Endeavour Silver Announces Filing of NI 43-101 Technical Reports for Guanacevi and Bolañitos Mines
27 January 2023 - 9:30AM
Endeavour Silver Corp. (“Endeavour” or the “Company”)
(TSX:
EDR, NYSE: EXK) announces today it has filed technical
reports (the “
Technical Reports”) prepared in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
The Technical Reports are entitled “NI 43-101
Technical Report: Updated Mineral Resource and Reserve Estimates
for the Guanaceví Project, Durango State, Mexico” (the
“2022 Guanacevi Report”) with an effective date of
November 5, 2022, and “NI 43-101 Technical Report: Updated Mineral
Resource and Reserve Estimates for the Bolañitos Project,
Guanajuato State, Mexico” (the “2022 Bolañitos
Report”) with an effective date of November 9, 2022 and
are co-authored by the Company and by Hard Rock Consulting, LLC
(“Hard Rock”), a full-service geologic and mine
engineering firm.
Below is a summary of material
information from the 2022 Guanacevi Report
Mineral Resource Estimate:
Classification |
Tonnes |
Grade |
Contained Metal |
Mass(kt) |
Silver (g/t) |
Gold (g/t) |
AgEq (g/t) |
Silver (koz) |
Gold(koz) |
AgEq(koz) |
Measured |
138.8 |
569 |
1.4 |
670 |
2,538 |
6.1 |
2,992 |
Indicated |
575.6 |
443 |
1.1 |
528 |
8,197 |
21.0 |
9,770 |
Measured and Indicated |
714.4 |
467 |
1.2 |
556 |
10,735 |
27.0 |
12,762 |
Inferred |
838.7 |
416 |
0.9 |
487 |
11,225 |
25.0 |
13,132 |
Notes:
- The effective date of the Mineral
Resource estimate is May 31, 2022. The QP for the estimate, Mr.
Richard A. Schwering, SME-RM of Hard Rock, is independent of
Endeavour Silver.
- Inferred Mineral Resources are that
part of a Mineral Resource for which the grade or quality are
estimated on the basis of limited geological evidence and sampling.
Inferred Mineral Resources do not have demonstrated economic
viability and may not be converted to a Mineral Reserve. It is
reasonably expected, though not guaranteed, that the majority of
Inferred Mineral Resources could be upgraded to Indicated mineral
resources with continued exploration.
- Measured, Indicated and Inferred
resource silver equivalent cut-off grades were 252 g/t for veins
inside the El Curso and Porvenir Frisco Concession, 212 g/t for the
Santa Cruz Sur Vein System, and 219 g/t for the remaining Mineral
Resources including those veins estimated using VLP methods at
Guanaceví.
- Metallurgical recoveries were 86.4%
for silver and 90.1% for gold.
- Silver equivalents are based on a
79.6:1 silver to gold price ratio.
- Price assumptions are $US21.80 per
troy ounce for silver and $US1,735.00 per troy ounce for gold for
the Mineral Resource cut-off calculations. These prices are based
on the 36-month moving average as of the effective date.
- Mineral Resources are reported
exclusive of Mineral Reserves.
- Rounding may result in apparent
differences when summing tonnes, grade and contained metal content.
Tonnage and grade measurements are in metric units. Grades are
reported in grams per tonne (g/t). Contained metal is reported as
troy ounces (t. oz).
Mineral Reserve Estimate:
Classification |
Tonnes |
Grade |
Contained Metal |
Mass(kt) |
Silver(g/t) |
Gold(g/t) |
AgEq(g/t) |
Silver(koz) |
Gold(koz) |
AgEq(koz) |
Proven |
162.7 |
543 |
1.31 |
648 |
2,841 |
6.9 |
3,390 |
Probable |
1,096.7 |
466 |
1.11 |
555 |
16,445 |
39 |
19,579 |
Proven and Probable |
1,259.4 |
476 |
1.14 |
567 |
19,287 |
46.0 |
22,969 |
Notes:
- Cutoff Grades: 219 g/t AgEq for Milache; 212 g/t AgEq for Santa
Cruz Sur and 252 g/t AgEq for El Curso and El Porvenir including
the royalties payable.
- Minimum Mining Width: 0.8m.
- External Dilution Long Hole: 35% (Milache 40%)
- Silver Equivalent: 79.6:1 silver to gold
- Gold Price: US $1,735/oz.
- Silver Price: US $21.80/oz.
- Gold Recovery: 91.0%
- Silver Recovery: 86.4%
- Mineral resources are estimated exclusive of and in addition to
mineral reserves.
- Figures in table are rounded to reflect estimate precision;
small differences generated by rounding are not material to
estimates.
Below is a summary of material
information from the 2022 Bolañitos Report
Mineral Resource Estimate:
Classification |
Tonnes |
Grade |
Contained Metal |
Mass(kt) |
Silver(g/t) |
Gold(g/t) |
AgEq(g/t) |
Silver(koz) |
Gold(koz) |
AgEq(koz) |
Measured |
42.0 |
97 |
3.0 |
322 |
131 |
4.0 |
435 |
Indicated |
411.5 |
111 |
2.3 |
279 |
1,470 |
30.0 |
3,697 |
Measured and Indicated |
453.5 |
110 |
2.3 |
283 |
1,601 |
34.0 |
4,132 |
Inferred |
1,656.6 |
141 |
2.5 |
331 |
7,494 |
132.2 |
17,608 |
Notes:
- The effective date of the Mineral
Resource estimate is May 31, 2022. The QP for the estimate, Mr.
Richard A. Schwering, SME-RM of Hard Rock, is independent of
Endeavour.
- Inferred Mineral Resources are that
part of a Mineral Resource for which the grade or quality are
estimated on the basis of limited geological evidence and sampling.
Inferred Mineral Resources do not have demonstrated economic
viability and may not be converted to a Mineral Reserve. It is
reasonably expected, though not guaranteed, that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
- Measured, Indicated, and Inferred
resource silver equivalent cut-off grades were 149 g/t for veins
located in the La Luz and San Miguel production areas and veins
estimated using VLP methods at Bolañitos, 157 g/t for the Belen
vein system, and 151 g/t for veins located in the Lucero production
area.
- Metallurgical recoveries were 85.7%
for silver and 90.1% for gold.
- Silver equivalents are based on a
79.6:1 silver to gold price ratio.
- Price assumptions are $US21.80 per
troy ounce for silver and $US1,735.00 per troy ounce for gold for
resource cut-off calculations. These prices are based on the
36-month moving average as of the effective date.
- Mineral Resources are reported
exclusive of Mineral Reserves.
- Rounding may result in apparent
differences when summing tonnes, grade and contained metal content.
Tonnage and grade measurements are in metric units. Grades are
reported in grams per tonne (g/t). Contained metal is reported as
troy ounces (t. oz).
Mineral Reserve Estimate:
Classification |
Tonnes |
Grade |
Contained Metal |
Mass(kt) |
Silver(g/t) |
Gold(g/t) |
AgEq(g/t) |
Silver(koz) |
Gold(koz) |
AgEq(koz) |
Proven |
158 |
57 |
2.63 |
266 |
290 |
13.4 |
1,357 |
Probable |
376 |
73 |
2.41 |
265 |
878 |
29.2 |
3,199 |
Proven + Probable |
534 |
101 |
2.8 |
326 |
1,168 |
42.6 |
4,556 |
Notes:
- Cut-Off Grades: 149 g/t silver
equivalent for San Miguel, 149 g/t silver equivalent for La Luz,
151 g/t silver equivalent for Lucero and 157 g/t silver equivalent
for Belen
- Minimum Mining Width: 0.8 m.
- Cut and Fill Stope Size: 7m W x 4m
H
- Long Hole Stope Size: 7m W x 20m
H
- External Dilution Cut and Fill:
24%
- External Dilution Long Hole:
40%
- Gold Price: US $1,735 /oz
- Silver Price: US $21.80 /oz
- Gold Recovery: 90.1%
- Silver Recovery: 85.7%
- Dilution factors averaged 37.14%.
Dilution factors are calculated based on internal stope dilution
calculations and external dilution factors of 24% for cut and fill
and 40% for long hole.
- Silver equivalents are based on a
79.6:1 silver:gold ratio.
- Figures in table are rounded to
reflect estimate precision; small differences generated by rounding
are not material to estimates.
Reconciliation to Previously Disclosed
Mineral Resource and Mineral Reserve Estimates
The following table compares the current mineral
resource and mineral reserve estimates to those previously
disclosed by the Company (see news release dated February 3, 2021).
The changes in mineral resource and mineral reserve estimates
resulted from a combination of depletion through mining and
production, increases in gold price to $1735/oz (2022) from
$1465/oz (2020) and silver price to $21.80/oz (2022) from $16.51/oz
(2020) which affected cut-off grades, re-classification of vertical
longitudinal projection Mineral Resources from Indicated and
Inferred to Inferred only, and mineral resource and mineral reserve
expansion through drilling and mine development.
Silver-Gold Proven and Probable Reserves |
|
|
Tonnes (000s) |
Ag (g/t) |
Au (g/t) |
Ag Eq (g/t) |
Ag (koz) |
Au (koz) |
Ag Eq (koz) |
|
|
Proven |
|
Guanaceví (Dec 2020) |
141 |
|
319 |
|
0.82 |
|
385 |
|
1,445 |
|
3.7 |
|
1,742 |
|
|
Guanaceví (May 2022) |
163 |
|
543 |
|
1.31 |
|
648 |
|
2,841 |
|
6.9 |
|
3,390 |
|
|
Difference (%) |
16% |
|
70% |
|
60% |
|
68% |
|
97% |
|
86% |
|
95% |
|
|
Bolañitos (Dec 2020) |
76 |
|
34 |
|
2.62 |
|
243 |
|
83 |
|
6.4 |
|
596 |
|
|
Bolañitos (May 2022) |
158 |
|
57 |
|
2.63 |
|
266 |
|
290 |
|
13.4 |
|
1,357 |
|
|
Difference (%) |
107% |
|
68% |
|
1% |
|
9% |
|
249% |
|
109% |
|
128% |
|
|
Probable |
|
Guanaceví (Dec 2020) |
948 |
|
346 |
|
0.95 |
|
422 |
|
10,554 |
|
28.8 |
|
12,859 |
|
|
Guanaceví (May 2022) |
1,097 |
|
466 |
|
1.11 |
|
555 |
|
16,445 |
|
39.0 |
|
19,579 |
|
|
Difference (%) |
16% |
|
35% |
|
17% |
|
32% |
|
56% |
|
35% |
|
52% |
|
|
Bolañitos (Dec 2020) |
237 |
|
53 |
|
2.51 |
|
254 |
|
405 |
|
19.1 |
|
1,930 |
|
|
Bolañitos (May 2022) |
376 |
|
73 |
|
2.41 |
|
265 |
|
878 |
|
29.2 |
|
3,199 |
|
|
Difference (%) |
59% |
|
37% |
|
-4% |
|
4% |
|
117% |
|
53% |
|
66% |
|
|
|
|
|
|
|
|
|
|
|
Silver-Gold Measured and Indicated Resources |
|
|
Tonnes (000s) |
Ag (g/t) |
Au (g/t) |
Ag Eq (g/t) |
Ag (koz) |
Au (koz) |
Ag Eq (koz) |
|
|
Measured |
|
Guanaceví (Dec 2020) |
95 |
|
405 |
|
0.88 |
|
475 |
|
1,240 |
|
2.7 |
|
1,456 |
|
|
Guanaceví (May 2022) |
139 |
|
569 |
|
1 |
|
670 |
|
2,538 |
|
6 |
|
2,992 |
|
|
Difference (%) |
46% |
|
41% |
|
59% |
|
41% |
|
105% |
|
127% |
|
106% |
|
|
Bolañitos (Dec 2020) |
35 |
|
76 |
|
2.37 |
|
265 |
|
85 |
|
2.6 |
|
296 |
|
|
Bolañitos (May 2022) |
42 |
|
97 |
|
3 |
|
322 |
|
131 |
|
4 |
|
435 |
|
|
Difference (%) |
21% |
|
28% |
|
27% |
|
21% |
|
55% |
|
51% |
|
47% |
|
|
Indicated |
|
|
|
|
|
|
|
|
Guanaceví (Dec 2020) |
566 |
|
363 |
|
0.82 |
|
428 |
|
6,603 |
|
14.9 |
|
7,797 |
|
|
Guanaceví (May 2022) |
576 |
|
443 |
|
1 |
|
528 |
|
8,197 |
|
21 |
|
9,770 |
|
|
Difference (%) |
2% |
|
22% |
|
34% |
|
23% |
|
24% |
|
41% |
|
25% |
|
|
Bolañitos (Dec 2020) |
193 |
|
105 |
|
2.67 |
|
319 |
|
654 |
|
16.5 |
|
1,976 |
|
|
Bolañitos (May 2022) |
412 |
|
111 |
|
2 |
|
279 |
|
1,470 |
|
30 |
|
3,697 |
|
|
Difference (%) |
113% |
|
5% |
|
-14% |
|
-12% |
|
125% |
|
82% |
|
87% |
|
|
|
|
|
|
|
|
|
|
|
Silver-Gold Inferred Resources |
|
|
|
|
|
|
|
|
Tonnes (000s) |
Ag (g/t) |
Au (g/t) |
Ag Eq (g/t) |
Ag (koz) |
Au (koz) |
Ag Eq (koz) |
|
|
|
Inferred |
|
|
|
|
|
|
|
|
Guanaceví (Dec 2020) |
866 |
|
495 |
|
1.18 |
|
589 |
|
13,765 |
|
32.7 |
|
16,384 |
|
|
Guanaceví (May 2022) |
839 |
|
416 |
|
1 |
|
487 |
|
11,225 |
|
25 |
|
13,132 |
|
|
Difference (%) |
-3% |
|
-16% |
|
-23% |
|
-17% |
|
-18% |
|
-24% |
|
-20% |
|
|
Bolañitos (Dec 2020) |
311 |
|
80 |
|
2.82 |
|
305 |
|
798 |
|
28.2 |
|
3,054 |
|
|
Bolañitos (May 2022) |
1,657 |
|
141 |
|
3 |
|
331 |
|
7,494 |
|
132 |
|
17,608 |
|
|
Difference (%) |
433% |
|
77% |
|
-11% |
|
8% |
|
839% |
|
369% |
|
477% |
|
|
National Instrument 43-101
Disclosure
The 2022 Guanacevi Report and the 2022 Bolañitos
Report were co-authored by Dale Mah, P.Geo., Vice President,
Corporate Development of Endeavour, Don Gray, SME-RM, Chief
Operations Officer of Endeavour and Richard A. Schwering, SME-RM of
Hard Rock Consulting LLC. Mr. Schwering is independent of
Endeavour. These authors are Qualified Persons as defined by NI
43-101 and are responsible for all sections of the Technical
Reports. These Qualified Persons have prepared the scientific and
technical information in the Guanacevi and Bolañitos reports and
have reviewed and approved the technical information contained in
this news release.
The Technical Reports are available for download
under the Company's profile on SEDAR at www.sedar.com and on the
Company's website at www.edrsilver.com, and will be filed on EDGAR
as soon as practicable at www.sec.gov. There are no differences in
the Technical Reports from the information disclosed in this News
Release.
About Endeavour SilverEndeavour
is a mid-tier precious metals mining company that operates two
high-grade, underground silver-gold mines in Mexico. Endeavour is
currently advancing the Terronera mine project towards a
development decision, pending financing and final permits and
exploring its portfolio of exploration and development projects in
Mexico, Chile and the United States to facilitate its goal to
become a premier senior silver producer. The Company’s
philosophy of corporate social integrity creates value for all
stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information Galina Meleger, Vice
President of Investor RelationsTel: (604) 685-9775Email:
gmeleger@edrsilver.com Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, Twitter,
Instagram and LinkedIn
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 estimates of mineral resources and
mineral reserves contained in the Technical Reports, statements
regarding Endeavour’s anticipated performance in 2022 and the
timing and results of various operations and 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, production
levels, performance or achievements of Endeavour and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited to the
ultimate impact of the COVID 19 pandemic on operations and results,
changes in production and costs guidance, national and local
governments, legislation, taxation, controls, regulations and
political or economic developments in Canada and Mexico; financial
risks due to precious metals prices, 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 available
at www.sedar.com.
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.
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