CATEGORY | TONNES | AU GPT | AG GPT | CU % | CONTAINED AU OZ | CONTAINED AG OZ | CONTAINED CU LBS | CONTAINED AG EQ. OZ |
SANTA ELENA OPEN PIT RESERVES* | ||||||||
PROBABLE | 3,459,200 | 1.96 | 87.3 | 217,800 | 9,713,600 | 21,694,900 | ||
SANTA ELENA UNDERGROUND RESOURCES** | ||||||||
INDICATED | 991,100 | 1.83 | 109.1 | 58,330 | 3,476,960 | 6,685,110 | ||
INFERRED | 1,879,000 | 1.53 | 86.9 | 92,470 | 5,250,190 | 10,336,040 | ||
CRUZ DE MAYO RESOURCES*** | ||||||||
INDICATED | 1,141,000 | 0.06 | 64.2 | 2,300 | 2,353,400 | 2,479,900 | ||
INFERRED | 6,065,000 | 0.07 | 66.5 | 13,300 | 12,967,100 | 13,698,600 | ||
LA JOYA**** | ||||||||
INFERRED | 57,940,000 | 0.18 | 28 | 0.21 | 333,400 | 51,348,000 | 270,296,000 | 101,918,000 |
TOTALS | ||||||||
TOTAL PROBABLE | 3,459,200 | 1.96 | 87.3 | 217,800 | 9,713,600 | 21,694,900 | ||
TOTAL INDICATED | 2,132,100 | 0.88 | 85.1 | 60,630 | 5,830,360 | 9,165,010 | ||
TOTAL INFERRED | 65,884,000 | 0.21 | 32.8 | 0.21 | 439,170 | 69,565,290 | 270,296,000 | 125,952,640 |
*based on $1,000/oz of gold and $18/oz of silver, cut-off grade of 0.38 gpt gold equivalent with applied metallurgical recoveries. Ag:Au is 55:1.
Estimated 1,336,000 ore tonnes were mined at Santa Elena in 2010 and 2011 grading 1.41 gpt Au and 46.51 gpt Ag and subtracted from Probable Reserves. All numbers are rounded. Excludes potential metal inventory for leach pad re- treatment during Expansion.
**based on $1,000/oz of gold and $18/oz of silver, cut-off grade is 1.77 gpt gold equivalent with applied metallurgical recoveries. Ag:Au is 55:1.
***based on a silver cut-off grade of 30 gpt, 100% metallurgical recovery is assumed. Ag:Au is 55:1. Refer 2007 to Fier and Wallis Technical Report on Cruz de
Mayo.
**** Based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed. Silver
equivalency for La Joya includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1.
1
The Company plans an additional 6 core holes on the Santa
Elena underground deposit beginning in Q1 2012. This drilling
will further assist in delineating the existing underground
resources and potentially expand the resources. The decline
ramp to explore and develop the resources below the current
open pit has been commenced and advancement is expected to
continue throughout 2012.
Drilling is currently underway at Cruz de Mayo where 30 holes
have been completed with approximately 15 to 20 holes
remaining. A Pre-Feasibility Study with further metallurgical
work is underway to determine the amenability of processing
Cruz de Mayo material at the conventional mill proposed for
the Santa Elena mine site.
On January 5, 2012, the Company announced the initial resource estimate for its La Joya property located in Durango Mexico. The Inferred Resource of 101.9 million ounces silver equivalent was based on 27 initial Company drill holes plus 8 verified Luismin historical drill holes. The initial resource covers only a portion of the 2.5 kilometre Main Mineralized Trend and is open latterly in all directions. The resource estimations for the 15 and 30 gpt Ag Eq.* cutoff scenarios are illustrated on the attached surface plan and cross sections and presented in the following table.
CATEGORY** | TONNES | AG | AU | CU % | CONTAINED | CONTAINED | CONTAINED | CONTAINED |
GPT | GPT | AG OZ | AU OZ | CU LBS | AG EQ. OZ* | |||
Inferred 15 gpt Ag Eq.* cutoff | 57,940,000 | 28.0 | 0.18 | 0.21 | 51,348,000 | 333,400 | 270,296,000 | 101,918,000 |
30 gpt Ag Eq.*
cutoff
35,546,000 39.0 0.22 0.30 44,277,000 246,000 237,539,000 86,365,000
*Silver equivalency for La Joya includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.
** Conforms to NI 43-101, 43-101CP, and current CIM definitions for resources. Resource estimation summary presented by EBA, a Tetra Tech Company on
January 5, 2012 with a pending NI43-101 Technical Report. All numbers are rounded.
The attached figures show a 3D schematic of La Joya with the
currently defined resource area and longitudinal sections of
the resource model through the Main Mineralized Trend. The
model shows the predominance of at least 9 near-surface
sulfide mineralized vertical structurally-controlled
stockwork zones up to 50 metres wide and the presences of at
least 14 near horizontal mantos (disseminated sulfide
mineralization) up to 30 metres thick. In many instances the
open areas shown on the figures are due to a lack of
information rather than an established absence of
mineralization. The deposit remains open latterly in all
directions. The previous defined "Contact Zone" requires
further drilling before potential resources are applied. The
two section examples show the current computer-generated
model using 15 gpt and 30 gpt Ag Eq.* cutoffs. Doubling the
cutoff grade reduces the contained Ag equivalent ounces by
only 15.2% which implies that higher grade material is
available if required for the potential economic viability of
the deposit.
The Company has completed 8 holes of a planned Phase II, 80
hole drilling program that will entail approximately 15,000
metres of additional drilling which will further expand and
define the current resource and test three separate targets
adjacent to the Main Mineralized Trend. Assay results are
pending. The Phase II drilling, sampling, and metallurgical
test work to determine flotation characteristics will be
completed in 2012.
The Company believes the deposit is potentially amenable to
open pit mining with standard conventional flotation
processing similar to the nearby Sabinas Mine (Penoles) which
is currently operating at an estimated 4,000 tpd and shipping
concentrate overseas. Significant potential for resource
expansion exists along the strike length of the Main
Mineralized Trend and adjacent additional targets where
historic data has indicated the presence of significant
Ag-Au-Cu mineralization (see New Release dated Nov. 14,
2011).
Selective areas of lead, zinc, tungsten and molybdenum are
also being evaluated for resource estimation. These metals
are considered potential by-products of any Ag-Au-Cu
mineralization production. Resource estimations for these
metals will be reported when completed and will be
incorporated in the Technical Report with the initial
resources estimate to be filed on SEDAR.
2
The La Joya Property is located approximately 75 kilometres
southeast of the city of Durango, Mexico. The property is
located in a productive mineralized region which currently
supports several large scale mining operations including
Grupo Mexico's San Martin Mine, Industrias Peñoles' Sabinas
Mine, Pan American Silver's La Colorada Mine and First
Majestic Silver's La Parrilla Silver Mine. Please reference
our website at www.silvercrestmines.comfor more information, photos, a video and
figures on La Joya.
The Qualified Person under National Instrument (NI 43-101)
Standards of Disclosure for Mineral Projects for this News
Release is
N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for
SilverCrest Mines Inc., who has reviewed and approved its
contents.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation and the United States Securities Litigation Reform Act of 1995. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance, including silver and gold production and planned work programs. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and United States dollar); risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty in the Company's ability to raise financing and fund the exploration and development of its mineral properties; uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that development activities will result in profitable mining operations; risks related to reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Company's status as a foreign private issuer in the United States; risks related to all of the Company's properties being located in Mexico and El Salvador, including political, economic, social and regulatory instability; and risks related to officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented.
"J. Scott Dr ever "
J. Scott Drever, President
SILVERCREST MINES INC.
Contact: Fred Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Email: info@silvercrestmines.comWebsite: www.silvercrestmines.comSuite 501 - 570 Granville Street
Vancouver, BC Canada V6C 3P1
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
3
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