Southern Silver Exploration Corp. Appoints Eugene Spiering to its Board of Directors; Provides Drilling Update on Cerro Las Minitas Property
October 29, 2014 at 08:30 am
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Southern Silver Exploration Corp. announce the appointment of Eugene Spiering to the Board of Directors. Mr. Spiering is an exploration geologist with over 30 years of international experience in mineral exploration and senior level project management in the Western United States, South America, and Europe. As VP Exploration with Rio Narcea Gold Mines Ltd., he participated in every aspect of the mining industry from discovery through project development and production of the El Valle gold and Aguablanca nickel mines in Spain. He is presently VP Exploration for Quaterra Resources Inc. and Duncastle Gold Corp.
The company also reported on the status of the Cerro Las Minitas property. The company has traced the Blind zone and El Sol mineralization at nominal 50 to 80 metre drill spacing for a cumulative 820 metres strike-length in a northwest-southeast direction and to depths of up to 550 metres in some drill holes. Small scale mining on both zones is being conducted through two recently constructed shafts and head frames constructed by the Optionor at his expense. The shafts are approximately 3m x 3m with poured concrete walls and have been designed to access high-grade silver-lead-zinc mineralization that was identified in drill hole CLM11-008 (10.9m averaging 268g/t Ag, 4.5% Pb and 3.8% Zn) and in drill hole CLM11-16 (4.5m averaging 192g/t Ag, 0.3% Cu, 5.3% Pb and 8.4% Zn). The shafts are located 200 metres apart and extend to over 100 metres in depth. Mineralized material is winched out of the shafts and is hand sorted before transport to a local mill facility for processing and sale. Mining has been ongoing for 4 to 5 months and the Company estimates that the Optionor has shipped up to 3,000 tonnes of mineralized material in that period. The Optionor of the property recently advised the Company of his preference not to amend the terms of the purchase agreement reported by the Company (NR-05-15) and accordingly his mining rights will expire on May 18, 2015, at which time the company will take possession of the property, including the shafts and mining infrastructure. Continuing option payments are USD 500,000 on November 18, 2014 and USD 100,000 on March 18, 2015 at which time the company will own a 100% interest in the 18 mineral concessions, which will include the current mining operations on the core claims at the Cerro on the west side of the 13,641 hectare property. Significantly, there are no royalty burdens on the property.
Southern Silver Exploration Corp. is an exploration and development company. The Company is focused on the identification of mineral deposits in major jurisdictions, advancing them either directly or through joint-venture relationships. The Company is advancing its 100% owned Cerro Las Minitas project, which is located about 70 kilometers (km) to the northeast of the city of Durango in Durango State, Mexico. The property comprises approximately 25 concessions, totaling approximately 34,450 hectares (ha), and lies within the heart of the Faja de Plata (Belt of Silver) of north central Mexico. Its property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project. The 2,603-hectare Oro property consists of eight patented mining claims, 272 BLM-administered Federal lode mining claims, and two New Mexico State mineral leases, covering the majority of the Eureka Mining District in Grant County, New Mexico.