Silver Miner Finds Massive Polymetallic Deposit in Mexico

Source: Streetwise Reports 07/10/2026

Southern Silver Exploration Corp. (SSV:TSX.V; SSVFF:OTCQX; SEG1:FSE) releases results from underground channel sampling at the Puro Corazon mine in Mexico. Find out why one expert calls the assays “outstanding.”

Southern Silver Exploration Corp. (SSV:TSX.V; SSVFF:OTCQX; SEG1:FSE) shared results from its underground channel sampling at the Puro Corazon mine, located on the Cerro Las Minitas property in Mexico, in a July 2 release.

The sampling revealed multiple intercepts of strongly anomalous polymetallic mineralization, indicating significant findings in the ongoing exploration efforts. Notable assay results include a 3-meter section averaging 205 grams per tonne (g/t) silver (Ag), 0.1% copper, 2.8% lead, and 1.9% zinc, which equates to 320 g/t silver equivalent (AgEq) and 1 meter averaging 631 g/t silver, 0.1% copper, 12.7% lead, and 8.1% zinc (1,097 g/t AgEq).

Other significant intercepts include 3.2 meters averaging 357 g/t silver, 0.5% copper, 3.2% lead, and 0.7% zinc (479 g/t AgEq), and 2.8 meters averaging 305 g/t silver, 1.2% copper, 9.8% lead, and 6.7% zinc (757 g/t AgEq), according to the release.

The channel sampling is a component of a broader initiative that includes underground mapping, sampling, and geotechnical analyses, the company said. These efforts aim to enhance the understanding of the mineralization style and distribution at the Puro Corazon target and to establish continuity between near-surface mineralization observed in the underground workings and that identified in recent drilling activities at the same target.

The sampling covered 14 sublevels of the underground workings and a partially completed spiral decline known as the Rampa Guadalupe, Southern Silver said. The focus was on areas of skarn alteration and mineralization adjacent to the Central Intrusion and along mineralized structures outside the main contact. A total of 230 channels, comprising 1,380 individual samples, were collected. These samples, ranging from 0.15 meter to 2 meters, with most between 0.5 meter and 1 meter, were collected individually for lab shipment. The samples are spaced every 3 meters and oriented perpendicular to the mineralized zone’s trend.

Geological criteria guided the selection of sample lengths to ensure that mineralized skarn was sampled distinctly from footwall and hanging wall horizons. Other factors considered in the sampling process included the mineralized texture and ensuring that mineralization in specific rock types like limestone-marble, aplite, and monzonite was separately sampled.

The Puro Corazon mine has been intermittently operated on a small scale since the 1980s, currently involving a partially completed spiral decline (Rampa Guadalupe) and 14 mining levels extending 220 meters below the surface, the company said. The mine is accessible via shaft and through the Rampa Guadalupe. This announcement covers assay results down to Level 4, with results from deeper levels expected to be reported in a subsequent release.

In addition to the assay results, Southern Silver said it conducted an underground lidar survey of the workings earlier this year and is currently undertaking geotechnical surveys and further hydrological characterization of the area surrounding the Puro Corazon target.

Co. Has Projects in Mexico, US

Southern Silver is dedicated to the exploration and development of significant mineral deposits in major jurisdictions, either directly or through joint venture relationships, with a particular emphasis on the 100%-owned Cerro Las Minitas silver-lead-zinc project. This project is situated in Mexico’s Faja de Plata, a renowned region that is home to several world-class mineral deposits including Penasquito, Los Gatos, San Martin, Naica, and Pitarrilla.

Southern Silver has recently expanded its portfolio by acquiring the Nazas gold-silver property, which is also located in the same state as Cerro Las Minitas. Further diversifying its asset base, Southern Silver holds the Oro porphyry copper-gold project and the Hermanas gold-silver vein project, both situated in southern New Mexico, United States. The company is currently in the process of obtaining permits to conduct drilling programs at these U.S. sites.

Expert: Project Has ‘Significant Upside Potential’

Southern Silver recently shared promising results from its underground channel sampling at the Puro Corazon Mine, part of its Cerro Las Minitas project, Peter Krauth wrote for The Silver Stock Investor on July 8. The sampling revealed multiple high-grade silver-polymetallic intercepts, underscoring the presence of strong mineralization.

“Importantly, the sampling program is helping the company better understand the continuity between near-surface mineralization and recent drilling at Puro Corazon,” Krauth said. “A total of 230 channel samples were collected across the mine’s upper four levels, with results from the deeper levels still to come.”

Furthermore, Southern Silver has completed underground LiDAR mapping and is actively conducting geotechnical and hydrological studies, he noted. These efforts are crucial for advancing the project and refining future mine planning strategies. With all assay results now available, the company is integrating this new data into the broader scope of the Cerro Las Minitas project.

Building on these positive developments, Southern Silver has initiated a 12,500-meter Phase I infill drill program aimed at upgrading resources. This will be followed by an updated mineral resource estimate (MRE) and a Preliminary Economic Assessment (PEA). These steps are expected to enhance the project’s economics and continue to derisk its development through comprehensive permitting, environmental, geotechnical, and baseline studies.

The robust results from the channel sampling have reinforced the project’s potential, with Krauth noting, “These are more outstanding results from channel sampling that demonstrate just how robust the project is. I agree with management, and believe Cerro Las Minitas remains a large-scale underground silver project with strong economics and significant upside potential in a mining-friendly jurisdiction.”

A long-term shareholder, the expert also highlighted the rarity and value of such a large-scale, high-grade silver project, stating, “There are very few advanced, undeveloped projects that are primary higher-grade silver and of such scale with +300Moz (million ounces) AgEq. That’s why I’m a long-term shareholder.”

The company was also ranked 28th overall in the TSX Venture 50 after its share price went up 284% and its market cap went up 401% in 2025.

The Catalyst: Silver’s Losses Reduced

On Thursday, silver is seeing a reduction in its recent losses, reaching session highs just above US$59 after recovering from Wednesday’s lows of US$57.22, according to a report by Guillermo Alcala for FX Street on July 9.

This rebound comes as the U.S. Dollar experiences a pullback, providing some relief to precious metals, which have been under pressure. Despite this slight recovery, silver’s overall trend remains bearish, with the metal having shed over US$3 earlier in the week.

The slight uplift in silver prices is partly due to a weakening U.S. Dollar, which followed the release of the minutes from the Federal Reserve’s latest meeting, Alcala wrote. The Fed reiterated its commitment to combating inflation, but the minutes also revealed a divided committee, leaving investors uncertain about the timing of future interest rate hikes. Additionally, geopolitical tensions are influencing the market, with Iran and the US engaging in attacks for the second consecutive day. However, remarks from U.S. President Donald Trump suggesting that Iran “wants to make a deal so badly” indicate a potential return to negotiations between Washington and Tehran.

From a technical analysis perspective, silver was trading at US$59.13, maintaining a bearish near-term outlook as it hovers around the midpoint of the range from the last two weeks. This follows a sharp 35% decline in less than two months. The four-hour Relative Strength Index (14) is at 45.32, indicating a neutral stance, while the Moving Average Convergence Divergence (MACD) remains negative, suggesting that downward momentum could continue. [OWNERSHIP_CHART-450]

On the downside, initial support is identified at the lows of June 24 and 26, in the US$55.60-US$55.70 range. Below that, the 127.2% Fibonacci retracement of the late June drop at US$51.40, and the late November 2025 lows at US$48.64 are seen as subsequent targets.

For the bulls to alleviate immediate downward pressure, silver would need to surpass Wednesday’s highs at US$61 and target the July 6 high in the US$62.50 area. Should this occur, the mid-June highs near US$71.75 could come into focus, potentially shifting the near-term bearish bias to a more bullish outlook.

Silver prices are currently facing downward pressure as the U.S. dollar strengthens and Treasury yields rise, amidst escalating tensions between the U.S. and Iran, which have also driven oil prices higher, according to a report by Muhammad Umair for FX Empire on July 8.

This geopolitical unrest has contributed to increased market uncertainty, triggering a sell-off in metals, including silver, he said. However, the broader outlook for silver remains optimistic, with predictions suggesting that the current dip could be the final stage of correction before a significant rally begins. The price range of US$50 to US$60 is identified as a crucial buying zone, with a potential drop to US$50 possibly marking the completion of a bottom formation, setting the stage for a rally towards US$90.

The recent U.S. military strikes against Iran underscore the ongoing conflict, despite a ceasefire agreement, Umair noted. These strikes were a response to Iranian attacks on commercial vessels in the Strait of Hormuz, a critical global energy passage. The situation heightens risks related to energy security and shipping, with oil prices reacting swiftly due to the strategic importance of the Strait of Hormuz.

The surge in oil prices reflects not a crude supply shortage but the fear and uncertainty surrounding potential disruptions. Continued tensions and potential closures of the Strait could escalate oil prices further, stoking inflation fears and exerting pressure on global markets.

Ownership and Share Structure¹

About 1% is owned by insiders and management, about 2% by institutions, and about 18% by strategic investors. The rest is retail.

Its market cap is CA$182.38 million with 414.5 million shares outstanding, and it trades in a 52-week range of CA$0.20 and CA$1.13.

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1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: SSV:TSX.V; SSVFF:OTCQX; SEG1:FSE, )

Source: https://www.streetwisereports.com/article/2026/07/09/silver-miner-finds-massive-polymetallic-deposit-in-mexico.html