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Orosur Mining Inc Announces Brazil Update

JV signed with Meridian Mining on Ariquemes Tin Project in BrazilCompany to earn 75% equity interest by investing US$3m over four yearsLONDON, UK / ACCESSWIRE…

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  • JV signed with Meridian Mining on Ariquemes Tin Project in Brazil
  • Company to earn 75% equity interest by investing US$3m over four years

LONDON, UK / ACCESSWIRE / January 14, 2022 / Orosur Mining Inc. (“Orosur” or the “Company“) (TSXV:OMI)(AIM:OMI), is pleased to announce that it has signed a Joint Venture (JV) agreement with Meridian Mining UK Societas (“Meridian”) in relation to the Ariquemes tin project (“Project”) in Brazil.

The JV terms are largely in line with those indicated in the Letter of Intent (“LOI”) signed and announced on July 7th 2021, in which the Company can earn an equity interest of 75% in the Ariquemes project by spending US$3m over a four-year period, in two phases:

1. Phase 1 – earn 51% interest by spending US$1 million over a 24-month period.

2. Phase 2 – earn an additional 24% interest by spending US$2 million over a subsequent 24-month period.

3. Following this point, the two parties would jointly fund the Project on a pro-rata basis or dilute to a net smelter royalty.

The JV will require the establishment of two new corporate entities to hold the exploration licences and applications, which will include a top holding company in Canada, and a local operating company in Brazil. This process will commence immediately but may take several months to complete, at which time the granted licences will begin to be transferred across to the new structure and the JV can formally commence.

In the meantime, the Company will immediately commence desktop exploration work, data compilation, regional targeting, formulation of exploration plans and budgets and logistical planning. Members of the Company’s board, executive and technical specialists will be on site in the coming days to commence the process.

Further details of the Project and plans will be communicated following this visit.

Ariquemes

The Ariquemes project comprises a large collection of granted tenements and applications, totalling almost 3,000km2, in Rondônia State, western Brazil. The licenses were all accumulated and owned 100% by Meridian (via its local subsidiary) and represent the dominant land position in the Rondônia Tin Province, one of the world’s most significant tin regions.

The region was identified by Meridian following extensive conceptual work, with later regional work confirming the Project’s potential. An extensive database of historical and recent exploration data is available and has been reviewed by the Company.

The Company has approximately US$5 million cash on its balance sheet and is therefore well placed to fund the initial works from its existing resources.

Orosur CEO Brad George commented:

“We are excited to have finally completed this agreement. With Anza handed over and Covid finally abating, the ability to move to a new phase of work for the Company is something we have been anticipating for some time.

“Ariquemes represents a tremendous opportunity with a huge land holding in a proven district, for one of the sector’s most important, and yet overlooked commodities.”

For further information, please contact:

Orosur Mining Inc

Louis Castro, Chairman,
Brad George, CEO
[email protected]
Tel: +1 (778) 373-0100

SP Angel Corporate Finance LLP – Nomad & Joint Broker

Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470

Turner Pope Investments (TPI) Ltd Joint Broker

Andy Thacker
JamesPope
Tel: +44 (0)20 3657 0050

Flagstaff Strategic and Investor Communications

Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0) 207 129 1474
[email protected]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

About Orosur Mining Inc.

Orosur Mining Inc. (TSX-V:OMI; AIM:OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America. The Company currently operates in Colombia, Brazil and Uruguay.

Forward Looking Statements

All statements, other than statements of historical fact, contained in this news release constitute “forward looking statements” within the meaning of applicable securities laws, including but not limited to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release.

Forward-looking statements include, without limitation, the exploration plans in Colombia and the funding from Monte Águila of those plans, Monte Águila´s decision to continue with the Exploration and Option agreement, the ability for Loryser to continue and finalize with the remediation in Uruguay, the ability to implement the Creditors’ Agreement successfully as well as continuation of the business of the Company as a going concern and other events or conditions that may occur in the future. The Company’s continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory implementation of the Creditor´s Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company’s ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward looking statements. Such statements are subject to significant risks and uncertainties including, but not limited, those as described in Section “Risks Factors” of the MDA and the Annual Information Form. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Orosur Mining Inc.

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Today’s News

Colibri Partner Engages Environmental Report for Drill Permit and Updates Historical Sampling from Diamante Concessions

[DATELINE]Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased report that its partner Silver Spruce Resources ("Silver Spruce")…

[DATELINE]Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased report that its partner Silver Spruce Resources (“Silver Spruce”) has released an update about the status of exploration at the Diamante Gold & Silver Project in Sonora Mexico.

Silver Spruce is currently earning up to 50% of the Diamante project in conjunction with Colibri as a result of a deal negotiated with a private vendor and announced in January 2021. Please see Colibri news release dated April 29th, 2021 for full details of the agreement in place with Silver Spruce.

Silver Spruce Reports:

Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) announces that the Company has initiated its Informe Preventivo for application to the Mexican government environmental authority SEMARNAT for the Diamante drilling permit. Silver Spruce engaged Green & Ceo, Asesorío Profesional y Securidad en Ambiente, of Hermosillo, Sonora to manage the environmental permitting process. The SEMARNAT permit is expected within four to six weeks of submission.

The Company also is pleased to provide high-grade results from additional historical rock sampling at several known targets with artisanal workings. Recent literature research identified reports with maps, field sampling sections and assays for seventy-seven (77) previously unreleased samples with precious and base metal values reporting up to 25.69 g/t Au, 1,360 g/t Ag, 18.2% Pb, 33.5% Zn and 1.47% Cu. The surface and U/G channel samples (to 2.5 metres) were collected from Diamante 1, the northern concession, at the La Prieta, Aguaje, El Chon, El Chon Oeste, El Chon Sur, Hacia del Oeste, La Olla, Lupita, Pillado, Pillado Sur and Pillado Grande targets (Figure 1). The highest-grade individual sample was collected from a 15cm vein in the La Prieta workings (25.69 g/t Au, 1,265 g/t Ag, 18.2% Pb, 23.0% Zn and 1.47% Cu).

The Diamante gold-silver (Au-Ag) project (“Diamante” or the Property”) is a drill-ready precious metal property located 5 km northwest of the town of Tepoca, and 165 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico (Figure 2).

Diamante offers strong precious metal tenor with a polymetallic endowment and contains multiple quality targets, limited artisanal mining and small-scale production, of particular significance for our exploration moving forward, no records of drilling on either property.

Mr. Davison – VP Exploration stated, “The recent desktop research in Hermosillo contributes significantly to the project’s geological and assay database. This work confirms additional vein samples with excellent polymetallic grade of the mineralization ahead of the target mapping program. The upcoming geological work will focus on several priority targets documenting detailed lithologies, mineralization, structural measurements and verification of sampling coordinates with a view to optimization of the proposed drill target depths and orientations. Additionally, the areas of alteration reported using hyperspectral imaging require authentication by ground exploration and hand-held spectral data as part of the drill target definition.”

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Figure 1. Diamante 1 Concession Map with location of known mineralized targets and sampled surface and underground artisanal workings. Recent LiDAR analysis identified >50 surface pits and workings.

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Figure 2. Diamante 1 and 2 Concession Location Map. Note adjacent El Mezquite and Jackie Concessions. Nicho mine development by Minera Alamos is located 12 km SE of Diamante.

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Historical Rock Sampling

The recently acquired reports and maps contained polymetallic assays of rock samples from La Prieta, Aguaje, El Chon, El Chon Oeste, El Chon Sur, Hacia del Oeste, La Olla, Lupita, Pillado, Pillado Sur and Pillado Grande targets (Figure 2). Table 1 and 2 provides geochemical results for select samples (n=30 of 77) sorted by Au and Ag, respectively from seven target areas.

Table 1. Select precious metal and base metal assays (n=11) sorted by Au (>1 g/t).

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Table 2. Additional select assays (n=19) sorted by Ag with anomalous Pb, Zn and/or Cu.

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Diamante includes twelve known occurrences at La Prieta, El Aguaje, El Chon, El Pillado, La Olla, La Cruz and El Caso, Mezquite Raizudo, El Puerto, El Cumbro, Calton and the Southern Anomaly (Anomalía Sur).

Sampling highlights from these areas of interest, some with artisanal mining, have reported significant precious and base metals in samples collected from historical mine dumps, small-scale processing slag and assays from vein and stockwork-style mineralization.

Based on the distribution of the overall sampling (n=354), several newly renamed targets are designated, and the Diamante concessions overall comprises eighteen mineralized areas with seven under consideration for the Phase 1 drilling. These include La Prieta, El Cumbro, Mezquite Raizudo, El Chon, La Olla, Calton and Pillado. Disseminated and stockwork mineralization at Anomalía Sur and El Puerto offer bulk low-grade targets.

Figures 3 and 4 illustrate the La Prieta and El Chon drilling vein target areas with precious metal values by class, and artisanal pits and workings. The latter follow projected surface exposures of vein mineralization.

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Figure 3. El Chon drill target on LiDAR high resolution base map showing easy access from Highway 16. Au and Ag in graduated symbology. LiDAR analysis shows surface pits and workings.

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Project Geology

The Property is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending “Sonora Gold Belt” of northern Mexico and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear.

Exploration has identified geological features of epithermal low to intermediate sulphidation Ag-Au (Pb-Zn), high sulphidation Au-Cu, and potential transition to porphyry style Au-Cu. Precious and base metal polymetallic mineralization occurs as disseminated, stockwork and vein styles accompanied phyllic, argillic, advanced argillic and propylitic zones, with near-surface overprinting by weathering with iron oxide and oxyhydroxide staining, jarosite and relict vuggy silica.

New TLALI algorithm maps for the LANDSAT 8 OLI and LANDSAT/ASTER data confirmed the spectral response for silicification and argillic alteration, including generic clay, alunite, pyrophyllite, kaolinite and silica coincident with known artisanal vein workings and disseminated gold targets.

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Figure 4. La Prieta drill target on LiDAR high resolution base map showing easy access from Highway 16. Au and Ag in graduated symbology. LiDAR analysis shows surface pits and workings.

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Mineralization is reported visually as pyrite, arsenopyrite, chalcopyrite, sphalerite, argentiferous galena, argentite, hematite and probable metal oxides, carbonates and sulphates, including copper carbonate (malachite), copper sulphates and plumbojarosite.

Structural lineaments with ENE, NE and NW orientations identified in the historical exploration correspond to known vein systems. Branching and oblique vein sets to the N-S direction were noted from the ENE veins.

Project Background

Silver Spruce can acquire up to 50% interest in four Diamante concessions, with a cumulative land position of 1,057 hectares, from Colibri and its wholly-owned Mexican subsidiary, Yaque Minerales SA de CV (“Yaque”). The nearby large operating mines include Alamos Gold‘s Los Mulatos gold mine and Agnico Eagle’s La India gold mine, Agnico’s Pinos Altos mine and Argonaut’s La Colorada Mine.

The Property is very well situated in terms of logistics for exploration and twelve to fifteen kilometres west and northwest of the Nicho deposit currently under mine development by Minera Alamos. The Property is easily accessible from Mexican Highway #16 which transects Diamante 1 and on ranch trails and dry river beds to Diamante 2. High voltage power lines are positioned along Highway #16.

Geochemical Analysis, Quality Assurance and Quality Control

All metal values disclosed herein by historical operators (Pan American Silver, Minera Teocuitla) are reported from grab and chip samples which may not be representative of the metal grades. The Company has reviewed the available historical property reports and copies of assay certificates from International Plasma Labs Ltd. (“IPL”), later known as Inspectorate Americas, and currently Bureau Veritas Group, and compared the grades with sampling programs and assays reported by the Vendors and Silver Spruce. IPL was an independent commercial laboratory with ISO 9001-2000 certification during the 2005-20011 period of the historical work. The Company’s Qualified Person believes that the sampling, analytical protocols and data will withstand scrutiny for inclusion.

Qualified Person

Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Qualified Person and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed in 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan VenturesCSE:TOC), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4, and 5 are subject to earn-in agreements by Silver Spruce Resources – TSX.V-SSE).

For more information about all Company projects please visit: www.colibriresource.com.

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.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements,” Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, [email protected].

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Today’s News

Silver Elephant Commences Drilling at its El Triunfo Gold-Silver Project, Bolivia

VANCOUVER, BC / ACCESSWIRE / January 25, 2022 / Silver Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF)(OTCQX:SILED)(Frankfurt:1P2N)…

VANCOUVER, BC / ACCESSWIRE / January 25, 2022 / Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX:ELEF)(OTCQX:SILED)(Frankfurt:1P2N) announces that it has commenced a 1,500 meter drilling program on its El Triunfo Gold-Silver Project, located approximately 75 kilometers east of La Paz, Bolivia. The program will probe several prospective induced polarisation (“IP”) geophysical anomalies detected in late 2021 (“Triunfo East”). The IP anomalies are coincident with surface Au-Ag mineralization that was observed during a geological mapping field program in early 2021.

The drilling program is a follow-up to the Company’s maiden drill program in 2020 where three of the four wide-spaced diamond drill holes intercepted mineralization, starting from surface across a 750 meter mineralized trend (“Triunfo West”). Triunfo West is where artisanal mining and all prior drilling had occurred, including TR007, which encountered 98.9 meters of 1 g/t AuEq* (0.4g/t Au, 23 g/t Ag, 0.74% Zn, 0.58% Pb (see Company’s press release dated November 25, 2020)).

Triunfo East, the primary focus of the Company’s current drill campaign, is a 2.2 kilometer extension to Triunfo West, and is separated by a fault that resulted in this area being overlooked and unexplored until now. Triunfo East has never been mined or drilled and has returned high-grade gold surface samples, which bears similar geological traits as Triunfo West.

Highlights from Triunfo East sampling from the 2021 mapping program are shown below:

El Triunfo East Sampling Results

Sample
No.

Type

Width
(m)

Au
(g/t)

Ag
(g/t)

Zn
%

Pb
%

AuEq
(g/t)

3495

CHIP

0.6

4.3

173

0.07

2.5

6.8

3494

CHIP

1

2.4

34.4

0.12

0.55

3

3477

CHIP

1.1

2.3

44.9

5.88

6.57

6.9

6558

CHIP

2.4

1.9

1.1

0

0

1.9

6572

CHIP

1.9

1.4

0.6

0

0

1.4

3488

CHIP

1

0.9

8

0

0

1

3500

CHIP

2.2

0.9

187

4.48

5.4

6

6503

CHIP

1

0.7

15.4

0.32

1

1.3

3499

CHIP

2.6

0.7

38

0.06

1.03

1.4

6582

CHIP

0.3

0.7

294

2.09

6.11

6.3

6551

CHIP

5

0.6

0.9

0

0.01

0.7

3487

CHIP

3.9

0.6

0.7

0

0

0.6

6566

CHIP

4.7

0.5

0.5

0

0

0.5

6573

CHIP

1.1

0.5

0.5

0

0

0.5

3475

CHIP

3

0.5

124

0.9

4.74

3.5

6517

CHIP

1.1

0.3

24

3.08

0.76

1.9

*AuEq: Gold equivalent calculation uses a gold price of $1,795, a zinc price of $0.93, a lead price of $0.80, and a silver price of $18.30 (all USD) and assumes a 100% metallurgical recovery. Gold equivalent values can be calculated using the following formula: AuEq = Au g/t + (Ag g/t x 0.0102) + (Zn % x 0.3551) + (Pb % x 0.3055).

Triunfo East and Triunfo West will have a combined strike length of over 3 kilometers, having a good prospect of a potentially large, bulk-mining project.

Visit www.silverelef.com for El Triunfo maps.

Quality Assurance and Quality Control

Silver Elephant adopts industry-recognized best practices in its implementation of QA/QC methods. Rock chip samples average between 5-7 kilograms. Samples are shipped to ALS Global Laboratories in Ururo, Bolivia for preparation and then shipped to ALS Global laboratories in Lima, Peru for analysis. Samples are analyzed using Intermediate Level Four Acid Digestion. Silver overlimits (“ore grade”) are analyzed using fire assay with a gravimetric finish. The ALS Laboratories sample management system meets all the requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. A geochemical standard control samples are inserted into the sample stream. The laboratory also includes duplicates of samples, standards and blanks for additional QA/QC. Check assays are reviewed prior to the release of data. Assays are also reviewed for their geological context and checked against field descriptions.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, VP Exploration. Mr. Oosterman is not independent of the Company in that he is employed by it. Mr. Oosterman is a qualified person as defined by the guidelines in NI 43-101.

About Silver Elephant

Silver Elephant Mining Corp. is a premier silver mining and exploration, and owns 39% of Battery Metals Royalties Corp.

Further information on Silver Elephant and Battery Metals Royalties can be found at www.silverelef.com and www.royalbatt.com

SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
Executive Chairman

For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Silver Elephant’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

SOURCE: Silver Elephant Mining Corp.

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Today’s News

Southern Silver Identifies New Discovery on the El Sol Claim with 3.5 Metres Averaging 549g/t Ag, 0.3g/t Au, 8.6% Pb and 3.6% Zn (982g/t AgEq); Drilling Resumes

Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – Southern Silver Exploration Corp. (TSXV: SSV) ("Southern Silver") reported today that…

Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – Southern Silver Exploration Corp. (TSXV: SSV) (“Southern Silver”) reported today that drilling has identified a new high-grade mineral discovery on the El Sol concession, located within the Cerro Las Minitas project area, Durango, Mexico.

The El Sol concession is a largely gravel covered 63ha. claim located on the northwestern boundary of the Bocona block of claims and is adjacent to the Area of the Cerro which hosts the six mineral deposits currently identified by Southern Silver on the Cerro Las Minitas claim package.

Highlight Assays include:

  • a 0.8 metre interval grading 1,760g/t Ag, 0.9g/t Au, 23.6% Pb and 1.2% Zn (2,622g/t AgEq) within a 3.5 metre interval averaging 549g/t Ag, 0.3g/t Au, 8.6% Pb and 3.6% Zn (982g/t AgEq) from drill hole 21SOL-003

Drill hole 21SOL-003 is one of five holes drilled in the Autumn of 2021 to test a series of targets defined by surface mapping, rock and soil sampling and proximity to artisanal workings. The highlight interval intersected down-dip of historic workings located on a northeast-southwest trending structure which has been traced on surface for up to 300 metres laterally before plunging under gravel cover.

Drill crews have mobilized back to the El Sol concession to complete an additional three core holes before returning to the area of the Cerro for further drill testing on the North Felsite target. Two holes are planned to test down dip of 21SOL-003 and a third hole to test along strike from 13CLM-072 and an extension of the Blind – El Sol zone located in the southwestern part of the claim (see Figure 2).

Rob Macdonald, Vice President Exploration, stated: “The identification of a new high-grade zone continues to highlight the enhanced exploration potential surrounding the known mineral deposits at Cerro Las Minitas. Drilling will continue on the property through early 2022, starting with follow-up drilling on the El Sol concession before transitioning back to the North Felsite target, while the company continues work on a Preliminary Economic Assessment of the known Mineral Deposits to be completed Q2-2022.”

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Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and the location for new drill targeting, at the North Felsite target and El Sol concession.

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Figure 2: Plan Map of the El Sol concession showing drillhole distribution with relation to mineralized structures and surface rock sample locations.

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Table 1: Select Assay Intervals from the El Sol Concession:

Hole # From To Interval Est. Tr. Thck. Ag Au Cu Pb Zn AgEq ZnEq
  (m) (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (%)
EL Sol 
21SOL-001 29.7 34.3 4.7 UNK 39 0.1 0.0 1.7 1.1 147 3.7
21SOL-002 332.3 333.0 0.8 UNK 52 0.3 0.0 0.9 2.3 197 5.0
21SOL-003 132.4 135.8 3.5 UNK 549 0.2 0.0 8.6 3.6 982 24.9
inc. 135.0 135.8 0.8 UNK 1760 0.9 0.1 23.6 1.2 2622 66.5
and 161.0 161.4 0.4 UNK 129 0.6 0.0 3.9 6.2 547 13.9
21SOL-004 299.6 300.4 0.8 UNK 15 0.1 0.0 0.7 2.1 131 3.3
21SOL-005 NSV NSV NSV NSV NSV NSV NSV NSV NSV NSV NSV

 

Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis, High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using average metal prices of: US$20/oz silver, US$1650/oz gold, US$3.25/lbs copper and US$0.9/lbs lead and US$1.15/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone Composites have <20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.

Oro Project Update

The Company’s property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA, comprised of patented land, State leases and BLM mineral claims totalling 22.3 sq. km. Targeting has been finalized for a 4,000m drill program, designed to test several copper-molybdenum porphyry and copper-gold skarn targets within a broad quartz-sericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre. Permitting and bonding are finalized and drilling is planned to commence in the first week of February, 2022.

Cerro Las Minitas Project

Southern Silver continues to advance one of the world’s largest undeveloped silver/lead/zinc resources, the Cerro Las Minitas project, through advanced exploration, pre-production metallurgical and engineering work, and economic assessment. The CLM Ag-Pb-Zn-Cu Skarn system is well located in southern Durango, Mexico, in a safe jurisdiction, surrounded by producing companies, with easy access and strong community support.

The Cerro Las Minitas project, as of Oct 27th, 2021, contains a Mineral Resource Estimate, at a $60/t NSR cut-off, of (1):

  • Indicated – 137Moz AgEq: 42.1Moz Ag, 44Mlbs Cu,358Mlb Pb and 895Mlb Zn
  • Inferred – 198Moz AgEq: 73.6Moz Ag, 98Mlb Cu, 500Mlb Pb and 1,009Mlb Zn

The new Mineral Resource Estimate significantly increases the size of the resource on a tonnage and silver-equivalency basis making it one of the largest and higher-grade undeveloped silver-based deposits in the world. The new Resource Estimate increases silver as a proportion of the contained metals, significantly increases the NSR value of the deposits and will now form the basis for a Preliminary Economic Assessment (PEA), which is expected to be completed by Q2 2022.

A total of 180 drill holes for 81,000 metres has been completed on the CLM Project with exploration expenditures of approximately US$30.0 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry copper-gold and the Hermanas gold-silver vein projects located in southern New Mexico, USA.

  1. The 2021 Cerro Las Minitas Resource Estimate as of October 27th, 2021 was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 3m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID2 weighting. Silver, zinc equivalent and $NSR/t values were subsequently calculated from the interpolated block grades. The base case model assumed a $60NSR/t cut-off for operating, processing and sustaining costs, with an indicated resource of 12,325,000 tonnes averaging 106g/t Ag, 0.07g/t Au, 1.3% Pb, 3.3% Zn and 0.16% Cu and an inferred resource of 19,605,000 tonnes averaging 117g/t Ag, 0.12g/t Au, 1.2% Pb, 2.3% Zn and 0.23% Cu. AgEq cut-off values and NSR values were calculated using average long-term prices of $20/oz. silver, $1,650/oz. gold, $3.50/lb. copper, $1.0/lb. lead and $1.20/lb. zinc. Metal recoveries are variable as a function of deposit and concentrate and are detailed in NR-18-21, Oct 27, 2021. All prices are stated in $USD. Silver Equivalents, Zn equivalents and $/t NSR values were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine final values. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for a resource’s mineability, selectivity, mining loss, or dilution. The current Resource Estimate was prepared by Garth Kirkham, P.Geo. of Kirkham Geosciences Ltd. who is the Independent Qualified Person responsible for presentation and review of the Mineral Resource Estimate. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver’s website at https://www.southernsilverexploration.com or contact us at 604.641.2759 or by email at [email protected].

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.

This news release contains forward-looking statements. 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. Factors that could cause actual results to differ materially from those in forward looking statements include 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.

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