- Southern Silver (SSV) has closed its recently announced non-brokered private placement
- Southern Silver has received a gross total of $12,000,000 from the non-brokered and previously announced bought deal placement
- Proceeds will be used primarily to fund exploration and advancement costs of the Cerro Las Minitas silver-lead-zinc project and drilling on the recently acquired El Sol claim
- Southern Silver Exploration Corp. is an exploration and development company
- Southern Silver Exploration Corp. (SSV) is down 4.44 per cent, trading at C$0.43 per share at 3:10 pm ET
Southern Silver (SSV) has closed its recently announced non-brokered private placement for 6,000,000 units.
Units were priced at $0.50 for gross proceeds of $3,000,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of C$0.75 at any time on or before June 21, 2023.
Southern Silver has received a gross total of $12,000,000 from the non-brokered and previously announced bought deal placement.
The net proceeds from the placements will be used for:
- Exploration and advancement costs of the Company’s Cerro Las Minitas silver-lead-zinc project located in Durango State, Mexico including a mineral resource update on the project, scheduled for Q4 2021;
- New green fields drilling on the recently acquired El Sol claim (NR-03-20), located adjacent to the Cerro Las Minitas claims and just 2 kilometres west-northwest of the Mina La Bocona target;
- Additional exploration drilling on the Company’s Oro Cu-Mo-Au Porphyry Project located in southern New Mexico, scheduled to commence in Q4 2021; and
- General working capital purposes
Southern Silver paid $630,000 and issued 1,260,000 options to the underwriter, with each compensation option exercisable into one unit at a price of C$0.50 at any time on or before June 16, 2023.
The company also paid a cash advisory fee of $240,000 and issued 480,000 finder warrants to Fort Capital Partners.
Both placements are subject to final TSX Venture Exchange acceptance.
Cerro Las Minitas Project
The Cerro Las Minitas project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.
Exploration on the project continues with two drills targeting the east side of the Cerro and has now completed 52 core holes totalling 19,065 metres since restarting drilling in September 2020. Assay results from 17 drill holes are pending and are anticipated over the coming weeks.
Southern has now tested over 650 metres of strike length along the east side of the Cerro to depths of up to 500 metres primarily in the South Skarn and Mina La Bocona target areas. Three bonanza grade mineralized zones have been identified and testing of a potential fourth high-grade zone is nearing completion all of which will be incorporated into the upcoming mineral resource update on the project.
The CLM Project remains one of the largest undeveloped silver-lead-zinc projects in the world and is wholly owned, unburdened by royalties, fully financed and fully permitted.
The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)
- Indicated – 134Moz AgEq: 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
- Inferred – 138Moz AgEq: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
A total of 150 drill holes for 67,375metres have been completed on the CLM Project with exploration expenditures of approximately US$27.0 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce to the end of 2020.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits.
Southern Silver Exploration Corp. (SSV) is down 4.44 per cent, trading at C$0.43 per share at 3:10 pm ET.