Key Highlights – Updated mineral resource estimate
Silver-equivalent ounces in Measured and Indicated categories increased by 100%
Silver-equivalent grade and tonnage in Measured and Indicated categories increased by 34% and 48%, respectively
Updated mineral resource estimate positions Reliquas project for PEA completion in Q1 2024
Measured and Indicated resource estimate of 1.275 Mt @ 4.34 oz/t Ag, 0.42 g/t Au, 3.14% Zn, 2.06% Pb, and 0.33% Cu
Additional Inferred resource estimate of 1.706 Mt @ 4.07 oz/t Ag, 0.43 g/t Au, 2.96% Zn, 1.84% Pb, and 0.28% Cu
The MRE has been prepared by
Table 1: Mineral Resource Estimate for the
Category | Tonnes | Ag | Au | Zn | Pb | Cu | AgEq | Contained | Contained |
Measured | 221 | 5.22 | 0.55 | 3.03 | 1.95 | 0.28 | 10.57 | 1,162,800 | 2,410,400 |
Indicated | 1,054 | 4.15 | 0.39 | 3.16 | 2.08 | 0.34 | 9.02 | 4,404,600 | 9,770,300 |
M+I | 1,275 | 4.34 | 0.42 | 3.14 | 2.06 | 0.33 | 9.20 | 5,567,400 | 12,180,700 |
Inferred | 1,706 | 4.07 | 0.43 | 2.96 | 1.84 | 0.28 | 8.71 | 7,163,800 | 15,308,700 |
Notes: | The Resource statement was determined using the following parameters: |
• Mineral Resources are those defined in the definition of the CIM Standards on Mineral Resources and Mineral Reserves, 2014. | |
• Mineral Resources are reported at | |
• Metallurgical recoveries for polymetallic veins are based on current locked cycle testson the Matacaballo, Meteysaca, Sacasipuedes and | |
• The average density used for the tonnage calculation 2.71 t/m3. | |
• The reported Mineral Resource Estimate is not diluted. | |
• The Mineral Resource Estimate does not include mined-out areas. | |
• Estimated Mineral Resource tonnages are rounded to the nearest thousand to reflect their relative precision and totals may not add due to rounding. | |
• |
A comparison of the MRE with the previously reported mineral resource estimates effective as of
Table 2: Comparison between the updated
Category | Tonnes | Ag | Contained | Category | Tonnes | Ag | Contained | Difference in Contained |
Measured | 221 | 5.22 | 1.16 | Measured | 107 | 3.37 | 0.36 | +222 % |
Indicated | 1,054 | 4.15 | 4.40 | Indicated | 754 | 3.21 | 2.42 | +82 % |
M+I | 1,275 | 4.34 | 5.57 | M+I | 861 | 3.23 | 2.78 | +100 % |
Inferred | 1,706 | 4.07 | 7.16 | Inferred | 969 | 3.20 | 3.10 | +131 % |
Mineralized veins have been subdivided into three vein systems, or regions. Regions 1 and 3 are mainly NW-SE striking structures, while Region 2 are E-W veins parallel to the Matacaballo vein. Figure 1 shows the distribution of the veins into the three Regions. Region 1 includes the Ayayay, Sacasipuedes, Natividad and
- Wireframes were built for 21 mineralized structures in the Reliquias mine.
- A composite length of 0.5m was used.
- Two interpolation methods were used. ID2 was used for 16 veins, and Ordinary Kriging was used for 5 veins.
- The block model used 4m x 1m x 4m blocks, with a minimum sub-block size of 0.5m x 0.25m x 0.5m
- The mineral resource was classified as follows:
Measured Category: 3 samples within 30 metres and presence of data from underground working
Indicated Category: First or second pass with at least 2 samples within 60 metres
Inferred Category: Maximum distance of 80 metres with a geological control defined by drilling.
The Company is planning to complete a preliminary economic assesmtent ("PEA") by the end of Q1 2024, and move forward towards production in H1 2025.
A technical report is being prepared in respect of the MRE in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI-43-101") and will be available on the Company's website and filed on SEDAR+ within 45 days of the date of this release. The effective date of the MRE is
On Behalf of the Board of Directors of
For additional information in respect of the
For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica,
Neither
Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.
All drill holes are diamond core holes with BQ, HQ or NQ core diameters. Drill core is collected at the underground drill site where recovery measurements are taken before the core is transported by truck to the core logging facility at the Caudalosa Grande mine camp, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 - 2 metre sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility.
Rock channel samples were collected with an electric percussion hammer and do not exceed 1.0 m in length. Channels are broken at obvious geologic boundaries to correctly separate rock types and mineralization styles. The sample bags were sealed with a plastic zip tie and identified with a unique sample number, pending shipment to a certified laboratory sample preparation facility.
Samples are sent by batch to the ALS or Certimin laboratories in
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