Highlights:
- Red Pennant Geoscience engaged to prepare a current resource estimate at the Panuco Silver Deposit
- Approximately 10% of the drill core sample intervals used in the historical resource estimate at
Panuco have been re-sampled and re-assayed - A 100kg composite sample of drill core used in the
Panuco resource estimate sent to SGS Minerals Lakefield for benchmark metallurgical work, which has started - A digital elevation model (DEM) with an estimated accuracy of < 1 m has been generated for the companies entire land-holding in
Zacatecas using a combination of TerraSAR-X ground control points and Maxar satellite data. Accuracy is estimated to be closer to 50 cm atPanuco . - All historical drill hole collars have been resurveyed and cross-referenced to the DEM.
- Detailed petrographic and XRD study of drill core has commenced for input into metallurgical test-work and deposit modelling.
- A 57 kg sample composite of historic
Panuco drill core from one of the higher grade shoots has assayed higher than the grade described in the historic resource, with the sample returning assays of 198 g/t Ag Eq. (146 g/t Ag, 0.30 g/t Au, 0.13% Zn, and 0.42 % Pb) — based onUS$ 16 /oz Ag,US$ 1350 oz/Au,US$ 0.9 /lb Pb andUS$ 1.1 /lb Zn and the recovery factors used in the historical resource.
The Panuco Silver Deposit is located in the north of the Zacatecas Property and is the most advanced prospect. Panuco has an historic inferred mineral resource of 19,472,901 ounces Ag Eq. (cut-off 100 g/t Ag Eq.) from 3,954,729 tonnes at 153.2 g/t Ag Eq (136 g/t Ag, 0.14 g/t Au, 0.012% Pb, 0.11% Zn) (the "Historical Estimate"). See "Historical Resource Estimate Information" set forth below.
Re-sampling of 184 historic sample intervals — being approximately 10% of sample intervals used in the historical resource estimate at Panuco — has been completed. Assay results have been received and the company is currently verifying data against the historical assay database. These assay results will form the backbone of a remodelled resource estimate. Drill core samples were prepared and assayed by ALS Laboratories (ISO 9001:2008).
As part of the resource remodelling, Zacatecas has also commenced a bench-scale metallurgical test of approximately 100 kg of mineralized drill core used in the
Worldview-3 high resolution satellite Imagery was acquired for an area covering Company licences, the areas between Company licences, and a 2 km wide edge buffer. This coverage ensured that geology, alteration, structure and mineralization, could be placed in a wider context and mapped between licences. The imagery provides 34 cm visible (panchromatic) and 1.36 m 8-band multi-spectral VNIR resolution —it has provided a detailed base image allowing for rapid field verification and geological mapping at
The TerraSAR-X satellite was tasked to provide 20 ground control points at <1 m accuracy in X/Y/Z covering the entire 315 km2 area of the Worldview-3 image. TerraSAR-X was tasked to acquire data on six different occasions for 25 km2 panels at
Satellite data was processed by
Dr.
Detailed petrology and XRD study of drill core used in the historic
While the company's focus to-date has been on work in preparation of a establishing a current resource estimate,
Detailed re-mapping of the El Cristo project — the northwest strike extension of the
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate for verification re-sampling of historical drill core for use in resource estimation. Samples were delivered to ALS Zacatecas in individually numbered bags sealed with unique single-use clip-lock seals — ensuring that chain of custody was maintained. Sample preparation, sub-sampling protocol and analysis followed industry-recognized standards of best practice for the style of mineralization and type of sample.
Samples were submitted in batches of 20 comprising 16 samples, a field blank, a CRM (certified reference material), one crush duplicate and one pulp duplicate. Samples were prepared by ALS Zacatecas who then couriered pulps to ALS Loughrea (
Gold was analysed by fire assay with atomic absorption finish using a 50 g sample charge (ALS code Au-AA26) — with a reportable range of 0.01-100 ppm Au. Silver was assayed by fire assay with a gravimetric finish (ALS code Ag-GRA21) using a 30 g nominal sample weight — with reportable range of 5-10,000 ppm Ag. Samples were also submitted for 33 element analysis by ICP-AES following a 4 acid digest — with reportable ranges silver (0.5 to 100 ppm), lead (2 to 10,000 ppm), zinc (2-10,000 ppm) and copper (1-10,000 ppm Cu). Over-range samples were resubmitted for analysis using a 4 acid digest and ICP-AES finish with the following ranges: Ag 1-1500 ppm (Ag-OG62), lead 0.001-20% (Pb-OG62), zinc 0.001-30% (Zn-OG62) and Cu 0.001-40% (Cu-OG62).
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Dr. Chris Wilson, B.Sc (Hons), PhD, FAusIMM (CP), FSEG. Chief Operating Officer and Director of
About
The
The property is 25 km south-east of MAG Silver Corp.'s
On behalf of the Company
Chief Executive Officer and Director
Historical Mineral Resource Estimate Information
In 2019 Santacruz Silver Mining Ltd. completed an updated historical resource estimate as set forth in the technical report titled "Technical Report –
The 2019 Panuco Historical Resource was calculating using 75 drill collars, 866 down hole surveys and 2,607 assayed samples. A surface trench database totalling 183 trenches with 1,813 samples was used. Resource blocks were defined using with dimensions of 20 m along strike and down dip, and 1 m across strike. Grades for gold, silver, lead and zinc were interpolated into blocks using the following estimation algorithms: central — ordinary kriging and NW and
The Company has not done sufficient work to classify the 2019 Panuco Historical Resource as a current mineral resource or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Although the historical resource estimate is considered reliable, 8% of the drill core intervals used in the resource calculations was re-sampled and submitted these to ALS for independent assay. Further, additional data verification including resurveying of select diamond drill holes collars; review of graphic drill core logs, comparison of these logs with remaining half-cut core, and a cross-check of select geological logs agonist database entries; and a check of original ALS assay certificates against the assays and drill hole database. Remodelling of the current
Forward-Looking Statements
Information set forth in this news release contains 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.
Neither
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