Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ( "Pan American" ) yesterday completed the previously announced divestment of its 100% interest in La Arena S.A. ("La Arena"), which owns the La Arena gold mine as well as the La Arena II project in Peru, to Jinteng (Singapore) Mining Pte. Ltd., a subsidiary of Zijin Mining Group Co., Ltd. (collectively, "Zijin").
Under the terms of the agreement, Zijin paid US$245 million in cash consideration and granted Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. Upon commencement of commercial production from the La Arena II project, the agreement provides for an additional contingent payment from Zijin of US$50 million in cash.
As part of the approval received from the Government of Canada under the Investment Canada Act, Pan American and La Arena entered into an offtake agreement in respect of the La Arena II project, which will enable Pan American to secure up to 60% of the future copper concentrate supply from the La Arena II project on commercial terms for sale in North American markets, following the commencement of commercial production.
About Pan American Silver
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
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Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "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 provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the anticipated commencement of production from the La Arena II project, if any; the potential receipt of the future contingent payment and the realization of any value in respect of the gold net smelter return royalty granted in connection with the transaction; and the amount of copper concentrates available from the La Arena II project, if any, and Pan American's ability to secure and complete future sales of any such copper concentrates within North American markets.
These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: whether commercial production from the La Arena II project will be achieved, and the timing for any such commercial production; the benefits and value, if any, of the gold net smelter return royalty granted in connection with the transaction; tonnage of ore to be mined and processed from the La Arena II project, if any; future anticipated prices for gold, copper and other metals and assumed foreign exchange rates; ore grades and recoveries from the La Arena II project; capital costs for the La Arena II project and the availability of capital for development and construction; all necessary permits, licenses and regulatory approvals for the La Arena II project are received; and the amount, if any, of supply of copper concentrates from the La Arena II project and, if available, the future sales of any such copper concentrates within North American markets. The foregoing list of assumptions is not exhaustive.
Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); development and construction risks; risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Peru, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Peru, including legal restrictions relating to mining; risks relating to expropriation; and competition in the mining industry for equipment and qualified personnel. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203648739/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters") led by BMO Capital Markets, pursuant to which the Underwriters have agreed to buy on a bought-deal basis 15,825,000 common shares of the Company (the "Common Shares"), at a price of US$4.60 per Common Share for aggregate gross proceeds of approximately US$73 million (the "Offering"). The Company has granted the Underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 10% of the Common Shares offered under the Offering to cover over-allotments, if any.
The principal objectives for use of the net proceeds of the Offering are for general working capital and the advancement of the Pitarrilla Project.
The Offering is expected to close on or about November 27, 2024 and is subject to Endeavour receiving all necessary regulatory approvals and the approval of the Toronto Stock Exchange and the New York Stock Exchange.
The Common Shares will be offered in all provinces of Canada (except Quebec) pursuant to a short form base shelf prospectus (the "Base Shelf Prospectus") as accompanied by a prospectus supplement (the "Prospectus Supplement") and will be offered in the United States pursuant to a prospectus supplement to a base shelf prospectus forming part of the Company's registration statement on Form F-10 (together with any amendments thereto, the "Registration Statement") registering the Common Shares under the United States Securities Act of 1933, as amended, pursuant to the Multi-Jurisdictional Disclosure System adopted by the United States and Canada. The final prospectus supplement will be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, except Quebec, and the United States, within two business days. The Common Shares may also be offered on a private placement basis in certain jurisdictions outside of Canada and the United States pursuant to applicable prospectus exemptions. However, there will not be any sale of Common Shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such province, state or jurisdiction.
A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all provinces of Canada (except Quebec). Copies of the final base shelf prospectus and any applicable shelf prospectus supplement may be obtained from BMO Capital Markets for which contact details are provided below. This document does not provide full disclosure of all material facts relating to the Common Shares. Investors should read the final base shelf prospectus, the accompanying prospectus supplement and any amendments thereto for disclosure of those facts, especially risk factors relating to the Common Shares, before making an investment decision. Investing in the Common Shares involves risk. See "Risk Factors" in the final base shelf prospectus and in the prospectus supplement. Endeavour has filed the Registration Statement with the U.S. Securities and Exchange Commission ("SEC") for the Offering to which this communication relates. Before you invest, you should read the prospectus supplement relating to the Offering, the Registration Statement and other documents Endeavour has filed with the SEC for more complete information about Endeavour and the Offering.
Copies of the applicable offering documents, when available, can be obtained free of charge under the Company's profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov .
Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+. An electronic or paper copy of these documents, when available, may be obtained, without charge, in Canada from BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, ON, L6S 6H2, by telephone at 905-791-3151 Ext 4312, or by email at torbramwarehouse@datagroup.ca and in the United States from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by email at bmoprospectus@bmo.com by providing BMO Nesbitt Burns Inc. or BMO Capital Markets Corp. with an email address or mailing address, as applicable. No securities regulatory authority has either approved or disapproved of the contents of this news release.
About Endeavour Silver Corp.
Endeavour is a mid-tier precious metals company committed 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, which has helped it achieve its goal of becoming a premier senior silver producer.
Contact Information
Allison Pettit, Director of Investor Relations
Tel: (604) 640 4804
Email: apettit@edrsilver.com
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 applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the anticipated Offering, including the securities and their terms, the Underwriters, the timing of the Offering, the filing of the prospectus supplement, the jurisdictions in which the securities will be offered, the intended use of proceeds and the closing of the Offering, including the satisfaction and timing of the receipt of all required regulatory approvals, including the approval of the TSX and NYSE, and other conditions to closing the Offering.
Forward-looking statements or information involve known and unknown risks, uncertainties, and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the timing of, and ability to obtain, regulatory approvals; changes in production and costs guidance; 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, Chile, the USA 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; continued compliance with the project loan debt facility; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and US 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 SEC 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, mining operations will operate and the mining products will be completed under 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, other factors may cause results to be materially different from those anticipated, described, estimated, assessed, or intended. These forward-looking statements represent the Company's views as of the date of this release. There can be no assurance that any forward-looking statements or information will 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. The Company does not intend to and does not assume any obligation to update forward-looking statements or information other than as required by applicable law.
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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
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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.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/fbd3032a-3c60-434b-8b28-f5c93e2f864b
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