Southern Silver Exploration (TSXV: SSV) just completed an update of its independent Mineral Resource Estimate on the Cerro Las Minitas project in Durango, Mexico.
In a press release, the company said that the analysis was carried out by Kirkham Geosystems and it showed, at a 175g/t AgEq cut-off, a nominal 0.97Mt increase in Indicated Mineral resources to 11.1Mt averaging 105g/t Ag, 0.1g/t Au, 0.16% Cu, 1.2% Pb and 3.7% Zn containing 37.5 million ounces of silver; 35 thousand ounces of gold;40 million pounds of copper; 303 million pounds of lead; and 897 million pounds of zinc.
“This equates to 134 million ounces silver equivalent or 2.0 billion pounds zinc equivalent,” the media statement reads.
The 34,450-hectare Cerro Las Minitas project is located 70km northeast of the city of Durango, in the heart of the Faja de Plata (Belt of Silver) of north central Mexico.
The report also shows a more significant 4.2Mt increase in Inferred Mineral resources to 12.8Mt averaging 111g/t Ag, 0.07g/t Au, 0.27% Cu, 0.9% Pb and 2.8% Zn containing 45.7 million ounces of silver; 31 thousand ounces of gold;76 million pounds of copper; 253 million pounds of lead; and 796 million pounds of zinc.
According to Southern Silver, this equates to 138 million ounces silver equivalent or 2.0 billion pounds zinc equivalent.
“This new Mineral Resource Estimate illustrates the continuity of the mineralization and continued expansion of the mineral deposit in the Cerro Las Minitas project and updates the previously reported January 2018 estimate,” the brief states.
The Vancouver-based miner said the study also incorporates additional data from a drilling program of 10,157 metres carried out in 2018-19, updated metal recoveries and pricing, application of a more rigorous specific gravity measurement protocol and further refinement of the resource wire frames.
“Since acquisition in September 2010, CLM continues to develop mineral resources with great potential to become a significant economic deposit. Exploration since 2018 has resulted in a 9.5% percent increase in Indicated Resources and a 48% percent increase in Inferred Resources on a tonnage basis,” Southern Silver’s president, Lawrence Page, said. “A modest expenditure in 2018 of $2 million in drilling and exploration costs at the area of the Cerro has added great value to the existing resource and we are confident that additional exploratory drilling during 2019-20 will continue adding great incremental value to the project”.