Category: Exploration and Development

Greg McKenzie, President and CEO commented: “Within a week of acquiring La Parrilla our team successfully commenced underground drilling and we are proud to report our inaugural drill results from this world class silver project. Over a few weeks we were able to utilize the existing mining fleet and personnel to restore services and broaden access to additional drill sites. We expect this will continue throughout the remainder of 2023. The results reported today are within immediate proximity to development, ventilation, power, and other services that will support restart of operations at the appropriate time.”

Michael Tucker, lead geologist and director states, “The continued ability of the lower breccia zone to produce highly elevated gold grades over significant widths is very compelling. The system has proven the ability to generate spectacular grades and thicknesses. The indications of a large magmatic-hydrothermal system are present, and we are excited to continue expanding on these exceptional results as they clearly demonstrate there is a big system to be explored .”

The drill program has been optimized to focus on expanding the California zone oxide mineralization, which remains open laterally in every direction, with a minimum 11 holes and 1,600m of RC drilling in this current stage of exploration. The California zone porphyry target has a footprint of over 1 km x 1km exposed to date.

“What stands out in the filed Technical Report, not previously disclosed, is the Exploration Potential. The Technical Report establishes an Exploration Target for El Tigre of 7 to 9 million tonnes at 3.0 to 3.5 g/t AuEq for 675,000 ounces to 1 million ounces AuEq. We will immediately begin the process of drilling these significant potential additional ounces.”

“We are excited to continue moving forward at Pilar with this key step towards future development and planning.” stated Brodie Sutherland, CEO. “The LiDAR survey will serve to establish a high-resolution surface model in which we can begin detailed planning for infrastructure. It will also be a useful tool in drill targeting as we will be able to pickup historic mine workings and geological features that host potential gold and silver mineralization.”

Mike Struthers, CEO, commented: “The team at Tahuehueto, including our contractors and senior management, have done a great job in maintaining construction progress, pushing towards our 1,000 tpd goal, and we are on track to achieve this by year-end. We plan to be testing the second mill by late-November, and if successful we should be able to start ramping up to 1,000 tpd shortly afterwards. We are very close now to delivering Tahuehueto as the next, new profitable gold mine in Mexico.”

“We are excited to announce yet another high-grade, near-surface discovery at the Panuco project,” commented Michael Konnert, President and CEO. “El Molino was discovered while conducting condemnation drilling between the Copala and Napoleon resource areas where future mining infrastructure could potentially be situated. This discovery marks the second new discovery of this year’s drill program that is in close proximity to the Project’s other major resource centres.”

“We continue to be very encouraged by the results of the ongoing drill program in the South-East Deeps zone” said Dale Andres, CEO of Gatos Silver. “These drill intercepts, which are from areas outside of our current mineral reserve, further support our target of extending the mine life by the third quarter of 2024. Definition drilling is identifying high-grade zones within the broader inferred resource. We are prioritizing these zones for potential conversion to reserves.”

Fred Davidson, President & CEO stated, “This is a tremendous milestone for our Company as we embark on our next phase of growth. When we bought the Plomosas mine earlier this year, we remained steadfast in our ability that we could bring the asset back into production on time and on budget. I would like to thank our exceptional technical team for a job well done.”

“Initial due diligence was completed to get a sense for the area, to quicky see those results yield high values for gold and silver showcases the true potential beyond Pilar.” stated Brodie Sutherland, CEO. “Not only are we seeing an extension of the Pilar mineralized system immediately to the north of the previous boundary, we are seeing significant gold values well beyond with excellent indications in the geochemistry that there is more to be discovered.”