-Drilling set to resume at Company’s
centerpiece exploration project-
-Campaign to target high-value resource growth
opportunities-
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided plans for a sustained 24-month exploration program
beginning July 1, 2023 at its expanding high-grade Silvertip
polymetallic exploration project in northern British Columbia. The
program is designed to (i) enable better understanding of the
overall mineralizing system, (ii) discover all mineralization
styles (i.e., skarn and/or porphyry) on the property, (iii) expand
the resource base, and (iv) assess the potential footprint and
upside of the larger land package, 95% of which remains to be
explored.
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Figure 1: Location of Silvertip Project
(Graphic: Business Wire)
Key Highlights
- Grades continue to be among the world’s highest compared to
similar carbonate replacement deposits
- Recent deep drilling has indicated proximity to an intrusive
heat source, opening up potential for skarn and porphyry styles of
mineralization in addition to carbonate replacement style
mineralization
- Limestone-rich stratigraphy at district scale over 2,500
vertical meters in thickness presents significant potential for
stacked carbonate replacement style deposits (“CRD”)
- Multiple look-alike targets identified within large 37,650
hectares land package
- Exploration priorities during the 24-month program include (i)
working to expand the resource base by drilling known extensions to
mineralization directly north and south of Silvertip, (ii) testing
additional horizons to ascertain the full vertical extent of
mineralization through the stratigraphic column, (iii) further
exploring the immediately adjacent heat source to test for skarn
and/or porphyry styles of mineralization, and (iv) test
high-priority regional look-alike targets
“The Silvertip team has made impressive progress on advancing
the geologic understanding of this emerging world-class ore body,
and the commencement of this focused drilling campaign over the
next 18 months positions us to pursue our primary goal of growing
overall resource tonnage,” said Mitchell J. Krebs, Coeur President
and Chief Executive Officer. “Silvertip is one of the highest-grade
undeveloped carbonate replacement deposits in the world, hosting
large and growing resources of silver, zinc and lead—three minerals
already playing key roles in the accelerating transition to a
net-zero emissions global economy. Located in British Columbia,
recent drilling at Silvertip has also identified a suite of other
key critical minerals that may further support the growing
strategic value of this deposit for Canada and for Coeur as a key
driver of future growth.”
Since acquisition in late 2017, the Company’s exploration
investment has nearly tripled the measured and indicated resource
base, including a year-over-year increase of silver, zinc and lead
of approximately 128%1, 132%1 and 131%1, respectively.
Historically, mineralization at Silvertip was hosted in a single
sub-horizontal manto horizon located at the top of the McDame
Limestone package in contact with the Earn sediments above (see
Figure 3 below). Since late 2017, Coeur has discovered several new,
stacked manto horizons hosted at different elevations throughout
the McDame Limestone. In addition, numerous sub-vertical
mineralized chimneys have also been discovered with Southern Silver
Zone being the largest to date. This zone accounts for
approximately 50% of the current inferred resource and 9% of the
current measured and indicated resources. Multiple other chimney
targets have been identified and are ready for drill-testing during
this new program.
In addition to mineralization in the McDame Limestone unit,
favorable indications for mineralization have also been identified
lower in the stratigraphic sequence, in the underlying dolostone,
sandstone and Atan Group limestones (see Figure 3 below). This
opens up over 2,500 vertical meters of stratigraphy that is
prospective for stacked, carbonate replacement deposits. Testing
this large vertical extent of stratigraphy is a key focus of the
upcoming drill program.
Another key aim will be to continue building the resource base
immediately adjacent to Silvertip located near existing underground
development. This will be undertaken mainly over the two kilometer
corridor immediately south of the main Silvertip deposit. During
2020 – 2022, 15 of 16 scout holes from Saddle Zone south to Tour
Ridge intersected mineralization. This program also outlined
mineralization one kilometer north through the Keda zone, thereby
doubling the known mineralized strike length to more than four
kilometers (see Figure 4).
Alongside the known silver, lead, zinc carbonate replacement
style mineralization, the Silvertip District is prospective for
porphyry and / or skarn mineralization. A recently completed deep
drillhole tested a circular, geophysical anomaly located to the
southeast of Silvertip. This anomaly is interpreted to be a
potential heat and fluid source for the Silvertip deposit. Geology
intersected in this drilling includes higher temperature
mineralogical assemblages and increased quantities of alteration
and veining that are indicative of an intrusive porphyry or skarn
source at depth. The hole therefore provided proof of concept and
additional exploration drilling is being designed to further test
this target during the next 18-24 months.
Multiple other, similar circular geophysical anomalies are seen
on the Silvertip land package. These are associated with similar
structural features and/or geochemical signatures and are therefore
look-alike targets to Silvertip.
“We believe the resource base currently outlined at Silvertip
represents a distal portion of a large mineralizing system and the
detailed geological analysis and modelling completed during the
first half of 2023 supports that thinking,” said Aoife McGrath
Senior, Coeur Vice President of Exploration. “The understanding
gained through this process is allowing us to target exploration
more concisely and continue to work to build value at this world
class project.”
This news release is neither an offer to sell nor a solicitation
of an offer to buy any securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with four wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, 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 wholly-owns the
Silvertip silver-zinc-lead exploration project in British
Columbia.
Cautionary Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding the Company’s Silvertip exploration
project. 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 exploration efforts
will not occur on a timely basis or at all, the risks and hazards
inherent in the mining business (including risks inherent in
exploration and development activities, environmental hazards,
industrial accidents, weather or geologically-related conditions),
changes in the market prices of gold, silver, zinc and lead and a
sustained lower price or higher treatment and refining charge
environment, the uncertainties inherent in Coeur’s production,
exploratory and developmental activities, including risks relating
to permitting and regulatory delays, changes in mining laws, ground
conditions and, grade and recovery variability, any future labor
disputes or work stoppages (involving the Company and its
subsidiaries or third parties), the uncertainties inherent in the
estimation of mineral reserves, changes that could result from
Coeur’s future acquisition of new mining properties or businesses,
the loss of access or insolvency of any third-party refiner or
smelter to which Coeur markets its production, the potential
effects of the COVID-19 pandemic, including impacts to the
availability of our workforce, continued access to financing
sources, government orders that may require temporary suspension of
operations at one or more of our sites and effects on our suppliers
or the refiners and smelters to whom the Company markets its
production and on the communities where we operate, the effects of
environmental and other governmental regulations and government
shut-downs, 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 and 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.
Notes
- In 2022, the Company reclassified Silvertip‘s reserves to
measured and indicated resources. Excluding the reclassification,
silver, zinc and lead measured and indicated resources increased
73%, 69% and 81%, respectively, year-over-year.
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Coeur Mining, Inc. 200 S. Wacker Drive, Suite 2100 Chicago,
Illinois 60606 Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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