserved beneath a tilted Lithocap explains why previous copper exploration companies have failed to make a significant copper discovery interior to the ring of numerous silver-zinc-lead-gold carbonate-replacement bodies," said Southern Silver's vice-president (VP) of exploration Rob Macdonald in a statement.
"Verification of classic copper porphyry metal zoning in these two core holes, even at this relatively shallow level of the porphyry system, is very encouraging."
Consultant Joe Kizis added: "Oro is a large, well-zoned mineral system situated along a trend containing major copper deposits and mines; the trend extends from southwestern New Mexico into eastern Arizona".
He continued: " The complex array of dikes, hydrothermal breccia and geochemically erratic concentrations of molybdenum suggest we are still too shallow in the porphyry system. Due to the post-mineral tilting, we will need to drill deeper into the system southwest of hole -011 to test beneath the thick zone of low-grade copper mineralization.
"Other planned holes, such as OR22-012 currently underway, will test regionally important Cretaceous-age carbonate host rocks guided by ZTEM and magnetics geophysics."
The company's Oro property consists of patented land, New Mexico State leases, and Federal/BLM mineral claims acquired by purchase, staking and lease over the past several years. Several historic mines produced copper, lead, zinc, silver, and gold from discrete portions of the amalgamated property.
Southern Silver is focused on its 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla.
Contact the writer at giles@proactiveinevstors.com