Southern Silver Intersects 10.5 metres averaging 1,115g/t AgEq at Cerro Las Minitas Project in Durango, México

Rhea-AI Summary

Southern Silver (OTC:SSVFF) reported rush assays from initial drilling on the newly acquired Puro Corazon claim at the Cerro Las Minitas project, Durango, Mexico on Dec 1, 2025. Highlights include a 10.5 metre interval estimated true thickness averaging 560 g/t Ag, 0.1 g/t Au, 11.2% Pb, 12.3% Zn (1,115 g/t AgEq) and a 3.4 m subinterval averaging 1,067 g/t Ag (1,982 g/t AgEq), both near surface. Ten of 21 holes (~4,000 m) are complete, ~12,000 m planned. Final assays expected by end of Q1 2026 with plans to update the Mineral Resource Estimate and PEA.

Positive

• 10.5 m at 560 g/t Ag (1,115 g/t AgEq) near surface
• Subinterval 3.4 m at 1,067 g/t Ag (1,982 g/t AgEq)
• Drill program ongoing: 10 of 21 holes complete (~4,000 m) with 12,000 m planned
• Company plans to update Mineral Resource Estimate and PEA after Q1 2026 assays

Negative

• Multiple assay intervals and step-out holes remain pending
• Less than 40% of planned drill program completed, early-stage results
• One composite reports 68.6% dilution on reported intercept

News Market Reaction

+14.72%

1 alert

+14.72% News Effect

On the day this news was published, SSVFF gained 14.72%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Bonanza interval length: 10.5 metres AgEq grade: 1,115 g/t AgEq High-grade subinterval: 3.4 metres at 1,982 g/t AgEq +5 more

8 metrics

Bonanza interval length 10.5 metres Estimated true thickness in hole 25CLM-203

AgEq grade 1,115 g/t AgEq 10.5 m interval in hole 25CLM-203

High-grade subinterval 3.4 metres at 1,982 g/t AgEq Subinterval in hole 25CLM-203

Pb and Zn grades 20.0% Pb, 19.1% Zn 3.4 m subinterval in hole 25CLM-203

Secondary interval 2.6 metres at 280 g/t AgEq Composite several metres below main intercept

Drill program length 12,000 metres Planned drilling at Puro Corazon claim

Completed drilling 4,000 metres First 10 of 21 holes completed

Channel samples 2,000 samples Planned underground channel samples across 13 mine levels

Market Reality Check

Price: $0.5025 Vol: Volume 2,916,870 is 3.93x...

high vol

$0.5025 Last Close

Volume Volume 2,916,870 is 3.93x the 20-day average of 743,029, indicating unusually heavy trading ahead of/around this drill update. high

Technical Price at 0.4911 is trading above the 200-day MA of 0.2, reinforcing a pre-existing uptrend into this news and now sitting about 10.86% above the 52-week high.

Peers on Argus

SSVFF gained 14.08%, outpacing peers like WAMFF (+4.39%) and FNMCF (+3.66%). Wit...

SSVFF gained 14.08%, outpacing peers like WAMFF (+4.39%) and FNMCF (+3.66%). With no peers in the momentum scanner and mixed, modest moves across comparables, the reaction appears more company-specific to the Cerro Las Minitas drill results.

Historical Context

4 past events · Latest: Dec 01 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Drill results	Positive	+14.7%	Bonanza-grade near-surface silver-zinc-lead intercepts at Puro Corazon.
Oct 24	Corporate update	Neutral	+0.0%	AGM results, stock option plan approval, and new director appointment.
Oct 06	Drill program start	Positive	-2.4%	Initiation of 12,000 m drill program and integration work at Puro Corazon.
Sep 17	Asset acquisition	Positive	+1.6%	Agreement to acquire Puro Corazon claim and launch large infill drilling.

Pattern Detected

Positive, project-focused news has generally aligned with favorable price reactions, while one prior drill-program launch saw a short-term divergence.

Recent Company History

This announcement builds on a series of Cerro Las Minitas developments over recent months. On Sep 17, 2025, Southern Silver agreed to acquire the Puro Corazon claim, with a planned 12,000 m drill program and a Q1 2026 PEA update, and the stock rose 1.65%. A drill program launch on Oct 6, 2025 saw a -2.39% move despite positive operational detail. A corporate update on Oct 24, 2025 had a flat reaction. Today’s bonanza-grade assays on Dec 1, 2025 coincided with a strong 14.72% gain, reinforcing the importance of concrete high-grade results.

Market Pulse Summary

The stock surged +14.7% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +14.7% in the session following this news. A strong positive reaction aligns with the bonanza-grade assays reported at Puro Corazon, where intervals up to 1,982 g/t AgEq were intersected. The move also fits a pattern where prior positive Cerro Las Minitas milestones, such as the Puro Corazon acquisition’s 1.65% gain, were rewarded. However, earlier drill-program news on Oct 6, 2025 saw a -2.39% divergence, showing that enthusiasm can fade if subsequent results or technical studies do not reinforce initial expectations.

Key Terms

national instrument 43-101, preliminary economic assessment, channel samples, titration, +1 more

5 terms

national instrument 43-101 regulatory

"update of the Preliminary economic Assessment ("PEA") of the project in accordance with the provisions of National Instrument 43-101"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

preliminary economic assessment regulatory

"update the Mineral Resource Estimate... followed by an update of the Preliminary economic Assessment ("PEA")"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

channel samples technical

"Up to 2000 individual channel samples are planned throughout the 13 different mine levels"

Channel samples are product units taken from a company’s distribution network—such as retail shelves, pharmacies, warehouses, or distributors—rather than from the manufacturer’s factory. Like grabbing apples from a supermarket to check freshness, testing these real-world samples reveals whether products meet quality, safety and labeling rules where customers actually buy them; results can signal recalls, regulatory trouble or supply problems that matter to investors.

titration technical

"High Pb (>20%) and Zn (>30%) overlimits assayed by titration."

Titration is the controlled adjustment of a drug’s dose up or down to find the level that gives the best balance of benefit and side effects for a patient. For investors, titration matters because it influences how easy a medicine is to use, how safe and effective it appears in trials and real-world use, and therefore how broadly it may be prescribed, priced, and accepted by regulators and payers.

lidar survey technical

"new sampling of historic workings and a Lidar survey."

A lidar survey uses rapid laser pulses from an aircraft, drone, or ground unit to measure distances and build a detailed 3D map of terrain, vegetation, and man-made structures. For investors, these maps turn guesswork into measurable data—helping to more accurately estimate land volumes, site preparation costs, flood or erosion risk, and project timelines, which reduces uncertainty when valuing or planning capital-intensive projects.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 1, 2025) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") reports today that rush assays from initial drilling on the recently acquired Puro Corazon claim have returned near surface Bonanza-grade silver mineralization from thick, semi-massive to massive-sulphide replacements in a hanging-wall lens outside of the main skarn target.

The highlight assays were returned from hole 25CLM-203 and include:

• 10.5 metre interval (estimated true thickness) averaging 560g/t Ag, 0.1g/t Au, 0.1% Cu, 11.2% Pb and 12.3% Zn (1,115g/t AgEq), including a 3.4 metre interval (estimated true thickness) averaging 1,067g/t Ag, 0.2g/t Au, 0.2% Cu, 20.0% Pb and 19.1% Zn (1,982g/t AgEq)⁽¹⁾ located within 200 metres of surface; and

• two narrower, high-grade intercepts occurring several metres down hole from the highlight intercept (above), which composite to a 2.6 metre interval (estimated true thickness) averaging 143g/t Ag, 4.8% Pb and 1.5%% Zn (280g/t AgEq) ⁽¹⁾ located a further 6 metres down hole.

⁽¹⁾ see AgEq calculation criteria in notes to Table 1.

The replacement interval contains semi-massive to massive sulphides with up to 40% sphalerite (zinc), 30% galena (lead) and lesser pyrite with silver mineralization most strongly correlated to the galena content and represents a carbonate replacement hosted in limestone sitting outside of the main skarn zone and the historic Puro Corazon workings. Several additional mineralized zones were intersected deeper in drill hole 25CLM-203 including intervals of variably mineralized skarn. The intervals have been sampled and submitted for analyses; assays remain pending and will be released upon receipt.

In addition, step-out holes from 25CLM-203 have intersected similar replacement-style massive to semi-massive sulphide intercepts both laterally and at depth. These intervals have been logged and sampled, with assays pending.

Vice President of Exploration, Rob Macdonald stated "We're off to a strong start at Puro Corazon. These initial bonanza-grade silver intercepts confirm the near surface, high-grade nature of the mineralization and the overall prospectivity of the recently acquired Puro Corazon claim. With approximately 40% of the planned drilling program completed, I expect more positive exploration results through the first quarter of 2026."

Assays from drill hole 25CLM-202 were also received and identified mineralized skarn located adjacent to the historic Santo Nino workings which are located to the north of the Puro Corazon claim boundary and on the larger CLM property. Highlights include:

• a 2.4 metre interval (estimated true thickness) averaging 62g/t Ag, 3.0% Pb and 5.2% Zn (273g/t AgEq).

These are the first set of assays released from the Puro Corazon drilling program. As of this writing, ten of the proposed twenty-one holes are now complete for a total of 4,000 metres, with three holes currently in progress. Approximately 12,000 metres of drilling is planned to test the Puro Corazon claim both laterally and to depths of up to 450 metres below surface. Drilling continues on the property with less than 40% of the proposed 21-hole drill program having been completed to date, the Company anticipates significant news flow from this current drill program through Q1 2026.

Figure 1: Plan view of the drilling on the recently acquired Puro Corazon Claim.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5344/276315_a2d850b8a49cca2f_002full.jpg

The Company also reports that it has initiated an underground sampling program in the historic Puro Corazon workings. Up to 2000 individual channel samples are planned throughout the 13 different mine levels of the Puro Corazon mine. The sampling will be utilized to inform updated resource models from the mine area as well as establish potential site for future bulk-sampling of the mineralization. Sampling has started and results will be reported as assays are received.

Next Steps

The Company is planning to incorporate the results of the Puro Corazon drilling program into the much larger Cerro Las Minitas project to significantly enhance the project economics. Final assays are expected to be received by the end of the first quarter of 2026, after which the Company intends to:

• update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by
• an update of the Preliminary economic Assessment ("PEA") of the project in accordance with the provisions of National Instrument 43-101.

The Company reports that work on the Cerro Las Minitas project continues advancing numerous upside opportunities identified subsequent to the July 2024 PEA, while also derisking and advancing the project with the commencement of baseline data collection, hydrology, geotechnical, archaeological and land surveys and studies.

As currently modelled, the Cerro Las Minitas project features a large-scale underground mining operation with robust project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast Durango, Mexico. For more information on the details of the current economic assessment of the Cerro Las Minitas project please refer to Southern Silver's news release dated June 10, 2024.

Table 1: Select Assay Results from the Cerro Las Minitas project.

	Collar Data						Est. True
Hole #	Az	Dip	Depth	From	To	Interval	Thickness	Ag	Au	Cu	Pb	Zn	AgEq	ZnEq	Notes
	Deg	Deg	(m)	(m)	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)	(%)
25CLM-202	59.0	-47.0	369.0	236.0	244.6	8.7	7.0	40	0.0	0.0	1.7	2.7	148	5.5
inc.				237.0	240.0	2.9	2.4	62	0.0	0.1	3.0	5.2	266	9.9
ASSAYS
PENDING
25CLM-203	59.0	-47.0	399.0	244.7	258.0	13.4	10.5	560	0.1	0.1	11.2	12.3	1115	41.6
inc.				244.7	249.0	4.3	3.4	1067	0.2	0.2	20.0	19.1	1982	74.0
25CLM-203	59.0	-47.0	399.0	262.7	266.0	3.4	2.6	143	0.0	0.1	4.8	1.5	280	10.4	68.6% Dilution
inc.				262.7	263.0	0.4	0.3	396	0.0	0.0	7.2	5.8	691	25.8
and inc.				265.3	266.0	0.7	0.6	443	0.1	0.3	17.6	3.6	903	33.7
ASSAYS
PENDING

 

1) Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis,

2) High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using prices of $2,800/oz Au, $32/oz Ag, $4.50/lb Cu, $0.95/lb Pb and $1.25/lb Zn.

3) AgEq and ZnEq calculations utilized relative metallurgical recoveries of Au 48.6%, Ag 93%, Cu 70%, Pb 87% and Zn 93%.

4) Composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone. Composites have <20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Located in the same State as the Cerro Las Minitas property is the newly acquired Nazas, gold-silver property. Our property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway, both located in southern New Mexico, USA.

Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

On behalf of the Board of Directors

"Lawrence Page"
Lawrence Page, K.C.
President & Director, Southern Silver Exploration Corp.

For further information, please visit Southern Silver's website at southernsilverexploration.com or contact us at 604.641.2759 or by email at corpdev@mnxltd.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking statements in this news release include plans to advance and develop the CLM property including updating the Mineral Resource Estimate followed by an update of the PEA. These statements are based on a number of assumptions, including, but not limited to, general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the Company's projects, and the availability of financing for the Company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276315

FAQ

What were the drill highlights for Southern Silver (SSVFF) at Puro Corazon on Dec 1, 2025?

Highlights include a 10.5 m interval averaging 560 g/t Ag (1,115 g/t AgEq) and a 3.4 m subinterval averaging 1,067 g/t Ag (1,982 g/t AgEq).

How much drilling has Southern Silver (SSVFF) completed at Cerro Las Minitas Puro Corazon as of Dec 1, 2025?

The company completed 10 of 21 holes for about 4,000 metres; ~12,000 metres total is planned.

When will Southern Silver (SSVFF) release final assays and update the resource for Cerro Las Minitas?

Final assays are expected by the end of Q1 2026, after which the company plans to update the Mineral Resource Estimate and PEA.

Are there pending assay results from the Puro Corazon drilling (SSVFF)?

Yes. Several intervals and step-out holes have been logged and sampled but their assays are currently pending.

How close to surface were the bonanza-grade intercepts reported by Southern Silver (SSVFF)?

The reported replacement-style intervals were located within approximately 200 metres of surface, with the highlighted intercepts described as near surface.