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Lion One Adds Numerous High-Grade Intercepts near Surface and Expands Deep Feeder Zone 500, Tuvatu, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – September 7, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or…

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North Vancouver, British Columbia--(Newsfile Corp. - September 7, 2021) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce further high grade intercepts from ongoing deep extensional step-out drilling and near-surface infill drilling from the Company's 100% owned Tuvatu gold project in Fiji.

Highlights include:

10.24 g/t Au over 8.48m from downhole depth of 111.20m from TUDDH539 (near surface infill)
                         -incl. 33.26 g/t Au over 2.44m from 111.20m, and 13.49 g/t Au over 3.30m from 115.40m

  24.92 g/t Au over 3.70m from downhole depth of 415.70m from TUG135 (Deep Feeder Zone 500)
-incl. 83.63 g/t Au over 0.30m from 415.70m, and 159.30 g/t Au over 0.30m from 417.20m

Sergio Cattalani, Lion One's Senior Vice President Exploration, commented, "High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 250m vertically, completely outside the existing resource model. We have planned additional drilling to test the lateral extent of this zone and infill the shallowest part of this zone with the base of the existing resource."

Deep Feeder Zone 500
These most recent intercepts are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release) and 55.44 g/t Au over 2.30m in TUDDH533. Multiple new high-grade gold intercepts have been encountered in underground hole TUG135 drilled from the Tuvatu decline, as well as in hole TUDDH533W1, a wedge hole to TUDDH533 reported previously (see July 26, 2021 News Release). These include 24.92 g/t Au over 3.70m (including 159.30 g/t over 0.30m) from a downhole depth of 415.70m, 2.89 g/t Au over 2.50m from a downhole depth of 508.10m in hole TUG135, and 3.34 g/t Au over 1.80m from a downhole depth of 613.90m in hole TUDDH533W1. This same gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, and TUG135 (see Figure 1). These additional deep intercepts significantly increase our degree of confidence that the Tuvatu orebody extends to considerable depth, and that it remains fully open, laterally and at depth. It is clear that the current Tuvatu resource represents but a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its true extent.



Figure 1: Longitudinal Section of the UR4 Lode Showing Block Model and 2020 and selected 2021 Drill Intercepts. The grid is 100m, the bright yellow is indicated and the darker yellow is inferred. Intercepts are expressed as g/t Au over downhole width in meters.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/95575_801e4781548369e8_001full.jpg

Resource Infill/Definition Drilling
In addition to expanding the high-grade feeder zone underlying the UR4 lode, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program which will add significantly to the resource earmarked for early production. The aim of this drill program was to infill areas of low data density within parts of the resource currently categorized as Inferred. A complete set of results for all previously unreported drill holes is included as Appendix 1.

The Company is currently undertaking three tiers of drilling: 1) shallow resource infill drilling from surface and underground, 2) deep exploration drilling looking for lode extensions under the Tuvatu resource and 3) other target areas within the Navilawa caldera such as Banana Creek, 3.5 km NE of Tuvatu where drilling is underway.

Highlights from shallow infill/definition drilling include:
TUG 135:          7.53 g/t Au over 5.80m from 28.60m, incl. 13.64 g/t Au over 2.60m
TUDDH 540:   97.40 g/t Au over 1.30m from 103.90m, incl. 210.29 g/t Au over 0.60m
TUDDH 539:   10.24 g/t Au over 8.48m from 111.20m,
                        incl. 33.26 g/t Au over 2.44m, and 13.49 g/t Au over 3.30m
TUDDH 534:    5.52 g/t Au over 3.71m from 123.23m,
                          incl. 15.59g/t Au over 0.34m and 18.4 g/t Au over 0.47m
TUDDH 537:   12.23 g/t Au over 1.33m from 134.15m,
                          incl. 30.50 g/t Au over 0.35m, and 16.07 g/t Au over 0.35m
TUDDH 537:     6.52 g/t Au over 3.51m from 138.93m, incl. 19.46 g/t Au over 0.38m
TUDDH 538:   103.5g/t Au over 0.28m from 177.78m in TUDDH538
    Note: true width of intersections have yet to be accurately determined for these numerous lodes reported in this release.

Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
  TUDDH53312.4513.651.2010.45
  incl13.0013.300.3036.69
15.3515.650.302.18
17.5017.800.302.91
20.3023.803.502.72
  incl20.6020.900.309.23
25.8526.150.300.89
27.4028.000.601.04
28.5728.950.380.54
30.0031.801.801.41
36.0039.003.003.47
  incl37.6038.200.6010.06
162.20162.500.301.19
266.80267.400.60437.13
306.35307.351.001.20
309.35310.801.4516.14  
  incl310.15310.800.6531.93
335.24335.640.4012.84
370.89371.230.340.56
385.60386.000.401.10
390.79391.090.301.47
437.84438.260.420.95
439.30439.600.300.58
453.15453.600.450.67
459.25459.800.553.73
464.10464.910.811.82
487.40488.330.930.92
539.45540.300.851.33
550.06550.430.370.76
551.20551.500.300.61
575.70578.002.3055.44
  incl576.68578.001.3296.13
  incl577.60578.000.40221.60
  TUDDH533w1536.30540.864.561.50
546.94549.442.501.85
612.10613.901.803.34
614.50614.800.300.56
  TUDDH53466.6967.080.390.67
71.4071.720.324.03
90.9594.193.242.95
  incl90.9591.420.477.72
  and93.8094.190.3914.76
100.57100.840.270.66
120.49121.100.611.97
123.23126.943.715.52
  incl124.66125.000.3415.59
  and125.47125.940.4718.44
  TUDDH53783.5683.900.341.91
126.57127.360.793.99
128.50129.781.284.04
134.15135.481.3312.23
  incl134.15134.500.3530.50
  and135.17135.480.3116.07
138.93142.443.516.52
  incl142.06142.440.3819.46
144.62146.391.773.50
  incl145.31145.530.2214.13
  TUDDH538143.81144.240.430.68
177.78178.040.26103.50
  TUDDH53986.2788.282.014.26
102.82103.140.3210.78
111.20119.688.4810.24
  incl111.20113.642.4433.26
  and115.40118.703.3013.49
121.65122.310.6626.55
  TUDDH54097.9598.250.3079.65
103.90105.201.3097.40
  incl103.90104.500.60210.29
  which incl103.90104.200.3041.58
  and104.20104.500.30379.00
109.20110.201.001.12
  TUG1354.604.900.301.12
28.6034.405.807.53
  incl29.4032.002.6013.64
66.1067.000.902.37
95.4095.700.300.69
105.10105.400.300.69
106.60107.200.6020.70
  incl106.90107.200.3040.55
108.90110.701.801.37
178.20178.500.300.53
260.50261.300.801.83
263.10263.700.601.18
265.00265.300.301.84
276.40280.404.003.59
284.30285.601.301.49
288.40288.700.302.77
294.90295.200.301.26
299.55299.850.302.02
346.70350.103.403.61
374.60374.900.300.96
415.70419.403.7024.92
  incl415.70416.000.3083.63
  and417.20417.500.30159.30
  and418.10418.400.3017.68
508.10510.602.502.89
  incl508.10508.800.708.93
511.50511.900.400.56

 

Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)

Hole NocoordinatesRLfinal depthdipazimuth
NEm(TN)
  TUDDH53339207951876351209.4818.7-60130
  TUDDH533W139207951876351209.4773.8-60130
  TUDDH5343920736.011876267225.83179.4-7016
  TUDDH5373920735.171876267225.98206.5-8011
  TUDDH53839207351876267225.98239.60-8380
  TUDDH539 39207311876300228.00186.20-720
  TUDDH540 39207311876300228.00168.20-600
  TUG13539207611876454139.28underway-64.00131

 

Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.

Samples are analyzed at the Company's own geochemical laboratory in Fiji, whilst pulp duplicates of samples with results >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Samples for assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. Lion One's laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 - Standards of disclosure for Mineral Projects ("NI-43-101).

About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA", dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
"Walter Berukoff"
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider

accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95575

Today’s News

Canagold to Host a Webinar on Wednesday, September 22 at 9:00 am PDT / 12:00 pm EDT to Provide a Company Update on the New Polaris Project

VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FRA:CANA) would like to invite interested shareholders…

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VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FRA:CANA) would like to invite interested shareholders to join CEO and Director, Scott Eldridge and Vice President, Exploration Tory Gill, P.Geo, for a webinar detailing recent progress in the Company's ongoing drill program at its 100% owned New Polaris project in northwestern British Columbia near Atlin, BC.

The Canagold Resources webinar will take place on Wednesday, September 22 at 9:00 am PDT / 12:00 pm EDT. Management will be available to answer questions following the presentation. Online registration and participation details may be found at the following link:

https://us02web.zoom.us/webinar/register/WN_VuzUgp0RQkuquTYTFaI6hQ

For those unable to participate, a recording of the webinar will be posted to the Company's web site following the live broadcast.

On behalf of the Board of Directors,

"Scott Eldridge"

Scott Eldridge, Chief Executive Officer 
CANAGOLD RESOURCES LTD.

About Canagold - Canagold Resources Ltd. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the TSX: CCM and the OTCQB: CRCUF.

For More Information - Please contact: Scott Eldridge, CEO, at Cell: (604) 722-5381 Email: scott@canagoldresources.com, or Knox Henderson, VP Corporate Development, Toll Free: 1-877-684-9700 Tel: (604) 416-0337 Cell: (604) 551-2360 Email: knox@canagoldresources.com

Website: www.canagoldresources.com

SOURCE: Canagold Resources Ltd.



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Today’s News

Marvel Applies For Work Permits At Hope Brook, Contiguous To Falcon Gold – Benton & Sokoman

VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased…

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VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce its exploration plans on its Hope Brook Project which is strategically located contiguous to Sokoman - Benton Joint Venture, Falcon Gold and First Mining's ground which is optioned to Big Ridge Exploration. The company has filed initial permits for its first phase of exploration which includes high resolution magnetic gradiometry surveys, a proven method to sort the structural complexities in geological terranes. The Company will also be sending prospecting crews to the area to begin baseline prospecting to determine if the magnetic trends highlighted in regional government surveys are due to similar mineralized structures as those hosting the nearby Sokoman / Benton new Lithium discovery.

Figure 1. Location of Marvel's Hope Brook gold property contiguous to First Mining and the Sokoman-Benton joint venture.

Most recently, Sokoman/Benton made headlines announcing the first High Grade Discovery of Lithium bearing pegmatites at their Golden Hope project. It is important to note this discovery is less than 10 km away from our ground and appears to be the same structural corridor. The 35 grab and chip samples are noted in the Sokoman/Benton NR (September 16th 2021) were collected over a 2 km distance. Their sampling program confirmed the presence of lithium pegmatites, and the first significant occurrence of Lithium documented in the province of Newfoundland and Labrador, Canada.

Karim Rayani Chief Executive Officer commented, "Marvel and our sister company Falcon Gold have made a lot of noise as of late not only in acquiring sizable land positions tied on to major structures but also following the structures to find what we believe are hidden gems that have been overlooked and passed by. Sokoman-Benton's new Lithium discovery is less than 10 km away and is a testament to our business model."

Marvel's Hope Brook 19,075 hectare property is hosted within the Exploits subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to two major structures linked to significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to those associated with Marathon Gold's Valentine gold deposits, Sokoman's Moosehead gold project and New Found Gold's Queensway gold project. Marvel's land position straddles both the eastern and western extents of recent land acquisitions by the Sokoman/Benton JV partnership, with Marvel now controlling areas of considerable structural complexity marked by large-scale fold and fault structures, which provide important structural controls (traps) for gold mineralization within this area.

Within this immediate area, the most significant deposit is the Hope Brook Gold Mine, which was in production from 1987 to 1997, producing 752,163 ounces of gold. The Hope Brook deposit is now owned by Coastal Gold Corp., which has outlined an additional 6.33 million tonnes at an average grade of 4.68 grams per tonne gold for 954,000 ounces of gold in the indicated and inferred categories.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Great Burnt property claim group particularly regarding historical exploration, neighbouring companies, and government geological work.

About Marvel Discovery Corp.

Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:

  • Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
  • Atikokan, Ontario (BlackFly - Au Prospect)
  • Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
  • Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
  • Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)

The Company's website is: https://marveldiscovery.ca/

ON BEHALF OF THE BOARD

Marvel Discovery Corp.

"Karim Rayani"

Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 
email: k@r7.capital

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by 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.

SOURCE: Marvel Discovery Corp.



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Today’s News

Southern Silver Completes Final Payment to Acquire 100% Interest in the Cerro Las Minitas Silver Project

Vancouver, British Columbia–(Newsfile Corp. – September 20, 2021) – Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver")…

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Vancouver, British Columbia--(Newsfile Corp. - September 20, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") purchased a 60% indirect working interest in the Cerro Las Minitas project (the "CLM Project") located in Durango, Mexico from Electrum Global Holdings LP ("Electrum") in September 2020 subject to a security pledge. The Company has now made the final payment to Electrum of US$2 million and issued 7,971,878 common shares equal to US$2 million (based on the prior 20-day VWAP) and now holds a 100% interest in the CLM Project free of such security pledge. As consideration for the acquisition, Southern Silver has paid Electrum an aggregate US$15 million in a combination of cash and common shares.

Benefits to Southern Silver Shareholders:

  • Simplifies ownership structure of the CLM Project
  • Establishes full control over project timeline and removes perceived joint venture discount
  • Provides 100% ownership of a premier, polymetallic deposit in Mexico with substantial resource growth potential (with a focus on targeting high grade silver targets)
  • 150% increase in attributable resources to current resource of Indicated: 134Mozs AgEq and Inferred: 138Mozs AgEq (1)
  • Highly accretive to Southern Silver shareholders
  • Electrum remains a supportive cornerstone investor
  • Southern Silver becomes a more attractive takeover target
  • Enhances the market profile of the Company relative to its peer group

Acquiring Electrum's 60% interest provided Southern Silver with an additional 49.9 million ounces of silver and 1.35 billion pounds of combined lead and zinc to its account based on the current National Instrument 43-101 (2019) Mineral Resources estimate of the CLM Project. Additionally, Southern Silver has become more attractive on a corporate level with the Company's market profile being enhanced by having sole ownership of one of the largest and highest grade, undeveloped silver projects in the world.

Since execution of the agreement in June, 2020, the Company has continued to advance and expand the CLM Project by completing a total of 56 core holes totaling 22,360 metres with drilling recommencing in September 2020. Southern Silver has now tested over 850 metres of strike length along the east side of the Cerro to depths of up to 500 metres, primarily in the South Skarn and Mina La Bocona target areas.

Results from all drill programs since the date of the current Mineral Resource Estimate (2019) will be incorporated into a current mineral resource report on the CLM Project to be released within the next few weeks. As well, the Company continues to proceed with completing a Preliminary Economic Assessment (PEA) for issuance in Q1, 2022.

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

Lawrence Page, Q.C., Southern Silver's President and Director, stated: "Electrum was a great joint venture partner, assisting with funds and expertise to allow Southern Silver to achieve the milestone 2019 Resource. Now Southern Silver, as the sole owner of the CLM Project, has explored new zones to establish resources not yet included in the Resource published in 2019. We anticipate that the aggregate Resource, soon to be presented and published, will significantly enhance the magnitude and value of the CLM Project. Electrum remains as a significant and supportive shareholder."

Equity Raises and Warrant Exercises: During the past twenty-one months the Company has raised $35,500,000 in equity raises, warrant and option exercises which has allowed the Company to fund the purchase of the 60% working interest and exploration costs at CLM. $15.5M remains in treasury to fund exploration and PEA costs at CLM and exploration costs at the Oro porphyry copper-gold project located in southern New Mexico, USA.

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. 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, 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. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.

  1. The 2019 Cerro Las Minitas Resource Estimate 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 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID3 weighting. Silver and zinc equivalent values were subsequently calculated from the interpolated block grades. The model is identified at a 175g/t AgEq cut-off, with an indicated resource of 11,102,000 tonnes averaging 105g/t Ag, 0.10g/t Au, 1.2% Pb, 3.7% Zn and 0.16% Cu and an inferred resource of 12,844,000 tonnes averaging 111g/t Ag, 0.07g/t Au, 0.9% Pb, 2.8% Zn and 0.27% Cu. AgEq cut-off values were calculated using average long-term prices of $16.6/oz. silver, $1,275/oz. gold, $2.75/lb. copper, $1.0/lb. lead and $1.25/lb. zinc. Metal recoveries for the Blind, El Sol and Las Victorias deposits of 91% silver, 25% gold, 92% lead, 82% zinc and 80% copper and for the Skarn Front deposit of 85% silver, 18% gold, 89% lead, 92% zinc and 84% copper were used to define the cut-off grades. Base case cut-off grade assumed $75/tonne operating, smelting and sustaining costs. All prices are stated in $USD. Silver Equivalents were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used to calculate the ZnEq value. 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 southernsilverexploration.com or contact us at 604.641.2759 or by email at ir@mnxltd.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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97026.

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