Southern Silver Exploration’s (TSX.V: SSV) shares were up 7.4% midday Friday on the TSXV after it reported initial assay results from its 10,000 metre 2020-21 core drilling program on the Cerro Las Minitas project in Durango, Mexico.
Assay highlights include a 9.0m down hole interval (6.7m est. True Thickness) averaging 625g/t Ag, 11.8% Pb and 5% Zn (1,454g/t AgEq; 30.0% ZnEq) including a higher grade 2.3m interval (1.7m est. TT) averaging 1,338g/t Ag from drill hole 20CLM-119, and a 6.9m down hole interval (4.0m est. TT) averaging 109g/t Ag, 1.8% Pb and1% Zn (255g/t AgEq; 7.2% ZnEq) including a higher grade 1.2m interval (0.9m est. TT) averaging 412g/t Ag, 7.8% Pb and 9.2% Zn (1,174g/t AgEq; 24.3% ZnEq) from drill hole 20CLM-118.
The new drill holes are the first results in 2020 for the South Skarn target, which extends for over 500 metres of strike on the eastern side of Cerro and has been tested to depths of over 450 metres.
“The mineralization identified in 20CLM-119 is comparable in both grade and thickness to several mineralized intercepts previously identified by Southern Silver at the South Skarn and Bocona targets in drilling between 2011 to 2015 and provides confidence in our targeting as we work to continue expanding the mineral resource base at the Cerro Las Minitas project,” said Rob Macdonald, Southern Silver’s VP, exploration.
Approximately 3,700 metres of drilling has been completed of an anticipated 10,000 metres of core drilling for the 2020-21 exploration program.
The property comprises 25 concessions, totalling approximately 34,450 hectares, and lies within heart of the Faja de Plata (Belt of Silver) of north central Mexico, one of the most significant silver producing regions in the world.
The project contains a mineral resource estimate at a 175g/t AgEq cut-off, of 134Moz AgEq = 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn in the indicated category, and 138Moz AgEq = 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn in the inferred category.
Southern Silver has a C$127 million market capitalization.