Drilling
Underway on Southern�s Dragoon Project; New Claims
Added at Oro Project
Southern
Silver Exploration Corp (SSV.V) reported today that optionee
Freeport McMoRan Exploration Corp. (FMEC) has
commenced drilling at the Dragoon Project, located 90 kilometres
southeast of Tucson, Az. The current program follows geophysical work and an
earlier one-hole (1065 metre) drill program and
will test an up-thrown block of prospective stratigraphy
located approximately 400 metres to the southeast
of the previous drill hole. Previous drilling on the property in 2010 by FMEC
returned a 402 metre interval averaging 0.05 per
cent copper and included several three-to-six-meter intervals averaging from
0.1 to 0.5 per cent copper. Southern Silver believes that these results,
together with other historical data, suggest the presence of a large,
deep-seated copper porphyry system disrupted by post-mineral faulting.
Oro
Update
Southern
Silver also reported it has added 40 additional claims at the Oro Project.
This staking was done as interpretation of the recently conducted airborne
magnetic geophysical survey suggests a much larger mineralizing system than
originally believed with field checks confirming the presence of extensive
alteration associated with the magnetic anomalies. The field examination
included collection of additional geochemical samples and magnetic
susceptibility readings at various surface locations and in the Company's
2010 core. These readings will allow a more detailed interpretation of
the airborne magnetic data that when combined with the additional geochemical
data, will allow drill sites to be chosen for two primary exploration
targets: a deeply buried but large porphyry copper target and shallower,
disseminated gold target. Drill permitting will begin as soon as this
recently collected data has been assimilated, with drilling planned for late
spring/early summer
About the
Dragoon property
The
Dragoon property is a contiguous block of 12.8 sq. km that consists of 68
unpatented mining claims and four State leases located in southeast Arizona.
The property contains areas of exposed Copper-Molybdenum mineralization, Laramide-age porphyry and "leached capping" in
the eastern part of the property, and a larger down-dropped block of
porphyry-related rocks in the gravel-covered western portion of the property.
The presence of the "leached cap" rocks is significant as it may
overlie supergene-enriched copper mineralization at depth.
Southern
Silver has the right to earn a 100% interest in the property by the payment
of $500,000 by August 2012 and FMEC has the right to earn a 70% interest in
the property by spending $3 million in exploration and development expenses
on the property by December 31, 2012.
About
the Oro property
The Oro
Project comprises a contiguous block of Federal, State and Private land
totaling 15.1 sq km in the historic Eureka mining district in southwest New
Mexico.
The New
Mexico Bureau of Mines estimates production from small mines and workings
within the Oro district between 1880 and 1961 at 2.9 million pounds of lead,
1.7 million pounds of zinc, 0.5 million pounds of copper, 450,000 ounces of
silver, and 5,000 ounces of gold mined from shallow workings above the water
table(1). Southern Silver's most recent work on the project suggests a
high-potential to host further gold- and silver-enriched CRD deposits, and
also bulk-tonnage intrusion-related gold mineralization or possibly a deeply
buried copper porphyry system.
Southern
Silver has the right to earn a 100% interest in the property by payments
totaling $425,000 to private vendors by December 2011.
About
Southern Silver Exploration Corp.
Southern
Silver Exploration Corp. is an emerging precious/base metal exploration
company and a member of the Manex Resource Group; a
private company comprised of an exceptional multi-disciplinary team of
professionals, with specific expertise in all the areas of exploration, development
and public company administration.
The
company's growth strategy is to acquire, explore and develop high-quality
properties in progressive jurisdictions within North America. Its current
projects include the silver-lead-zinc Cerro Las Mintas,
copper-gold-silver Minas de Ameca, the porphyry
copper-molybdenum project Dragoon in Arizona and the gold-silver project Oro
in New Mexico.
-30-
Robert
Macdonald (P.Geo) is a Qualified Person as defined
by National Instrument 43-101 and has reviewed
and approved the technical contents of this release.
(1) Data is from
historical State of New Mexico files. Southern Silver has not attempted to
verify this data. but has no reason to believe that
these results are not representative historical production from this area.
On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, President, Southern Silver Exploration Corp.
For further information, please visit the company's website at southernsilverexploration.com or contact Liana Shahinian
at 1.888.456.1112 or by email at liana@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.