Southern Silver Reports on Recent Property and Corporate Matters

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Overig advies 17/03/2021 15:24
Southern Silver Exploration Corp. (“Southern Silver” and the “Company”) reports:

PROPERTY MATTERS: Cerro Las Minitas Project, Durango Mexico- increase of drill program

The Company is doubling the size of the current drilling program on the Cerro Las Minitas Ag-Pb-Zn project from an initial 10,000 metre program to a 20,000 metre program. Drilling will continue with two drills targeting the east side of the Cerro where to date three near-surface sulphide lenses with Bonanza-grades of silver have been identified. Shallow oxide Au-Ag mineralization has also been confirmed in the Mina La Bocona area. Mineralization in all of these new target areas is separate from the existing mineral resources. The current program has completed 28 core holes totaling 12,040 metres since restarting drilling in September 2020. Assay results from 11 drill holes are pending and are anticipated over the coming weeks.

Highlights from the current 2020-21 drill program include the following previously reported intercepts:

15.1m down-hole (8.0m est. TT) averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn (2,040g/t AgEq; 51.7% ZnEq); and
20.9m down-hole (9.0m est. TT) averaging 212g/t Ag, 0.64g/t Au, 3.7% Pb and 3.3% Zn (512g/t AgEq; 13.0% ZnEq) from the Bocona Chimney;
9.3m down-hole (6.1m est. TT) averaging 344g/t Ag, 0.59g/t Au. 5.7% Pb and 3.9% Zn (728g/t AgEq; 18.5% ZnEq) from the Muralla Chimney; and
9.0m down hole interval (6.7m est. True Thickness) averaging 625g/t Ag, 11.8% Pb and 7.5% Zn (1,454g/t AgEq; 30.0% ZnEq) at the South Skarn target.
The Cerro Las Minitas project is an advanced exploration-stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.

The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of (1)

Indicated – 134Moz AgEq: 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
Inferred – 138Moz AgEq : 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
A total of 162 drill holes for approximately 71,750 metres have been completed on the Cerro Las Minitas project to date, with acquisition and exploration expenditures of over USD$27.0 million spent.

Oro Project, New Mexico, USA-drill program planned

The Oro Project is a 100% owned porphyry copper-gold property, located in southwestern New Mexico, USA, which includes patented land, State leases and BLM mineral claims totalling 22.3 sq. km., upon which several historic mines are located. The property covers a large, zoned Laramide-age mineralizing system containing a number of highly prospective, district-scale, copper-molybdenum and distal sediment-hosted, oxide-gold targets.

Targeting has been finalized based upon geophysical surveys and permits are pending for a 5,000m drill program, designed to test several of the copper-molybdenum porphyry and copper-gold skarn targets within a broad quartz-sericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre. Drilling is expected to commence in Q3, 2021.

CORPORATE MATTERS:

Cerro Las Minitas working interest : In 2020, Southern Silver purchased a 60% indirect working interest in the Cerro Las Minitas property from Electrum Global Holdings LP for payment of US$15.0 million in periodic payments, the second of which was paid on March 15, 2021 in the amount of US$4.0 million as to 50% cash and 50% shares valued at a 20-day VWAP. 5,216,533 shares were issued, bringing Electrum’s current holdings to approximately 27 % of current issued capital.
Warrant Exercises: In Summer 2020, Southern Silver raised $14.2 million in Unit sales. Since the closing of the equity raise and the working interest purchase in September 2020, the Company has received a total of $2,428,228 from shareholder exercises of share purchase warrants, inclusive of the recent 6,000,000 share purchase warrant exercise by Electrum Global Holdings LP for proceeds of $480,000. Additionally, the Company has received $477,470 from the exercise of incentive stock options and finders’ warrants.

see & read more on
https://www.southernsilverexploration.com/news/2021/southern-silver-reports-on-recent-property-and-corporate-matters/



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL