The Conversation (2)
Southern Silver Exploration Corp. (TSXV:SSV) that Kirkham Geosystems Ltd. (“KGL”) has completed an independent Mineral Resource Estimate on the Cerro Las Minitas project in Durango State, Mexico. Electrum Global Holdings L.P. (“Electrum”) is financing a broad range of exploration activities to earn a 60% interest in CLM.
Southern Silver Exploration Corp. (TSXV:SSV) that Kirkham Geosystems Ltd. (“KGL”) has completed an independent Mineral Resource Estimate on the Cerro Las Minitas project in Durango State, Mexico. Electrum Global Holdings L.P. (“Electrum”) is financing a broad range of exploration activities to earn a 60% interest in CLM.
As quoted in the press release:
The resource estimate provides initial grade and tonnage estimates for three mineral deposits on the property at the Blind, El Sol and Santo Nino zones which have been the focus of much of Southern’s exploration activities on the property since 2011, but does not include mineralization from the newly discovered Mina La Bocona zone.
The 150g/t AgEq cut-off value was calculated using average long-term prices of $15/oz silver, $1,100/oz gold, $2.75/lb Copper, $0.90/lb lead and $0.90/lb zinc and metal recoveries of 82% silver, 86% lead and 80% zinc. All prices are stated in $USD.
Southern Silver President, Lawrence Page Q.C., stated:
Since May 2011, Cerro Las Minitas has developed from a prospect into a resource with great potential to become a significant economic deposit. Continued growth is expected along the 25 kilometres length of the 13,700 hectare property. We have succeeded, during one of the most severe bear markets in recent history, in purchasing the property for a cost of $US 3.6 million, conducted extensive geophysical evaluation and 32,719 metres of diamond drilling, at a cost of $7.5 million resulting in the resource announced today. Significantly, the property is not burdened with royalties thus enhancing the economics of mining and processing.
Aggregate acquisition and exploration expenses of $11.1 million, much of which has been contributed by our joint venture partners, equate to a “finding” cost of $0.10 per silver equivalent ounce. Expenditure of an additional US$ 3 million to be provided by Electrum on the next phases of drilling, exploration and development will undoubtedly further enhance the value of the property with programs to enhance both the class and quantity of current resources in the Blind, El Sol and Santo Nino deposits and specifically, the recent high grade discovery at Mina La Bocona.
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