Drill Results
Southern Silver Initiates Infill Drilling on the Puro Corazon Target, Cerro Las Minitas Project, Durango Mexico
Southern Silver advances infill drilling at Puro Corazon to upgrade the high-grade silver-lead-zinc resource ahead of a third-quarter preliminary economic assessment update.
Executive Summary
- Southern Silver Exploration Corp. has mobilized crews to begin a new definition drilling program at the Puro Corazon target within its Cerro Las Minitas Project in Durango, Mexico.
- The company plans up to 12,500 metres of infill drilling to increase classification confidence of near-surface, high-grade Ag-Pb-Zn mineralization.
- This follows successful 2025-26 exploration that extended the target 400 metres laterally and to depths of up to 450 metres below surface.
- The company intends to update its Mineral Resource Estimate and Preliminary Economic Assessment (PEA) in Q3-Q4 2026, incorporating the new drill data.
- Baseline data collection and permit readiness activities are continuing alongside the drilling program.
Material Impact
- The news represents routine operational progress consistent with previously announced plans. The drilling program was announced in October 2025, and the necessary financing (a LIFE private placement) closed on June 15, 2026, just three days prior.
- The mobilization of crews and initiation of the 12,500m infill program is an expected execution step. It does not contain new, unexpected information that would materially alter the investment thesis or valuation.
- The focus remains on upgrading resource classification to support the upcoming PEA update. While positive for project de-risking, the market has already priced in the exploration success and financing over the past several months.
- The news is incremental and confirms management's ability to execute on its stated work plan. Prior-period context — not disclosed in today's release: The company reported negative operating cash flow of -$2.0M CAD for the six months ended October 31, 2025, highlighting the capital-intensive nature of this exploration phase.
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Company Overview
- Southern Silver Exploration Corp. is focused on developing the Cerro Las Minitas (CLM) project in Durango, Mexico, into a major underground silver mine.
- Flagship Project: Cerro Las Minitas is a 100% owned, large-scale underground Ag-Pb-Zn skarn/CRD system. It features robust project economics with a 2024 PEA indicating a pre-tax NPV of US$888M, an IRR of 30%, and an average AISC of US$13.23/oz AgEq.
- The project targets >14Moz AgEq per annum in the first 8 years.
- The company also holds the 100% owned Nazas gold-silver property in Mexico, and the Oro porphyry copper-gold and Hermanas gold-silver vein projects in southern New Mexico, USA.
- The company emphasizes a zero-royalty structure on CLM, strong ESG practices, and proximity to infrastructure.
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Jul 02, 2026 · 07:31