Southridge Enterprises initiates drilling at Mexican gold and silver prospect

7 August 2012 (Last Updated August 7th, 2012 18:30)

US-based mineral exploration company, Southridge Enterprises, has commenced drilling on its Jalisco Cinco Minas Property in Mexico.

Southridge mines silver

US-based mineral exploration company, Southridge Enterprises, has commenced drilling on its Jalisco Cinco Minas Property in Mexico.

The diamond-drilling programme is the primary focus of the company's exploration in 2012 to expand the gold and silver resources at Cinco Minas, particularly the La Abra, the San Juan and the Famosa zones.

Recent estimates have indicated a resource of 2.27 million tonnes of 171.9g silver containing 12.5 million oz of silver and 1.22g gold containing 89,100oz of gold.

Inferred resource is estimated at 400,000 tonnes of 137.9g silver containing 1.8 million oz of silver and 1.07g gold containing 13,800oz of gold.

Southridge's drill programme will use the Guadalajara region's geological crew to log and sample all core.

Split samples will be shipped to a certified Guadalajara laboratory and later the drill core will be stored at a facility in Cinco Minas, located approximately 75 miles from Guadalajara.

The mine currently has a mineral resource of 23.33 million oz silver and 235,000 oz gold.

Only 20% of the known vein system was tested during the previous exploration but the 2012 exploration programme is expected to explore the untested 80% portion of the known Cinco Minas vein system.

In 2010, Southridge acquired a 100% interest in the Cinco Minas and Gran Cabrera Gold properties in Mexico for $5 million and $2.5 million respectively.


Image: Southridge is set to expand it silver and gold resources. Photo: courtesy of Jurii.