U.S. Markets closed
  • S&P 500

    3,629.65
    -5.76 (-0.16%)
     
  • Dow 30

    29,872.47
    -173.77 (-0.58%)
     
  • Nasdaq

    12,094.40
    +57.62 (+0.48%)
     
  • Russell 2000

    1,845.02
    -8.51 (-0.46%)
     
  • Crude Oil

    45.10
    -0.61 (-1.33%)
     
  • Gold

    1,817.80
    +6.60 (+0.36%)
     
  • Silver

    23.40
    +0.04 (+0.16%)
     
  • EUR/USD

    1.1913
    -0.0006 (-0.0477%)
     
  • 10-Yr Bond

    0.8780
    -0.0040 (-0.45%)
     
  • Vix

    21.25
    -0.39 (-1.80%)
     
  • GBP/USD

    1.3340
    -0.0043 (-0.3188%)
     
  • USD/JPY

    104.2800
    -0.1600 (-0.1532%)
     
  • BTC-USD

    17,268.43
    -710.74 (-3.95%)
     
  • CMC Crypto 200

    337.05
    -33.47 (-9.03%)
     
  • FTSE 100

    6,351.00
    -40.09 (-0.63%)
     
  • Nikkei 225

    26,537.31
    +240.45 (+0.91%)
     

Airborne Geophysical Survey Expanded at Oro Cruz Gold Project, California

·4 min read

VANCOUVER, BC, Oct. 22, 2020 /CNW/ - Southern Empire Resources Corp. (Southern Empire) (TSXV: SMP) (Frankfurt: 5RE) announces that it is extending the coverage of recently initiated helicopter-borne magnetic and radiometric geophysical surveys of its Oro Cruz Gold Project area, the first of their kind in the Cargo Muchacho Mountains region of southeastern California.

David Tupper, Southern Empire's Vice President - Exploration, noted:

"Preliminary results from our new magnetic survey suggest excellent potential for extensions to known gold-mineralized structures and the possible identification of new gold targets in the survey area. We have been so impressed with these that we have extended the survey with an additional 173 line-kilometres at 200 metre line spacing, expanding the survey area from 58.5 square kilometres to approximately 96.3 square kilometres.

Surprisingly, the Oro Cruz property specifically, and the Cargo Muchacho Mountains generally, have not been subjected to a large scale airborne magnetic survey before. Past geophysical surveys were limited to a single, small ground magnetic grid in the American Girl mine area during the late 1980s."

The revised north-south grid survey layout now totals 1,131.5 line-kilometres, including 677 line-kilometres at a 50 metre line spacing; 163 line-kilometres at a 150 metre line spacing; 189 line-kilometres at 200 metres line spacing; and 102.5 line-kilometres of east-west tie lines.

The airborne geophysical survey is being completed by Precision GeoSurveys Inc. of Langley, British Columbia. Survey oversight, compilation and interpretation is being provided by Condor Consulting, Inc. of Lakewood Colorado.

Qualified Person

The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by David Tupper, P.Geo. (British Columbia), Southern Empire's VP Exploration and a Qualified Person (QP) within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.

About Southern Empire Resources Corp.

Southern Empire is focused on the acquisition, exploration and development of gold deposits in North America.

In the Cargo Muchacho mountains of Imperial County, California, Southern Empire owns 100% of the historical gold producing American Girl Mine property and also holds options to acquire a 100% interest in the adjacent 2,160 hectare (5,338 acre) Oro Cruz Property located approximately 22.5 kilometres (km; 14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.

With a history that includes extensive drilling and large-scale open pit and underground mining by the American Girl Mining Joint Venture (53 per cent owned by MK Gold Company, then a subsidiary of Morrison Knudsen Corporation, and 47 per cent owned by Hecla Mining Company), which was suspended during the gold market downturn in 1996, the Oro Cruz Gold Project hosts many exploration targets in addition to a high-grade oxide gold zone that, based on the historical mine operation records, is amenable to conventional heap leach extractive methods.

Southern Empire is well-financed, having recently completed two oversubscribed, non-brokered private placement financings (see Southern Empire's news releases dated March 18 and June 12, 2020 for details).

With a strong working capital position, which also includes a significant equity holding in Bullfrog Gold Corp., Southern Empire has the resources to continue exploration and development programs at Oro Cruz and also consider new opportunities.

On behalf of the Board of Directors of Southern Empire Resources Corp.,

Dale Wallster, CEO and Director

For further information on Southern Empire please visit both www.smp.gold and SEDAR or contact: Lubica Keighery, (778) 889-5476, lubica@smp.gold.

Cautionary Notice on Forward-Looking Information:

Information provided in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Southern Empire cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond its respective control. Such factors include, among other things: risks and uncertainties relating to Southern Empire limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on its projects and those risks and uncertainties identified in its annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Southern Empire undertakes no obligation to publicly update or revise forward-looking information.

Work programs during the COVID-19 pandemic

Timing of Southern Empire's exploration programs will be contingent on governmental regulations regarding the COVID-19 pandemic and also the availability of exploration-related personnel, drill contractors, equipment, lodging, et cetera. Southern Empire will adhere to COVID-19 directives regarding safe working practices putting worker, community and national safety first and will proceed with exploration and development work programs only if potential COVID-19 risks can be effectively managed.

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

SOURCE Southern Empire Resources Corp.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/October2020/22/c6121.html