TSXV - BMET
May 4, 2021OTCQB - BMTLF FRANKFURT - 1OI.F
BeMetals Announces Substantial Increase to Mineral Resource at the High-Grade South
Mountain Zinc-Silver-Gold-Copper Project in Idaho
VANCOUVER, CANADA - BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) (the "Company" or "BeMetals) is pleased to announce an updated Mineral Resource Estimate ("MRE") incorporating results from its Phases 1 and 2 underground diamond drilling programs at the South Mountain Project ("South Mountain" or "South Mountain Project" or the "Property") in southwestern Idaho, U.S.A. The updated MRE includes a substantially increased resource for the Project while maintaining the high-gradenature of the mineralization.
The updated Independent MRE, which has an effective date of April 20, 2021, was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI-43-101") by Hard Rock Consulting, LLC, based in the U.S.A. More details are included in Tables 1 & 2 below and a technical report for this MRE will be filed with SEDAR and on the Company's website within 45 days from the date of this news release.
HIGHLIGHTS OF UPDATED MINERAL RESOURCE
- Measured & Indicated ("M&I"): 187,650 tonnes grading 9.63% Zinc ("Zn"), 151 grams per tonne ("g/t") Silver ("Ag"), 2.19 g/t Gold ("Au"), 1.01% Lead ("Pb") and 0.63% Copper ("Cu").
- This represents a 21.8% increase to the M&I tonnage from the historical 2019 MRE with a 20.36% Zn equivalent grade ("ZnEq").
- Inferred: 756,300 tonnes grading 7.63% Zn, 196 g/t Ag, 1.40 g/t Au, 0.97% Pb and 0.81% Cu.
- This represents a 129.5% increase in the Inferred tonnage from the historical 2019 MRE with a 18.10% ZnEq.
Note: See Table 1 and 2 footnotes section 4 for details of the Zn equivalent grade calculation
John Wilton, President and CEO of BeMetals stated, "We are very pleased with the results of this updated mineral resource estimate, more than doubling the high-grade inferred resources at the South Mountain deposit. BeMetals has delivered on its objective of substantially increasing the resource base at the Project while maintaining the high-grade nature of the mineralization at 20.36% and 18.10% zinc equivalent grade for M&I and Inferred resource categories respectively. This has been achieved predominantly through the successful expansion of the DMEA Zone and with additional tonnage at the Texas West and East Zones (See Figure 1). Importantly, all of these zones and other known areas of mineralization remain open to further increase with future underground drilling.
The data collected from the drilling campaigns have confirmed the robust and extensive high-grade of the South Mountain deposit's mineralization. The experienced project team based in Boise, Idaho, which includes personnel from both BeMetals and Thunder Mountain Gold Inc., (the optionee of the Property), completed the successful underground drilling programs on time and on budget. Given the success of our work to date, we are confident that with more drilling during future phases of evaluation, the South Mountain mineral resource base can be further expanded. The results of today's MRE will be incorporated into the ongoing South Mountain Preliminary Economic Assessment ("PEA"), which is planned for completion in September this year."
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MINERAL RESOURCE ESTIMATE
In two phases of drilling during 2019 and 2020, a combined total of approximately 5,000 metres of underground core drilling was completed at South Mountain. During these drilling campaigns, our site team also widened and advanced the existing Sonneman level eastwards by some 52 metres to establish a new drill station closer to the Texas Zone. All the results of this drilling have now been in incorporated into the updated MRE for the South Mountain deposit.
Tables 1 & 2 below provide the Mineral Resource Statement for the Project in metric and U.S. units respectively with details of the modelling methodology and cut-off grades applied to the mineral resource. Figure 1 illustrates the principal areas where the South Mountain deposit has been expanded from the historical MRE that was completed in 2019. The historical Technical Report for the Mineral Resource Estimate for the South Mountain Project Owyhee County, Idaho USA Report Date: Dated: April 1, 2019 is filed on SEDAR.
Table 1. South Mountain Mineral Resource Statement (Metric Units)
Grades and Contained Metal | |||||||||||||
Ore | Classification | Mass | Zinc | Zinc | Silver | Silver | Gold | Gold | Lead | Lead | Copper | Copper | ZnEq |
Type | |||||||||||||
kt | % | t | ppm | kg | ppm | g | % | t | % | T | % | ||
Measured | 48.85 | 11.45 | 5,600 | 126 | 6,100 | 2.38 | 116,200 | 0.79 | 400.00 | 0.46 | 200 | 20.21 | |
Massive | Indicated | 107.90 | 11.36 | 12,300.0 | 164 | 17,700 | 2.63 | 283,500 | 1.36 | 1,500 | 0.53 | 600 | 22.14 |
Sulfide | Measured + Indicated | 156.75 | 11.39 | 17,800.0 | 152 | 23,800 | 2.55 | 399,700 | 1.18 | 1,900 | 0.51 | 800 | 21.54 |
Inferred | 705.03 | 8.09 | 57,000.0 | 202 | 142,600 | 1.49 | 1,049,000 | 1.04 | 7,300 | 0.74 | 5,200 | 18.34 | |
Measured | 9.62 | 1.25 | 100.0 | 187 | 1,800 | 0.78 | 7,500 | 0.30 | 0 | 1.26 | 100 | 18.23 | |
Indicated | 21.28 | 0.49 | 100.0 | 130 | 2,800 | 0.17 | 3,700 | 0.07 | 0 | 1.20 | 300 | 12.63 | |
Skarn | |||||||||||||
Measured + Indicated | 30.90 | 0.72 | 200.0 | 148 | 4,600 | 0.36 | 11,200 | 0.14 | 0 | 1.21 | 400 | 14.38 | |
Inferred | 51.26 | 1.34 | 700.0 | 110 | 5,600 | 0.19 | 9,900 | 0.04 | 0 | 1.66 | 900 | 14.92 | |
Measured | 58.47 | 9.77 | 5,700.0 | 136 | 7,900 | 2.12 | 123,700 | 0.71 | 400 | 0.59 | 300 | 19.88 | |
Indicated | 129.18 | 9.57 | 12,400.0 | 158 | 20,400 | 2.22 | 287,300 | 1.15 | 1,500 | 0.64 | 800 | 20.57 | |
Total | |||||||||||||
Measured + Indicated | 187.65 | 9.63 | 18,100.0 | 151 | 28,400 | 2.19 | 411,000 | 1.01 | 1,900 | 0.63 | 1,200 | 20.36 | |
Inferred | 756.30 | 7.63 | 57,700.0 | 196 | 148,200 | 1.40 | 1,058,900 | 0.97 | 7,300 | 0.81 | 6,100 | 18.10 | |
- The effective date of the mineral resource estimate is April 20th, 2021. The QP for the estimate is Mr. Richard A. Schwering, P.G., SME-RM, of Hard Rock Consulting, LLC. and is independent of BeMetals, Corp., Thunder Mountain Gold Inc., and South Mountain Mines Inc.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability such as diluting materials and allowances for losses that may occur when material is mined or extracted; or modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Inferred mineral resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.
- The mineral resource is reported at an underground mining cutoff of $102.5 U.S. Net Smelter Return ("NSR") within coherent wireframe models. The NSR calculation and cut-off is based on the following assumptions: an Au price of $1,750/oz, Ag price of $23.00/oz, Pb price of $1.02/lb., Zn price of $1.20/lb. and Cu price of $3.40/lb.; Massive sulfide ore type metallurgical recoveries and payables of 52.25% for Au, 71.25% for Ag, 71.40% for Zn, 66.50% for Pb, and 49.00% for Cu and a total smelter cost of $33.29; Skarn ore type metallurgical recoveries and payables of 71.25% for Au, 80.75% for Ag, 51.00% for Zn, 47.50% for Pb, and 87.70% for Cu and a smelter cost of $7.24; assumed mining cost of $70/ton, process costs of $25/ton, and general and administrative costs of $7.5/ton. Based on the stated prices and recoveries the NSR formula is calculated as follows; NSR = (Ag grade * Ag price * Ag Recovery and Payable) + (Au grade * Au price * Au Recovery and Payable) + (Pb grade * 20 * Pb Price * Pb Recovery and Payable) + (Cu grade * 20 * Cu Price * Cu Recovery and Payable) + (Zn grade * 20 * Zn Price * Zn Recovery and Payable) for each ore type.
- The zinc equivalent grades were calculated as Zn Grade + (((Pb Price * Pb Recovery and Payable) / (Zn Price*Zn Recovery and Payable)) * Pb Grade) +
(((Cu Price * Cu Recovery and Payable) / (Zn Price * Zn Recovery and Payable)) * Cu Grade) + (((Ag Price * Ag Recovery and Payable) / (Zn Price * 20 * Zn Recovery and Payable)) * Ag Grade) + (((Au Price * Au Recovery and Payable) / (Zn Price * 20 * Zn Recovery and Payable)) * Au Grade) - Rounding may result in apparent differences when summing tons, grade and contained metal content. Tonnage and grade measurements are in U.S. units and converted to metric
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Table 2. Table 2 South Mountain Mineral Resource Statement (U.S. Units)
Grades and Contained Metal | |||||||||||||
Ore Type | Classification | Mass | Zinc | Zinc | Silver | Silver | Gold | Gold | Lead | Lead | Copper | Copper | ZnEq |
thousand | % | thousand | t. oz/sh. | thousand | t. oz/sh. | thousand | % | thousand | % | thousand | % | ||
sh. ton | lb | ton | t. oz | ton | t. oz | lb | lb | ||||||
Measured | 53.8 | 11.45 | 12,300 | 3.67 | 197 | 0.069 | 3.7 | 0.79 | 900 | 0.46 | 500 | 20.21 | |
Indicated | 118.9 | 11.36 | 27,000 | 4.77 | 568 | 0.077 | 9.1 | 1.36 | 3,200 | 0.53 | 1,300 | 22.14 | |
Massive Sulfide | Measured + | ||||||||||||
172.8 | 11.39 | 39,300 | 4.43 | 765 | 0.074 | 12.9 | 1.18 | 4,100 | 0.51 | 1,800 | 21.54 | ||
Indicated | |||||||||||||
Inferred | 777.2 | 8.09 | 125,700 | 5.90 | 4,586 | 0.043 | 33.7 | 1.04 | 16,100 | 0.74 | 11,500 | 18.34 | |
Measured | 10.6 | 1.25 | 300 | 5.46 | 58 | 0.023 | 0.2 | 0.30 | 100 | 1.26 | 300 | 18.23 | |
Indicated | 23.5 | 0.49 | 200 | 3.78 | 89 | 0.005 | 0.1 | 0.07 | 0 | 1.20 | 600 | 12.63 | |
Skarn | Measured + | ||||||||||||
34.1 | 0.72 | 500 | 4.30 | 147 | 0.011 | 0.4 | 0.14 | 100 | 1.21 | 800 | 14.38 | ||
Indicated | |||||||||||||
Inferred | 56.5 | 1.34 | 1,500 | 3.19 | 181 | 0.006 | 0.3 | 0.04 | 100 | 1.66 | 1,900 | 14.92 | |
Measured | 64.5 | 9.77 | 12,600 | 3.96 | 255 | 0.062 | 4.0 | 0.71 | 900 | 0.59 | 800 | 19.88 | |
Indicated | 142.4 | 9.57 | 27,200 | 4.61 | 656 | 0.065 | 9.2 | 1.15 | 3,300 | 0.64 | 1,800 | 20.57 | |
Total | Measured + | ||||||||||||
206.9 | 9.63 | 39,800 | 4.41 | 912 | 0.064 | 13.2 | 1.01 | 4,200 | 0.63 | 2,600 | 20.36 | ||
Indicated | |||||||||||||
Inferred | 833.7 | 7.63 | 127,300 | 5.72 | 4,766 | 0.041 | 34.0 | 0.97 | 16,200 | 0.81 | 13,400 | 18.10 |
1.) The effective date of the mineral resource estimate is April 20th, 2021. The QP for the estimate is Mr. Richard A. Schwering, P.G., SME-RM, of Hard Rock Consulting, LLC. and is independent of BeMetals Corp., Thunder Mountain Gold Inc., and South Mountain Mines Inc.
2.) Mineral resources are not mineral reserves and do not have demonstrated economic viability such as diluting materials and allowances for losses that may occur when material is mined or extracted; or modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. Inferred mineral resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.
3.) The mineral resource is reported at an underground mining cutoff of $102.5 U.S. Net Smelter Return ("NSR") within coherent wireframe models. The NSR calculation and cut-off is based on the following assumptions: an Au price of $1,750/oz, Ag price of $23.00/oz, Pb price of $1.02/lb., Zn price of $1.20/lb. and Cu price of $3.40/lb.; Massive Sulfide ore type metallurgical recoveries and payables of 52.25% for Au, 71.25% for Ag, 71.40% for Zn, 66.50% for Pb, and 49.00% for Cu and a total smelter cost of $33.29; Skarn ore type metallurgical recoveries and payables of 71.25% for Au, 80.75% for Ag, 51.00% for Zn, 47.50% for Pb, and 87.70% for Cu and a smelter cost of $7.24; assumed mining cost of $70/ton, process costs of $25/ton, and general and administrative costs of $7.5/ton. Based on the stated prices and recoveries the NSR formula is calculated as follows; NSR = (Ag grade * Ag price * Ag Recovery and Payable) + (Au grade * Au price * Au Recovery and Payable) + (Pb grade * 20 * Pb Price * Pb Recovery and Payable) + (Cu grade * 20 * Cu Price * Cu Recovery and Payable) + (Zn grade * 20 * Zn Price * Zn Recovery and Payable) for each ore type.
4.) The zinc equivalent grades were calculated as Zn Grade + (((Pb Price * Pb Recovery and Payable) / (Zn Price*Zn Recovery and Payable)) * Pb Grade) +
(((Cu Price * Cu Recovery and Payable) / (Zn Price * Zn Recovery and Payable)) * Cu Grade) + (((Ag Price * Ag Recovery and Payable) / (Zn Price * 20 * Zn Recovery and Payable)) * Ag Grade) + (((Au Price * Au Recovery and Payable) / (Zn Price * 20 * Zn Recovery and Payable)) * Au Grade)
5.) Rounding may result in apparent differences when summing tons, grade and contained metal content. Tonnage and grade measurements are in U.S. units.
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Figure 1: 3D Perspective view inclined 200 looking north-north-east, indicating the areas of the expanded mineral resource compared to the 2019 MRE
QUALIFIED PERSON STATEMENT FOR THE MINERAL RESOURCE ESTIMATE
Mr. Richard A. Schwering, P.G., SME-RM, a Resource Geologist with Hard Rock Consulting, LLC, is responsible for the South Mountain Project Mineral Resource Estimate with an effective date of April 20, 2021. Mr. Schwering is a Qualified Person as defined by NI43-101 and is independent of BeMetals Corp., Thunder Mountain Mines Inc., and South Mountain Mines, Inc. Mr. Schwering estimated the mineral resources based on drill hole and channel sample data constrained by geologic boundaries using an Ordinary Krige algorithm. The Geologic Model and Mineral Resource Estimate were completed using Leapfrog Geo® Software version 6.0.5.
ADDITIONAL RECENT DRILLING RESULTS INCLUDED WITHIN THE UPDATED MRE
The Company also reports further drilling results from both the Texas East and Texas West Zones. This new data supports previously reported results (See BMET news release dated, February, 9, 2021), illustrating the high- grade zinc-silver-gold nature of the Texas East mineralization, and generally copper-silver dominant Texas West Zone.
Figure 2 shows the location of drill holes; SM20-032,SM20-034,SM20-037,SM20-039,SM20-044,SM20-047 in the Texas East and Texas West Zones. Table 3 below indicates the details of these drilling results. All drilling results from the Phase 1 & 2 programs have now been incorporated into the MRE.
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Figure 2: 3D Perspective view inclined 200 looking north-north-east, with hole locations for SM20-032, SM20- 034, SM20-037,SM20-039 - SM20-044,SM20-047
Table 3 below indicates the drilling results received from both the Texas East and Texas West Zones.
Table 3. Analytical and Assay Results From Texas East Zone
Drill Hole ID, Zone | From | To | Core | Ag | Au | |||
Interval | Zn % | Pb % | Cu % | |||||
& Interval | (m) | (m) | g/t | g/t | ||||
(m) | ||||||||
TEXAS ZONE | ||||||||
Texas East | ||||||||
SM20-039 | 65.76 | 72.09 | 6.33 | 6.96 | 157.80 | 3.42 | 2.08 | 0.23 |
Including | 65.76 | 69.75 | 3.99 | 10.91 | 183.81 | 5.29 | 3.14 | 0.21 |
Note: Reported widths are drilled core lengths as true widths are unknown at this time. It is estimated based upon current data that true widths might range between 60-80% of the drilled intersection. Intervals cut offs are based upon visual contacts of massive sulphide units with no more than 1.68 metres of internal skarn. Table 5 below documents; Drill Hole Azimuth, Dip, end of hole length, and Collar Co-ordinates (Note: See details below in QA/QC section).
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BeMetals Corp. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 11:18:03 UTC.