The Conversation (0)
Southern Silver Exploration Corp. (TSXV:SSV) announced that Electrum Global Holdings L.P. has provided an additional tranche of funds to Southern Silver as operator and now has contributed a total of US$2.0 million and earned-in for an indirect 30% interest in the Cerro Las Minitas project in Durango, Mexico.
Southern Silver Exploration Corp. (TSXV:SSV) announced that Electrum Global Holdings L.P. has provided an additional tranche of funds to Southern Silver as operator and now has contributed a total of US$2.0 million and earned-in for an indirect 30% interest in the Cerro Las Minitas project in Durango, Mexico.
As quoted in the press release:
Electrum has the right to earn an additional 20% by expending US$1.5 million in exploration expenditures in the succeeding 30 months of the option term. A final 10% interest may be earned by expending an additional US$1.5 million in exploration expenditures during this time period. Electrum has been encouraged by the results to date on the 2015 exploration program and has advised Southern Silver that it is prepared to exceed the initial US$2.0 million in expenditures and to continue funding exploration expenses subsequent to completion of the current 10,000m drill program expected to be concluded by early 2016.
2015-16 Exploration Update
Management is very pleased with the results received from the systematic exploration and definition drilling on the Cerro Las Minitas project, and will continue targeting both known zones of mineralization and new additional discovery zones on the property. Nine holes totaling approximately 6250 metres have been completed on the project as part of the 2015 exploration program. Two holes are currently in progress and include the extension of 11CLM-010 and is designed to test down-dip of mineralization from the new discovery hole 15CLM-078. Hole 15CLM-078 was collared ~ 350 metres outboard of Mina La Bocona intersecting previously unrecognized mineralized structures which included an upper oxide gold zone that graded 7.8m (3.9m est. TT) of 13.5g/t Au, 37g/t Ag, 3.9% Pb/Zn (see NR-10-15).
Five drill sites remain to be tested in the area of the central intrusion and additional targets are being developed in other parts of this +130 square kilometre property. Sample intervals from drill holes 15CLM-081, (testing the extension of the Blind/El Sol zones) and holes 15CLM-082 and -083 (step-outs from hole 15CLM-078) have been submitted for assay. Results are pending and will form the basis of the next update.
Noteworthy milestones from the 2015 drilling program include:
- the identification of new high-grade Ag-Pb-Zn discoveries in the Mina La Bocona area (15CLM-078; see NR-10-15) and outboard of the Blind -El Sol zone (15CLM-081; see NR-12-15);
- the identification of potential new extensions to high-grade mineralization at the Santo Niño Mine (15CLM-023A; NR-12-15); and
- the continued extension of mineralized structures to depth in the Blind – El Sol zone (15CLM-077, see NR-10-15), and on strike at the Mina La Bocona and the South Skarn targets (15CLM-079, see NR-12-15)
The 2015 program follows earlier exploration work by Southern Silver which totaled 23,310 metres of diamond drilling in 75 core holes, which subsequently resulted in the identification of two new mineral deposits known as the Blind and El sol zones. Airborne magnetic geophysics over the entire property and gravity and IP geophysics in specific targeted areas were also conducted and will form the basis for future planned exploration drilling programs in other areas of the project.
Connect with Southern Silver Exploration Corp. (TSXV:SSV) to receive an Investor Kit.