checkAd

     578  0 Kommentare FMEC Funds $250,000 Option Payment and Commences Second Phase Drill Program at Cerro Las Minitas

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 26, 2013) - Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG) ("Southern Silver") reported today that Freeport-McMoRan Exploration Corporation ("FMEC") has provided to Southern Silver $250,000 which was utilized to pay the November, 2013 periodic option payment to the optionor of the Cerro Las Minitas mineral concessions in Durango State, Mexico. To date $2.5 million has been paid from funds provided by Southern Silver and FMEC towards a total purchase price of $4 million with the balance payable as follows:

    • $250,000 on February 18, 2014;

    • $250,000 on May 18, 2014;

    • $500,000 on November 18, 2014; and

    • $500,000 on March 18, 2015 (to be reduced to $100,000 if the optionor fails to deliver registered title to a specific non-core claim upon closing).

    FMEC has supplied to Southern Silver $1.3 million of the total option payments paid to date and has the option to provide the balance of monies to complete the purchase as a portion of its earn-in of an indirect 70% interest in the mineral concessions.

    Southern Silver also reported that the next phase of diamond drilling has started on the Cerro Las Minitas Project. Plans are for approximately 4,000 metres of core drilling. Seven sites have been selected for testing as a follow-up on earlier drilling funded by FMEC comprising 3,445 metres of drilling in eight holes which was successful in delineating new zones of mineralization at several target areas on the property (see NR-17-13, November 4, 2013).

    The drilling program will continue to test the lateral and down dip extensions of the known mineralized zones and includes one hole on the recently acquired EL Sol concession (see NR-15-13, September 23, 2013) which could extend the on-strike potential of the previously identified zones of mineralization by upwards of 800 metres. Drilling is also planned to test the depth extension of mineralization at Mina Santo Nino, one of several historic small mining operations on the project, Zn-Ag-rich mineralization at the El Sol zone and IP/Res and gravity geophysical anomalies outboard and to the northeast of the central intrusion.

    Seite 1 von 3




    Verfasst von Marketwired
    FMEC Funds $250,000 Option Payment and Commences Second Phase Drill Program at Cerro Las Minitas VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 26, 2013) - Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG) ("Southern Silver") reported today that Freeport-McMoRan Exploration Corporation ("FMEC") has provided to Southern Silver …