Second Drill Hole at Dragoon Verifies Widespread Porphyry System for Southern Silver
26 August 2011 - 4:03AM
Marketwired
Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT:
SEG) reported today that assay results from drilling on the Dragoon
project, located 90 kilometres southeast of Tucson, Az., continue
to outline thick, strongly anomalous intervals of copper and
molybdenum mineralization. The assays are from the second hole
drilled on the project by optionee Freeport-McMoRan Exploration
Corp. (FMEC), which tested an up-thrown block of prospective
stratigraphy located approximately 400 metres to the southeast of
drill hole DS-10-01, results from which were reported in news
release NR-15-10.
The drill hole was completed to a depth of 1055 metres and
intersected over 500 metres of variably altered and mineralized
Paleozoic marbles and porphyritic Laramide intrusive. Quartz
veining and variable amounts of copper and molybdenum sulphides
occur through much of the target interval. Several intervals of
greater than 0.1% copper occur in the hole including a 85.4 metre
interval averaging 0.11% copper and a 12.2 metre interval averaging
0.24% copper within an overall interval extending 527 metres and
averaging 0.06% copper. The hole passes into unmineralized
Precambrian footwall rocks at a depth of 1000 metres.
Table 1: Select Composites from Dragoon Project Drilling
---------------------------------------------------------------------------
Hole Dip Depth From To Interval Cu Cu Mo
deg m m m m ppm % ppm
---------------------------------------------------------------------------
DS-11-2 90 1054.9 512.2 1039.6 527.4 582 0.06 36
inc. 622.0 975.6 353.7 766 0.08 43
inc. 692.1 777.4 85.4 1129 0.11 39
and 859.8 872.0 12.2 2485 0.25 59
---------------------------------------------------------------------------
Results from this current hole reported an overall increase in
grade throughout the mineralized interval and thicker intervals of
more strongly elevated values (greater than 0.1% Cu) when compared
to earlier drilling by FMEC which returned a 402 metre interval
averaging 0.05 per cent copper in hole DS-10-01. Southern Silver
believes that these thick intervals of strongly anomalous copper
and molybdenum mineralization, which were intersected in drill
holes DS-10-01 and DS-11-02, are indicative of a large, widespread
hydrothermal system that could produce potentially significant
mineralization.
To view Figure 1 accompanying this press release, please click
on the following link:
http://media3.marketwire.com/docs/ssv825i.pdf
Southern Silver has the option to purchase the claims for the
amount of $670,000 payable over four years with the last three
payments of $350,000 being paid by FMEC on behalf of Southern
Silver. FMEC has the option to earn a 70% interest in the claims by
spending on exploration and development work the sum of $3 million
by December 31, 2012.
FMEC has advised Southern that permitting for an additional four
exploration holes on the Dragoon Property is in process.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an emerging precious/base
metal exploration company and a member of the Manex Resource Group;
a private company comprised of an exceptional multi-disciplinary
team of professionals with specific expertise in all the areas of
exploration, development, corporate finance and public company
administration.
The company's growth strategy is to acquire, explore and develop
high-quality properties in progressive jurisdictions within North
America. Its current projects include the silver-lead-zinc Cerro
Las Mintas project and the copper-gold-silver Minas de Ameca in
Mexico, the porphyry copper-molybdenum Dragoon project in Arizona,
and the gold-silver Oro project in New Mexico.
Robert Macdonald (P.Geo.) is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical contents of this release.
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
For further information, please visit the company's website at:
www.southernsilverexploration.com
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. 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. These statements are based on a
number of assumptions, including, but not limited to, assumptions
regarding general economic conditions, interest rates, commodity
markets, regulatory and governmental approvals for Southern
Silver's projects, and the availability of financing for Southern
Silver's development projects on reasonable terms. Factors that
could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, 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.
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.
Contacts: Southern Silver Exploration Corp. Liana Shahinian
1-888-456-1112 liana@mnxltd.com
www.southernsilverexploration.com
Southern Silver Explorat... (TSXV:SSV)
Historical Stock Chart
From Jul 2024 to Aug 2024
Southern Silver Explorat... (TSXV:SSV)
Historical Stock Chart
From Aug 2023 to Aug 2024