Endeavour Silver Corp.
(“Endeavour” or the “Company”)
(NYSE: EXK; TSX: EDR) is pleased to report an update on
the 2024 exploration and evaluation initiatives at its 100% owned
Pitarrilla project. Engineering firms have been retained to
commence technical studies for the basis of a future economic
study.
Since acquiring the Pitarrilla project in July
2022, Endeavour has re-logged historic drill core to further
understand the geology and mineralization controls of the deposit.
Priority has been focused on identifying and defining numerous
high-grade feeder structures that are interpreted to be the source
of the silver, lead and zinc sulphide mineralization, and that
extend through the high-grade manto, originally identified by SSR
Mining. The Company published a technical report dated November 21,
2022 outlining Mineral Resource Estimates (See news release dated
December 8, 2022).
Endeavour has refurbished an existing
underground ramp and extended it over 1.3 kilometres. The ramp has
been developed through the projected feeder structures and
crosscuts have been made for drill stations to further interpret
and test the high-grade zones and its feeder structures with core
drilling at various angles. The ramp lies directly above the manto.
This work confirmed management’s interpretation and identified at
least four structures that extend through the manto (Figures 1 and
2): Palmito vein, Danna vein, Victoria vein and Casas Blancas vein.
During development of the ramp, additional mineralized structures
were also identified, including the Norma vein, Danna hanging wall
(HW) vein and Peña dike. Further work and interpretation are
required to understand the significance and extent of these
additional structures. In the ramp, the Peña dyke is the thickest
structure with channel samples averaging 4.5 metres to 4.7 metres
in width, oriented near perpendicular to strike. Results from the
16 channel samples are presented in Figure 3 and Table 3.
Since August, the Company completed nine diamond
drill holes, six from surface and three from underground drill
stations. The three holes from underground were targeted to
intersect the manto and multiple veins, while the holes drilled
from surface were directed to intersect the Casas Blancas vein. All
holes successfully intersected the targeted mineralization,
supporting managements geological interpretation and the potential
of underground bulk tonnage mining.
Based on the re-logging of historic drill holes
resulting in re-interpreting the geologic model along with current
activities, it is estimated that all four primary feeder veins have
a vertical extent of approximately 600 to 800 metres and strike
lengths approaching 700 metres; these veins appear open to depth.
Danna is the largest vein with an approximate 800 metre vertical
extent and a strike length approaching 500 metres. Thicknesses can
vary but are typically three metres wide (ETW). This work is being
performed to understand the potential for an underground bulk
tonnage mining scenario, which would focus mining activities on the
high-grade structures and manto.
"The combined favorable grades, strike length,
vertical extent, and vein proximity, along with the manto’s size
and continuity, make the deposit attractive for underground bulk
mining," said Don Gray, Chief Operating Officer. "Our exploration
team’s careful attention while relogging the historic drill results
provided an alternative geologic model. Not only are ongoing
drilling and underground development work confirming this model,
but they are also validating our original decision to acquire
Pitarrilla. We are quite confident Pitarilla will create
significant shareholder value and prove to be Endeavour’s next
cornerstone asset."
The Company is also pleased to announce that SGS
Canada Inc., SGS Bateman, JDS Energy & Mining, T Engineering,
Stantec and SRK Consulting have been retained to begin preliminary
work on the project. This work will include the metallurgical
testing program with a comprehensive review of historical test
data, flowsheet evaluation, mine design, rock mechanics evaluation,
backfill testing and design, hydrology investigations, and tailing
storage facility design. The work will build on the SSR Mining’s
extensive previous work and will be used to advance the project to
the development stage, forming the basis for an economic study by
the end of 2025.
Figure 1. Pitarrilla Cross
Section
Cross section view of Manto Pitarrilla showing
various feeder structures, location of the underground ramp and
2024 drill traces
Figure 2. Plan View Map – Manto
Pitarrilla
Plan view of Manto Pitarrilla showing various
feeder structures, location of the underground ramp, underground
drill stations and 2024 underground drill holes
Table 1. Underground Diamond Drill
Results
Hole |
Structure |
From |
To |
Core Length |
True Width |
Ag |
Zn |
Pb |
Au |
Cu |
(m) |
(m) |
(m) |
(m) |
(gpt) |
(%) |
(%) |
(gpt) |
(%) |
BPU-001 |
Manto Pitarrilla |
169.65 |
171.80 |
2.15 |
1.38 |
11 |
7.54 |
0.03 |
0.01 |
0.01 |
Including |
171.25 |
171.80 |
0.55 |
0.35 |
14 |
13.15 |
0.04 |
0.01 |
0.01 |
Palmito |
171.80 |
173.30 |
1.50 |
0.96 |
44 |
15.20 |
0.23 |
0.27 |
0.01 |
Including |
172.70 |
173.30 |
0.60 |
0.39 |
81 |
17.60 |
0.45 |
0.49 |
0.01 |
Manto Pitarrilla Cont' |
173.30 |
229.90 |
56.60 |
37.21 |
64 |
5.72 |
0.23 |
0.04 |
0.17 |
Including |
227.60 |
228.35 |
0.75 |
0.70 |
715 |
7.02 |
0.57 |
0.04 |
2.64 |
Danna |
229.90 |
237.00 |
7.10 |
6.67 |
146 |
6.54 |
0.72 |
0.06 |
0.23 |
Including |
230.70 |
231.45 |
0.75 |
0.70 |
410 |
18.25 |
0.39 |
0.08 |
1.17 |
Manto Pitarrilla Cont' |
241.20 |
266.00 |
24.80 |
22.23 |
112 |
3.61 |
0.54 |
0.02 |
0.06 |
Including |
263.00 |
264.20 |
1.20 |
0.92 |
1,145 |
4.48 |
1.61 |
0.21 |
0.14 |
Victoria |
332.15 |
334.65 |
2.50 |
1.06 |
1,082 |
1.26 |
2.04 |
0.07 |
0.21 |
Including |
332.75 |
334.00 |
1.25 |
0.32 |
3,500 |
4.04 |
6.54 |
0.19 |
0.68 |
BPU-002 |
Manto Pitarrilla |
146.55 |
176.45 |
29.90 |
22.56 |
34 |
1.11 |
0.11 |
0.07 |
0.01 |
Including |
162.25 |
163.25 |
1.00 |
0.77 |
149 |
3.08 |
0.90 |
0.13 |
0.03 |
Palmito |
176.45 |
177.45 |
1.00 |
0.97 |
63 |
1.29 |
0.02 |
0.36 |
0.01 |
Including |
176.45 |
177.45 |
1.00 |
0.97 |
63 |
1.29 |
0.02 |
0.36 |
0.01 |
Manto Pitarrilla Cont' |
179.95 |
288.20 |
108.25 |
82.92 |
87 |
2.35 |
0.55 |
0.02 |
0.08 |
Including |
246.30 |
247.10 |
0.80 |
0.61 |
371 |
14.55 |
1.58 |
0.07 |
0.29 |
Danna |
290.10 |
292.10 |
2.00 |
1.73 |
559 |
4.72 |
1.44 |
0.45 |
0.12 |
Including |
290.10 |
291.15 |
1.05 |
0.91 |
686 |
3.96 |
1.16 |
0.25 |
0.11 |
Victoria |
298.50 |
299.60 |
1.10 |
1.03 |
521 |
1.51 |
4.17 |
0.19 |
0.06 |
Including |
299.10 |
299.60 |
0.50 |
0.47 |
699 |
1.89 |
5.19 |
0.23 |
0.09 |
Manto Pitarrilla Cont' |
299.60 |
337.75 |
38.15 |
25.94 |
241 |
1.91 |
0.92 |
0.04 |
0.18 |
Including |
327.95 |
329.35 |
1.40 |
0.90 |
2,020 |
3.96 |
5.74 |
0.04 |
1.58 |
Manto Pitarrilla Cont' |
349.60 |
364.35 |
14.75 |
9.07 |
162 |
2.04 |
1.09 |
0.03 |
0.22 |
Including |
353.40 |
353.70 |
0.30 |
0.19 |
1,175 |
7.75 |
11.70 |
0.38 |
0.26 |
BPU-003 |
Manto Pitarrilla |
227.50 |
237.40 |
9.90 |
9.30 |
50 |
5.25 |
0.46 |
0.01 |
0.02 |
Including |
236.60 |
237.40 |
0.80 |
0.75 |
104 |
14.45 |
1.28 |
0.01 |
0.03 |
Palmito |
237.40 |
239.00 |
1.60 |
1.50 |
83 |
15.34 |
0.88 |
0.01 |
0.03 |
Including |
238.40 |
239.00 |
0.60 |
0.56 |
100 |
17.90 |
1.06 |
0.01 |
0.05 |
Manto Pitarrilla Cont' |
239.00 |
257.65 |
18.65 |
17.53 |
35 |
5.80 |
0.27 |
0.01 |
0.01 |
Including |
254.80 |
255.80 |
1.00 |
0.94 |
18 |
14.75 |
0.03 |
0.01 |
0.01 |
Danna |
257.65 |
264.45 |
6.80 |
6.39 |
5 |
5.59 |
0.00 |
0.04 |
0.04 |
Including |
261.35 |
262.35 |
1.00 |
0.94 |
7 |
11.35 |
0.00 |
0.01 |
0.07 |
Manto Pitarrilla Cont' |
264.45 |
269.20 |
4.75 |
4.46 |
5 |
2.77 |
0.00 |
0.01 |
0.01 |
Manto Pitarrilla Cont' |
273.10 |
288.75 |
15.65 |
14.71 |
116 |
5.94 |
1.44 |
0.07 |
0.04 |
Including |
285.55 |
286.55 |
1.00 |
0.94 |
136 |
18.35 |
1.47 |
0.01 |
0.14 |
Manto Pitarrilla Cont' |
295.45 |
306.45 |
11.00 |
9.53 |
131 |
3.49 |
1.21 |
0.05 |
0.03 |
Including |
299.45 |
300.45 |
1.00 |
0.87 |
344 |
4.94 |
3.99 |
0.02 |
0.03 |
Manto Pitarrilla Cont' |
324.20 |
339.60 |
15.40 |
9.47 |
9 |
2.78 |
0.06 |
0.01 |
0.01 |
Including |
329.20 |
330.20 |
1.00 |
0.64 |
10 |
6.29 |
0.05 |
0.01 |
0.01 |
Manto Pitarrilla Cont' |
367.20 |
385.00 |
17.80 |
9.43 |
69 |
2.78 |
0.35 |
0.01 |
0.05 |
Including |
379.00 |
380.00 |
1.00 |
0.50 |
241 |
3.24 |
1.71 |
0.02 |
0.06 |
Manto Pitarrilla Cont' |
399.60 |
410.00 |
10.40 |
7.97 |
44 |
3.09 |
0.28 |
0.03 |
0.04 |
Including |
405.60 |
406.60 |
1.00 |
0.77 |
31 |
5.83 |
0.18 |
0.01 |
0.05 |
Manto Pitarrilla Cont' |
560.95 |
575.55 |
14.60 |
13.62 |
183 |
1.79 |
0.52 |
0.06 |
0.04 |
Including |
572.00 |
573.05 |
1.05 |
0.99 |
325 |
1.93 |
1.23 |
0.12 |
0.05 |
Victoria |
577.15 |
579.00 |
1.85 |
1.42 |
296 |
0.94 |
1.48 |
0.05 |
0.04 |
Including |
577.15 |
578.00 |
0.85 |
0.65 |
351 |
0.61 |
2.27 |
0.09 |
0.04 |
Note: No capping has been applied but high-grade
intervals have been highlighted. True width has been calculated
from interpreted sections
Table 2. Surface Diamond Drill
Results
Hole |
Structure |
From |
To |
Core Length |
True Width |
Ag |
Zn |
Pb |
Au |
Cu |
(m) |
(m) |
(m) |
(m) |
(gpt) |
(%) |
(%) |
(gpt) |
(%) |
BPD-495 |
Casas Blancas |
311.65 |
314.30 |
2.65 |
2.65 |
239 |
3.29 |
0.71 |
0.02 |
0.01 |
Including |
311.65 |
312.55 |
0.90 |
0.90 |
625 |
1.76 |
0.63 |
0.01 |
0.01 |
BPD-496 |
Casas Blancas |
354.25 |
356.10 |
1.85 |
1.72 |
124 |
6.00 |
0.58 |
0.13 |
0.03 |
Including |
355.30 |
355.80 |
0.50 |
0.46 |
161 |
9.99 |
0.62 |
0.25 |
0.05 |
BPD-497 |
Casas Blancas |
445.10 |
447.50 |
2.40 |
2.26 |
173 |
2.15 |
0.90 |
0.13 |
0.02 |
Including |
445.10 |
445.30 |
0.20 |
0.19 |
480 |
11.50 |
5.49 |
0.39 |
0.09 |
BPD-498 |
Casas Blancas |
382.60 |
384.15 |
1.55 |
1.27 |
55 |
3.74 |
0.18 |
0.02 |
0.01 |
Including |
383.45 |
384.15 |
0.70 |
0.57 |
113 |
6.98 |
0.22 |
0.05 |
0.02 |
BPD-499 |
Casas Blancas |
325.50 |
328.35 |
2.85 |
2.18 |
173 |
6.95 |
1.11 |
0.07 |
0.01 |
Including |
327.25 |
327.75 |
0.50 |
0.38 |
220 |
13.80 |
1.52 |
0.08 |
0.02 |
BPD-500 |
Casas Blancas |
388.00 |
389.50 |
1.50 |
0.96 |
156 |
2.41 |
0.43 |
0.06 |
0.02 |
Including |
388.00 |
388.75 |
0.75 |
0.48 |
298 |
4.45 |
0.82 |
0.08 |
0.03 |
Note: No capping has been applied but high-grade
intervals have been highlighted. True width has been calculated
from interpreted sections.
Figure 3. Peña Dyke
The Peña Dyke is locally mineralized (pre-manto)
and has a rhyolitic composition
Table 3. Peña Dyke Channel Sample
Results
Channel |
Channel Length |
Ag |
Zn |
Pb |
Au |
Cu |
(gpt) |
(%) |
(%) |
(gpt) |
(%) |
1 |
6.60 |
147 |
1.47 |
1.24 |
0.06 |
0.16 |
2 |
4.80 |
309 |
1.99 |
2.56 |
0.17 |
0.49 |
3 |
4.20 |
562 |
2.52 |
5.34 |
0.07 |
0.78 |
4 |
3.85 |
511 |
4.54 |
3.03 |
0.09 |
1.71 |
5 |
3.95 |
351 |
4.18 |
1.06 |
0.23 |
1.58 |
6 |
4.10 |
366 |
3.40 |
2.60 |
0.16 |
0.53 |
7 |
5.10 |
350 |
3.28 |
3.08 |
0.14 |
0.28 |
8 |
4.90 |
229 |
2.55 |
1.60 |
0.10 |
0.21 |
9 |
5.35 |
210 |
2.82 |
1.24 |
0.06 |
0.16 |
Avg |
4.76 |
319 |
2.85 |
2.32 |
0.12 |
0.58 |
|
|
|
|
|
|
|
Channel |
Channel Length |
Ag |
Zn |
Pb |
Au |
Cu |
(gpt) |
(%) |
(%) |
(gpt) |
(%) |
A |
5.35 |
424 |
2.16 |
4.89 |
0.09 |
0.24 |
B |
5.65 |
137 |
3.31 |
0.44 |
0.04 |
0.46 |
C |
4.70 |
127 |
3.35 |
0.68 |
0.03 |
0.24 |
D |
4.35 |
155 |
3.45 |
0.69 |
0.04 |
0.41 |
E |
4.25 |
79 |
4.32 |
0.52 |
0.03 |
0.17 |
F |
3.60 |
351 |
3.21 |
2.65 |
0.03 |
0.81 |
G |
3.70 |
328 |
4.62 |
2.31 |
0.03 |
0.69 |
Avg |
4.51 |
225 |
3.42 |
1.75 |
0.05 |
0.41 |
|
|
|
|
|
|
|
Note: No capping has been applied but high-grade
intervals have been highlighted. True width has been calculated
from interpreted sections.
Longitudinal sections identifying the
mineralized horizons of the outline veins are available here with
historical and current drill holes.
Pitarrilla is a large undeveloped silver, lead,
and zinc project located 160 kilometres north of Durango City, in
northern Mexico. The project is within the Municipality of Santa
María del Oro and Indé on the eastern flank of the Sierra Madre
Occidental mountain range. The property comprises 4,950 hectares
across five concessions and has significant infrastructure in place
with direct access to utilities. A significant resource has been
defined with over 225,000 metres of exploration drilling incurred
to date. A number of key permits are already in place for
underground mining and development, including permits for water use
and discharge, general use of explosives, change use of soil, as
well as underground mining and development which are permitted
under an Environmental Impact Statement.
About Endeavour Silver
Endeavour is a mid-tier precious metals company
with a strong commitment to sustainable and responsible mining
practices. With operations in Mexico and the development of the new
cornerstone mine in Jalisco state, the company aims to contribute
positively to the mining industry and the communities in which it
operates. In addition, Endeavour has a portfolio of exploration
projects in Mexico, Chile and the United States to facilitate its
goal to become a premier senior silver producer.
Quality Assurance / Quality
Control
Drill core samples were shipped to ALS Limited
in Zacatecas, Mexico for sample preparation and then for analysis
at the ALS laboratory in North Vancouver and rock samples were
shipped to SGS Lab in Durango, Mexico for sample preparation and
analysis. The ALS Zacatecas, North Vancouver facilities and SGS lab
are ISO 9001 and/or ISO/IEC 17025 certified. Silver and base metals
were analyzed using a four-acid digestion with an ICP-AES / ICP-OES
finish and gold was assayed by 30-gram fire assay with atomic
absorption (“AA”) spectroscopy finish. Over limit analyses for
silver were re-assayed by 30-gram fire assay and gravimetric finish
and for lead and zinc re-assayed using an ore-grade four-acid
digestion with ICP-AES / ICP-OES finish.
Control samples comprising certified reference
samples, duplicates and blank samples were systematically inserted
into the sample stream and analyzed as part of the Company’s
quality assurance / quality control protocol.
Qualified Person
Dale Mah, P.Geo., Vice President Corporate
Development, a qualified person under NI 43-101, has approved the
scientific and technical information contained in this news
release.
Contact Information Allison
Pettit Director, Investor Relations Email: apettit@edrsilver.com
Website: www.edrsilver.com Follow Endeavour Silver on Facebook, X,
Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” within the meaning of the United States private
securities litigation reform act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Such forward-looking statements and information herein
include but are not limited to statements regarding the anticipated
work program at Pitarrilla, a future economic study at Pitarrilla,
Pitarrilla’s potential to create shareholder value, and the timing
and results of various activities. The Company does not intend to
and does not assume any obligation to update such forward-looking
statements or information, other than as required by applicable
law.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, production
levels, performance or achievements of Endeavour and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited to changes in
production and costs guidance; the reliability of Mineral Resource
Estimates; results of the work program at Pitarrilla; the ongoing
effects of inflation and supply chain issues on mine economics;
national and local governments’ legislation, taxation, controls,
regulations and political or economic developments in Canada and
Mexico; financial risks due to precious metals prices; operating or
technical difficulties in mineral exploration, development and
mining activities; risks and hazards of mineral exploration,
development and mining; the speculative nature of mineral
exploration and development; risks in obtaining necessary licenses
and permits; fluctuations in the prices of silver and gold,
fluctuations in the currency markets (particularly the Mexican
peso, Chilean peso, Canadian dollar and U.S. dollar); and
challenges to the Company’s title to properties; as well as those
factors described in the section “risk factors” contained in the
Company’s most recent form 40F/Annual Information Form filed with
the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company’s mining
operations, no material adverse change in the market price of
commodities, the reliability of Mineral Resource Estimates;
anticipated results of the work program at Pitarrilla, mining
operations will operate and the mining products will be completed
in accordance with management’s expectations and achieve their
stated production outcomes, and such other assumptions and factors
as set out herein. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
information, there may be other factors that cause results to be
materially different from those anticipated, described, estimated,
assessed or intended. There can be no assurance that any
forward-looking statements or information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements or information. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
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