Positive results include 6.0 meters (19.7 feet)
at 925.7 g/t (27.0 oz/t) silver, 16.0% zinc and 15.2% lead, or
(2,076.9 g/t (60.6 oz/t) AgEq1) in Discovery Zone
Significant zones of mineralization
intercepted, demonstrating strong potential for future resource
growth
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided an update on the 44,500-meter (146,000-foot) drilling
program at its 100%-owned Silvertip operation located in northern
British Columbia. This program has been primarily focused on infill
drilling to support ongoing mine planning efforts and has
successfully discovered several new mineralized zones. Given the
success of this initial program, the Company has approved and
commenced a US$4 million second phase focused on expanding
resources and testing prospective targets located on the mine’s
93,000-acre (37,650 hectare) land package.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180726005206/en/
Silvertip: Plan View of Expanded Resource
Interpretation (Graphic: Business Wire)
“Results from exploration at Silvertip during the first half of
2018 have demonstrated both the quality of the known resource and
the strong potential for significant mine life extensions,” said
Mitchell J. Krebs, Coeur’s President and Chief Executive Officer.
“Drilling targeted three zones with a particular emphasis on
upgrading resources to reserves in the Central Zone, where results
also confirmed the continuity of mineralization in zones previously
thought to be discrete. At the Silver Creek and Discovery zones,
both close to existing underground infrastructure, drilling has
successfully delineated and expanded the resource through the
identification of newly discovered mineralized zones and feeder
structures. We look forward to continued exploration success during
the program’s second phase.”
Select highlights are included below and in the Company’s
presentation materials available on its website at www.coeur.com.
Please see “Cautionary Statements” for additional information
regarding drill results. For a complete table of all drill results
at Silvertip, please refer to the following link:
http://www.coeur.com/_resources/pdfs/180725_SILVERTIP_Exploration_PR_Appendix_v2.pdf
Highlights
- First phase of 2018 drill program
completed ahead of schedule and under budget – Since commencing
in December 2017, six rigs have drilled over 44,500 meters (146,000
feet) at a total capitalized cost of US$9.2 million. This compares
to a budgeted program of US$10 million to drill 30,000 meters
(98,000 feet). Results from Silvertip’s drilling program received
through early July are expected to support an updated resource
model with a maiden reserve estimate, both of which are expected to
be included in an updated technical report later this year.
- Three zones were tested – Silver
Creek, Central and Discovery – and each has exceeded grade and
thickness expectations.
- Drilling confirms continuity and
suggests greater mineralized thicknesses at Central Zone –
Prior to drilling, our modeling was based on limited drill data and
depicted discrete pods of mineralization in the Central Zone.
However, our new infill drilling now demonstrates these pods are
part of thicker, more continuous manto horizons. Significant
intercepts in the zone include hole CEN18-162-499-002, which
returned 6.3 meters (20.7 feet) at 845.3 grams per tonne (“g/t”)
(24.7 ounces per ton (“oz/t”)) silver, 10.9% zinc and 15.3% lead,
or 1,788.6 g/t (52.2 oz/t) in silver equivalent1 (“AgEq”) terms.
Mineralization at Central Zone is near existing underground
infrastructure and remains open to the north, south and at
depth.
- Surface drilling at Discovery Zone
intercepts substantial new mineralization – Located immediately
east of Central Zone, the new drilling has intercepted several
zones of previously undiscovered mineralization as well as
multiple, stacked, manto horizons, for example hole DSC18-Pad2-004
cut:
- 11.4 meters (37.4 feet) at 193.3 g/t
(5.6 oz/t) silver, 18.3% zinc and 3.2% lead, or 1,039.5 g/t (30.3
oz/t) AgEq1;
- 2.7 meters (8.9 feet) at 137.5 g/t (4.0
oz/t) silver, 10.9% zinc and 2.0% lead, or 644.4 g/t (18.8 oz/t)
AgEq1;
- 3.3 meters (10.8 feet) at 851.2 g/t
(24.8 oz/t) silver, 21.0% zinc and 14.6% lead, or 2,183.8 g/t (63.7
oz/t) AgEq1; and,
- 6.0 meters (19.7 feet) at 925.7 g/t
(27.0 oz/t) silver, 16.0% zinc and 15.2% lead, or 2,076.9 g/t (60.6
oz/t) AgEq1.
Discovery Zone remains open to the north, south, east and at
depth.
- Drilling at Silver Creek Zone was
successful in delineating multiple stacked manto horizons and
previously unknown vertical feeders – Drilling has delineated
previously unrecognized vertical feeders paralleling the Camp Creek
Fault as well as areas with multiple stacked manto horizons in the
Silver Creek Zone. These zones of mineralization are adjacent to
existing mine workings and remain open to the south, southeast and
at depth. An example of the stacked mantos at Silver Creek include
hole SCZ18-158-479-006, which cut:
- 2.9 meters (9.5 feet) at 160.4 g/t (4.7
oz/t) silver, 4.5% zinc and 3.1% lead, or 422.7 g/t (12.3 oz/t)
AgEq1; and,
- 3.8 meters (12.5 feet) at 905.5 g/t
(26.4 oz/t) silver, 29.2% zinc and 16.5% lead, or 2,633.5 g/t (76.8
oz/t) AgEq1.
Silvertip
Coeur completed its acquisition of the Silvertip mine in late
2017. Since then, the Company’s exploration focus has been on
resource definition and conversion within three previously known
zones, Silver Creek, Central and Discovery, with up to six diamond
core drill rigs active. Coeur’s new drill results have indicated an
expanded and more continuous resource model as illustrated in the
Silvertip plan view map shown above.
At Central Zone, up to four surface and underground rigs
completed approximately 17,700 meters (58,000 feet) of drilling in
103 holes. Initial modeling portrayed the Central Zone as a
discontinuous zone composed of discrete pods of manto-style
mineralization due to insufficient drilling data. New infill drill
holes have discovered continuity between the discrete pods and
assay results have indicated metal grades exceeding prior
expectations. The newly modeled thickness within these manto zones
may be amenable to more efficient high-volume mining methods.
Resource growth from Central Zone represents short- and mid-term
opportunities to add additional mining areas located near existing
infrastructure.
The cross-sectional view (shown above) of a Central Zone
intercept illustrates how drilling has indicated thicker resource
mineralization than previously modeled.
At Discovery Zone, drilling activity targeted resource infill
and expansion with up to two surface rigs drilling a combined 6,700
meters (22,000 feet) in 22 holes. Several mineralized zones with
thicknesses exceeding 14 meters (approximately 45 feet) were
intercepted with grades comparable to, or exceeding, those reported
historically. Drilling at Discovery has also demonstrated the
possible presence of multiple stacked manto horizons forming a
thicker ore zone, which has the potential to increase tonnage and
mine-ability. Because of the success in the first phase of drilling
this zone, the Company plans to continue here with up to two
surface drill rigs in the second half of 2018 with the goal of
expanding the resource to the north, south, and down-dip to the
east.
At Silver Creek, up to two surface rigs completed 4,100 meters
(13,500 feet) of drilling in 14 holes within the main manto
horizon. This drilling has demonstrated the potential for resource
expansion along the north-south Camp Creek Fault, where multiple
mineralized stacked manto horizons were intercepted. Underground
drilling at Silver Creek targeted vertically-oriented feeders with
up to two underground rigs completing 15,800 meters (51,800 feet)
in 121 holes. The program successfully discovered two new feeder
systems in the area. Surface drilling later this year will continue
to test mineralized manto and feeder zones along the Camp Creek
Fault. Due to their geometry, these new mineralized vertical feeder
structures may be amenable to long hole stoping, which may provide
for more efficient and cost-effective mining than drift-and-fill in
the original mine plan.
The Company approved a second phase of Silvertip’s exploration
program, which commenced in early July, with a budget of
approximately US$4 million, consisting of US$1.5 million of
capitalized resource infill drilling, and US$2.5 million of
expensed resource expansion drilling. The Company expects to
complete a total of at least 18,000 meters (59,000 feet) of surface
drilling by year-end.
About Coeur
Coeur Mining, Inc. is a well-diversified, growing precious
metals producer with five mines in North America. Coeur produces
from its wholly-owned operations: the Palmarejo silver-gold complex
in Mexico, the Silvertip silver-zinc-lead mine in British Columbia,
the Rochester silver-gold mine in Nevada, the Kensington gold mine
in Alaska, and the Wharf gold mine in South Dakota. In addition,
the Company has interests in several precious metals exploration
projects throughout North America.
Cautionary Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding exploration efforts and plans,
exploration expenditures, drill results, resource conversion and
upgrade, mine life extension, drilling, grade, thickness, mining
volume and timing for publication of a technical report. 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 risk that anticipated resource conversion and
upgrade are not attained, the risk that planned drilling programs
may be curtailed or canceled due to budget constraints or other
reasons, 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, changes that could
result from Coeur's future acquisition of new mining properties or
businesses, the loss of 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 reports on Form
10-K or Form 10-Q. 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.
Christopher Pascoe, Coeur's Director, Technical Services and a
qualified person under Canadian National Instrument 43-101,
approved the scientific and technical information concerning
Coeur's mineral projects in this news release. 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 Technical
Reports for each of Coeur's properties as filed on SEDAR at
www.sedar.com.
Notes
- For purposes of silver equivalence,
metals prices of US$20.00/oz silver, US$1.30/lb zinc and US$1.05/lb
lead were used.
- The potential quantity and grade for
the deposits described herein are conceptual in nature. There is
insufficient exploratory work to define a mineral resource and it
is uncertain if further exploration will result in the applicable
target being delineated as a mineral resource.
- Analytical testing for drill core
samples from Silvertip was completed by Bureau Veritas on location
in Whitehorse, Yukon, Canada and Vancouver, British Columbia,
Canada. Analyses for silver, zinc, and lead were completed by
4-acid digestion with an ICP-ES finish. Over limits were completed
by gravimetric, peroxide fusion, and titration methods,
respectively.
Silvertip 2017 Year-End Resources
Grade Silver Zinc Lead
Tonnes Short tons (g/t) (oz/t)
(%) (%) Indicated Resources 2,349,000 2,589,000 352
10.26 9.41% 6.74% Inferred Resources 460,000 507,000
343 9.89 9.81% 6.18%
Notes to Mineral Resource Estimates
- Effective December 31, 2017.
- CIM definitions were followed for
mineral resources.
- 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.
- Cut-off grade of 200 g/t AgEq was used
for the calculation of the resource.
- Rounding of tons and ounces, as
required by reporting guidelines, may result in apparent
differences between tons, grade, and contained metal content.
- As described above, the preliminary
economic analysis set forth in this release is subject to obtaining
an amended permit allowing for a mining rate of 1,000 tonnes per
day on a year-round basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180726005206/en/
Coeur Mining, Inc.Jonathan Chung, Associate, Investor
RelationsPhone: (312) 489-5800www.coeur.com
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