Category: Exploration and Development

Ian McGavney, President & CEO of Colibri commented: We are very pleased with these new results which significantly expands the footprint of known mineralization on the Diamante II concession. We will be continuing this early stage exploration approach and anticipate that further geological mapping, prospecting, and continued evaluation of historical showings will provide the structural and alteration framework in which to interpret the extensive epithermal mineralization system evident on the property.”

“Drill results from the Quebradillas mine have enhanced our understanding and confidence that the La Parrilla Mine can be brought back online. In 2024, Silver Storm will proceed with technical studies targeting the re-establishment of mining operations in 2025.”

The visual logging of the RC chip samples from the initial 7 holes continues to show evidence of wide zones of strongly altered rocks with porphyry style A, B, and C veinlets, similar to previously drilled zones at the Cervantes Project.

The Company is processing material that has been stockpiled at Velardeña since the mines last operated in 2015. The material was only partially processed during past operations and a gold and silver bearing pyrite concentrate has not previously been separated from the material.

The drilling encountered wide zones of classic low sulphidation epithermal alteration, high level chalcedonic silica, banded stockwork and massive quartz veining, and breccias with gold mineralization, but not significant high grade mineralization. Given the unexpected flat dip of the target breccia to the east and the significantly lower gold assays in hole 8, pursuing the breccia body down dip is not justified at this time.

“This transaction fills in two key strategic gaps in the large land package East of the Palmarejo mine which unlocks significant potential in areas unencumbered by the existing Franco-Nevada gold stream. Once complete, our land holdings outside the gold stream-encumbered areas will increase by nearly 20% and the overall Palmarejo complex will consist of a single nearly contiguous district spanning over 70,000 acres of highly prospective and underexplored ground in the heart of the prolific Sierra Madre Occidental,” said Mitchell J. Krebs, Coeur President and Chief Executive Officer.

“We are excited about the latest assays from the drilling program at ELG Underground as the high grade intercepts continue to validate the long-term potential of this evolving orebody. Importantly, as our understanding of the structural controls matures, so does our confidence in our ability to continue to replace reserves and resources and to significantly grow the overall mineral endowment of the ELG Cluster.”

This maiden drill program will consist of 10 to 12 HQ core holes totaling approximately 1,500 metres. This portion of the Buenavista vein-breccia structure was sampled at surface and underground during the last sampling program and returned a number of high-grade gold and silver intervals with assays as high as 239.9 g/t Au and 1390 g/t Ag.

“The amendment to the MIA is the last environmental approval required for the operational phase of the Media Luna Project and allows us to move forward with the deposition of tailings into the mined-out Guajes open pit. The switch to in-pit tailings deposition from filtered and dry-stacked tailings will coincide with the planned commissioning of the copper and iron sulphide flotation circuits as well as concentrate filtering and handling facilities.”

Heliostar CEO, Charles Funk, commented, “Ana Paula continues to outperform our expectations. The Company’s improved understanding of the gold mineralization led to the recent recognition of a new Parallel Panel only 50 metres north of the High Grade Panel. Today’s results are wide, with high-grade mineralization.”