Category: Exploration and Development

Managing Director Will Dix commented “the new intersections to the south of our modelled mineralisation continue to support the Company’s view that significant base metal resources exist down dip and down plunge of the mine development. These new results will be incorporated into our initial resource estimate due out next month and provide additional targets for immediate follow up. This and the recent regional exploration results have provided the impetus for a re-think on capital management and the decision to focus our cash in the ground rather than accelerating the restructure of the project ownership at this time.”

Bradley Langille, CEO, stated “We are reaffirming our production target of 400,000 to 500,000 silver equivalent ounces for the quarter, and the recent changes to the Parral heap leach should significantly impact future production.”

Santacruz Silver Mining Ltd. announces the results of its resource estimate for the Panuco silver deposit located in Zacatecas, Mexico. The Panuco deposit is situated within Santacruz’s Veta Grande project area and is located approximately five kilometers north of the Company’s Veta Grande Mine and mineral processing facility. The deposit is accessed by paved road and is characterized by modest relief at an average elevation of 2300 meters above mean sea level. The Veta Grande project consists of 184 mining concessions covering an area of 8,944 hectares (22,101 acres) in the Zacatecas Mining District, Mexico.

N. Eric Fier, CPG, P.Eng, President & CEO commented, “We continue to gain further access to historic workings and expand our high grade footprint at Las Chispas. The latest results from the ongoing underground rehabilitation are for the historic Varela Mine, which includes bonanza grades of up to 40.9 grams per tonne gold and 610.0 gpt silver or 3,677.5 gpt silver equivalent (“AgEq”, based on 75(Ag): 1(Au) and 100% metallurgical recovery) over 0.3 metres. Our sample results on four levels are showing multiple grades of over 1,400 gpt AgEq. From visual inspection, the Varela Mine has two veins (the Main Vein and the Footwall Vein) and appears to have had less historical production than either the Las Chispas or William Tell veins. The grades mined at Varela may have been below an assumed historic cut-off grade of 1,000 gpt silver. SilverCrest plans on drill testing this target during the ongoing Phase II exploration program.”

Riverside’s President and CEO, John-Mark Staude, stated: “We are very encouraged by the results obtained by the geochemical and geophysical surveys completed to date at the Glor Project. Together with the results of the soil survey and geological mapping, the IP survey has provided us with several attractive drilling targets. We now look forward to results from the rock-channel sampling and recently added trenching program, with plans in place to start drilling next quarter.”

The program is targeting potential sulphide mineralization at depth believed to be underneath and adjacent to, the main zone of mineralization already defined at Sierra Mojada. Deep structures are thought to be the conduits from which the shallow mineralization seen on the project has been emplaced, and are the targets of this program. A number of drill holes have previously intercepted structurally controlled sulphide mineralization such as drill hole “B11144”, which intercepted 8.45 meters at 17% zinc, 5.45% lead, and 60g/t silver starting at 193 meters. In addition, recent underground mapping and sampling identified another area of structurally controlled sulphide mineralization with underground channel samples returning grades up to 690g/t silver, 15.25% zinc, 4.8% lead, and 1% copper.

“It is with extreme sadness that we announce this tragic accident. Our deepest sympathies and thoughts go out to this miner’s family, friends and co-workers,” said Arturo Prestamo, Santacruz Silver President and Chief Executive Officer. “We strive to have a safe workplace as we take health and safety of our employees with the highest priority. We are investigating with the authorities the cause of this accident and taking all possible measures to ensure this does not happen in the future.”

Christopher Ecclestone, CEO of Alix, stated: “We are very pleased to have quickly reached this significant milestone with Lithium Australia and look forward to our maiden drill program on Li-rich targets in Agua Fria. The objective is to discover lithium-rich clay layers similar to that of the Bacanora/REM La Ventana deposit.”

BACANORA MINERALS LTD., the Canadian and London listed lithium company developing the Sonora Lithium Project in northern state of Sonora, Mexico, is pleased to provide an update on activities being undertaken as part of the Company’s upcoming definitive Feasibility Study.

“We are very pleased to have declared commercial production at our Veta Grande Mine, which represents a new chapter for the Company as we diligently work to increase our total production threshold in Mexico. A number of activities are in progress to support further throughput growth at Veta Grande, which we see as a cornerstone asset for Santacruz.” stated CEO Arturo Préstamo. “Over the past six months, the Company has also been working to augment and diversify mineralized feed for the Rosario Mine milling facility, including the delivery of higher grade material from the Cinco Estrellas property located 40km away. While production from the Rosario Mine itself decreased in the third quarter due to narrower zones of mineralization, it is expected that additional tonnage from Cinco Estrella coupled with the commencement of commercial production at the Veta Grande Mine should result in significant increases in production in 2017.”