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southern silver exploration (SSV) Details

Southern Silver Exploration Corp., an exploration stage company, engages in the acquisition, exploration, and development of precious/base metals properties in North America. The company’s flagship property is the Cerro Las Minitas silver-lead-zinc property that comprises 18 concessions totaling approximately 13,700 hectares and is located to the northeast of the city of Durango in Durango State, Mexico. It also holds interests in the Oro project, a gold-silver-copper-lead-zinc property, which consist of 8 patented mining claims and 89 BLM mineral claims covering an area of 11.8 square kilometers in Grant County, New Mexico. The company was formerly known as Newcoast Silver Mines Ltd. and changed its name to Southern Silver Exploration Corp. in July 2004. Southern Silver Exploration Corp. is headquartered in Vancouver, Canada.

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southern silver exploration (SSV) Key Developments

Southern Silver Exploration Corp. Substantially Extends Mineralization Throughout the Cerro Las Minitas Project

Southern Silver Exploration Corp. reported that assay results from an additional four holes from its 2015 core drilling program on the Cerro Las Minitas project, Durango State, Mexico, continue to confirm and extend mineralization on the project. Significant results include: the identification of high-grade Ag-Pb-Zn polymetallic mineralization in a 300m offset from the historic Santo Niño mine in hole 15CLM-023A with an 8.5m down hole interval (5.7m est. TT) averaging 143g/t Ag, 1.2% Pb and 6.2% Zn (437g/t AgEq). A new high-grade oxide discovery outboard of the Blind - El Sol mineralization on the west side of the central intrusion in hole 15CLM-081; and gold-enriched intercepts from drilling on the eastern side of the intrusion in hole 15CLM-079 and 15CLM-080. 15CLM-023A - Offset/extension of the Santo Niño Mine: The historic Santo Niño mine has been intermittently active since the 1960's with the majority of mining conducted during the period 1970-1981, with small scale exploitation to approximately 200m depth, continuing until 2013. In the present exploration program, drill hole 15CLM-023A re-entered hole 11CLM-023 and extended it to 879 metres depth, returning multiple mineralized intercepts including an 8.5m down hole interval (5.7m est. TT) averaging 143g/t Ag, 1.2% Pb and 6.2% Zn (437g/t AgEq) which is interpreted as an extension of mineralization in the historic Santo Niño mine. This new high-gradeintercept is an approximate 75m lateral and 300m vertical offset from the bottom of the historic workings. Drilling in 2011 intersected high-grade Ag-Cu-Zn polymetallic mineralization in hole 11CLM- 006 (est. 2.2m TT, averaging 184g/t Ag, 2.0% Cu, 0.3% Pb and 18.4% Zn) which is also believed to form part of the same structure. Other significant intercepts from 15CLM-023A include a 1.6m down hole interval (1.1m est. TT) averaging 100g/t Ag, 5.2% Pb, and 5.9% Zn (487g/t AgEq) and a 14.8m down hole interval (10.1m est. TT) averaging 231g/t Ag, 0.3g/t Au, 4.5% Pb and 3.7% Zn (534g/t AgEq) in the Blind zone which was an effective twin (4-8m offset) of high grade mineralization in the earlier drilled11CLM-023. 15CLM-081 ­ New discovery: Assays from 15CLM-081 returned a 0.4m downhole interval averaging 272g/t Ag, 0.8g/t Au, 8.6% Pb and 2.3% Zn (703g/t AgEq). This is a shallow oxide intercept in the top of the drill hole and occurs within a previously untested 300m-long IP chargeability high located outboard and to the south of the main mineralized trends on the property and is open along strike and down dip. Drilling continues on hole 15CLM-081 which will test the south-east projection of the Blind zone to depths of over 500 metres making it one of the more significant offsets in the currently planned drill program. Assays are pending. 15CLM-079 - Offset/Extension of the Bocona and South Skarn systems: Drill hole CLM-079 tested the eastern margin of the central intrusion between the Mina La Bocona and South Skarn areas. Highlights from this hole include a sulphide zone along the a dyke margin in the upper part of the hole which returned a 1.95m down hole interval averaging 64.3g/t Ag, 5.4% Pb and 2.9% Zn (379g/t Ag). Mineralization is spatially associated with a previously untested 200m-long IP chargeability anomaly which is open along strike and to depth. A quartz breccia zone was intersected further down-hole and returned a 1.0m interval averaging 11.7g/t Au and 40.8g/t Ag (842g/t AgEq) within a broader 6.0m interval averaging 2.5g/t Au and 22.6g/t Ag (201g/t AgEq). Mineralization in the deeper part of 15CLM-079 appears to correlate with gold-enriched mineralization from the adjacent South Skarn zone, while the base-metal enriched mineralization in the upper part of the hole appears more closely related to the Mina La Bocona trend located to the northwest. 15CLM-080 ­ New Epithermal Target: Hole 15CLM-080 was terminated short of the intended target due to drilling difficulties but did intercept multiple +10m thick zones of silicified breccia and quartz veining. Elevated gold, silver, barium, arsenic and antimony values occur throughout these breccia zones which are indicative of a more epithermal style of mineralization and suggest a compelling target for further drill testing and evaluation.

Southern Silver Exploration Corp. Reports Assays Results from First Three Holes of the +10,000 Metre 2015 Core Drilling Program on the Cerro Las Minitas Project, Located in Durango State, Mexico

Southern Silver Exploration Corp. reported assays results from the first three holes of the +10,000 metre 2015 core drilling program on the Cerro Las Minitas project, located in Durango State, Mexico. Drilling successfully identified a new high-grade gold-silver polymetallic discovery on the project ("Mina La Bocona Extension") and further extensions to the previously identified Blind and El Sol Deposits. Drill hole 15CLM-078 tested the east side of the central intrusion and was collared approximately 350 metres east of the Mina La Bocona workings which were formerly mined by artisanal workers to depths of about 220 metres. The hole drilled to the southwest and into the eastern margin of the central intrusion. Mineralization identified in the hole is approximately 1.25 kilometres from the Blind and El Sol deposits. This is the only hole to have tested this new discovery to date, the dimensions of which are currently unknown. Seven separate high-grade mineralized intervals were intersected in the hole ranging from 1.9 metres to 16.5 metres (down hole thickness) including an oxidized high-grade gold zone in the upper 100 metres of the drill hole and gold-enriched massive sulphides deeper in the hole. Some intervals in the high-grade gold-polymetallic zone are strongly oxidized with poor core recovery (35-40%) and are interpreted as an enriched zone of dissolution breccia formed by the weathering of gold-enriched massive sulphide bands similar to those intersected deeper in the hole. Check assays of new pulps from the high-grade gold interval confirmed the original analyses. The deepest intercepts in this hole may be interpreted as the southern extension of the La Bocona chimney, however many of the drilled intercepts are located well outboard of the chimney and likely represent new, previously unrecognized mineralized structures. The location and position of this mineralization with respect to the Bocona chimney is similar to the spatial relationship between the Blind and El Sol deposits on the western side of the central intrusion and the historic Mina Santo Nino and Puro Corazon mines. Work by Southern Silver over the last several years has delineated the Blind and El Sol deposits to a cumulative strike length of 820 metres and up to 600 metres depth. Drilling also identified silver-enriched polymetallic mineralization down-dip and along strike of previously delineated mineralized zones in two holes which tested the Blind and El Sol deposits. This is the deepest mineralization encountered in hole 15CLM-077 and is likely +200 metre sub-vertical offset of similar strongly Ag-Pb enriched Blind Zone mineralization identified in earlier drilling. Drilling continues on the initial +10,000 metre core hole program on the Cerro Las Minitas project which is targeting known zones of mineralization and new additional discoveries on the property. Two drills are currently on the project and have completed 3,640 metres of drilling in six holes to date. The 2015 exploration program is funded through an option agreement with Electrum Global Holdings L.P., which can earn an indirect 60% interest in the property by funding staged exploration expenditures of $5.0 million over a 4 year period. In addition, approximately 46.0% of Southern Silver is controlled by Electrum Global Holdings L.P. making it fully engaged in the successful development of the Cerro Las Minitas Project. The 2015 program follows earlier exploration work by Southern Silver totaling 23,310 metres of diamond drilling in 75 core holes resulting in the identification of two new mineral deposits known as the Blind and El sol zones, airborne magnetic geophysics over the entire property and gravity and IP geophysics in specific targeted areas which will form the basis for planned exploration drilling.

Southern Silver Exploration Corp. Auditor Raises 'Going Concern' Doubt

Southern Silver Exploration Corp. filed its Annual on Aug 27, 2015 for the period ending Apr 30, 2015. In this report its auditor, Smythe Ratcliffe, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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