Reflects Impact of New High-Grade Mineralization
From Ongoing Exploration Success
Full-Year Production Expected to Increase 34% to
149,000 Ounces at 23% Lower Operating Costs of $732 Per Ounce in
2018 Driven by 25% Higher Grade
Coeur Mining, Inc. ("Coeur" or the "Company") (NYSE:CDE) announced
an updated and re-scoped mine plan and a preliminary economic
assessment for its Kensington gold mine located in Southeast
Alaska. The new mine plan reflects the recent discovery of the
high-grade Jualin zone and indicates higher overall production and
significantly higher cash flows due to the contribution of
higher-grade material from three nearby zones.
The Jualin zone, located approximately 8,250 feet from current
mining activities, continues to expand based on ongoing drilling
and contains an average gold grade over three times the average
reserve grade of 0.185 oz/ton. Annual gold production between 2015
and 2020 at Kensington is expected to average approximately 128,000
ounces and costs applicable to sales ("CAS") are expected to
average $820 per gold ounce. Production in 2014
was 117,823 ounces at a CAS of $951 per gold ounce.
"Our recent success identifying high-grade mineralization near
existing Kensington infrastructure has added higher-margin
production to our mine plan and significantly improved the expected
economics of the mine," said Mitchell J. Krebs, Coeur's President
and Chief Executive Officer. "Kensington's new mine plan is
expected to be a key component of the Company's overall strategic
repositioning that is expected to increase overall production
levels by approximately 30%, reduce overall unit costs by
approximately 25%, and boost the Company's free cash flow to
$190-$200 million in 2017."
"Importantly, the required capital to place Jualin into
production is estimated to be $30 million and has an expected rate
of return of around 70%. Incorporating a portion of expected
production from Kensington's high-grade zones and the Jualin ore
body has quadrupled our expected net cash flow at Kensington
through 2022 and we believe considerable upside exists based on
recent drill results. Through continued drilling, our goal is to
expand these sources of high grade resources and extend the 2018
profile."
|
Mining Forecast |
2014A |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
Total |
Kensington – 3,250,000
Proven and Probable Reserve Tons; 1,050,000 Inferred Resource
Tons |
Ore (tons in 000s) |
622 |
566 |
613 |
593 |
545 |
539 |
639 |
445 |
359 |
4,300 |
Grade (oz/t) |
0.19 |
0.19 |
0.17 |
0.20 |
0.19 |
0.18 |
0.20 |
0.17 |
0.16 |
0.18 |
Gold prod. (oz in 000s) |
114 |
102 |
99 |
107 |
96 |
89 |
118 |
68 |
53 |
733 |
Raven – 151,000 Proven
and Probable Reserve Tons; 8,000 Inferred Resource
Tons |
Ore (tons in 000s) |
14 |
85 |
42 |
32 |
-- |
-- |
-- |
-- |
-- |
159 |
Grade (oz/t) |
0.31 |
0.19 |
0.42 |
0.43 |
-- |
-- |
-- |
-- |
-- |
0.30 |
Gold prod. (oz in 000s) |
4 |
15 |
16 |
13 |
-- |
-- |
-- |
-- |
-- |
44 |
Jualin – 257,000
Inferred Resource Tons |
Ore (tons in 000s) |
-- |
-- |
-- |
28 |
108 |
114 |
7 |
-- |
-- |
257 |
Grade (oz/t) |
-- |
-- |
-- |
0.20 |
0.52 |
0.45 |
0.75 |
-- |
-- |
0.46 |
Gold prod. (oz in 000s) |
-- |
-- |
-- |
5 |
52 |
48 |
5 |
-- |
-- |
110 |
Total |
Ore (tons in 000s) |
636 |
652 |
655 |
653 |
653 |
653 |
647 |
445 |
359 |
4,716 |
Grade (oz/t) |
0.20 |
0.19 |
0.19 |
0.21 |
0.25 |
0.23 |
0.21 |
0.17 |
0.16 |
0.20 |
Recovery rate |
94.0% |
92.8% |
92.8% |
92.8% |
92.8% |
92.8% |
92.8% |
92.8% |
92.8% |
92.8% |
Gold prod.1 (oz in 000s) |
118 |
118 |
115 |
125 |
149 |
137 |
123 |
68 |
53 |
888 |
CAS per gold ounce1 |
$951 |
$897 |
$912 |
$848 |
$732 |
$789 |
$866 |
$1,054 |
$1,069 |
$866 |
Capital expenditures |
$16 |
$23 |
$40 |
$25 |
$21 |
$14 |
$5 |
$4 |
$2 |
$133 |
1. Production reflects
97.5% smelter recovery. 2014 CAS based on gold ounces sold of
110,822. |
|
|
|
|
|
|
|
|
|
|
|
|
Select Economic
Estimates |
Annual Average
(LOM) |
Total (LOM) |
Revenue |
|
|
Gold price ($/oz) |
$1,275 |
$1,275 |
Net revenue ($mil) |
$138 |
$1,104 |
Cash Flow ($mil) |
|
|
Operating cash flow |
$42 |
$336 |
Capital expenditures |
$17 |
$133 |
Net cash flow |
$25 |
$199 |
Post-Tax1 NPV ($mil, 10%
discount rate) |
|
$130 |
1. Assumes no federal
income taxes due to the ability to apply the Company's substantial
NOL carryforward balance to any income generated by
Kensington. |
|
|
|
|
Operating Cost
Assumptions |
LOM |
Average mining costs per ton mined |
$62 |
Average processing costs per ton
processed |
$38 |
Average general and
administrative costs per ton processed |
$39 |
|
|
|
Capital Cost Assumptions
($mil) |
Annual Average
(LOM) |
Total LOM |
Mine development |
$11 |
$87 |
Capitalized drilling |
$2 |
$18 |
Tailings related |
$1 |
$10 |
Equipment |
$1 |
$10 |
Other
(sustaining/infrastructure-related) |
$1 |
$8 |
Total |
$17 |
$133 |
The new mine plan for Kensington is a re-scoping of the existing
mine plan contemplated in the December 31, 2014 Technical Report
due to the high-grade discovery made in the Jualin vein system. The
mine plan includes development of a decline to Jualin and new
underground mine development, and reflects the inclusion of a
portion of the estimated inferred mineral resources, which the
Company expects to upgrade to measured and indicated resources and
convert to reserves through a $9.1 million drilling program over
the next two years through more efficient drilling from
underground. This program includes 44,000 feet of drilling from the
3,000 feet of planned development at Jualin.
Expected capital expenditures include approximately $3.5 million
per year through 2018 for capitalized drilling, primarily to
upgrade the inferred mineral resources at Kensington and Jualin.
Spending for underground mine development is expected to average
$16 million per year through 2018 when production from the inferred
material is expected to be fully ramped up. Development of the
decline to Jualin is planned to begin in July 2015 with initial
production expected in mid-2017 at a mining rate of approximately
250 tons per day, which is expected to increase to 500 tons per day
in early 2018 and represent approximately 27% of the average daily
mill feed.
Results from recent drilling activity detailed below are not
reflected in the reserves and resources used in the re-scoped mine
plan. This includes new holes in Jualin Vein 4 from the surface
which cut mineralization approximately 1,000 feet away from the
existing inferred resource included in the mine plan, demonstrating
the possibility to expand Vein 4. High-grade drill results from
other zones at Kensington as well as planned drilling in Veins 1,
2, 3, and 5 at Jualin suggest considerable upside exists to
increase the size of the overall Jualin zone and bring additional
high-margin production into the mine plan as drilling
continues.
|
Select Resource
Discovery Drill Results at Jualin, Vein 4: October 2014 – March
2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Jualin |
|
|
|
|
|
JU14-X045 |
237.9 |
242.4 |
4.5 |
4.3 |
2.690 |
JU14-X045 |
908.9 |
911.5 |
2.6 |
2.6 |
1.831 |
JU14-X046 |
586.5 |
588.8 |
2.3 |
1.9 |
0.701 |
JU15-X002 |
640.6 |
642.5 |
1.9 |
1.3 |
1.332 |
JU15-X003 |
245.0 |
250.0 |
5.0 |
4.5 |
0.415 |
JU15-X006 |
598.5 |
604.0 |
5.5 |
4.4 |
0.559 |
|
|
|
|
|
|
|
Select Resource
Discovery Drill Results at Kensington: October 2014 – March
2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Zone 10 / Zone 20 |
|
|
|
|
|
K14-0520-095-X03 |
44.5 |
45.7 |
1.2 |
1.1 |
4.453 |
K14-0520-095-X07 |
61.0 |
63.0 |
2.0 |
1.8 |
1.034 |
K14-0520-095-X07 |
550.5 |
553.0 |
2.5 |
2.2 |
0.940 |
K14-0520-095-X07 |
650.5 |
653.0 |
2.5 |
2.2 |
1.259 |
Zone 10 / Zone 12 |
|
|
|
|
|
K14-1170-110-X01 |
263.0 |
266.0 |
3.0 |
2.0 |
0.686 |
K14-1170-110-X04 |
438.7 |
442.3 |
3.6 |
3.4 |
1.473 |
K14-1170-110-X04 |
462.7 |
470.3 |
7.6 |
7.2 |
0.433 |
K14-1170-110-X08 |
223.0 |
226.0 |
3.0 |
2.2 |
4.307 |
|
|
|
|
|
|
|
Select Resource
Discovery Drill Results at Raven: October 2014 – March
2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Raven |
|
|
|
|
|
R14-1042-261-X03 |
117.0 |
124.2 |
7.2 |
5.4 |
0.706 |
R14-1042-261-X04 |
107.0 |
110.0 |
3.0 |
2.8 |
1.851 |
R14-1042-261-X05 |
85.0 |
90.0 |
5.0 |
4.2 |
1.139 |
R14-1042-261-X08 |
84.7 |
86.0 |
1.3 |
1.0 |
0.879 |
|
|
|
|
|
|
|
Select Further
Delineation Drill Results: October 2014 – March 2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Zone 10 / Zone 50 |
|
|
|
|
|
K14-0520-164-D01 |
160.0 |
161.0 |
1.0 |
1.0 |
2.690 |
K14-0520-164-D02 |
279.0 |
281.0 |
2.0 |
2.0 |
1.250 |
K14-0520-164-D02 |
328.0 |
332.0 |
4.0 |
4.0 |
2.920 |
K14-0520-164-D06 |
403.0 |
405.4 |
2.4 |
2.1 |
3.280 |
K14-0520-164-D07 |
467.0 |
471.0 |
4.0 |
2.9 |
1.670 |
Zone 10 / Zone 20 |
|
|
|
|
|
K14-1170-164-D02 |
211.0 |
214.0 |
3.0 |
2.9 |
3.690 |
K14-1560-216-D01 |
348.0 |
354.2 |
6.2 |
5.7 |
1.548 |
Raven |
|
|
|
|
|
R14-0740-279-D01 |
105.0 |
108.2 |
3.2 |
1.9 |
1.034 |
R14-0740-279-D04 |
97.9 |
100.0 |
2.1 |
1.5 |
2.593 |
R14-0740-279-D05 |
78.6 |
83.6 |
5.0 |
4.6 |
2.599 |
R14-0740-279-D11 |
76.0 |
79.7 |
3.7 |
3.6 |
1.939 |
R14-0740-279-D12 |
88.5 |
92.2 |
3.7 |
3.2 |
1.090 |
R14-0740-305-D02 |
103.0 |
104.2 |
1.2 |
0.8 |
1.030 |
R14-0740-305-D03 |
107.0 |
110.0 |
3.0 |
1.9 |
0.850 |
R14-0820-237-D04 |
20.0 |
25.0 |
5.0 |
4.9 |
16.240 |
|
|
|
|
|
|
|
2014 Kensington
Mineral Reserves and Resources by Area |
|
Short Tons |
Grade (oz/ton) |
Ounces |
Proven Reserves |
|
|
|
Kensington |
400,000 |
0.180 |
72,000 |
Raven |
17,000 |
0.412 |
7,000 |
Probable Reserves |
|
|
|
Kensington |
2,824,000 |
0.181 |
512,000 |
Raven |
162,000 |
0.241 |
39,000 |
Total Proven and Probable
Reserves |
3,403,000 |
0.185 |
629,000 |
Measured Resources |
|
|
|
Kensington |
177,000 |
0.260 |
46,000 |
Raven |
4,000 |
0.250 |
1,000 |
Indicated Resources |
|
|
|
Kensington |
1,292,000 |
0.241 |
312,000 |
Raven |
93,000 |
0.258 |
24,000 |
Total Measured and Indicated
Resources |
1,566,000 |
0.244 |
382,000 |
Kensington inferred resources |
1,265,000 |
0.296 |
375,000 |
Raven inferred resources |
68,000 |
0.235 |
16,000 |
Jualin inferred resources |
289,000 |
0.619 |
179,000 |
Total Inferred
Resources |
1,622,000 |
0.351 |
570,000 |
|
Notes to the above mineral
reserves and resources: |
1. Effective December
31, 2014. |
2. Assumed metal price
for estimated mineral reserves was $1,275 per ounce of gold.
Assumed metal price for estimated mineral resources was $1,350 per
ounce of gold. |
3. Mineral resources
are in addition to mineral reserves and do not have demonstrated
economic viability. Inferred mineral resources are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be considered for
estimation of mineral reserves, and there is no certainty that the
inferred mineral resources will be realized. |
4. Rounding of tons and
ounces, as required by reporting guidelines, may result in apparent
differences between tons, grade, and contained metal content. |
5. For details on the
estimation of mineral resources and reserves, including the key
assumptions, parameters and methods used to estimate the mineral
resources and reserves, Canadian investors should refer to the NI
43-101-compliant Technical Report for Kensington filed February 18,
2015 at www.sedar.com. |
|
|
|
|
Conversion
Table |
1 short ton |
= |
0.907185 metric tons |
1 troy ounce |
= |
31.10348 grams |
A slide deck to accompany this release is posted at
www.coeur.com.
The preliminary economic assessment for the re-scoped mine plan
is preliminary in nature and includes inferred mineral resources,
and does not have as high a level of certainty as a plan that was
based solely on proven and probable reserves. Inferred mineral
resources are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be considered for estimation of mineral reserves, and there is no
certainty that the results from the preliminary economic assessment
will be realized.
About Coeur
Coeur Mining is the largest U.S.-based silver producer and a
significant gold producer with five precious metals mines in the
Americas employing approximately 2,100 people. Coeur produces from
its wholly owned operations: the Palmarejo silver-gold mine in
Mexico, the San Bartolomé silver mine in Bolivia, the Rochester
silver-gold mine in Nevada, the Kensington gold mine in Alaska, and
the Wharf gold mine in South Dakota. The Company also has a
non-operating interest in the Endeavor mine in Australia in
addition to royalties on the Cerro Bayo mine in Chile, the El Gallo
complex in Mexico, the Zaruma mine in Ecuador, and the Correnso
mine in New Zealand. In addition, the Company has two silver-gold
feasibility stage projects - the La Preciosa project in Mexico and
the Joaquin project in Argentina. The Company also conducts ongoing
exploration activities in Alaska, Argentina, Bolivia, Mexico, and
Nevada. The Company owns strategic investment positions in several
silver and gold development companies with projects in North and
South America.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding projected mine life, cash flows,
economics, costs, capital expenditures, rates of return,
production, processing rates, grade, exploration and development
work, and the ability to upgrade inferred resources to measured and
indicated resources and convert resources to reserves and add
additional production to the mine plan. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Coeur's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
risks and hazards inherent in the mining business (including risks
inherent in developing large-scale mining projects, environmental
hazards, industrial accidents, weather or geologically related
conditions), changes in the market prices of gold and silver and a
sustained lower price environment, the uncertainties inherent in
Coeur's production, exploratory and developmental activities,
including risks relating to permitting and regulatory delays,
ground conditions, grade variability, any future labor disputes or
work stoppages, the uncertainties inherent in the estimation of
gold and silver reserves and resources, changes that could result
from Coeur's future acquisition of new mining properties or
businesses, reliance on third parties to operate certain mines
where Coeur owns silver production and reserves and the absence of
control over mining operations in which Coeur or its subsidiaries
hold royalty or streaming interests and risks related to these
mining operations including results of mining and exploration
activities, environmental, economic and political risks of the
jurisdiction in which the mining operations are located, the loss
of access to any third-party smelter to which Coeur markets silver
and gold, the effects of environmental and other governmental
regulations, the risks inherent in the ownership or operation of or
investment in mining properties or businesses in foreign countries,
Coeur's ability to raise additional financing necessary to conduct
its business, make payments or refinance its debt, as well as other
uncertainties and risk factors set out in filings made from time to
time with the United States Securities and Exchange Commission, and
the Canadian securities regulators, including, without limitation,
Coeur's most recent report on Form 10-K. Actual results,
developments and timetables could vary significantly from the
estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements. Coeur disclaims any intent
or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on
analyses, expectations or statements made by third parties in
respect of Coeur, its financial or operating results or its
securities.
W. David Tyler, Coeur's Vice President, Technical Services and a
qualified person under Canadian National Instrument 43-101,
supervised the preparation of the scientific and technical
information concerning Coeur's mineral projects in this news
release. Mineral resources are in addition to mineral reserves and
do not have demonstrated economic viability. Inferred mineral
resources are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be considered for estimation of mineral reserves, and there is no
certainty that the inferred mineral resources will be realized. For
a description of the key assumptions, parameters and methods used
to estimate mineral reserves and resources, as well as data
verification procedures and a general discussion of the extent to
which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, socio-political, marketing or
other relevant factors, Canadian investors should refer to the
relevant NI 43-101-compliant Technical Report for Kensington filed
February 18, 2015 at www.sedar.com.
Cautionary Note to U.S. Investors - The United States Securities
and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. We may
use certain terms in public disclosures, such as "measured,"
"indicated," "inferred" and "resources," that are recognized by
Canadian regulations, but that SEC guidelines generally prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. investors are urged to consider closely the disclosure in
our Form 10-K which may be secured from us, or from the SEC's
website at www.sec.gov.
All tons are reported in U.S. standard short ton units. Grades
reported are troy ounces per short ton.
APPENDIX
|
Kensington Resource
Discovery Drill Results: October 2014 – March 2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Jualin |
|
|
|
|
|
JU14-X045 |
237.9 |
242.4 |
4.5 |
4.3 |
2.690 |
JU14-X045 |
472.5 |
473.5 |
1.0 |
1.0 |
0.161 |
JU14-X045 |
480.8 |
483.1 |
2.3 |
2.2 |
0.365 |
JU14-X045 |
908.9 |
911.5 |
2.6 |
2.6 |
1.831 |
JU14-X046 |
260.0 |
264.0 |
4.0 |
3.3 |
0.222 |
JU14-X046 |
586.5 |
588.8 |
2.3 |
1.9 |
0.701 |
JU14-X046 |
606.3 |
610.0 |
3.7 |
3.0 |
0.173 |
JU15-X001 |
221.4 |
230.0 |
8.6 |
7.8 |
0.231 |
JU15-X001 |
243.0 |
248.0 |
5.0 |
4.6 |
0.163 |
JU15-X001 |
488.4 |
491.5 |
3.1 |
2.9 |
0.191 |
JU15-X001 |
944.0 |
947.5 |
3.5 |
3.3 |
0.350 |
JU15-X002 |
121.0 |
125.0 |
4.0 |
2.8 |
0.206 |
JU15-X002 |
640.6 |
642.5 |
1.9 |
1.3 |
1.332 |
JU15-X002 |
740.0 |
744.0 |
4.0 |
2.7 |
0.266 |
JU15-X002 |
1291.0 |
1295.6 |
4.6 |
3.1 |
0.396 |
JU15-X003 |
245.0 |
250.0 |
5.0 |
4.5 |
0.415 |
JU15-X003 |
275.0 |
280.0 |
5.0 |
4.5 |
0.273 |
JU15-X003 |
551.3 |
554.0 |
2.7 |
2.5 |
2.038 |
JU15-X003 |
641.0 |
643.5 |
2.5 |
2.3 |
0.233 |
JU15-X004 |
|
|
|
No significant assays |
|
JU15-X005 |
|
|
|
No significant assays |
|
JU15-X006 |
598.5 |
604.0 |
5.5 |
4.4 |
0.559 |
Zone 10 / Zone 20 |
|
|
|
|
|
K14-0520-095-X03 |
44.5 |
45.7 |
1.2 |
1.1 |
4.453 |
K14-0520-095-X03 |
173.5 |
177.8 |
4.3 |
4.0 |
0.197 |
K14-0520-095-X07 |
61.0 |
63.0 |
2.0 |
1.8 |
1.034 |
K14-0520-095-X07 |
335.5 |
337.0 |
1.5 |
1.3 |
0.593 |
K14-0520-095-X07 |
550.5 |
553.0 |
2.5 |
2.2 |
0.940 |
K14-0520-095-X07 |
650.5 |
653.0 |
2.5 |
2.2 |
1.259 |
Zone 10 / Zone 12 |
|
|
|
|
|
K14-1170-110-X01 |
263.0 |
266.0 |
3.0 |
2.0 |
0.686 |
K14-1170-110-X01 |
553.0 |
557.0 |
4.0 |
2.7 |
0.220 |
K14-1170-110-X04 |
118.0 |
121.0 |
3.0 |
2.9 |
0.175 |
K14-1170-110-X04 |
316.3 |
318.0 |
1.7 |
1.7 |
0.181 |
K14-1170-110-X04 |
438.7 |
442.3 |
3.6 |
3.4 |
1.473 |
K14-1170-110-X04 |
462.7 |
470.3 |
7.6 |
7.2 |
0.433 |
K14-1170-110-X08 |
145.0 |
148.0 |
3.0 |
2.2 |
0.203 |
K14-1170-110-X08 |
223.0 |
226.0 |
3.0 |
2.2 |
4.307 |
K14-1170-110-X08 |
408.0 |
412.0 |
4.0 |
2.9 |
0.251 |
Raven |
|
|
|
|
|
R14-1042-261-X02 |
100.0 |
103.0 |
3.0 |
2.8 |
0.210 |
R14-1042-261-X03 |
117.0 |
124.2 |
7.2 |
5.4 |
0.706 |
R14-1042-261-X04 |
107.0 |
110.0 |
3.0 |
2.8 |
1.851 |
R14-1042-261-X05 |
85.0 |
90.0 |
5.0 |
4.2 |
1.139 |
R14-1042-261-X05 |
121.3 |
125.0 |
3.7 |
3.1 |
0.189 |
R14-1042-261-X07 |
140.0 |
145.0 |
5.0 |
4.3 |
0.548 |
R14-1042-261-X07 |
153.0 |
158.0 |
5.0 |
4.3 |
0.173 |
R14-1042-261-X08 |
84.7 |
86.0 |
1.3 |
1.0 |
0.879 |
R14-1042-261-X08 |
141.5 |
143.0 |
1.5 |
1.2 |
0.578 |
R14-1042-261-X08 |
148.8 |
153.0 |
4.2 |
3.4 |
0.232 |
R14-1042-261-X08 |
218.0 |
222.0 |
4.0 |
3.2 |
0.168 |
R14-1042-261-X08 |
234.5 |
236.9 |
2.4 |
2.0 |
0.343 |
R14-1042-261-X10 |
146.0 |
149.0 |
3.0 |
2.4 |
0.552 |
R14-1042-261-X11 |
90.0 |
95.0 |
5.0 |
3.1 |
0.192 |
|
|
|
|
|
|
|
Kensington Further
Delineation Drill Results: October 2014 – March 2015 |
Mineralized
Interval (Feet) |
Hole |
From |
To |
Thickness |
Estimated True
Thickness |
Gold Assays (Oz/short
ton) |
Zone 10 / Zone 50 |
|
|
|
|
|
K14-0520-125-D02 |
364.6 |
365.8 |
1.2 |
1.1 |
0.616 |
K14-0520-125-D02 |
475.5 |
479.5 |
4.0 |
3.7 |
0.163 |
K14-0520-125-D12 |
97.1 |
100.0 |
2.9 |
2.2 |
0.200 |
K14-0520-125-D12 |
283.0 |
284.5 |
1.5 |
1.1 |
0.166 |
K14-0520-125-D12 |
437.0 |
439.5 |
2.5 |
1.9 |
0.501 |
K14-0520-125-D12 |
541.5 |
542.9 |
1.4 |
1.1 |
0.230 |
K14-0520-125-D12 |
581.0 |
582.5 |
1.5 |
1.1 |
0.298 |
K14-0520-125-D12 |
615.6 |
617.3 |
1.7 |
1.3 |
0.374 |
K14-0520-125-D12 |
653.1 |
654.1 |
1.0 |
0.8 |
0.196 |
K14-0520-161-D03 |
388.5 |
390.0 |
1.5 |
0.9 |
0.228 |
K14-0520-161-D03 |
404.7 |
406.2 |
1.5 |
0.9 |
0.190 |
K14-0520-161-D03 |
481.9 |
489.2 |
7.3 |
4.6 |
0.384 |
K14-0520-161-D04 |
419.5 |
421.0 |
1.5 |
0.9 |
0.770 |
K14-0520-161-D04 |
431.0 |
434.0 |
3.0 |
1.9 |
0.360 |
K14-0520-161-D04 |
473.7 |
476.4 |
2.7 |
1.7 |
0.277 |
K14-0520-161-D04 |
480.0 |
484.9 |
4.9 |
3.0 |
0.286 |
K14-0520-161-D04 |
522.3 |
524.0 |
1.7 |
1.1 |
0.162 |
K14-0520-161-D04 |
553.0 |
557.8 |
4.8 |
3.0 |
0.279 |
K14-0520-161-D04 |
562.0 |
563.0 |
1.0 |
0.6 |
0.550 |
K14-0520-161-D06 |
92.0 |
95.0 |
3.0 |
3.0 |
0.195 |
K14-0520-161-D06 |
260.0 |
263.8 |
3.8 |
3.8 |
0.360 |
K14-0520-161-D06 |
284.6 |
285.6 |
1.0 |
1.0 |
0.282 |
K14-0520-161-D06 |
325.0 |
330.0 |
5.0 |
5.0 |
0.235 |
K14-0520-161-D06 |
337.0 |
340.0 |
6.0 |
6.0 |
0.374 |
K14-0520-164-D01 |
160.0 |
161.0 |
1.0 |
1.0 |
2.690 |
K14-0520-164-D01 |
279.0 |
284.0 |
5.0 |
4.8 |
0.168 |
K14-0520-164-D01 |
332.0 |
339.0 |
7.0 |
6.7 |
0.455 |
K14-0520-164-D02 |
252.0 |
255.0 |
3.0 |
3.0 |
0.720 |
K14-0520-164-D02 |
279.0 |
281.0 |
2.0 |
2.0 |
1.250 |
K14-0520-164-D02 |
328.0 |
332.0 |
4.0 |
4.0 |
2.920 |
K14-0520-164-D05 |
360.0 |
363.0 |
3.0 |
2.9 |
0.490 |
K14-0520-164-D05 |
372.0 |
377.0 |
5.0 |
4.8 |
0.173 |
K14-0520-164-D06 |
355.0 |
365.0 |
10.0 |
8.8 |
0.245 |
K14-0520-164-D06 |
380.0 |
395.0 |
15.0 |
13.1 |
0.222 |
K14-0520-164-D06 |
403.0 |
405.4 |
2.4 |
2.1 |
3.280 |
K14-0520-164-D07 |
419.0 |
428.0 |
9.0 |
6.5 |
0.414 |
K14-0520-164-D07 |
458.0 |
463.0 |
5.0 |
3.6 |
0.960 |
K14-0520-164-D07 |
467.0 |
471.0 |
4.0 |
2.9 |
1.670 |
K14-0520-164-D07 |
538.0 |
543.0 |
5.0 |
3.6 |
0.234 |
Zone 10 / Zone 20 |
|
|
|
|
|
K14-1170-164-D01 |
206.0 |
211.0 |
5.0 |
5.0 |
0.450 |
K14-1170-164-D01 |
268.0 |
275.0 |
7.0 |
6.9 |
0.196 |
K14-1170-164-D02 |
201.0 |
206.0 |
5.0 |
4.8 |
0.166 |
K14-1170-164-D02 |
211.0 |
214.0 |
3.0 |
2.9 |
3.690 |
K14-1170-164-D02 |
224.0 |
229.0 |
5.0 |
4.9 |
0.250 |
K14-1170-164-D02 |
310.2 |
313.2 |
3.0 |
2.9 |
0.600 |
K14-1170-164-D03 |
296.0 |
307.4 |
11.4 |
10.5 |
0.441 |
K14-1170-164-D03 |
357.0 |
360.0 |
3.0 |
2.8 |
0.189 |
K14-1170-164-D04 |
224.0 |
227.0 |
3.0 |
2.6 |
0.410 |
K14-1170-164-D04 |
298.0 |
302.0 |
4.0 |
3.4 |
0.450 |
K14-1560-216-D01 |
348.0 |
354.2 |
6.2 |
5.7 |
1.548 |
K14-1560-216-D02 |
231.0 |
236.0 |
5.0 |
4.7 |
0.217 |
K14-1560-216-D02 |
319.0 |
324.0 |
5.0 |
4.7 |
0.670 |
K14-1560-216-D02 |
328.0 |
332.0 |
4.0 |
3.7 |
0.730 |
K14-1560-216-D03 |
228.0 |
230.5 |
2.5 |
2.4 |
0.300 |
K14-1560-216-D03 |
328.8 |
331.0 |
2.2 |
2.1 |
0.202 |
K14-1560-216-D03 |
335.0 |
338.4 |
3.4 |
3.3 |
0.267 |
K14-1560-216-D05 |
239.0 |
243.0 |
4.0 |
3.8 |
0.540 |
K14-1560-216-D05 |
263.0 |
266.0 |
3.0 |
2.9 |
0.197 |
K14-1560-216-D05 |
326.0 |
331.0 |
5.0 |
4.8 |
0.330 |
K14-1560-216-D06 |
233.0 |
240.0 |
7.0 |
6.7 |
0.600 |
K14-1560-216-D06 |
263.0 |
266.0 |
3.0 |
2.9 |
0.208 |
K14-1560-216-D06 |
341.2 |
344.8 |
3.6 |
3.5 |
0.218 |
K14-1560-216-D07 |
330.5 |
335.0 |
4.5 |
4.3 |
0.254 |
K14-1560-216-D07 |
347.0 |
351.0 |
4.0 |
3.8 |
0.180 |
K14-1560-216-D08 |
278.1 |
279.5 |
1.4 |
1.3 |
0.310 |
Raven |
|
|
|
|
|
R14-0740-279-D01 |
105.0 |
108.2 |
3.2 |
1.9 |
1.034 |
R14-0740-279-D04 |
97.9 |
100.0 |
2.1 |
1.5 |
2.593 |
R14-0740-279-D05 |
78.6 |
83.6 |
5.0 |
4.6 |
2.599 |
R14-0740-279-D08 |
83.0 |
91.0 |
8.0 |
6.1 |
0.196 |
R14-0740-279-D11 |
76.0 |
79.7 |
3.7 |
3.6 |
1.939 |
R14-0740-279-D11 |
82.5 |
85.5 |
3.0 |
2.9 |
0.186 |
R14-0740-279-D12 |
72.3 |
74.1 |
1.8 |
1.5 |
0.234 |
R14-0740-279-D12 |
88.5 |
92.2 |
3.7 |
3.2 |
1.090 |
R14-0740-305-D02 |
103.0 |
104.2 |
1.2 |
0.8 |
1.030 |
R14-0740-305-D03 |
107.0 |
110.0 |
3.0 |
1.9 |
0.850 |
R14-0740-305-D05A |
41.8 |
43.6 |
1.8 |
1.3 |
0.470 |
R14-0740-305-D06 |
27.0 |
29.0 |
2.0 |
1.7 |
0.370 |
R14-0820-237-D04 |
20.0 |
25.0 |
5.0 |
4.9 |
16.240 |
R14-0820-237-D04 |
123.3 |
126.0 |
2.7 |
2.7 |
0.221 |
R14-0820-237-D07 |
168.5 |
178.5 |
10.0 |
7.8 |
0.241 |
Notes: |
1. Drill intercepts full and
half HQ and NQ core for infill holes, samples prepared at
Kensington Mine, Juneau, AK, and at ALS-Chemex Labs, Reno, NV with
final sample preparation to pulp and analyses at ALS-Chemex Labs,
Reno, NV. |
2. Samples were analyzed by
30 gram fire assay with atomic absorption finish for Au <1 ppm
or by 1000 gram Metallic Screen. |
3. Drill intercepts
calculated at 0.05 oz/ton Au. Maximum of 5 feet of internal
dilution (less than cutoff) permitted in compositing. "Including"
calculated at 0.15 cut-off grade. |
4. All assays uncapped. |
CONTACT: For Additional Information:
Bridget Freas, Director, Investor Relations
(312) 489-5819
Donna Mirandola, Director, Corporate Communications
(312) 489-5842
www.coeur.com
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