SouthernSilver Exploration Corp. has completed the purchase and obtainedlegal title to land at the Cerro Las Minitas project previously held by the vendorof the mineral claims to the company.
The company negotiated the cessation of mining rights on theproperty by the vendor; the acquisition of all mining equipment on the claims;and the purchase of a 5.9-hectare surface lot, which partially overlies theBlind and El Sol mineral deposits as part of the July 2015 agreement.
According to the company, the surface lot surrounds twoshafts that the property vendor used for small-scale mining during the term ofthe option of the Cerro Las Minitas mineral tenures. The acquisition of thissurface lot, along with the 2011 purchase of an initial 5-hectare surface lot,brings to a total of 10.9 hectares of land, which may be utilized for mining,milling and production facilities on the property.
Exploration on the Cerro Las Minitas property, DurangoMexico is funded by ElectrumGlobal Holdings LP, which is financing a range of explorationactivities to earn a 60% interest in the project through a US$5.0 millionoption earn-in on the property, with Southern Silver acting as operator.
The Cerro Las Minitas project contains an estimated inferredresource of 17.5 million ounces of silver and 237 million pounds of lead and626 million pounds of zinc and an estimated indicated resource of 10.8 millionounces of silver, 189 million pounds of lead and 207 million pounds of zinc.
A total of 87 drill holes for 32,410 meters have now beencompleted on the project with exploration expenditures of about US$7.5 million.
The 2016 exploration program is underway with a drillprogram focused on targets based on the 2015 drill results which continued toextend the projections of high-grade silver-polymetallic mineralization at boththe Blind - El Sol zones and the recent discovery at the Mina La Bocona zone.
In addition, Southern Silver appointed Donald Head to itsboard. Head currently serves as officer of Head Management Investments LLC.