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Thursday, December 7, 2023

Southern Silver Commences Drilling on the Oro Copper Project, New Mexico; Acquires 100% Interest in the El Sol Claim, CLM Project, Mexico

Southern Silver Exploration Corp. (TSXV: SSV) (“Southern Silver” and the “Company”) reports that drilling has started on a 4,000-metre diamond drilling program on its wholly owned Oro property, located in southwestern New Mexico, USA.

The six-hole program will test several copper porphyry and skarn targets which form part of a large, well-zoned Laramide-age mineral system consisting of a ring of Carbonate Replacement Deposits (CRDs) around a core of an intensely sericite-pyrite altered lithocap overlying an unexposed porphyry center. Several sediment-host gold targets have been identified well outboard of the main porphyry center.

Drilling will first test three porphyry copper targets (targets A, B and E; see Figure 1) and then transition to three copper-skarn targets (targets F, H and D) in the southern part of the property and is anticipated to take approximately eight to twelve weeks to complete.

Selected Drill Targets (A-H) on the Oro Project

The Oro Project is a large district play that Southern has systematically consolidated, expanded and explored since initial acquisition in late 2005. Current drill targeting is based upon 3D modelling of data generated by geologic mapping, historic drill holes, geochemical zoning studies, alteration clay zoning studies, and geophysical surveys through this large zoned porphyry-system. The current program follows initial diamond drilling in 2010-11 which targeted several skarn and CRD targets and two phases of RC drilling which targeted the Stockpond gold target in 2016-17.

Interpretive Cross-section of Porphyry targets on the Oro Property

El Sol Claim

The company also reports that it has completed the final payment to Monarca Minerals Inc., acquiring a 100% interest in the El Sol mineral claim, Cerro Las Minitas Project, Durango, Mexico.

Acquisition cost was $US 300,000 payable in three equal instalments with a 2% NSR on production from the claim with a right in Southern Silver to purchase the royalty at any time for US$1,000,000.

The El Sol claim is largely gravel covered, 63ha in size and is located on the northwestern boundary of the Bocona block of claims and adjacent to the Area of the Cerro which hosts the six mineral deposits currently identified by Southern Silver on the Cerro Las Minitas claim package.

Previously reported highlights from the El Sol claim include (see NR-02-22; January 25, 2022) include:

  • a 0.8 metre interval grading 1,760g/t Ag, 0.9g/t Au, 23.6% Pb and 1.2% Zn (2,622g/t AgEq) within a 3.5 metre interval averaging 549g/t Ag, 0.3g/t Au, 8.6% Pb and 3.6% Zn (982g/t AgEq) from drill hole 21SOL-003

Drill hole 21SOL-003 is one of five holes drilled in the Autumn of 2021 to test a series of targets defined by surface mapping, rock and soil sampling and proximity to artisanal workings. The highlight interval intersected down-dip of historic workings located on a northeast-southwest trending structure which has been traced on surface for up to 300 metres laterally before plunging under gravel cover. Three further holes (22Sol-006, to -008) were completed on the concession in January 2022. Assays from these holes are pending with results anticipated in the coming weeks.

Plan Map of the Area of the Cerro showing drilling on the El Sol concession

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits. Our specific emphasis is the 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. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions.

Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly or was part of the team that supervised the collection of the data from the El Sol Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.

For further information, please visit Southern Silver’s website at southernsilverexploration.com or contact us at 604.641.2759 or by email at ir@mnxltd.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.


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