en.Wedoany.com Reported - Southern Silver Exploration Corp. (TSX Venture Exchange: SSV, OTCQX: SSVFF, Frankfurt Stock Exchange: SEG1) released a news release on July 2, announcing the results of underground channel sampling from the Puro Corazon mine at its Cerro Las Minitas project in Mexico.
The sampling results revealed multiple strongly anomalous polymetallic mineralized intercepts. Among them, a 3-meter section averaged 205 g/t silver, 0.1% copper, 2.8% lead, and 1.9% zinc, equivalent to 320 g/t silver equivalent; another 1-meter section averaged 631 g/t silver, 0.1% copper, 12.7% lead, and 8.1% zinc, with a silver equivalent of 1097 g/t.
Other significant mineralized intercepts include a 3.2-meter section averaging 357 g/t silver, 0.5% copper, 3.2% lead, and 0.7% zinc (479 g/t silver equivalent), and a 2.8-meter section averaging 305 g/t silver, 1.2% copper, 9.8% lead, and 6.7% zinc (757 g/t silver equivalent).
The company stated that the channel sampling is part of a broader work program, which also includes underground mapping, sampling, and geotechnical analysis, aimed at improving the understanding of the mineralization type and distribution at the Puro Corazon target, and establishing continuity between near-surface mineralization and that identified in recent drilling activities at the same target.
Sampling covered 14 levels of the underground workings and a partially completed spiral ramp (Rampa Guadalupe), focusing on skarn alteration and mineralization near the central intrusion, as well as mineralized structures outside the main contact zone. A total of 230 channel samples were collected, comprising 1380 individual samples, with sample lengths ranging from 0.15 meters to 2 meters, mostly between 0.5 meters and 1 meter, each submitted separately for analysis. Sample spacing was 3 meters, oriented perpendicular to the mineralized trend. Sampling lengths were determined based on geological criteria to ensure separate sampling of mineralized skarn and hanging wall/footwall horizons.
The Puro Corazon mine has been operating intermittently on a small scale since the 1980s and currently includes a partially completed spiral ramp (Rampa Guadalupe) and 14 mining levels, extending to a depth of 220 meters below surface. This announcement covers assay results up to Level 4, with results from deeper levels expected to be reported in subsequent news releases. Additionally, the company previously conducted LiDAR surveys of the underground workings and is currently undertaking geotechnical investigations and further hydrogeological characterization around the Puro Corazon target.
Southern Silver is committed to exploring and developing significant mineral deposits in major jurisdictions, either directly or through joint ventures. Its core asset is the 100%-owned Cerro Las Minitas silver-lead-zinc project, located in the Faja de Plata belt in Mexico, a region renowned for hosting multiple world-class deposits. The company recently expanded its portfolio by acquiring the Nazas silver-gold mineral claims, also located in the same state as Cerro Las Minitas. Additionally, the company holds the Oro porphyry copper-gold project and the Hermanas silver-gold vein project in southern New Mexico, USA, and is currently securing drilling permits for these US properties.
Based on these developments, Southern Silver has initiated a Phase 1 12,500-meter infill drilling program aimed at upgrading resources, followed by an updated mineral resource estimate and a preliminary economic assessment. The company has a market capitalization of C$182.38 million and 414.5 million shares outstanding. Insider and management ownership is approximately 1%, institutional ownership is approximately 2%, strategic investors hold approximately 18%, and the remainder is retail ownership. Its stock has a 52-week trading range of C$0.20 to C$1.13.
