Maple Gold updates Douay Resource Estimate containing more ounces

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G – http://www.commodity-tv.net/… ) is pleased to announce an updated Mineral Resource Estimate (the “updated estimate”) for the Company’s Douay Gold Project (“Douay”), as prepared by Micon International Limited (“Micon”). The updated estimate includes additional drilling and assays from work completed during 2017 (see press release January 25, 2018), with updated block model wireframes, modified search ellipses and modified geologic interpretations, all of which targeted a more refined and constrained model.

The updated estimate successfully converts a significant proportion of Inferred Resources to the Indicated Resource category, which were absent from the 2017 Micon estimate. Mineral Resources at Douay are now estimated as 9,383,000 tonnes grading 1.59 g/t Au (0.48 million ounces) in the Indicated category, plus 84,152,000 tonnes grading 1.02 g/t Au (2.76 million ounces) in the Inferred category, using a 0.45 g/t cut-off grade (updated base-case) as highlighted below:
Table 1: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Base-case)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.45 INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
*See Table 2 for additional cut-off grades & see disclosure notes appended to this press release

At a 0.5 g/t Au cut-off (same as Micon 2017), the updated 2018 estimate shows increased average grade of Inferred Resources (1.09 versus 1.05 g/t Au), increased level of confidence (addition of 467,000 contained ounces in the Indicated category) and increased contained ounces compared to the previous estimate (see Table 2 below). However, using a 0.45 g/t cut-off grade is currently believed to be the most optimal for currently contemplated conceptual pit-scenarios, and therefore has been selected as the base-case for the updated estimate. The Company will continue examining different scenarios as part of the ongoing evaluation process as new data is added and geological and economic models are updated.

Indicated Resources are present in the more closely drilled Douay West Zone (3,693,000 tonnes at 2.47 g/t Au, 294,000 ounces), and there are also four such areas within the Porphyry Zone (5,690,000 tonnes at 1.01 g/t Au, 185,000 ounces). The Indicated and Inferred Resources at various cut-off grades are summarized below in Table 2 below.

Maple Gold’s President & CEO, Matthew Hornor, stated: “We are pleased to enter the winter drilling season with an updated resource base that improves on the previous estimate in multiple ways, including a material increase in the number of contained ounces and upgrading a portion of the previously reported inferred resource to indicated resources of more than 450,000 ounces. We expect additional drill rigs to arrive at site very shortly and look forward to testing further infill, step-out and new discovery targets this winter.”
Table 2: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Various Cut-Off Grades)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.50* INDICATED 8,615,000 1.69 467,000
INFERRED 74,286,000 1.09 2,610,000
0.45** INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
0.40 INDICATED 10,162,000 1.50 489,000
INFERRED 95,388,000 0.95 2,914,000
0.30 INDICATED 12,046,000 1.32 510,000
INFERRED 124,278,000 0.81 3,235,000
*For Comparison purposes: Micon 2017 estimate was all Inferred Resources of 83,327,000 tonnes grading 1.05 g/t Au for 2,813,000 contained ounces, using a 0.50 g/t cut-off grade. **Base-case. See disclosure notes appended to this press release.

The modelling changes, additional drilling and assay data, and updated interpretations have variably impacted contained ounces at each of the zones at Douay. A number of the zones appear to be merging into a larger unified system and a portion of the Company’s current and future drilling campaigns will continue to test targets that support this thesis. Figure 1 highlights the updated resource areas and conceptual pit shells.

Figure 1: Plan view of Micon 2018 Resource Areas
For comparison purposes, click here to view the conceptual pit-constrained plan view used in the Micon 2017 resource estimate.
Further information about assumptions, parameters, methods and risks in respect of the updated estimate will be available in a NI 43-101 technical report filed by Maple Gold on Sedar within 45 days following the date of this press release.
Notes:

1. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Micon does not believe that mineral resources estimate is materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The quantity and grade reported includes both indicated and inferred resources for the Douay West and Porphyry zones and inferred resources for the remaining zones in the deposit. The inferred resources in this estimation are conceptual in nature and there has been insufficient exploration data to define these resources as an indicated category and it is uncertain if further exploration will result in upgrading them to an Indicated mineral resource category. There are no measured resources currently for the mineral zones comprising the Douay Project.
3. The mineral resource estimate has been prepared without reference to surface rights or the presence of overlying public infrastructure.
4. Figures may not total due to rounding.
5. A gold price of US $1,400 per ounce was used for the purposes of demonstrating economics.
6. The mineralized envelopes were re-modelled in GEMS at 0.3 g/t Au cut-off assuming an anastomosing style of mineralization with some inclusion of lower grade material for modelling purposes.
7. Although the Douay West, Porphyry Zones were able to produce supporting variograms, all zones within the entire deposit were estimated using Inverse Distance Cubed.
8. Search ellipses range from 50 m to 300 m using 3 passes to fill the model. The search ellipses were also optimized to reflect the anastomosing nature and different directions and dips within the mineralized zones.
9. Block size of 10 m x 2 m x 5 m was used.
10. The effective date of the mineral resource estimate is February 9, 2018.

Qualified Persons
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration, of Maple Gold Mines. The technical contents of this press release have also been reviewed and approved by Mr. William Lewis, B.Sc., P. Geo., of Micon, who is independent of Maple Gold and who is responsible for the Updated Pit-Constrained Mineral Resource Estimate. Both individuals are Qualified Persons under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Micon International Limited
Micon International Limited (Micon), mineral industry consultants, is an independent firm of senior geological, mining, metallurgical and environmental consultants. The firm operates from integrated offices in Toronto and Vancouver, Canada and Norwich and Cornwall, United Kingdom. The professionals of Micon have extensive experience in the mining industry with both mining companies and leading consultancy firms.

About Maple Gold

Maple Gold is a well-funded gold exploration company focused on advancing a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 370 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under way to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information, please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For Further Information, Please Contact:

Mr. Joness Lang
VP, Corporate Development
Office: +1 416.306.8124
Email: jlang@maplegoldmines.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

Forward Looking Statements:
This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements with respect to the mineral resource estimate, including statements regarding contained ounces, optimal cut-off grade and average gold grade, as well as statements regarding upcoming exploration programs. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

First Cobalt Intersects High Grade Cobalt at Bellellen

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – https://www.youtube.com/…) today announced positive drill results from the historic Bellellen mine in the Cobalt Camp, Ontario. These early results confirm the presence of high grade cobalt and nickel along the known Bellellen vein system south of the historic mine workings.
Highlights
• 2.0 metres of 0.78% Co and 0.83% Ni, including 1.1 metres of 1.35% Co and 1.47% Ni along the Bellellen Vein system that extends for approximately 300 metres of strike length
• Several calcite veins and disseminated zones of mineralization have been intersected
• Assays pending for additional 12 holes drilled as part of the 1,100m program at Bellellen
• Further support to the thesis of metal zoning of cobalt-nickel rich versus silver rich areas within a single hydrothermal system; a relationship seen elsewhere in the Camp

Trent Mell, President & Chief Executive Officer, commented:
“First assays from Bellellen drilling confirm the grades found in muckpile material sampled in 2017 and support our view that we now have a third area of interest in the Cobalt Camp. The Bellellen structure has adequate strike length to remain a priority target. Our 2018 drill strategy is to test several new target areas to confirm the cobalt grades of known systems throughout the Camp and then focus on those of sufficient size to support large tonnage operations.”

Drilling at Bellellen began in January 2018 with 13 holes completed for over 1,100 metres. The program was intended to confirm the presence of cobalt-nickel mineralization away from historic mining and to identify the distribution of both vein-style and disseminated-style mineralization previously sampled from underground material.

Drill holes targeted the north-south trending Bellellen Vein and the northeast trending Frontier 2 Vein (Figure 1). In places, two holes were collared at the same location with different dip orientation to determine the direction of the veins.

Assays have been received from hole FCC-18-0007, returning 2.0m of 0.78% Co and 0.83% Ni, including 1.1m of 1.35% Co and 1.47% Ni. The mineralized intercept was about 20m from surface in a zone containing several veins (Figure 2). The highest grade of 2.40% Co over 0.3m represents visible cobalt minerals that also likely contain nickel. Anomalous cobalt (>0.05%) occurs within wallrocks on the margins of the high grade zone without visible veining. Fine disseminated cobalt minerals are likely present. Silver is relatively low suggesting the Bellellen area may represent a cobalt-nickel rich zonation in proximity to the silver-rich vein system at Keeley-Frontier.

Table 1. Summary of assay results from hole FCC-18-0007
From To Width Co Ag Ni
Sample ID – m – m – m – % – g/t – %
E6607467 – 26.2 – 26.5 – 0.3 – 0.05 – 2 – 0.03
E6607468 – 26.5 – 26.8 – 0.3 – 0.73 – 1 – 1.26
E6607469 – 26.8 – 27.3 – 0.5 – 1.11 – 3 – 1.78
E6607470 – 27.3 – 27.6 – 0.3 – 2.40 – 2 – 1.18
E6607472 – 27.6 – 28.2 – 0.6 – 0.05 – 4 – 0.02
average – 26.2 – 28.2 – 2.0 – 0.78 – 3 – 0.83
including – 26.5 – 27.6 – 1.1 – 1.35 – 2 – 1.47

Note: Lengths are measured along the drill core and true widths of mineralization are not known at this time.
Several holes in this program intersected carbonate veins containing cobalt-nickel minerals as well as pyrite, pyrrhotite and chalcopyrite. In some holes tight folding of the volcanic rocks is evident and the Nipissing Diabase appears to be deeper than expected from bedrock mapping. The overall structural interpretation of the Bellellen area is ongoing to determine if these high grade cobalt-nickel veins are locally concentrated where folds converge.

Figure 1. Bedrock geology and location of drilling stations in the 2017 drilling program. Silver-cobalt veins shown are compiled from historic maps and locations shown not be considered exact.
Cobalt-bearing minerals in hole FCC-18-0007 occur as discrete bands associated with small, centimetre-sized calcite veins occurring within chloritized mafic volcanic rocks. Disseminated pyrite and arsenopyrite occur in the wallrocks of the veins. Arsenopyrite is associated with anomalous cobalt. The hole was collared over 150m south of the main Bellellen mine shaft. Drill holes FCC-18-0008 and FCC-18-0013 were drilled to test the dip extension of the cobalt mineralization in FCC-18-0007. Disseminated pyrite and arsenopyrite as well as calcite veins have also been noted in these holes.

Elsewhere in the Cobalt Camp at the Silverfields mine, high cobalt-nickel mineralization occurs along the margin of high grade silver veins, defining an extensive system. Silverfields produced approximately 18 million ounces of silver and was one of the largest producers, with over one million tonnes milled, in the Cobalt Camp.

Figure 2. East-west geologic cross section of FCC-18-0007 and nearby drill holes. The section is 40m thick. Grid blocks are 50m by 50m. Easting co-ordinates are in UTM NAD83 Zone 17 co-ordinate system.
For a table of drill hole assay results to date, visit https://firstcobalt.com/….

Bellellen Mine
Mining at Bellellen mine began in 1909 around the same time the Haileybury, Frontier and Keeley mines began operations. The Bellellen mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era. Bellellen had intermittent production until 1943, when 12.3 tons of ore were shipped containing 9.25% Co and 11.55% Ni.
At Bellellen, the Nipissing Diabase has been interpreted at a depth of 125 metres below surface within a fold hinge. Between surface and the diabase, a thick sequence of mafic volcanic rocks occurs, suggesting depth potential to the known Co-Ag mineralization may exist in this area.

Samples from surface muckpiles at Bellellen returned high values of Co coincident with Ag, Ni and Cu in various styles of mineralization (see September 28, 2017 press release). Mineralogy work on disseminated style mineralization found Co as glaucodot (Co,Fe)AsS as well as Co-bearing pyrite (see October 5, 2017 press release). This style of mineralization had not previously been recognized in the Cobalt Camp and suggests a broad hydrothermal system may be present at Bellellen.
Quality Assurance and Quality Control

First Cobalt has implemented a quality-control program to comply with common industry best practices for sampling and analyses. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analyses. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from SGS Canada in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS has used a sodium-peroxide fusion and ICP finish for analyses on all samples. Over-range (> 1%) Co and Ni are determined by a separate fusion and ICP finish.
Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.

About First Cobalt
First Cobalt is the largest land owner in the Cobalt Camp in Ontario, Canada. The Company controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
For more information visit www.firstcobalt.com or contact:
Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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

This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects‘, "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and risks set out in First Cobalt’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

U.S. Gold Corp. Announces New Copper King Discovery Zone from Fall 2017 Drilling Results

U.S. Gold Corp. (NASDAQ: USAU – https://www.youtube.com/… ) today is pleased to announce the discovery of a new zone of base and precious metals mineralization west of the existing Copper King deposit.
In late November and early December 2017, a four-hole, reverse circulation drilling program (3,945 feet/1,202 meters total) was completed, and assays from Bureau Veritas Minerals (BV Labs), Reno, Nevada, have just been obtained. Hole number CK17-01rc encountered a composite of almost 700 feet of base and precious metal mineralization beginning almost at the surface; see Table 1.
Drill Hole From (ft) To (ft) Thickness
(ft) Thickness
(m) Copper
> 0.1% Zinc
% Gold (g/t) Silver
(g/t)
CK17-01rc
-70 deg N
(1,030 ft td) 20 85 65 19.8 0.096 0.065 0.208 2.82
180 200 20 6.1 0.103 0.217 0.135 3.03
335 860 525 160 0.145 0.113 0.284 3.47
940 1,025 85 25.9 0.115 0.089 0.232 2.52
CK17-02rc
-70 deg N
(1,000 ft td)
No
significant
assays

CK17-03rc
-70 deg N
(1,000 ft td)
No
significant
assays

CK17-04rc
-70 deg S
(915 ft td)
No significant
assays

Table 1: Summary of fall 2017 Copper King drill results, based on > 20 ft intercepts including > 0.1% copper
The fall 2017 Copper King four-hole drilling program was designed to provide a first-pass drill test of anomalies obtained from a ground magnetics survey conducted in June combined with an induced polarization (IP) survey conducted by Zonge Geosciences Inc. in October 2017. Both geophysics programs were more detailed and comprehensive than previous surveys conducted on the project. Objectives of the IP survey were to 1.) delineate sulfide concentrations via the chargeability and 2.) discriminate lithologies via the resistivity. Rock magnetic expressions were delineated with the earlier ground magnetics survey. Gold mineralization at Copper King is known to be commonly, but not necessarily exclusively, associated with magnetite. The association of copper sulfide mineralization with gold mineralization in the historic mining area suggested that IP would be the more appropriate technique for detection of similarly mineralized material. The Copper King project is largely located on State of Wyoming managed lands. Permitting and bonding for drilling at Copper King through a “Notification of Intent to Explore for Noncoal Minerals” was readily and quickly facilitated and approved by the State of Wyoming Department of Environmental Quality based in Cheyenne, Wyoming.
Assay results and interval thicknesses obtained in CK17-01rc are similar in value and character to assay intervals encountered in the Copper King deposit “main zone.” Assay results and characteristics of mineralization in this hole indicate the presence of a heretofore previously undiscovered zone of significant mineralization on the Copper King project. The chargeability anomaly, drilled by hole CK17-01rc, exhibited on the attached Figure 10 from the Wright Geophysics Nov. 5, 2017, report, is the strongest anomaly obtained by the IP survey on the property, and it is an anomaly that had not previously been specifically tested by drilling.

Dave Mathewson, Vice President of Exploration for U.S. Gold Corp., stated, “This is an exciting turn of events for the Copper King project. Copper King has had a long history of several exploration programs conducted by numerous companies. This zone of mineralization, identified in hole CK17-01rc, apparently escaped all previous detection and, just as importantly, the bulk of this particular chargeability anomaly has not been drill-tested. We look forward to the prospect of building a greater metal endowment on the Copper King property. A follow-up drill program is currently being planned.”
Edward Karr, President and CEO of U.S. Gold Corp., stated, “We are very encouraged with this western step-out hole. This new zone of mineralization is 200 meters away from the existing deposit. This new discovery zone has shown consistent mineral grade from near the surface to the bottom of the hole. Mine Development Associates updated our Copper King Preliminary Economic Assessment technical report in December 2017. The current known deposit shows a Net Present Value of $178.5 million at $1,275 gold and $2.80 copper. An infill drilling program is being planned and designed to connect this new discovery zone back to the existing deposit. In addition, the best part of the IP anomaly is further west from this step-out hole. We believe this new discovery zone could extend further west and add additional potential upside to the known deposit. The presence of silver and zinc could also increase the overall future Copper King value.”

About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of development and exploration properties. Copper King is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, done by Mine Development Associates. Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

Forward looking and cautionary statements
Forward-looking statements in this press release and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: whether or not U.S. Gold Corp. will be able to raise capital through this offering or consummate this offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated use of proceeds from the offering and the impact of general economic industry or political conditions in the United States or globally. A list and description of these and other risk factors can be found in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov.. We make no representation or warranty that the information contained herein is complete and accurate and we have no duty to correct or update any information contained herein.

INVESTOR CONTACT:
U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch – www.resource-capital.ch

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Zinc One Reports Additional High-Grade Zinc Results from its Bongará Mine Project, Peru

Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZOF; Frankfurt: RH33 – “Zinc One” or the “Company” – https://www.youtube.com/… ) has received additional results from an ongoing surface-sampling program at its Bongará Zinc Mine Project in north-central Peru.
Highlights from the program include a surface channel sample (C-011-17) with 45.0 metres of 27.7% zinc and 4.0 metres of 30.5% zinc from an exploration pit (P285-17). All samples were located in the southern end of a 1.4-kilometre long trend of surface and near-surface zinc mineralization in the area referred to as Mina Grande Sur (formerly Fase C).
Jim Walchuck, President and CEO of Zinc One stated, “The high zinc values augment previous high-grade results from samples collected not only at Mina Grande Sur, but at Bongarita and Mina Chica also. All three zones lie within a mineralized system that has been traced for over 1.4 kilometres. The full extent of mineralization potential within this system has not been fully tested and remains open for the discovery of additional, high-grade mineralized zones.
Geology and Discussion of Results
The Bongará zinc-oxide mineralization is stratabound and hosted within carbonate rocks. The carbonate host rock at Mina Grande Sur is principally dolomite breccia and the zinc-oxide mineralization occurs in fractures and void space. It appears that the overall mineralized system occurs along and near an anticlinal fold axis and is mostly contained within a southeasterly plunging tabular body.
The sampling program commenced at the northern end of the trend of known high-grade, zinc-oxide mineralization. The results reported herein include the most recentsampling in the Mina Grande Sur area at the southern end of the trend. Thesampling in the Mina Grande Norte zone was completed in early January, with sample results expected in February 2018.
Table 1 below highlights the results from a channel with 45.0 metres of 27.7% zinc from Mina Grande Sur. Table 2 provides a summary of select pit samples from the same area. Since the true strike and dip of the stratabound mineralization is not known, the sample thicknesses from the pits do not necessarily represent the true thickness of the mineralized body. Additional maps and a summary of all results are available on the Company website at www.zincone.com.

Table 1: Mina Grande Sur – Channel Samples
Channel ID From (m) To (m) Length (m) Zn, % Pb, %
C-011-17 0.00 2.00 2.00 7.29 0.14
C-011-17 2.00 4.10 2.10 13.45 0.24
C-011-17 4.10 6.50 2.40 25.60 0.35
C-011-17 6.50 8.50 2.00 51.33 0.42
C-011-17 8.50 10.00 1.50 36.84 0.86
C-011-17 10.00 11.20 1.20 38.66 0.96
C-011-17 11.20 13.30 2.10 35.78 4.54
C-011-17 13.30 15.30 2.00 41.81 3.52
C-011-17 15.30 16.70 1.40 32.49 10.00
C-011-17 16.70 19.00 2.30 22.80 10.00
C-011-17 19.00 19.80 0.80 40.73 1.29
C-011-17 19.80 20.40 0.60 17.10 1.76
C-011-17 20.40 22.70 2.30 39.39 0.57
C-011-17 22.70 25.00 2.30 40.27 0.64
C-011-17 25.00 26.00 1.00 38.57 1.12
C-011-17 26.00 28.30 2.30 3.63 1.67
C-011-17 28.30 30.70 2.40 3.06 0.66
C-011-17 30.70 32.70 2.00 3.64 0.92
C-011-17 32.70 34.70 2.00 3.23 1.46
C-011-17 34.70 36.50 1.80 36.12 0.96
C-011-17 36.50 38.50 2.00 32.16 1.63
C-011-17 38.50 40.90 2.40 40.89 1.44
C-011-17 40.90 43.00 2.10 33.87 0.63
C-011-17 43.00 45.00 2.00 26.00 0.29

Table 2: Mina Grande Sur – Pit Samples
Pit ID From (m) To (m) Length (m) Zn, % Pb, % Thickness (m) Zn, %
P0094. 94-17 0.00 1.00 1.00 0.51 0.74
P0094. 94-17 1.00 2.00 1.00 1.12 3.45
P0094. 94-17 2.00 3.00 1.00 21.40 10.00
P0094. 94-17 3.00 4.00 1.00 12.85 1.19 2.0 17.10
P0093.94-17 0.00 1.00 1.00 1.44 0.42
P0093.94-17 1.00 2.00 1.00 2.99 3.35
P0093.94-17 2.00 3.00 1.00 40.81 3.07 1.0 40.81
P0112.86-17 0.00 1.00 1.00 20.20 1.74
P0112.86-17 1.00 2.00 1.00 29.00 1.17 2.0 24.60
P0294.95-17 0.00 1.00 1.00 2.90 1.38
P0294.95-17 1.00 2.00 1.00 40.38 1.44 1.0 40.38
P0289.95-17 0.00 1.00 1.00 18.15 1.36
P0289.95-17 1.00 2.00 1.00 32.91 1.20
P0289.95-17 2.00 3.00 1.00 21.10 0.61 3.0 24.05
P0285.95-17 0.00 1.00 1.00 2.10 1.06
P0285.95-17 1.00 2.00 1.00 3.06 3.29
P0285.95-17 2.00 3.00 1.00 37.15 1.36
P0285.95-17 3.00 4.00 1.00 31.10 1.22
P0285.95-17 4.00 5.00 1.00 30.09 1.00
P0285.95-17 5.00 6.00 1.00 23.60 1.27 4.0 30.49
P0160.94-17 0.00 1.00 1.00 42.56 1.80
P0160.94-17 1.00 2.00 1.00 37.15 2.97
P0160.94-17 2.00 3.00 1.00 35.58 1.70 3.0 38.43
P0115.86-17 0.00 1.00 1.00 28.82 1.92
P0115.86-17 1.00 2.00 1.00 40.70 1.06 2.0 34.76
P0304.95-17 0.00 1.00 1.00 35.19 0.44
P0304.95-17 1.00 2.00 1.00 24.20 0.86 2.0 29.70

Sampling and Analytical Protocols
Zinc One follows a systematic and rigorous Quality Control/Quality Assurance program overseen by Zinc One’s Chief Operating Officer, Bill Williams.
Surface sampling in outcrops is a manually collected channel sample. In the case of pits, the sample is channeled vertically. The sample is photographed, then placed into a pre-labeled plastic bag, properly sealed, and identified with a unique sample number. At the project site, Zinc One independently inserts certified control standards, blanks, and duplicates, all of which comprise approximately 30% of the sample batch, to monitor sample preparation and analytical quality. The samples are stored in a secure area until such time they are shipped to the ALS laboratory in Lima (ISO9001 certified) for preparation and assay. At the laboratory, samples are dried, crushed, pulverized and then a four-acid digestion is applied. This is followed by the ICP-AES analytical technique for 33 elements, including lead. Zinc is assayed by the same method for values up to 20%. If zinc exceeds 20%, it is analyzed by titration methods. The laboratory also inserts blanks and standards as well as including duplicate analyses.
Drill Program Update
The previously announced drill program at Bongará (see News Release from December 13, 2017) is expected to commence imminently, following the December approval of 124 drill platforms by the Peruvian Ministry of Energy and Mines. Two portable drill rigs are currently being mobilized to the project site, where nearly all 15 permitted platforms at Bongarita, located at the north end of the 1.4-km long trend of zinc mineralization, have been prepared for drilling. In addition, preparation of over two dozen platforms permitted at Mina Grande Sur, in the southern end of the mineralized trend, is in progress. After drilling of these areas is completed, the rigs will move to the Mina Grande Norte and Mina Grande Centro areas, respectively.
Results of the drill program at Bongarita, Mina Chica, and Mina Grande Sur will be used to better define the thickness and lateral extent of the mineralization that was not previously delineated by the surface channel and pit sampling nor by previous drilling,. This additional work at Bongará will continue to form the basis for advancement the development timeline.

About Zinc One Resources Inc.
Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. Zinc One’s key assets are the Bongará Mine and Charlotte-Bongará Zinc Projects in north-central Peru. The Bongará Zinc Mine Project was in production from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte-Bongará Zinc-Oxide Project, which is nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc. Zinc One is managed by a proven team of geologists and engineers who have previously constructed and operated successful mining operations.
The technical content of this news release has been reviewed, verified and approved by Bill Williams, COO and Director of Zinc One, a qualified person as defined by National Instrument 43-101.
Further Information
Monica Hamm
VP, Investor Relations
Zinc One Resources Inc.
Phone: (604) 974-5274
Email: mhamm@zincone.com

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. Zinc One 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 their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongará Zinc Oxide Project and the need to comply with environmental and governmental regulations. 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, Zinc One does not undertake to publicly update or revise forward-looking information.
Neither 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.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Endeavour Silver Provides 2018 Production and Cost Guidance

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK – https://www.youtube.com/…) issued today the 2018 production and cost guidance for its three operating mines and one development project in Mexico: the Guanaceví mine in Durango state, the Bolañitos and El Cubo mines in Guanajuato state, and the El Compas mine, now under development in Zacatecas state.

In 2018, silver equivalent production is expected to increase by 20% compared to 2017. Endeavour forecasts higher silver and gold production at all three existing mines as well as initial production from the new fourth mine at El Compas by the end of March, with commercial production scheduled for the end of July.

With the higher forecast production, cash costs and all-in sustaining costs are expected to decline in 2018 compared to 2017. The 2018 capital budget will increase from 2017 due to the development of the new El Compas mine, and two new high grade orebodies at Guanacevi, whereas the exploration budget will decrease as the focus shifts towards more development activities this year.

2018 Production Guidance

Silver production is anticipated to be in the range of 5.8-6.4 million ounces (oz) and gold production is expected be in the 58,000-64,000 oz range. Silver equivalent production is forecast to be 10.2-11.2 million oz using a 75:1 silver:gold ratio , as shown in the table below.

Mine Ag (M oz) Au (K oz) Ag Eq (M oz) Tonnes/Day (tpd)
Guanacevi 2.2-2.5 5.0-5.5 2.6-2.9 900-1,050
Bolanitos 1.0-1.1 23.5-25.5 2.8-3.0 1,100-1,250
El Cubo 2.5-2.7 22.5-24.5 4.2-4.5 1,300-1,450
El Compas 0.1-0.1 7.0-8.5 0.6-0.8 0-250(1)
Total 5.8-6.4 58.0-64.0 10.2-11.2 3,300-4,000
(1) El Compas is scheduled to achieve commercial production by the end of July 2018

Bradford Cooke, Endeavour CEO, commented, “We are looking forward to a much better year, with higher production and lower costs in 2018, owing to improved operating performance at each of the three existing mines and the development of our fourth mine into commercial production.

“Guanacevi should continue to improve this year as the mine completes its recovery from the operating issues that held it back last year. Bolanitos and El Cubo should both see higher production from steady throughput, higher silver grades and improving metal recoveries.

“We look forward to bringing Endeavour’s fourth mine into commercial production in the third quarter as the El Compas construction program nears completion. Over the next few months, we anticipate a number of potential material developments to catalyze our future growth, including:

• Update of the El Compas project construction and optimized mine plan and economics
• Completion of construction and commissioning of production at El Compas
• Release of an optimized pre-feasibility study for Terronera
• Receipt of the final government environmental permits for Terronera
• Continued exploration results from Parral and other projects
• Additional acquisitions to expand our development project pipeline

“All in all, 2018 should be a rewarding year for Endeavour Silver shareholders, outlining our commitment to ensure both the sustainability of our current operations while investing in our development pipeline to fuel future growth.”

Operating Mines

At Guanaceví, mine performance should continue to improve over the course of 2018. After resolving several operating issues in 2017, management recently launched a seven month mine-site training program aimed at significantly improving workforce productivity and cutting costs. Plant throughput should rise from the 900 tpd in Q4, 2017 to 1,050 tpd in Q4, 2018 and average 1,000 tpd in 2018. Two new orebodies at Milache and SCS are being developed to commence production before year-end in order to reduce the onus on Porvenir Norte and Santa Cruz and increase operational flexibility.

At Bolañitos, steady mine production and plant throughput are forecast at 1,200 tpd similar to 2017, primarily from the LL-Asunción and Plateros vein orebodies plus some historic mine fill. Silver grades are expected to be higher than 2017 but gold grades will be lower. An improvement in metal recoveries is expected due to modifications in the flotation circuit implemented late last year.

At El Cubo, mine production and plant throughput will also continue steady at 1,400 tpd from the V-Asunción, Dolores, and San Nicolas veins. Ore grades should increase considerably as a higher grade area of the V-Asuncion orebody is scheduled for mining this year. Metal recoveries should rise incrementally after modifying the flotation circuit late last year.

Operating Costs

Cash costs, net of gold by-product credits, are expected to be $6.00-$7.00 per oz of silver produced in 2018. Consolidated cash costs on a co-product basis are anticipated to be $10.00-$11.00 per oz silver and $750-$800 per oz gold.

All-in sustaining costs (AISC), net of gold by-product credits, in accordance with the World Gold Council standard, are estimated to be $15.00-$16.00 per oz of silver produced in 2018 reflecting new investments in exploration and development programs. When non-cash items such as stock-based compensation are excluded, AISC are forecast to be in the $14.50-$15.50 range. Excluding the investment to develop the SCS and Milache ore bodies into production at Guanacevi, AISC would decrease by $2.00 per oz to $13.00-$14.00 per oz.

On a co-product basis, AISC are anticipated to be $15.50-$16.00 per oz silver and $1,150-$1,200 per oz gold. Direct operating costs are estimated to be in the range of $80-$85 per tonne.

Management has assumed a $17 per oz silver price, $1,275 per oz gold price, and 19:1 Mexican peso per US dollar exchange rate for its 2018 cost forecasts.

2018 Capital Budget

In 2018, Endeavour plans to invest $48.4 million on capital projects including $41.1 million in sustaining capital at the four operating mines and $7.3 million in growth capital at the two development projects. At current metal prices, the sustaining capital investments will be covered by operating cash flow.

Growth capital of $7.2 million is budgeted to complete the construction of the El Compas project to commercial production.

At Guanacevi, a capital budget of $25.9 million is planned for 2018, including sustaining capital of $10.3 million to develop 9.2 kilometres (km) of mine access at the North Porvenir and Santa Cruz mines. A total of $13.3 million is budgeted to development the new ore bodies. An additional $2.3 million will be invested on site infrastructure, including plant and office equipment and building improvements.

At Bolañitos, a capital budget of $2.6 million is planned for 2018, including $0.5 million on mine development to access resources in LL-Asunción and Plateros veins, plus mineralized fill from historic stopes not included in resources. An additional $2.1 million is planned for supporting site infrastructure, including mobile equipment, plant equipment, office equipment and building improvements.

At El Cubo, a capital budget of $12.6 million is planned for 2018, including 5.9 km of mine development for $7.6 million, $2.0 million for refurbishment of underground mobile equipment, $1.8 million to increase the capacity of the tailings facility and an additional $1.2 million for site infrastructure, including vehicles, plant equipment, office equipment and building improvements.

In 2017, Endeavour received government environmental permits to build the Terronera mine and plant but the Company still awaits receipt of the dumps and tailings permits. Upon receipt of these final permits, and assuming a positive production decision and appropriate debt financing, the 2018 growth capital budget will be amended accordingly.

Mine Mine Development Other Capital Sustaining Capital Growth Capital Total Capital
Guanaceví $23.6 million $2.3 million $25.9 million – $25.9 million
Bolañitos $0.5 million $2.1 million $ 2.6 million – $2.6 million
El Cubo $7.6 million $5.0 million $12.6 million – $12.6 million
El Compas – – – $7.2 million $7.2 million
Corporate – – – $0.1 million $0.1 million
Total $29.0 million $6.6 million $41.1 million $7.3 million $48.4 million

Exploration Budget

In 2018, the Company plans to drill 44,000 metres (m) and spend $11.1 million on brownfields and greenfields exploration, development engineering, and land payments across its portfolio of properties. At the three existing mines, 17,000 m of core drilling are planned at a cost of $2.8 million. At the exploration and development projects, expenditures of $8.3 million are planned to drill 27,300 m, to advance engineering studies and meet property holding obligations.

At El Compas, 6,600 m will be drilled for $1.0 m primarily on the Calicanto concessions. The 2018 drilling will further test the new zones of high grade mineralization within the Misie-Karla-Karla HW and Calicanto veins discovered in 2017.

At Terronera, $1.7 million will be spent to complete an updated pre-feasibility study and a 6,600 m drill program. The 2018 drilling will focus on extending mineralization in the Terronera vein to the southeast of the current resource, plus testing other veins.

At Parral, $2.2 million will be spent on drilling 12,000 m to extend historic and new resource areas and complete a preliminary economic assessment.

In Chile, the Company will conduct a 3,000 m drill program on one property exploring for bulk tonnage silver-lead-zinc manto mineralization.

Project 2018 Activity Drill Metres Expenditures (millions)
Guanaceví Drilling 6,600 $0.8
Bolanitos Drilling 5,400 $1.0
El Cubo Drilling 5,000 $1.0
El Compas Drilling 6,600 $1.0
Terronera Drilling/Update PFS 5,400 $1.2
Parral Drilling/PEA 12,000 $2.2
Guadalupe y Calvo Mapping – $0.2
Chile Drilling 3,000 $1.3
Mexico Holding Costs/Land Payments – $2.4
Total 44,000 $11.1

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver gold mines in Mexico. In 2018, the Company is forecasting a 20% production increase to 10.2-11.2 million oz silver equivalent. Endeavour has a compelling pipeline of silver-gold exploration and development projects and plans to build new mines over the next three years to fuel its next stage of organic growth. Our mission is to become a premier senior producer in the silver mining sector.

Contact Information – For more information, please contact:
Galina Meleger, Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018 and the timing and results of various future activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Endeavour Silver Produces 4.9 Million oz Silver and 53,007 oz Gold

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports 2017 production of 4.9 million ounces (oz) silver and 53,007 oz gold, meeting the company’s revised guidance on silver and exceeding revised guidance on gold. Silver equivalent production totaled 8.9 million oz at a 75:1 silver: gold ratio, approaching the top end of revised guidance.

Silver production in the Fourth Quarter, 2017 was 1,436,962 oz and gold production was 14,577 oz, for silver equivalent production of 2.5 million oz, marking the third consecutive quarter of improved production and a 30% increase over the Fourth Quarter, 2016. Endeavour owns and operates three silver mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

Production Highlights for Fourth Quarter, 2017 (Compared to Fourth Quarter, 2016)

• Silver production increased 32% to 1,436,962 oz
• Gold production increased 28% to 14,577 oz
• Silver equivalent production was 2.5 million oz (at a 75:1 silver: gold ratio)
• Silver ounces sold totaled 1,392,518 oz
• Gold ounces sold totaled 14,117 oz
• Bullion inventory at year-end included 209,337 oz silver and 487 oz gold
• Concentrate inventory at year-end included 31,984 oz silver and 739 oz gold

Production Highlights for Fiscal 2017 (Compared to Fiscal 2016)

• Silver production decreased 9% year-on-year to 4,919,788 oz
• Gold production decreased 8% to 53,007 oz
• Silver equivalent production was 8.9 million oz (at a 75:1 silver: gold ratio)
• Silver ounces sold totaled 4,892,855 oz
• Gold ounces sold totaled 51,460 oz

Bradford Cooke, CEO, commented, "In 2017, silver equivalent production met the low end of our original guidance and the high end of our revised guidance, notwithstanding several operating challenges at the Guanacevi mine. I am pleased to say our operations team resolved many of those operating issues and they have plans to complete Guanacevi’s recovery to normal operations in 2018.

“After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year. Ore grades and throughput both improved in the second half. A productivity optimization program is being launched at Guanacevi this month and additional operational improvements are planned this year at Bolanitos and El Cubo. As we advance our development projects and continue optimizing our existing mines, we look forward to delivering one of the best growth profiles in the silver mining sector.

“The El Compas mine and plant development project continues to move forward on time and budget, targeting initial production in late March, 2018. Both the main mine portal and the secondary ramp entrance infrastructure are now complete; the main mine ramp has advanced 174 meters, and plant refurbishment was 82% complete at the end of December. Management is excited about the recent high grade drilling results at the nearby Calicanto property and the other properties we acquired in the Zacatecas district in 2017. Drilling will resume at Calicanto this month.

“At Terronera, we received permits to build the mine and plant and we await receipt of the dumps and tailings permits. Several trade-off studies were completed in 2017 and management expects to release a summary of an updated pre-feasibility study in February. Assuming a positive production decision in the first quarter, we plan to break ground in the second quarter and target initial production by late 2019. We are equally excited about the 2017 high grade drilling results at Terronera and drilling will resume this month.

“In the third quarter, we appointed a new Vice-President, Engineering, to oversee our technical services and development projects. Over the past few months, we have built a core engineering team, including managers of mining, construction, permitting and resource estimation, to significantly expand our internal capabilities to evaluate, design and build our new mines. This group is responsible for the delivery of our development projects, reaffirming our renewed focus on growth.”

Operating Highlights for 2017

Consolidated Production

Fourth Quarter Production by Mine

2017 Production by Mine

1) 2017 silver equivalents based on a 75:1 gold:silver ratio; 2016 silver equivalents based on a 70:1 gold:silver ratio
2) gpt = grams per tonne

Guanaceví Mine

• Silver equivalent production met revised guidance but was below original guidance for 2017 due to lower throughput resulting from mine flooding, related to an incursion of hot water and power outages from power grid problems and a lightning strike that caused pumps to fail. These problems were resolved in the 2nd half of 2017. Additionally, slower mine development due to narrower vein widths than modeled also contributed to lower mine output. Initial production from the Milache and Santa Cruz Sur orebodies in the 2nd half of 2018 should help boost both throughput and grades
• Silver production met revised guidance, based on lower throughput partly offset by higher silver recovery
• Gold production beat revised guidance, based on lower throughput partly offset by higher gold grade
• Completed 10.5 kilometres (km) of underground mine development
• Extended the Porvenir Centro and Santa Cruz mineralized zones

Bolañitos Mine

• Silver equivalent production significantly exceeded guidance for 2017
• Silver production met guidance due to higher throughput and silver recovery, partly offset by lower silver grade
• Gold production beat guidance due to higher throughput, higher gold grade and recovery
• Completed 3.6 km of underground mine development
• Extended the LL-Asuncion and Plateros orebodies

El Cubo Mine

• Silver equivalent production was below guidance for 2017
• Silver production met guidance, notwithstanding slightly lower throughput and silver recovery
• Gold production was below guidance due to lower throughput and gold grade
• Completed 9.2 km of underground mine development
• Explored several targets at El Cubo North

Sustainability Programs

• Endeavour was active once again investing in sustainability programs for safety, health, education, environment and community
• Bolanitos and El Cubo both received the annual “Socially Responsible Company” Award
• The Company planted 43,939 trees and cacti to reclaim disturbed ground in 2017
• The 2017 Annual Review and Sustainability Report will be published in early May

Upcoming News

Over the next month, Endeavour expects to release:

• Updated economics for the new El Compas mine
• Year-end reserve and resource estimates
• 2018 production and cost guidance

Summary results of an optimized pre-feasibility study for Terronera are scheduled for release in mid-late February.

Release of 2017 Financial Results and Conference Call
The 2017 Fourth Quarter and year-end consolidated financial results will be released before market on Monday, February 26, 2018 and a telephone conference call will be held the same day at 10:00am PDT (1:00pm EDT). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 1979#. The audio replay and a written transcript will also be made available on the Company’s website at www.edrsilver.com.

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver gold mines in Mexico. Since start up in 2004, Endeavour has grown its mining operations organically to produce 8.9 million ounces of silver equivalents in 2017. Development of Endeavour’s high-grade discovery on the Terronera property in Jalisco state, the permitted El Compas mine and plant in Zacatecas state, and the prospective Parral properties in Chihuahua state, should facilitate the Company’s goal to become a premier senior producer in the silver mining sector.

Contact Information – For more information, please contact:
Galina Meleger, Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018 and the timing and results of various future activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

First Cobalt Reports Positive Borehole Geophysics Results

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – http://www.commodity-tv.net/…) is pleased to announce positive results from a borehole geophysics program in the Canadian Cobalt Camp. An electromagnetic program successfully identified a geophysical signature associated with vein-style mineralization intersected in recent drilling as well as an off-hole anomaly, providing a new exploration tool for the Cobalt Camp.

Highlights
• In-hole and off-hole electromagnetic (EM) anomalous responses corresponding to veining have been encountered at the Woods Vein Extension and near the Keeley mine
• Off-hole anomalous results will be targeted for follow-up in the winter drill program
• Final data interpretation is nearly complete and results are being incorporated into the planning for January 2018 drilling

Trent Mell, President & Chief Executive Officer, commented:
“Borehole electromagnetics may prove to be an effective tool for quickly detecting potential mineralization in the Camp. This signature connects veining logged in drill core with anomalous EM responses measured in-holes and potentially off-holes. We will continue to use EM type surveys in other areas to expedite future exploration planning.”

First Cobalt completed tests using a borehole electromagnetic (EM) system on ten drillholes in Cobalt South that are known to have intersected vein-style mineralization. The objective of this program was to assess EM methods against known mineralized targets to validate this geophysical tool for future application in the Cobalt Camp.

EM surveys measure electrical conductivity contrast between conductive minerals containing metals such as cobalt and silver and the host rock. The system detects conductivity in rocks intersected in the drillhole, an “in-hole response,” and away from the hole, an “off-hole response,” to a distance of approximately 100 metres.

Three areas were targeted for surveying: the area known as the Woods Vein Extension, the Frontier #1 vein and an area near the Keeley mine (Figure 1). The Woods Vein Extension area was previously believed to be barren but, based on new mapping and drilling, may be the extension of the Woods-Watson vein system that accounted for over 80% of the historic production in the Cobalt South region of the Cobalt Camp.

Electromagnetic Survey Results
Results of the program were positive, with both in-hole and off-hole electromagnetic anomalous responses encountered.
Five holes were surveyed near the Keeley mine and three at the Woods Vein Extension, to the north of the Frontier mine. Three holes with known cobalt veining provided an in-hole EM response consistent with drill core logging and assay results, confirming the ability of EM to detect a geophysical signature for cobalt veins.

More significantly, surveying in one hole near the Keeley mine detected an off-hole response, indicating a potential extension of the veining recorded in the hole. Two holes drilled along the Frontier #1 vein were also surveyed to detect off-hole anomalies, but did not encounter any EM responses.

Next Steps
EM surveying has not been used extensively in the Cobalt Camp despite cobalt and silver minerals being excellent conductors. The pulse EM method which is being used is well suited for this setting. The success of this program has three implications for First Cobalt.
First, ground-based EM system testing will commence shortly to determine if the cobalt veins encountered by drilling can be detected from surface. An expanded ground EM survey over the Woods Extension area is also being considered. If the results from the borehole program can be replicated from surface, EM surveys could have a camp-wide application as a prospecting and drill hole targeting tool.
Second, the off-hole anomaly detected near Keeley will be targeted during the winter drilling program starting in January.

A third implication is the opportunity to employ EM more systematically with drill campaigns, in order to quickly identify the extension of mineralized intercepts.
Crone Geophysics, based in Mississauga, Ontario, have been contracted to conduct the surveys. Crone Geophysics develops high quality instruments and has provided leading edge surveying and consulting since 1962.

Figure 1. Bedrock geology and location of holes surveyed
Qualified and Competent Person Statement
Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.

About First Cobalt
First Cobalt is the largest land owner in the Cobalt Camp in Ontario, Canada. The Company controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.
On behalf of First Cobalt Corp.

Trent Mell
President & Chief Executive Officer
For more information visit www.firstcobalt.com or contact:
Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891

In Europe:
Swiss Resource Capital AG – Jochen Staiger
info@resource-capital.ch – www.resource-capital.ch

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

This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects‘, "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and risks set out in First Cobalt’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox