The Conversation (0)
Southern Silver Exploration Corp. (TSXV:SSV) announced they continue to advance the Cerro Las Minitas project with the approval of a 2016 Phase I Exploration Budget and receipt of US$750,000 in funding from Electrum Global Holdings L.P., which is financing a broad range of exploration activities to earn a 60% interest in the project.
Southern Silver Exploration Corp. (TSXV:SSV) announced they continue to advance the Cerro Las Minitas project with the approval of a 2016 Phase I Exploration Budget and receipt of US$750,000 in funding from Electrum Global Holdings L.P., which is financing a broad range of exploration activities to earn a 60% interest in the project. Crew mobilization is underway with work on the property expected to begin in the first week of April.
As quoted in the press release:
Following a very successful 2015 exploration program, Southern Silver, as Operator, will undertake approximately 2250 metres of drilling in three holes for a budget of USD$750,000. Southern Silver will continue to focus on expanding the overall size of the deposit initially with two drill holes, targeting the southeastern extensions of the Blind and El Sol deposits which will offset thick intercepts of high-grade mineralization from 2015 drilling in 15CLM-25 (12.8m est true thickness averaging 113g/t Ag, 0.5g/t Au, 0.4% Cu, 0.9% Pb and 3.6% Zn) and 15CLM-81 (8.7m est true thickness of 136g/t Ag, 0.5% Cu, 0.3% Pb, 4.5% Zn). A third hole may test further offsets of these zones or alternatively high-grade, precious-metal enriched mineralization in the Mina La Bocona area (see Figure 1) where the 2015 discovery hole returned an 8.2m est. true thickness of 0.5g/t Au, 150g/t Ag, 3.7% Pb and 0.7% Zn (325g/t AgEq) in drill hole 15CLM-078.
This round of exploration is designed to build on Southern Silver’s recent announcement of its maiden Mineral Resource Estimate of the Cerro Las Minitas project (see NR-04-16, March 21, 2016 and Table in this release) which totaled:
- Indicated: 10.8Mozs Ag, 189Mlbs Pb and 207Mlbs Zn (36.5Mozs AgEq); and
- Inferred: 17.5Mozs Ag, 237Mlbs Pb and 626Mlbs Zn (77.3Mozs AgEq)
Electrum has previously contributed a total of US$2.0 million towards exploration and has earned an indirect 30% interest in the Cerro Las Minitas project. Electrum also has the right to earn an additional 20% by expending US$1.5 million in exploration expenditures by May 2019, of which US$750,000 has been advanced to fund 2016 operations. An additional 10% interest may be earned by advancing an additional US$1.5 million in exploration expenditures during this same time period.
Connect with Southern Silver Exploration Corp. (TSXV:SSV) to receive an Investor Presentation.