Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the results from the mobile metal ion (MMI) soil geochemistry survey completed at the Secret Pass Gold Project in Mohave County, Arizona
Result Highlights
The results of the MMI soil survey (1,139 soil samples), when interpreted with the geology, alteration and geophysics data, define four new significant mineralization target areas outside of the Tin Cup Zone as illustrated in Figure 1.
Two of the highlighted target zones include, Target 1 and Target 4 are on newly staked mineral claims announced by Northern Lights on September 30, 2021.
Targets 2, 3, and 4 are considered to be a priority for detailed geological mapping and sampling to identify future drill targets.
Target 1 on newly acquired claim areas in the northwest quadrant of the project tenements defined a gold in soil anomaly including samples up to 51.6 ppb Au.
Target 2 is centred on the area between the Fiery Squid and Fluorspar Ridge defining a 1.9 km N-S trending gold in soil anomaly that lies between the Union Pass and Frisco Mine Faults. Results include samples up to 547 ppb Au.
Target 3 in an area adjacent to Union Pass Fault defined a gold in soil anomaly that is outside known workings on trend with previous prospects and drifts. Inculdes samples up to 95.4 ppb Au.
Target 4 on newly acquired claim area that includes numerous shallow shafts and surface workings form two subparallel vein systems. No surface rock sampling was previously undertaken in this area. The results show gold in soil anomaly including samples up to 86 ppb Au.
Northern Lights CEO, Jason Bahnsen, commented "The MMI soil results highlight the potential of the northern section of the Secret Pass Project and on the recently staked ground to the east of the Tin Cup Zone. Planned exploration work in 2022 will include detailed geological mapping of the new target areas as a precursor to generating drill targets. Assays from the four drill holes completed at Tin Cup in December are still pending and will be released as received."
Figure 1: Secret Pass Project - Exploration Target Areas
Mobile Metal Ion (MMI) Soil Geochemistry Survey
In September and October 2021, Northern Lights Resources completed a close-spaced MMI soil survey over the 1,128 Ha Secret Pass license area. In total, 1,139 soil samples were collected on a 200m x 50m grid (grid spacing irregular over some areas of extreme topography).
The Secret Pass soil samples were analyzed by SGS Laboratories in Vancouver utilizing mobile metal ionic leach analysis for a 60-element suite. The key benefits to using partial ionic leach extraction for soil analysis compared to the industry standard aqua regia digestion includes the following:
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
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NOT FOR DISTRIBUTION TO OR FOR DISSEMINATION IN THE UNITED STATES
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company")(CSE:NLR)(OTCQB:NLRCF) announces that it intends to complete a non-brokered private placement (the "Placement") for gross proceeds of up to C$1,000,000 from the sale of common shares of the Company (the "Shares") at a price of C$0.075 per Share
The Company intends to use the net proceeds raised from the Placement for the exploration of the Company's Secret Pass Gold Project located in Northwestern Arizona, USA and for general working capital purposes.
The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including regulatory approvals as required.
In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% controlled, Secret Pass Gold Project located in Mohave County, Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County, Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCD) is pleased to announce start of the 2022 exploration program at the Medicine Springs Silver Project ("Medicine Springs"), located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (Reyna Silver
The 2022 exploration program at Medicine Springs will include a 5,000 to 7,000 metre drill program targeting the discovery of a large scale Carbonate Replacement Deposit (CRD) system. Drill permitting is underway and work is commencing immediately on additional field studies to further refine drill targets. Drilling is expected to commence in Q3/Q4 2022.
Norhern Lights CEO, Jason Bahnsen commented "We are delighted to have work underway at Medicine Spings leading to the upcoming 5,000 to 7,000 metre drill program. The Medicine Springs Project has the potential to host large scale CRD silver and base metals mineralizaton and we are looking forward to seeing the results of this initial drill program."
Under the terms of the Opton/JV agreement between Northern Lights and Reyna Silver, Reyna Silver are earning up to 80% of the Medicine Springs Project. Northern Lights does not contribute to project exploration expenditure until total exploration expenditures have exceeded US$4.0 million. (See the Northern Lights announcement dated October 5, 2020 for full details of the Option/JV agreement with Reyna Silver.)
In 2021, Reyna Silver conducted a Selective Jasperoid Sampling survey focused on the prominent NE trending, multi-stage jasperoids that cut across the property along the inferred principal hydrothermal fluid pathways. The results show zoning of Copper, Lead-Zinc, and Silver and are interpreted to indicate a multi-stage high-level mineralization center at depth. Comparison of the field data to Reyna's CRD continuum exploration model supports the idea that the full CRD spectrum is present within the Medicine Springs project area.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCD" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company") (CSE:NLR), (OTCQB:NLRCF) is pleased to announce that it is proceeding with the consolidation of its common shares on a ten (10) for one (1) basis (the "Consolidation"). The Company's common shares will commence trading on a post-consolidated basis effective at market opening on May 24, 2022 (the "Effective Date
Immediately prior to completion of the Consolidation, the Company has 143,571,385 common shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 14,357,139 common shares issued and outstanding, subject to the rounding of fractional common shares. The company has been issued with a new Cusip Number (66538D301), there will be no escrow of shares, and the trading symbol will remain unchanged.
No fractional common shares will be issued as a result of the Consolidation. All fractional common shares resulting from the Consolidation will be rounded to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (10:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices. New warrant certificates reflecting the Consolidation are not required and will not be issued.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to affect the Consolidation.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.co
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce an update to the exploration plan for the Tin Cup prospect at the Company's 100% owned Secret Pass Gold Project in Mohave County, Arizona
Following on from the success of the initial four holes completed, Northern Lights is planning to expand the exploration program at Secret Pass to include the drilling of three (3) additional holes at Tin Cup and two (2) drill holes at the FM Zone, which is located approximately 500 metres east of Tin Cup. All five (5) proposed drill holes are fully permitted. The drill holes statistics and significant intersections for the first four drill holes are sumarized on Table 1. The location of the recent drill holes and the planned drill holes for Tin Cup and the FM Zones are illlustrated on Figure 1.
Prior to initiating the second phase of drilling, Northern Lights is planning to complete a deep penetrating Induced Polarization (IP) survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in refining existing targets and identifying new drill targets associated with zones of high chargeability located along strike and to depth. With reference to Figure 1, the IP survey area will cover the gold anomay generated from the soil sampling program completed in 2021. This soil survey identified a significant gold soil anomaly approximately 1,100 metres in length and up to 400 metres wide as shown on Figure1.
Northern Lights CEO, Jason Bahnsen, commented"The initial drilling at Tin Cup has been very successful and has confirmed the presence of wide zones of gold mineralization. The next phase of drilling will test the Tin Cup mineralization at depth and further along strike. We also have two holes permitted to drill at the FM Zone where we are targeting vertical vein structrues similar to Tin cup. The proposed holes are fully permitted with drilling to commence pending financing and availability of drilling contractors."
The first four drill holes completed at Tin Cup showed confirmation of gold mineralization from surface to a maximum depth of approximately 90 metres. The three additional holes planned have been fully permitted and will test the down plunge extension of the gold mineralization. With reference to Figure 2, drill hole TC21-06 is planned for 400 metres at a 55 degree dip to test the mineralizaton at depth. The other two drill holes TC22-07 and TC22-08 will test the mineralization along strike.
At the Tin Cup zone, drilling at depth will test the potential for an epithermal quartz vein system similar to the Oatman District. The geology of the Tin Cup zone shares similarities of the upper parts of the Oatman gold system. The Secret Pass drilling will target both the upper broad zone of stockwork veining and the deeper, more discreet ‘bonanza' veining.
The drilling at the FM zone will target near-vertical mineralized structures related to the FM fault zone similar to the Tin Cup zone.
Table 1: Tin Cup Phase 1 Drill Holes
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) | Significant Intersections |
TC21-01 | Tin Cup | - | - | - | Abandoned |
TC21-02 | Tin Cup | 220 | -45 | 175 |
|
TC21-03 | Tin Cup | 220 | -55 | 230 |
|
TC21-04 | Tin Cup | 310 | -50 | 103* |
|
TC21-05 | Tin Cup | 040 | -60 | 102* |
|
TC22-06 | Tin Cup | 220 | -65 | 400 | Fully Permitted - Pending Drilling |
TC22-07 | Tin Cup | 250 | -50 | 250 | Fully Permitted - Pending Drilling |
TC22-08 | Tin Cup | 200 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-01 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-02 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
| Total Completed and Planned | 1,710 | ||||
Note: all intersections have been previously announced and represent downhole widths as insufficient information is available to calculate true widths.
*Drill holes TC21-04 and TC21-05 were terminated early due to technical difficulties.
Figure 1: Drill Locations and Gold Soil Anomalies
Figure 2: Tin Cup Drilling Cross Section and Geological Model
QA/QC Statement
Diamond Core (HQ size) was drilled by Godbe Drilling LLC under the supervision of Mr. Lee Beasley, QP for Northern Lights Resources. The core was split with the half core transported to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QA/QC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of one field control sample every 20 regular samples. Samples received by the lab are logged, weighted and assigned into batches. Sample preparation begins with crushing samples to 75% passing -10 mesh. From this sample, 250 grams of material is separated using a riffle splitter which is then further pulverized to at least 95% - 150 mesh resulting in a pulp that is ready for analysis. Gold was determined by fire assay fusion of a 30 gram sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold ( greater than 5 g/t) were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new inforAddmation, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources (CSE:NLR) (OTCQB:NLRCF) reports additional high-grade assay results from its third and fourth drill holes at its Tin Cup Prospect at its Secret Pass Gold Project in Arizona. The 100%-owned Secret Pass Gold Project is located in the Frisco-Catherine Gold district of Northwest Arizona, is approximately 8 kilometers Northeast of Elevation Gold's Moss Mine, a heap leach open pit gold mine currently operating at an average mined grade of 0.45 gt gold. Following the acquisition of an additional 260 hectares in September 2021, the Secret Pass Gold Project now covers approximately 1,128 hectares.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments by Jason Bahnsen, CEO of Northern Lights. The video is available for viewing on " InvestmentPitch.com " and on " YouTube ". If these links are not enabled, please visit www.InvestmentPitch.com and enter "Northern Lights" in the search box.
Northern Lights has completed four diamond core drill-holes, totalling 610 meters, at Tin Cup. All four drill holes intercepted zones of moderate to strong gold mineralization hosted by altered andesite.
Today's results are from Hole TC21-04 and 05. Hole TC21-04 intersected 0.95 g/t gold over 103.00m, starting at surface and including the entire length of the drill hole . This included 2.96 g/t gold over 12.96m starting at 75.59m. Hole TC21-05 Intersected 0.29g/t gold over 60.91m starting at 41.50m, including 0.56 g/t over 24.07m from 78.34m, which also included 4.23 g/t over 0.99m from 101.42m, which was the last meter of the drill hole.
Recently announced assays from Holes TC21-02 and 03 indicate wide zones of near surface gold mineralization are present at Tin Cup. The results from Hole21-03 have been slightly upgraded.
Northern Lights has permits in place to drill 3 additional holes and plans to apply for further drill-hole permits following the analysis of these first 4 holes. The company is also planning to complete a deep penetrating IP survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in defining new drill targets associated with zones of high chargeability located along strike and to depth.
The gold mineralization at Tin Cup is open at depth and has not yet been tested below an average depth of 95 metres. The focus of this initial drill program is to confirm the gold mineralization previously identified by reverse circulation drilling in the 1980s and to provide additional geological information on the style of gold mineralization.
The shares are trading at $0.035. For more information, please visit the company's website, www.NorthernLightsResources.com , contact Rick Timcke, President, at 604-608-6163 or email RTimcke@NorthernLightsResources.com , or contact Jason Bahnsen, CEO, at 604-608-6163 or email jason@NorthernLightsResources.com . For Investor Relations, contact Shawn Balaghi, at 604-773-0242 or email shawn@NorthernLightsResources.com .
Disclaimer
The information in this Investmentpitch Media Ltd video is for the viewers information only. Northern Lights has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
About InvestmentPitch Media
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Before discovering what the highest silver price was, it’s worth looking at how the precious metal is traded. Knowing the mechanics can be useful in understanding why and how its price changes on a day-to-day basis and beyond.
Put simply, silver bullion is traded in dollars and cents per ounce, with market activity taking place worldwide at all hours, resulting in a live silver price. Key commodities markets like New York, London and Hong Kong are just a few locations where investors trade the metal. London is seen as the center of physical silver trade, while the COMEX division of the New York Mercantile Exchange, called the NYMEX, is where most paper trading is done.
There are two popular ways to invest in silver. The first is through purchasing silver bullion products such as bullion bars, bullion coins and silver rounds. Physical silver is sold on the spot market, meaning that in order to invest in silver this way, buyers pay a specific price for the metal — the silver price per ounce — and then have it delivered immediately.
The second is accomplished through paper trading, which is done via the silver futures market, with participants entering into futures contracts for the delivery of silver at an agreed-upon price and time. In such contracts, two positions can be taken: a long position to accept delivery of the metal or a short position to provide delivery.
Paper trading might sound like a strange way to get silver exposure, but it can provide investors with flexibility that they wouldn’t get from buying and selling bullion. The most obvious advantage is perhaps the fact that trading in the paper market means silver investors can benefit long term from holding silver without needing to store it. Furthermore, futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Market participants can also invest in silver through exchange-traded funds (ETFs). Investing in a silver ETF is similar to trading a stock on an exchange, and there are several silver ETFs to choose from. Some ETFs focus on physical silver bullion, while others focus on silver futures contracts. Still others focus on the silver stocks or follow the live silver price.
The silver all-time high was US$48.70 per ounce, a level it reached on January 18, 1980.
However, the price didn’t exactly reach that level by honest means. As Investopedia explains, two wealthy traders called the Hunt brothers attempted to corner the market by buying not only physical silver, but also silver futures — they took delivery of those silver futures contracts instead of taking legal tender in the form cash settlements. Their exploits ultimately ended in disaster: On March 27, 1980, they missed a margin call and the silver market price plunged to US$11.
Silver wouldn’t test that high again until April 2011, when it reached US$47.94. At that time, its price uptick came on the back of very strong silver investment demand, and was more than triple the 2009 average silver price of US$14.67.
Silver price chart, November 1, 1999, to September 26, 2024.
Chart via Trading Economics.
After its 2011 peak, silver's price pulled back over the following years before settling between US$15 and US$20 for much of the second half of last decade.
An upward trend in the silver price started in mid-2020, when it was spurred on by the economic uncertainty surrounding the COVID-19 pandemic. The price of silver breached the key US$26 level in early August 2020, and soon after tested US$30. However, it failed to make substantial progress past that.
In the spring of 2023, the silver price surged by 30 percent, briefly rising above US$26 in early May, but the precious metal cratered back down to US$20.90 in early October. Later in the month, silver advanced toward the US$23 level on the back safe-haven demand due to the Israel-Hamas war. Following remarks from Fed Chair Jerome Powell, rate cut speculation sent the price of silver to US$25.48 on November 30, its highest point for the fourth quarter.
After starting 2024 on a low note, the white metal saw gains in March on rising Fed rate cut expectations. The resulting upward momentum led silver to reach a Q1 high of US$25.62 on March 20 before breaking through the US$30 mark on May 17. The silver price reached a 12 year high of US$32.33 per ounce on May 20.
In Q3 this year, prices for the metal slid down past the US$27 mark to as low as US$26.64 by August 7 alongside its industrial cousin copper. Heading into the fourth quarter, silver has reversed course to the upside, tracking the record breaking moves in the gold price. Silver prices once again breached the US$30 level on September 13 to trade at US$32.71 as of September 26, up over 35 percent since the start of the year.
Market watchers are curious as to whether the silver price will continue its upward trajectory. Only time will tell, and it will depend on the white metal's ability to remain above the critical US$30 level.
Like other metals, the silver spot price is most heavily influenced by supply and demand dynamics. However, as the information above illustrates, the silver price can be highly volatile. That's partially due to the fact that the metal is subject to both investment and industrial metal demand within global markets.
In other words, it’s bought by investors who want it as a store of wealth, as well as by manufacturers looking to use it for different applications that are incredibly varied. For example, silver has diverse technological applications and is used in devices like batteries and catalysts, but it’s also used in medicine and in the automotive industry.
In terms of supply, the world’s three top producers of the metal are Mexico, China and Peru. Interestingly, even in those countries silver is usually a by-product — for instance, a mine producing primarily gold might also have silver output.
The Silver Institute's latest World Silver Survey, put together by Metals Focus, outlines a 1 percent decrease in global mine production to 830.5 million ounces in 2023. This was in large part the result of a four month suspension of operations at Newmont’s (TSX:NGT,NYSE:NEM) Peñasquito mine in Mexico due to strike action among workers. In addition, lower ore grades and mine closures curtailed production in Argentina, Australia and Russia.
The firm is forecasting a 0.8 percent decline in global silver mine production to 823.5 million ounces in 2024. In countries such as the US and Morocco, expansions and new projects are expected to contribute to supply growth. However, a significant drop in silver production out of Peru and China is expected to offset these increases.
Looking at demand, Metals Focus is projecting 2 percent growth for 2024 as industrial fabrication is expected to reach another all-time high on a projected 20 percent increase in demand from the solar market. This could be tempered by an anticipated contraction of 13 percent for physical investment in silver bars and coins.
The silver market is expected to experience a substantial deficit of 215.3 million ounces in 2024, amounting to the second highest discrepancy in over two decades.
As a final note on silver, it’s important for investors to be aware that manipulation of prices is a major issue in the space.
For instance, in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (NYSE:BNS) and other firms were involved in rigging silver rates from 2007 to 2013. In May 2023, a silver manipulation lawsuit filed in 2014 against HSBC and the Bank of Nova Scotia was dismissed by a US court.
JPMorgan Chase (NYSE:JPM) has been long at the center of silver manipulation claims as well. For years the firm has been in and out of court for the accusations. In 2020, JPMorgan agreed to pay US$920 million to resolve federal agency probes regarding the manipulation of multiple markets, including precious metals.
In 2014, the London Silver Market Fixing stopped administering the London silver fix, which had been used for over a century to fix the price of silver. It was replaced by the LBMA Silver Price, which is run by ICE Benchmark Administration, in a bid to increase market transparency.
Market watchers like Ed Steer have said that the days of silver manipulation are numbered, and that the market will see a significant shift when the time finally comes.
While silver has neared US$50 multiple times, including its all-time high, it’s anyone’s guess whether it will reach those heights once again. Even so, many commentators say prospects are bright for buying silver — and no matter the current state of the market, investors will no doubt be watching to see how the metal fares.
This is an updated version of an article first published by the Investing News Network in 2015.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports its estimated mineral reserves and mineral resources as at June 30, 2024. Proven and probable mineral reserves are estimated to contain approximately 468.0 million ounces of silver and 6.9 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding proven and probable ("P&P") reserves) are estimated to total approximately 1,148.0 million ounces of silver and 15.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 366.0 million ounces of silver and 9.4 million ounces of gold. The updated mineral reserves and mineral resources estimates are reported net of the sales of the MARA, Agua de la Falda and Morococha properties, as announced in the Company's news release dated July 31, 2023. The divestment of these non-core, non-producing assets is largely responsible for a decrease in mineral reserves and mineral resources compared to 2023.
"Our exploration efforts have successfully replaced mine production and expanded mineral reserves at Jacobina, La Colorada, Huaron and Minera Florida. In addition, infill and extensional drilling at the Jacobina mine has increased inferred mineral resources by over 1.2 million ounces of gold, highlighting the significant exploration potential of the deposit and the opportunity to replace mineral resources and mineral reserves in the future," said Christopher Emerson, Pan American's Vice President of Exploration and Geology. "At the La Colorada Skarn project, estimated indicated mineral resources have grown substantially to 309 million ounces of silver due to higher tonnage and higher grades, with the inferred mineral resource now estimated at 59 million ounces of silver. Zinc and lead contained within the skarn deposit have also increased since our last resource update."
In 2024, Pan American plans to complete over 360,000 metres of drilling across its portfolio of mines, focused on near-mine exploration for mineral reserve replacement.
Consolidated Proven and Probable Mineral Reserves, as at June 30, 2024 (1,2,3)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (4) | Proven Reserves | 13.3 | 278 | 119.1 | 0.68 | 135.1 |
Probable Reserves | 32.5 | 293 | 306.2 | 0.49 | 444.6 | |
Proven and Probable Reserves | 45.8 | 289 | 425.2 | 0.52 | 579.7 | |
Gold Segment (5) | Proven Reserves | 80.3 | 13 | 17.6 | 1.14 | 2,952.9 |
Probable Reserves | 99.8 | 16 | 25.2 | 1.05 | 3,360.3 | |
Proven and Probable Reserves | 180.1 | 14 | 42.7 | 1.09 | 6,313.1 | |
Total Segments (6) | Proven Reserves | 93.7 | 75 | 136.6 | 1.11 | 3,088.0 |
Probable Reserves | 132.3 | 124 | 331.4 | 0.92 | 3,804.8 | |
Proven and Probable Reserves | 225.9 | 105 | 468.0 | 1.00 | 6,892.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.
(3) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American's website for a more complete table, including zinc, lead and copper grades and contents.
(4) Silver Segment mineral reserves comprised of Escobal, La Colorada, Huaron, San Vicente, and Cerro Moro.
(5) Gold Segment mineral reserves comprised of Jacobina, Shahuindo, El Peñon, Timmins, Minera Florida, La Arena, and Dolores.
(6) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Consolidated Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (5) | Measured Resources | 20.7 | 159 | 105.6 | 0.63 | 65.2 |
Indicated Resources | 425.4 | 73 | 1,002.7 | 0.47 | 276.9 | |
M&I Resources | 446.1 | 77 | 1,108.4 | 0.50 | 342.2 | |
Gold Segment (6) | Measured Resources | 271.8 | 21 | 17.8 | 0.62 | 5,431.2 |
Indicated Resources | 704.7 | 26 | 21.8 | 0.43 | 9,751.0 | |
M&I Resources | 976.5 | 24 | 39.6 | 0.48 | 15,182.2 | |
Total Segments (7) | Measured Resources | 292.4 | 82 | 123.5 | 0.62 | 5,496.4 |
Indicated Resources | 1,130.1 | 71 | 1,024.5 | 0.43 | 10,027.9 | |
M&I Resources | 1,422.6 | 72 | 1,148.0 | 0.48 | 15,524.3 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American's website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment mineral resources comprised of Navidad, La Colorada Skarn, Escobal, Huaron, La Colorada, Manantial Espejo, Cerro Moro, San Vicente, and Joaquin.
(6) Gold Segment mineral resources comprised of Jacobina, La Arena II, La Pepa, El Peñon, Minera Florida, La Bolsa, Lavra Velha, Pico Machay, Timmins, Shahuindo, Vogel, Gold River, Whitney, Marlhill, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Consolidated Inferred Mineral Resources, as at June 30, 2024 (1,2,3,4)
Segment | Category | Tonnes (millions) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) |
Silver Segment (5) | Inferred Resources | 130.0 | 78 | 327.8 | 0.61 | 304.3 |
Gold Segment (6) | Inferred Resources | 254.0 | 21 | 38.2 | 1.12 | 9,118.4 |
Total Segments (7) | Inferred Resources | 384.0 | 61 | 366.0 | 1.09 | 9,422.8 |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) Please refer to the complete mineral reserve and mineral resource tables at the end of this news release for more information.
(4) This summary table does not include base metal grades or contents. Please refer to the Reserves & Resources page on Pan American's website for a more complete table, including zinc, lead and copper grades and contents.
(5) Silver Segment inferred mineral resources comprised of Navidad, La Colorada, La Colorada Skarn, Huaron, San Vicente, Escobal, Cerro Moro, Manantial Espejo and Joaquin.
(6) Gold Segment inferred mineral resources comprised of Jacobina, Gold River, El Peñon, Arco Sul, Minera Florida, Whitney, Pico Machay, La Arena II, Timmins, La Pepa, Lavra Velha, La Bolsa, Vogel, Shahuindo, Dolores, and La Arena.
(7) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
Mineral reserve and mineral resource highlights for the 12-months ended June 30, 2024:
A detailed summary of the silver and gold mineral reserves and mineral resources as at June 30, 2024 is provided in the tables at the end of this news release.
LA COLORADA SKARN MINERAL RESOURCE UPDATE
Approximately 73,000 metres of exploration and infill drilling have been completed since the last mineral resource update, including high-grade intercepts reported in previous news releases. The drilling has resulted in a significant increase in estimated mineral resources and higher silver and base metal grades. It also improved a large portion of mineral resources from the inferred category to indicated. The tables below illustrate the improvements and the highlights include:
Exploration and resource infill drilling is ongoing with additional drill rigs completing condemnation and hydrogeological work. Engineering work continues with geotechnical studies required for sub level caving ("SLC") and reviewing the updated mineral resource and mining shapes to optimize mineral extraction.
Next steps include further infill drilling, additional analysis of alternative mining methods, optimizing throughputs, preparing capital and operating cost estimates, as well as advancing discussions with potential project partners.
La Colorada Skarn Estimated Mineral Resource as at June 30, 2024
Classification | Tonnes (millions) | Zn (%) | Pb (%) | Ag (g/t) |
Indicated | 265.4 | 2.85 | 1.37 | 36 |
Inferred | 61.7 | 2.55 | 0.95 | 30 |
Notes:
MINERAL RESERVES AND MINERAL RESOURCES TABLES
Consolidated Pan American Mineral Reserves as at June 30, 2024 (1)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34.2 |
Probable | 22.1 | 316 | 225.0 | 0.34 | 243.8 | ||
La Colorada | Mexico | Proven | 3.2 | 305 | 31.4 | 0.20 | 20.5 |
Probable | 5.8 | 296 | 55.2 | 0.19 | 35.3 | ||
Huaron | Peru | Proven | 6.2 | 173 | 34.4 | -- | -- |
Probable | 3.5 | 163 | 18.2 | -- | -- | ||
San Vicente (95%) (2) | Bolivia | Proven | 0.9 | 329 | 9.8 | -- | -- |
Probable | 0.5 | 250 | 4.3 | -- | -- | ||
Cerro Moro | Argentina | Proven | 0.4 | 272 | 3.9 | 5.58 | 80.4 |
Probable | 0.6 | 200 | 3.6 | 9.31 | 165.5 | ||
Total Silver Segment (3) | 45.8 | 289 | 425.2 | 0.52 | 579.7 | ||
Gold Segment | |||||||
Jacobina | Brazil | Proven | 24.0 | -- | -- | 1.84 | 1,420.0 |
Probable | 30.3 | -- | -- | 1.79 | 1,742.3 | ||
Shahuindo | Peru | Proven | 39.8 | 8 | 10.5 | 0.52 | 660.4 |
Probable | 44.7 | 5 | 7.2 | 0.28 | 398.6 | ||
El Peñon | Chile | Proven | 0.8 | 208 | 5.5 | 5.46 | 145.4 |
Probable | 4.0 | 131 | 16.7 | 3.99 | 507.4 | ||
Timmins | Canada | Proven | 5.4 | -- | -- | 2.79 | 481.4 |
Probable | 4.4 | -- | -- | 2.74 | 386.2 | ||
Minera Florida | Chile | Proven | 1.2 | 23 | 0.9 | 3.25 | 128.7 |
Probable | 1.8 | 22 | 1.3 | 3.18 | 188.0 | ||
La Arena (4) | Peru | Proven | 8.0 | -- | -- | 0.41 | 103.7 |
Probable | 14.7 | -- | -- | 0.29 | 137.8 | ||
Dolores | Mexico | Proven | 1.2 | 16 | 0.6 | 0.35 | 13.3 |
Probable | -- | -- | -- | -- | -- | ||
Total Gold Segment (3) | 180.1 | 14 | 42.7 | 1.09 | 6,313.1 | ||
Total Gold and Silver Segments (3) | Proven + Probable | 225.9 | 105 | 468.0 | 1.00 | 6,892.8 | |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated.
(3) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(4) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Silver Measured and Indicated Mineral Resources as at June 30, 2024 (1,2)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | -- | -- |
Indicated | 139.8 | 126 | 564.5 | -- | -- | ||
La Colorada Skarn | Mexico | Indicated | 265.4 | 36 | 308.7 | -- | -- |
Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 16.7 |
Indicated | 14.2 | 201 | 91.6 | 0.20 | 93.0 | ||
Huaron | Peru | Measured | 1.3 | 196 | 8.3 | -- | -- |
Indicated | 1.8 | 162 | 9.4 | -- | -- | ||
La Colorada | Mexico | Measured | 0.4 | 231 | 2.7 | 0.11 | 1.2 |
Indicated | 2.1 | 181 | 12.2 | 0.27 | 18.4 | ||
Manantial Espejo | Argentina | Measured | 0.3 | 164 | 1.7 | 2.40 | 24.7 |
Indicated | 1.0 | 149 | 4.9 | 2.79 | 91.5 | ||
Cerro Moro | Argentina | Measured | 0.1 | 226 | 0.9 | 5.48 | 21.4 |
Indicated | 0.5 | 347 | 5.5 | 4.50 | 70.7 | ||
San Vicente (95%) (3) | Bolivia | Measured | 0.7 | 180 | 4.1 | -- | -- |
Indicated | 0.3 | 203 | 1.8 | -- | -- | ||
Joaquin | Argentina | Measured | 0.1 | 360 | 1.5 | 0.28 | 1.2 |
Indicated | 0.4 | 351 | 4.2 | 0.28 | 3.4 | ||
Total Silver Segment (3) | 446.1 | 77 | 1,108.4 | 0.50 | 342.2 | ||
Gold Segment | |||||||
Jacobina | Brazil | Measured | 39.7 | -- | -- | 1.70 | 2,175.1 |
Indicated | 55.1 | -- | -- | 1.58 | 2,796.0 | ||
La Arena II (4) | Peru | Measured | 152.2 | -- | -- | 0.25 | 1,246.1 |
Indicated | 554.3 | -- | -- | 0.23 | 4,042.7 | ||
La Pepa (80.0%) (3) | Chile | Measured | 47.1 | -- | -- | 0.61 | 922.8 |
Indicated | 52.3 | -- | -- | 0.49 | 824.3 | ||
El Peñon | Chile | Measured | 1.6 | 166 | 8.3 | 5.25 | 262.2 |
Indicated | 3.8 | 112 | 13.8 | 3.44 | 423.1 | ||
Minera Florida | Chile | Measured | 1.9 | 17 | 1.1 | 3.26 | 202.6 |
Indicated | 4.1 | 19 | 2.5 | 3.54 | 467.6 | ||
La Bolsa | Mexico | Measured | 10.8 | 10 | 3.5 | 0.70 | 242.8 |
Indicated | 10.6 | 8 | 2.7 | 0.54 | 184.3 | ||
Lavra Velha | Brazil | Indicated | 4.5 | -- | -- | 1.96 | 282.1 |
Pico Machay | Peru | Measured | 4.7 | -- | -- | 0.91 | 137.5 |
Indicated | 5.9 | -- | -- | 0.67 | 127.1 | ||
Timmins | Canada | Measured | 1.1 | -- | -- | 2.48 | 85.5 |
Indicated | 1.3 | -- | -- | 2.76 | 114.2 | ||
Shahuindo | Peru | Measured | 8.8 | 7 | 2.0 | 0.38 | 108.5 |
Indicated | 6.8 | 6 | 1.2 | 0.34 | 74.2 | ||
Vogel | Canada | Indicated | 2.2 | -- | -- | 1.75 | 125.0 |
Gold River | Canada | Indicated | 0.7 | -- | -- | 5.29 | 117.4 |
Whitney (83.27%) (3) | Canada | Measured | -- | -- | -- | -- | -- |
Indicated | 0.6 | -- | -- | 3.77 | 77.9 | ||
Marlhill | Canada | Indicated | 0.4 | -- | -- | 4.52 | 57.4 |
Dolores | Mexico | Measured | 3.0 | 30 | 2.9 | 0.41 | 39.4 |
Indicated | 0.6 | 73 | 1.5 | 1.40 | 28.8 | ||
La Arena (5) | Peru | Measured | 0.9 | -- | -- | 0.29 | 8.7 |
Indicated | 1.4 | -- | -- | 0.19 | 8.9 | ||
Total Gold Segment (4) | 976.5 | 24 | 39.6 | 0.48 | 15,182.2 | ||
Total Gold and Silver Segments (4) | Measured + Indicated | 1,422.6 | 72 | 1,148.0 | 0.48 | 15,524.3 | |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Pan American Inferred Mineral Resources as at June 30, 2024 (1,2)
Property | Location | Classification | Tonnes (millions) | Ag (g/t) | Contained Ag (koz) | Au (g/t) | Contained Au (koz) |
Silver Segment | |||||||
Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | -- | -- |
La Colorada | Mexico | Inferred | 12.4 | 235 | 93.8 | 0.19 | 74.4 |
La Colorada Skarn | Mexico | Inferred | 61.7 | 30 | 58.6 | -- | -- |
Huaron | Peru | Inferred | 5.2 | 165 | 27.5 | -- | -- |
San Vicente (95%) (3) | Bolivia | Inferred | 1.6 | 213 | 11.0 | -- | -- |
Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 53.7 |
Cerro Moro | Argentina | Inferred | 0.7 | 168 | 3.6 | 6.98 | 149.8 |
Manantial Espejo | Argentina | Inferred | 0.5 | 106 | 1.8 | 1.49 | 25.2 |
Joaquin | Argentina | Inferred | 0.2 | 280 | 1.4 | 0.25 | 1.2 |
Total Silver Segment (4) | 130.0 | 78 | 327.8 | 0.61 | 304.3 | ||
Gold Segment | |||||||
Jacobina | Brazil | Inferred | 57.1 | -- | -- | 1.77 | 3,249.5 |
Gold River | Canada | Inferred | 5.3 | -- | -- | 6.06 | 1,027.4 |
El Peñon | Chile | Inferred | 18.4 | 48 | 28.6 | 1.38 | 816.4 |
Arco Sul | Brazil | Inferred | 6.2 | -- | -- | 3.08 | 614.2 |
Minera Florida | Chile | Inferred | 5.4 | 15 | 2.7 | 3.03 | 531.2 |
Whitney (83.27 %) (3) | Canada | Inferred | 4.0 | -- | -- | 3.75 | 477.7 |
Pico Machay | Peru | Inferred | 23.9 | -- | -- | 0.58 | 445.7 |
La Arena II (5) | Peru | Inferred | 66.8 | -- | -- | 0.21 | 445.2 |
Timmins | Canada | Inferred | 3.5 | -- | -- | 3.37 | 382.5 |
La Pepa (80.0%) (3) | Chile | Inferred | 20.0 | -- | -- | 0.46 | 296.1 |
Lavra Velha | Brazil | Inferred | 4.7 | -- | -- | 1.56 | 238.0 |
La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 224.6 |
Vogel | Canada | Inferred | 1.5 | -- | -- | 3.60 | 168.8 |
Shahuindo | Peru | Inferred | 17.3 | 4 | 2.1 | 0.21 | 115.8 |
Dolores | Mexico | Inferred | 0.9 | 56 | 1.6 | 1.65 | 45.8 |
La Arena (5) | Peru | Inferred | 5.3 | -- | -- | 0.23 | 39.6 |
Total Gold Segment (4) | 254.0 | 21 | 38.2 | 1.12 | 9,118.4 | ||
Total Gold and Silver Segments (4) | Inferred | 384.0 | 61 | 366.0 | 1.09 | 9,422.8 | |
(1) See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024".
(2) Mineral resources are reported exclusive of mineral reserves.
(3) This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated.
(4) Totals may not add up due to rounding. Total average grades of each metal are with respect to those mines that produce the metal.
(5) Pan American has entered into an agreement to sell its interest in La Arena S.A., which owns the La Arena gold mine and the La Arena II copper-gold project; see the news release dated May 1, 2024 for further details.
Metal price assumptions used to estimate mineral reserves and mineral resources as at June 30, 2024
Mine | Category | Ag US$/oz | Au US$/oz | Cu US$/t | Pb US$/t | Zn US$/t |
Escobal | All categories | 20.00 | 1,300 | 2,204 | 2,424 | |
La Colorada | Reserves | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Resources | 22.00 | 1,850 | 9,000 | 2,200 | 2,800 | |
La Colorada Skarn | Resources | 22.00 | 2,200 | 2,800 | ||
Huaron | Reserves | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Resources | 22.00 | 1,850 | 9,000 | 2,200 | 2,800 | |
San Vicente | All categories | 20.00 | 1,700 | 8,000 | 2,100 | 2,600 |
Cerro Moro | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Navidad | All categories | 12.52 | 1,100 | |||
Manantial Espejo | Resources | 22.00 | 1,700 | |||
Joaquin | Resources | 22.00 | 1,700 | |||
Jacobina | Reserves | 1,700 | ||||
Resources | 1,850 | |||||
Shahuindo | Reserves | 20.00 | 1,700 | |||
Resources | 22.00 | 1,850 | ||||
El Peñon | Reserves | 20.00 | 1,700 | |||
Resources | 22.00 | 1,850 | ||||
Timmins West | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Bell Creek | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
Whitney | Resources | 1,950 | ||||
Minera Florida | Reserves | 21.00 | 1,850 | 2,100 | 2,600 | |
Resources | 23.00 | 1,950 | 2,200 | 2,800 | ||
La Arena | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
La Arena II | All categories | 1,500 | 8,816 | |||
Dolores | Reserves | 21.00 | 1,850 | |||
Resources | 23.00 | 1,950 | ||||
La Pepa | Resources | 1,650 | ||||
La Bolsa | All categories | 14.00 | 825 | |||
Lavra Velha | Resources | 1,650 | ||||
Pico Machay | All categories | 700 | ||||
Vogel | Inside pit | 1,150 | ||||
Below pit | 1,150 | |||||
Gold River | Resources | 1,200 | ||||
Marlhill | Resources | 1,125 | ||||
Arco Sul | Resources | 1,250 |
General Notes with Respect to Technical Information
All mineral reserves and mineral resources have been estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended (the "CIM Standards") and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mineral resources are reported exclusives of mineral reserves.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.
The Company has undertaken a verification process with respect to the data disclosed in this news release. The mineral resources and mineral reserves databases comprising drilling and, in some cases, surface and underground sampling, have been compiled at each of the Pan American mine sites by the qualified staff. All the assay data used in the resource evaluation provided by each of the mines has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed monthly by management. The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of these mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.
Quantities and grades of contained metal are shown before metallurgical recoveries.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Vice President of Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of NI 43-101.
Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American
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: estimated mineral reserve and mineral resource information; estimated mine life and any anticipated changes related thereto; the extent of, and success related to any future exploration or development programs; expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves and mineral resources; expectations regarding planned drilling in 2024, including that it will be focused on near-mine exploration; expectations regarding mineral reserve replacement; and expectations with respect to future work to be conducted at the La Colorada Skarn project.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the accuracy of our mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries are as anticipated; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company 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 the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, CLP, BRL, GTQ and CAD versus the USD); 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); employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission (the "SEC") and Canadian provincial securities regulatory authorities, respectively. Although the Company 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. The Company 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.
Cautionary Note to US Investors Regarding References to Mineral Reserves and Mineral Resources
Unless otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with NI 43-101 and the CIM Standards. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the mineral property disclosure requirements of the SEC (the "U.S. Rules"), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms "measured resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are "substantially similar" to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240911294411/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that the Toronto Stock Exchange ("TSX") has accepted for filing First Majestic's Notice of Intention to Make a Normal Course Issuer Bid (the "Share Repurchase Program") to be transacted through the facilities of the TSX andor through Canadian alternative trading systems.
Pursuant to the NCIB, First Majestic may, during the 12-month period commencing September 12, 2024, and ending on or before September 11, 2025, purchase up to 10,000,000 of its common shares ("Shares"), being approximately 3.32% of the 301,616,350 issued and outstanding Shares as of September 4, 2024. All purchases under the Share Repurchase Program will be made at prevailing market prices.
First Majestic may purchase up to a daily maximum of 193,454 Shares (being 25% of the average daily trading volume of the Shares for the last six calendar months, which was 773,816 Shares), subject to the TSX rules permitting block purchases. Any purchases under the Share Repurchase Program will depend on future market conditions, and any Shares purchased by the Company will be cancelled. Purchases under the Share Repurchase Program will be made by First Majestic's broker based upon the parameters prescribed by the TSX and by applicable law. First Majestic has not repurchased any of its Shares by way of a normal course issuer bid in the previous 12 months.
First Majestic believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of Shares would be in the best interests of the Company. Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the Company.
About First Majestic
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, visit our website at www.firstmajestic.com. You can contact us by e-mail at info@firstmajestic.com, or by telephone at 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Forward-looking statements in this news release include, but are not limited to, statements with respect to potential purchases of Shares under the Company's NCIB bid and the timing of such purchases. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2023 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222734
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