Southern Silver Exploration Corp. (CVE:SSV) reported Tuesday drill results from the Blind Zone at its Cerro Las Minitas project in Durango, Mexico, which continued to show the continuity and thickness of mineralization in the area, the junior miner said.
The Blind Zone is one of several silver-enriched, high-grade polymetallic targets at Cerro Las Minitas. Positive exploration results so far have prompted the company to expand its exploration program at the project from 13,000 metres to 18,000 metres, it said.
Highlights of the latest results include an 11.5 metre interval averaging 140 grams per tonne (g/t) of silver, 0.2% copper, 4.9% lead, and 4.2% zinc, which contains a 2.9 metre interval averaging 280 g/t silver, 0.3% copper, 10.3% lead and 9.5% zinc from hole 11CLM-023.
In addition, hole 11CLM-019 returned a 1.3 metre interval averaging 126 g/t silver, 3.1% lead and 3.6% zinc.
Investors praised the results, as shares of the company jumped more than 13 percent to trade at $0.13 as of 1:56pm ET.
Both drill holes 11CLM-023 and 11CLM-019 tested the down-dip projection of the Blind Zone by 220 metres, and 160 metres, respectively, designed to delineate the full dimensions of the gravel-covered area.
The Blind Zone is the first of several buried targets identified on the property through IP geophysics, the company said.
Southern Silver also said that holes 11CLM-018, 11CLM-022 and 11CLM-026 all showed "visually-encouraging" sulphide mineralization, further extending the northwest projection of the Blind Zone. Assays for these holes are still pending.
The total strike length of drill-indicated sulphide mineralization in the Blind zone, including these three holes, is 475 metres, the company added.
So far at the project, 26 drill holes totalling 6,965 metres of an anticipated 18,000 metre drill program have been completed, with 14 done on the Blind target.
The Cerro Las Minitas property comprises 17 concessions which total 10,980 hectares and an around 25 kilometre lineal strike length. The property is located about 70 kilometres to the northeast of the city of Durango.
The mineralized zones at Cerro Las Minitas have been exploited to depths of 300 metres and over widths of 60 metres.