Southern Silver Exploration (ssv.v) - good gamble for a cheap explorer?

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Koddo
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Southern Silver Exploration (ssv.v) - good gamble for a cheap explorer?

Been doing some research on a silver stock which seems to be overlooked by the market.  Southern Silver Expo had a nice run up during the $50 silver rush but has not participated in the 2012 rally thus far.  It seems to have an interesting story and might be a nice bet for a company that only has a $15m market cap.  The company is run by essentially the same management of Western Silver (part of Manex Group) which was acquired by Glamis Gold which was then acquired by Goldcorp.  The company's chief geologist found Penasquito, which many know is Goldcorp's flagship project.   Southern Silver's flagship property is near Durango in Mexico in the silver belt.  Management seems excited by this property and have 13,000 meters of drilling planned for 2012.  Some drilling results from the property include:

11CLM-008 intersected a 1.8 metre interval averaging 1400g/t Ag, 19.7% Pb and 14.5% Zn within a 3.3 metre interval averaging 818g/t Ag, 12.9% Pb and 10.9% Zn which forms part of a 10.9 metre interval averaging 268g/t Ag, 4.5% Pb and 3.8% Zn.

--  a 5.0 metre interval averaging 214g/t silver, 0.4g/t gold, 4.1% lead and
    5.8% zinc from drill hole 11CLM-011, and
--  a 4.4 metre interval averaging 141g/t silver, 0.5% copper, 5.0% lead and
    7.1% zinc from drill hole 11CLM-012

Add this to their other property in southern AZ where they are partnered with a little known outfit called Freeport McMoran, where Freeport is doing all the spend for drilling the property in 2012 ($3 million) for a option of 70% of the property. 

They also have a silver-gold property in New Mexico which is also being explored which management seems equally excited about.

Wondering if anyone else has this one on their radar and their thoughts.

-koddo

Edited by admin on 11/08/2014 - 06:08
Koddo
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Update on major shareholders.

Pinetree Capital owns 10% and Sprott owns 5%.  Interesting that Sprott purchased the 5% recently, reported in December 2011.

Koddo
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bump

Anyone done some DD on this and have an opinion?  Or must everything be posted on BOG and EO threads to receive any feedback? :P

Koddo
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Decent drill results announced today

-Drill testing of the recently identified El Sol zone returned a 24.8 metre interval averaging 124g/t silver, 1.9% lead and 2.1% zinc (239g/t AgEq) which included a 2.8 metre interval averaging 404g/t silver and 1.4% lead and 2.5% zinc (509g/t AgEq) from drill hole CLM11-027.

Encouraging....seems like this Durango property can continue to produce some decent drill results.

Stock had a little 13% pop and then back down to its open (:/ weak hands).  I'm holding tight at my entry point of $.125.  I still think its a nice $15m lottery ticket with some interesting properties in friendly locations.

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