Southern Silver Exploration (TSX-V:SSV, FRA:SEG) has increased the size of its previously announced private placement and tweaked the exercise price of warrants attached to the deal.
The company is now seeking to issue up to 23.53 million units, up from 17.65 million units announced earlier this month. The price per unit has remained the same, at 17 cents, while the exercise price of each full warrant in the unit has decreased from 27 cents to 22 cents. Overall, the company is now seeking to raise approximately C$4 million, up from the previous plan to raise C$3 million.
Proceeds from the private placement will be used for exploration on the Cerro Las Minitas and Minas de Ameca projects in Mexico, and the Oro project in the USA.
Southern Silver recently announced bonanza grade silver, lead and zinc mineralization from a new structure at its Cerro Las Minitas. The result hailed from the newly discovered poly-metallic structure identified under gravel cover of the previously known ore bodies at the property.
Drill hole 11CLM-008 returned a 1.8 metre interval averaging a whopping 1,400 grams per tonne (g/t) of silver, 19.7% lead, and 14.5% zinc, within a broader 3.3 metre interval of 818 g/t silver, 12.9% lead and 10.9% zinc, which forms part of a 10.9 metre intercept averaging 268 g/t silver, 4.5% lead and 3.8% zinc. The hole represented the first test of the new find, which is within a geophysical target approximately 250 metres to the west of the contact with the central intrusive body.
The Cerro Las Minitas property comprises 17 concessions, which total 10,980 hectares and an approximate 25 kilometre lineal strike length. The mineralized zones at the project have been exploited to depths of 300 metres and over widths of 60 metres.
