Category: Exploration and Development

The Company has finalized its plans for a two-phase drilling program on the “Main Zone” at its 100% owned advanced exploration Pilar Gold Project in the Sonora State of Mexico. To date, Colibri has defined an in-house resource calculation on Main Zone deposit of 700,000 tonnes grading 1.9 g/t. This new program is designed to expand this resource and define it by NI 43-101 standards.

During the year following the December 2016 decision to exercise its right to earn back an ownership interest in the Alacrán project, Teck carried out exploration comprising geological mapping, surface geochemical sampling and geophysical (IP and CSAMT) surveys, with most activities focused in the western half of the property. This work confirmed two high priority targets which were tested by diamond drilling, with three rigs completing 11 holes totalling 4,905m.

“Sierra’s management team is extremely pleased with the significant increases realized in the measured and indicated resource, and the increase in inferred resources reported in this resource estimate for the Cusi Mine” stated Igor Gonzales, President and CEO of Sierra Metals Inc. “When compared to the previous estimate from January 2017, the Company saw a 129% increase to the measured and indicated resource tonnage and a 36% increase in the inferred resource tonnage. These increases represent a significant amount of additional drilling and mine exploration development work completed at the Cusi Mine which included the Santa Rosa de Lima Zone which has strong potential for further structural extensions of high-grade zones. Furthermore, the increased resource tonnage volume is a result of wider, higher-grade silver zones which are the foundation for the Company’s new operating plan which should significantly improve the cashflow prospects for Cusi in 2018 and beyond.”

N. Eric Fier, CPG, P.Eng, President and CEO, remarked, “Our continued drilling of the Babicanora Vein has shown consistent high-grades along the drill-tested strike length of over one kilometer, and this vein is open to the southeast and northwest. Currently, we are drilling an additional 10 to 15 surface holes at the Babicanora Vein to test for further extensions by mid-January 2018 in anticipation of releasing a maiden resource estimate for the Las Chispas Property in February 2018.”

Neil Woodyer, CEO stated: “A Measured and Indicated mineral resource of 2.1 million ounces provides a sound basis for preparation of mine design and mineral reserves. We continue our development program for Bermejal Underground and the ramp has advanced to 204 metres as of December 22, 2017.”

During the first quarter of 2018, exploration will continue at the El Tigre property with the focus continuing to be on locating and defining other high-grade vein systems on the property. The Company will also begin testing the potential of the favourable El Tigre formation along strike to the south of the El Tigre mine with geological and prospecting teams mapping and collecting rock and geochemical samples over a distance of 5 kilometers to the south between Gold Hill and the Lluvia de Oro prospect.

“We are pleased at achieving this significant milestone for the Company,” said Daren Dell, Americas Silver’s Chief Operating Officer. “This mine will be the cornerstone of our Mexican operations and provide cash flow for further drilling and development of our Zone 120 resource, as well as future exploration on our greater land position in the Cosalá district without equity dilution. I would like to thank the entire staff of the Cosalá Operations who successfully brought the San Rafael mine into production while sustaining operations without significant interruption at the Company’s Nuestra Senora mine.”

The first two holes completed, LV5039 and LV5040, intersected thick massive sulphide intervals associated with the Juarez Limestone over 5.60m and 4.35m respectively. Assays are pending but visual analysis shows mineralisation comprises banded textured massive sulphides with very fine to fine-grained pyrite overprinted by coarse-grained yellow to reddish sphalerite and minor galena associated with carbonates.

J.D. Poliquin, chairman of Almaden stated, “We are very encouraged to be outlining this new mineralized zone in an area modelled as waste for stripping within our PFS pit, and look forward to the inclusion of this new zone in future mine plans. Ongoing drilling will continue to seek more such zones even as the engineering work and feasibility study progress.”

Ante la petición de la empresa canadiense, el gobernador dijo “nosotros esperamos que este sea un asunto que encuentre un camino de solución, porque a nadie la conviene lo que está pasando y nosotros vamos a intervenir cuando tengamos la posibilidad legal de intervenir”.