Southern Silver Exploration Corp (TSX-V:SSV, OTCQX:SSVFF) said assay results from the North Felsite and North Skarn targets confirm silver-polymetallic mineralization on its Cerro Las Minitas (CLM) project in Durango, Mexico.
Drilling on the final four holes tested an eastern projection of the North Skarn target at around 400 metres (m) below surface. The company said mineralization remains open both laterally to the east and at depth and demonstrates continuity with previously drilled mineralization in the Skarn Front deposit.
Southern Silver's vice-president (VP)of exploration Rob Macdonald said the last 15 months of drilling confirmed the projection and continuity of new mineralization between the Mina La Bocona and Skarn Front deposits.
READ: Southern Silver Exploration eyeing big rewards from Cerro Las Minitas in Mexico - among the globe's largest and highest-grade undeveloped silver assets
"Work has now started on modelling the data which will be used in an updated mineral resource estimate for the project with the results anticipated in 1Q 2023. Current engineering suggests that new mineral resources can be processed in the current life-of-mine design,” Macdonald said in a statement.
He noted that the project is among the top ten largest and highest-grade undeveloped silver assets around the globe.
Highlight intercepts from the four drill holes included one hole, which showed an average of 746 grams per tonne (g/t) silver, 0.1 g/t gold, 0.2% copper, 17.1% lead and 13.2% zinc at a 0.8 metre (m) interval. Another averaged 219 g/t silver, 2.5% lead and 0.6% zinc at a 3.4 metre interval.
Analysis by ALS Laboratories in North Vancouver showed silver at greater than 100 parts per million (ppm), copper, lead and zinc at greater than 1% overlimits assayed by ore grade analysis, high silver overlimits of greater than 1,500 g/t silver and gold overlimits of greater than 10 g/t old. Southern Silver said the analysis also showed greater than 20% lead and 30% zinc.
The company said drilling on these targets, which started in September 2021, has now tested a 400m strike-length of mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links previously identified mineralization in the Mina La Bocona and Skarn Front deposits.
In 2022, 25 holes totaling 11,275m were completed in the two target areas to depths of up to 450m below the surface, according to the company.
Overall, 226 drill holes for 96,411m has been completed on the CLM project with exploration expenditures of over US$35 million equating to exploration discovery costs of around C$0.09 per silver equivalent ounce.
Oro project update
Drilling continues on Southern Silver's Oro project in New Mexico, according to the company, and is designed to test several copper-molybdenum porphyry and copper-gold skarn targets within a broad phyllic alteration zone, interpreted to overlie an unexposed porphyry center.
Three holes totaling 2,926m have been completed and a fourth is now in progress. Assays have been returned from two of the holes and work is being done on the other assays, according to the company.
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