Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report the remaining assay results from the Phase I drilling completed on the underexplored Noria portion of the La Joya Silver Project (the "Property") located in the state of Durango, Mexico. Phase II drilling is now in progress and targeting the wide intervals of mineralization intersected in the new Phase I discoveries.
Highlights include:
Drill core samples from all 11 holes completed over a total of 2,424 metres of Phase I drilling were submitted for analysis. Results for the first seven holes were reported on March 24, 2022 (See: news release), and the results reported below are for the last four holes.
"Our successful Phase I drilling has provided us with several new follow-up targets well outside the historic resource area. Assays from hole 8, which is approximately 1 kilometre west of the Main Mineralized Trend, are some of the best results ever reported from the Coloradito area," said Mike Romanik, president of Silver Dollar. "Phase II drilling continues, and we have encountered similar sulphide mineralization over even broader widths and will expand the program as analytical results dictate."
Phase 1 Drilling Objectives and Discussion
Hole NOR-22-008 (See: cross-section) was designed to target mineralization on the west side of the Coloradito intrusive where anomalous gold and zinc values were intersected in historical hole LLDD12-96. This hole intersected wide intervals of skarn-type Ag-Au-Cu-Pb-Zn representing the highest reported grades and widths to date from the Coloradito area. This area represents an exciting new discovery, particularly given it is located a full kilometre west of the Main Mineralized Trend.
Hole NOR-22-009 (See: cross-section) was designed to test the downward extension of the mineralization previously encountered in hole LJ-DD12-96 with an intercept of 0.32 g/t Au over 29m. This hole returned 0.66 g/t Au over 58.84m starting at 75.83m downhole, both increasing previous gold tenors and width encountered in historical hole LJ-DD12-96. This intercept also averaged 60.33 g/t AgEQ. Additional drilling in Phase II will follow up on this near-surface gold and skarn polymetallic mineralization.
Hole NOR-22-010 was designed to test mineralization at a depth of 375m. While the deep target was not encountered, interesting values were intercepted at shallower depths with the hole returning 72.29 g/t AgEQ over 13.32m starting at 112.73m downhole, which included 0.78 g/t Au over the same interval. The above interval includes 305.57 g/t AgEQ and 3.63 g/t Au over 2.09m starting at 123.96m downhole. Higher grade gold mineralization in Phase I has been observed associated with rhodonite and within an 80-170m vertical depth horizon spatially associated with the Coloradito intrusive. This higher-grade gold corridor which reported 29 g/t Au over 1.01m in NOR-21-004 represents a potential new target for Phase II follow-up drilling.
Hole NOR-22-011 targeted a western extension of the Yeyis structure with an intercept of 0.55 g/t Au over 7.87m starting at 155.23m downhole. While this mineralization generally coincides with the strike of the Yeyis structure, it is right on the intrusive contact.
Table 1: A summary of downhole drill intersection results for the last four holes of the Phase I program.
1.True widths have yet to be determined.
2.AgEQ in results assume (USD) $1,750 Au and $22 Ag per/oz, and $4.30 Cu, $1.25 Pb, and $1.50 Zn per/lb, and 100% metallurgical recovery.
Table 2: La Joya Drillhole Details
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to either the ActLabs facility in Zacatecas, Mexico or the Bureau Veritas facility in Durango, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps were assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne were re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis was completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver were re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain of custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch were tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Property click on the image below to watch the two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Phase I drilling consisted of 2,424 metres of drilling completed over 11 holes with analytical results previously reported (See news releases of March 24, 2022 and May 4, 2022).
A total 1,899 metres of drilling over 10 holes have been completed to date in Phase II drilling (See drill plan map). Drill core logging and sampling of all holes is ongoing with samples being submitted in batches for analysis. The results reported below are for the first four holes of the Phase II program.
Phase II Drilling Objectives and Discussion
Hole NOR-22-012 was a 30 m step back targeting the gold zone identified in NOR-22-009 (0.66 g/t gold (Au) over 58.84 m from 75.83 m downhole). Mineralization encountered included an intercept with 1.00 g/t Au over 26.85 m from 131.78 m downhole. While the interval in NOR-22-012 is approximately half the width of the interval in NOR-22-009 it is 42% higher in grade, (See: cross-section).
Hole NOR-22-013 was a -20° steeper inclined hole beneath the silver-zinc (Ag-Zn) zone identified in NOR-22-008 (89.59 g/t AgEQ over 125.3 m from surface including 267.56 g/t AgEq over 10.47 m from 70.53 m downhole), with NOR-22-013 targeting the higher-grade mineralization 35 m further down dip. The high-grade polymetallic mineralization of note begins with 363.29 g/t AgEQ over 19.35 m from 86.4 m downhole (See: cross-section).
Hole NOR-22-014 was a 32 m step back from NOR-22-013 that returned mineralization of lesser grade and width than at higher elevations in the section; however, the results do indicate a continuation of the mineralizing event that remains open at depth and along strike (See: cross-section).
Hole NOR-22-015 was drilled in the 100 m gap between the Au and Ag-Zn zones to establish continuity between the zones and better understand the zonation. While the mineral distribution in this hole is intermittent, it shows characteristics of the gold-rich zone to the south and the Ag-Zn mineralization to the north (See: cross-section).
Table 1: A summary of downhole drill intersection results for the first four holes of the Phase II program.
| Drill Hole # | From (m) | To (m) | Length1 (m) | Ag (g/t | Au (g/t) | Cu % | Pb % | Zn % | AgEQ2 (g/t) |
| NOR-22-012 | 110.34 | 111.94 | 1.60 | 37.8 | 0.43 | 0.16 | 0.02 | 0.15 | 101 |
| " | 131.78 | 158.63 | 26.85 | 4.5 | 1.0 | 0.06 | - | 0.01 | 92 |
| Including | 145.30 | 157.35 | 12.05 | 4.0 | 1.22 | 0.03 | - | - | 106 |
| NOR-21-013 | 2.30 | 19.35 | 17.05 | 6.0 | 0.03 | 0.02 | 0.04 | 0.99 | 58 |
| NOR-21-013 | 31.16 | 41.06 | 9.90 | 3.0 | 0.03 | 0.02 | 0.01 | 0.93 | 51 |
| NOR-21-013 | 55.50 | 64.63 | 9.13 | 7.0 | 0.03 | 0.01 | 0.06 | 0.74 | 48 |
| NOR-21-013 | 86.40 | 129.52 | 43.12 | 90.0 | 0.41 | 0.08 | 0.45 | 1.0 | 198 |
| Including | 86.40 | 105.75 | 19.35 | 192.0 | 0.27 | 0.06 | 1.0 | 2.2 | 363 |
| " | 92.75 | 97.75 | 5.00 | 451.0 | 0.62 | 0.07 | 2.3 | 4.6 | 815 |
| NOR-22-014 | 122.57 | 127.50 | 4.93 | 120.5 | 0.09 | 0.05 | 0.76 | 0.84 | 203 |
| NOR-21-015 | 2.80 | 5.80 | 3.00 | 73.9 | 0.05 | 0.02 | 0.61 | 2.20 | 207 |
| NOR-21-015 | 58.61 | 64.40 | 5.79 | 114.1 | 0.18 | 0.09 | 0.36 | 1.72 | 235 |
| NOR-21-015 | 76.30 | 80.73 | 4.43 | 23.2 | 0.26 | 0.07 | 0.03 | 5.64 | 319 |
| NOR-21-015 | 86.04 | 99.67 | 13.63 | 14.0 | 0.30 | 0.07 | 0.02 | 0.07 | 50 |
| |||||||||
"Phase II drilling continues to test the extensions of the wide intervals of mineralization intersected in Phase I, with hole NOR-22-013 returning the highest grades to date at the new Brazo Discovery," said Mike Romanik, president of Silver Dollar. "Drilling is ongoing and additional results will be reported as received."
Table 2: Drillhole Details
| Drill Hole # | Target Area | Planned Depth (m) | X Collar | Y Collar | Azimuth | Dip | Hole Length (m) | |
| NOR-22-012 | Noria | 250 | 608205 | 2640722 | 45 | -65 | 177 | |
| NOR-22-013 | Noria | 200 | 608178 | 2640835 | 90 | -65 | 156 | |
| NOR-22-014 | Noria | 175 | 608143 | 2640835 | 180 | -65 | 180 | |
| NOR-22-015 | Noria | 150 | 608197 | 2640783 | 65 | -45 | 123 | |
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half portion was returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to the ActLabs facility in Zacatecas, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps were assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne were re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis was completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver were re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain of custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch were tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Property click on the image below to watch the two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7232/127466_403605e714501848_001full.jpg
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $8.5 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Initial Phase 1 results included 2,369 g/t (83.6 oz/ton) AgEq over 1.01 m within a broader intercept of 361.8 g/t (12.76 oz/t) AgEq over 8.37 m in Hole NOR-21-004
Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report that Phase 2 exploration drilling is underway at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico.
Figure 1: Drilling in progress at the La Joya Project on hole NOR 22-012
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7232/119385_0f7c40c734dfdb78_001full.jpg
Phase 2 drilling will remain focused on the underexplored Noria portion of the Property and new targets that were identified in the results received to date from the Phase 1 drilling program.
As previously reported, a new discovery that is of primary interest is a shallow high-grade gold zone that was unexpectedly hit in hole NOR-21-004. The hole, which deviated significantly to the south of the intended target, encountered high-grade gold in multiple intervals that included 19.2 grams per tonne (g/t) (0.677 oz/ton) gold (Au) over 3.00 metres (m) starting from a depth of 126 m downhole and 29.0 g/t (1.023 oz/ton) Au over 1.01 m starting from a depth of 164.61 m downhole.
The Phase 1 program consisted of 11 holes for a total of 2,424 m of drilling. Sample assay results for the first seven holes were reported on March 24, 2022 (See news release), and results for the remaining holes are expected shortly. For Phase 1 drill hole collar locations, see plan map.
"We are fully funded for Phase 2 drilling and excited to commence follow up on the new gold discovery," said Mike Romanik, president of Silver Dollar. "We are expecting the balance of the Phase 1 drill results shortly and will tailor and expand the program as additional targets become more clearly defined."
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
Figure 2: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460
About the La Joya Project
The La Joya Project is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Project click on the satellite map above to watch a two-minute video.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119385
News Provided by Newsfile via QuoteMedia
Additional assay results are pending, and the Company is fully funded for 2022
Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report initial exploration results for the fall and winter drilling program completed at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico (See Figure 1).
Highlights include:
Drilling focused on the underexplored Noria portion of the Property and was successful in identifying possible structural extensions of the known mineralized zones as well as the discovery of a new shallow high-grade gold zone. The next phase of drilling will focus on these new targets and is expected to commence before month-end.
Drill core samples from all 11 holes completed over a total of 2,424 metres of drilling were submitted for analysis, and the results reported below are for the first seven holes.
Holes NOR-21-001 and NOR-21-002 targeted possible westward and downward extensions of the mineralization related to the past-producing Embotelladora mine, one of the historic artisanal mines on the Property.
Hole NOR-21-001intercepted the Embotelladora structure and 27 m of anomalous copper (Cu) and silver (Ag) values which graded 10.7 g/t Ag and 674 ppm Cu starting at 66 m downhole. This hole was successful in confirming the extension of the mineralized structure.
Hole NOR-21-002 intersected the downdip extension of the Embotelladora structure with an intercept of 110 g/t Ag over 5.37 m from a depth of 118.62 m downhole.
Hole NOR-21-003 targeted a historic gold intercept excluded from the database with a short 69 m hole but did not return any significant results.
Hole NOR-21-004 was drilled to test the deep high-grade "San Martin" type mineralization intercepted in historical hole LB96-04. This hole deviated significantly to the south and failed to intercept mineralization at the target depth. However, the hole did encounter unexpected high-grade gold in multiple intervals that have been verified by check assays including 19.2 g/t Au over 3.00 m starting from a depth of 126 m downhole and 29.0 g/t gold over 1.01 m starting from a depth of 164.61 m downhole. This shallow gold zone will be a primary target going forward.
Hole NOR-21-005 was planned to target an extension of mineralization associated with the western intrusive contact of Coloradito. While it failed to reach the contact, it did intercept high percentages of pyrite and 40.44m of 0.28% Zinc (Zn).
Holes NOR-22-006 and NOR-22-007 were drilled outside of the focus area to test conceptual geophysical targets and did not return any significant results.
For a planview of phase 1 drill hole collar locations see Figure 2.
"We are encouraged by these initial results and eagerly await the remaining assays, particularly for the wide interval of 40+ metres of visible sulphide mineralization in hole NOR-22-008. Drill core from this hole, that targeted mineralization along the contact between carbonate rocks and a felsic intrusive, looks very promising," said Mike Romanik, president of Silver Dollar. "The drill rig was left on site, and we expect the next phase of drilling to resume before month-end."
Table 1: A summary of downhole drill intersections received to date.
| Drill Hole # | From (m) | To (m) | Length1 (m) | Ag (g/t | Au (g/t) | Cu % | Pb % | Zn % | AgEQ2 (g/t) |
| NOR-21-001 | 66 | 93 | 27 | 10.7 | 0.05 | 0.07 | - | 0.02 | 16.6 |
| NOR-21-002 | 118.62 | 123.99 | 5.37 | 110.5 | 0.19 | 0.04 | 0.25 | 0.28 | 131.2 |
| Including | 121.14 | 123.99 | 2.85 | 141.3 | 0.06 | 0.04 | 0.42 | 0.44 | 161.1 |
| NOR-21-003 | No significant values | ||||||||
| NOR-21-004 | 78 | 84 | 6.00 | 2.8 | 0.21 | 0.06 | 0.01 | 0.02 | 21.6 |
| " | 126 | 129 | 3.00 | 49 | 19.2 | 0.48 | - | 0.03 | 1,590 |
| " | 157.25 | 165.62 | 8.37 | 16.9 | 4.3 | 0.10 | - | 0.01 | 361.8 |
| Including | 164.61 | 165.62 | 1.01 | 58 | 29.0 | 0.15 | - | 0.01 | 2,369 |
| " | 204 | 213 | 9.00 | 5.5 | 0.21 | 0.11 | - | 0.02 | 25.3 |
| NOR-21-005 | 9 | 49.44 | 40.44 | 4.4 | 0.02 | 0.01 | 0.02 | 0.28 | 9.8 |
| NOR-21-005 | 144.57 | 157.11 | 12.54 | 16 | 0.06 | 0.11 | 0.15 | 25.5 | |
| NOR-22-006 | No significant values | ||||||||
| NOR-22-007 | No significant values | ||||||||
| |||||||||
Table 2: La Joya Drillhole Details
| Drill Hole # | Target Area | Target Depth (m) | X Collar | Y Collar | Azimuth | Dip | Hole Length (m) |
| NOR-21-001 | Noria | 120 | 609670 | 2640835 | 35 | -45 | 150.0 |
| NOR-21-002 | Noria | 225 | 609671 | 2640834 | 60 | -45 | 198.0 |
| NOR-21-003 | Noria | 69 | 609695.5 | 2641043 | 30 | -60 | 69 |
| NOR-21-004 | Noria | 500 | 609603.1 | 2641251 | 60 | -75 | 558.0 |
| NOR-21-005 | Noria | 150 | 608177.2 | 2640832 | 45 | -45 | 159 |
| NOR-22-006 | Noria | 145 | 608317 | 2641033 | 150 | -50 | 168 |
| NOR-22-007 | Noria | 125 | 608310 | 2641290 | 025 | -65 | 150 |
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to either the ActLabs facility in Zacatecas, Mexico, or the Bureau Veritas facility in Durango, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Project is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Project click on the image below to watch a two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7232/117848_00d851c9a4989ace_001full.jpg
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117848
News Provided by Newsfile via QuoteMedia
Assay results are pending, and the Company is fully funded for 2022 exploration
Silver Dollar Resources Inc. (CSE: SLV) (OTCQB: SLVDF) ("Silver Dollar" or the "Company") is pleased to report that a total of 2,424 metres of core drilling has been completed through eleven holes at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico (See Figure 1).
The initial drilling program is focused on the Noria portion of the Property with an emphasis on target development and testing for possible structural extensions of known mineralized zones identified in historical drilling. Drill core sample results are pending for all holes and drilling is now on standby until we receive and interpret assay results.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460
The Company has experienced multiple missed deadlines for the sample assay results. This was due to issues with the original accredited lab apparently related to Omicron, prep lab back logs, personnel changes, and internal operational issues. Upon learning of the most recent delay, the Company has taken immediate action and within 48-hours has now moved the drill core sample pulps to another accredited lab who have promised the analytical results in a shorter time frame.
"Delays with the original lab were beyond our control and we have now taken steps to mitigate the issue," said Mike Romanik, president of Silver Dollar. "Additionally, Versa Perforaciones has left their drill rig onsite so we can resume exploration drilling as soon as we have interpreted the initial drill results and plotted our next set of drill holes."
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the contents of this news release on behalf of the Company.
About the La Joya Property
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. Access and infrastructure near the property are considered excellent with a highway and power lines nearby.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114528
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OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced Silver Dollar Resources Inc. ("Silver Dollar" or the "Company") (CSE: SLV; OTCQX: SLVDF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Silver Dollar Resources Inc. upgraded to OTCQX from the OTCQB® Venture Market.
Silver Dollar's common shares will continue to trade on the Canadian Securities Exchange ("CSE") under the symbol "SLV" and begin trading today on OTCQX under the symbol "SLVDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com .
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
"Graduating to the OTCQX is anticipated to provide improved liquidity, an enhanced trading experience for our current U.S. shareholders and potential U.S. investors, and expose the company to a broader market audience," said Michael Romanik, president of Silver Dollar. "The Company is fully funded for 2022 exploration and we are currently drilling our flagship La Joya Silver Project in Durango, Mexico."
Nauth LPC acted as the Company's OTCQX sponsor.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally. For additional information, you can download Silver Dollar's latest presentation by clicking here and you can follow Silver Dollar on Twitter by clicking here .
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX ® Best Market, the OTCQB ® Venture Market and the Pink ® Open Market for over 11,000 U.S. and global securities. Through our regulated OTC Link ® Alternative Trading Systems, the Company connects a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for their investors.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
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HIGHLIGHTS
Managing Director, Todd Williams: “The first nine holes at Karina exceed expectations and confirms the continuity of mineralisation along 300m strike and the potential for further extensions at depth. Notably, hole PR003-24 reported an exceptional individual assay of 2C03gpt silver, validating the shallow high-grade nature of mineralisation. With assays for 42 additional holes still pending and drilling set to scale up in January, shareholders can look forward to a steady stream of results and updates over the next 12 months, including a revised MRE.
Summary
Unico Silver holds 100% of the Cerro Leon and Joaquin silver gold districts located in the central Deseado Massif geological province, Santa Cruz Argentina (Figure 1). The current drill program at Cerro Leon commenced October 2024 and is anticipated to continue through to the end of Q1 2025. It forms part of a broader fully funded 50,000m drill program planned for both projects culminating in a revised MRE late 2025.
Figure 1: Joaquin and Cerro Leon project location
Cerro Leon is strategically located within the same structural corridor that is host to AngloGold Ashanti’s world- class Cerro Vanguardia mine. The Project hosts a JORC compliant Mineral Resource Estimate (MRE) of G1Moz AgEq for 16.5Mt at 172gpt AgEq (Table 3).
During August 2024, announced the acquisition of the Joaquin project from Pan American Silver Corp (PAAS). Joaquin is host to a Foreign Estimate of 73Moz AgEq for 16.7Mt at 136gpt AgEq4 (Table 4). Historical production by PAAS from 2019 to 2022 totals 4.3Moz Ag (Table 5).
Click here for the full ASX Release
This article includes content from Unico Silver Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that it has commenced mailing of its meeting materials for the special meeting of the Company's shareholders (the "Special Meeting") that will be held on Tuesday, January 14, 2025 at 11:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
At the Special Meeting, pursuant to the requirements of the rules of the Toronto Stock Exchange and the New York Stock Exchange, First Majestic shareholders will be asked to approve an ordinary resolution (the "Share Issuance Resolution") approving the issuance of up to 190,000,000 common shares of First Majestic ("First Majestic Shares") to stockholders of Gatos Silver, Inc. ("Gatos") in connection with the previously announced acquisition by First Majestic of all of the shares of common stock of Gatos (the "Transaction"). First Majestic's Board of Directors unanimously recommends that the Company's shareholders vote FOR the Share Issuance Resolution.
First Majestic is using the notice and access model ("Notice and Access") as an alternative means of delivery of the meeting materials for the Special Meeting to shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and that reduces our printing and mailing costs. Under Notice and Access, First Majestic shareholders as of November 25, 2024, being the record date for the Special Meeting (the "Record Date"), will be sent a proxy or voting instruction form, as applicable, enabling them to vote at the Special Meeting. However, instead of receiving a paper copy of the Company's management information circular (the "Information Circular") and notice of meeting (together with the Information Circular, proxy and voting information form, the "Meeting Materials") for the Special Meeting, shareholders will receive a Notice and Access notification letter which contains information on how to access the Meeting Materials electronically.
Shareholders of record as of the Record Date are entitled to vote at the Special Meeting, and they may access electronic versions of the Meeting Materials at www.AGSpecialMeeting.com. The Meeting Materials have also been filed by the Company on SEDAR+ and may be accessed under the Company's SEDAR+ profile at www.sedarplus.com, or by scanning the QR code below with your smartphone or other smart device:
First Majestic has retained Kingsdale Advisors ("Kingsdale") as a Strategic Advisor and to assist in the solicitation of proxies for the Special Meeting. Any shareholders who need assistance with voting their First Majestic Shares may contact Kingsdale by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.
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Impact of Canada Post Labour Dispute on the Delivery of Meeting Materials to Canadian Shareholders
Canadian shareholders as of the Record Date should be aware that, due to the ongoing Canada Post labour dispute which is affecting the delivery of mail within Canada, some Canadian shareholders may not receive the Meeting Materials prior to the date of the Special Meeting. This only applies to Canadian shareholders as of the Record Date who have previously requested that physical copies of the Meeting Materials be sent to them. Many of the Company's Canadian shareholders have elected for materials for shareholder meetings to be sent to them by e-mail, so the Canada Post labour dispute will not have any impact on the electronic delivery of the Meeting Materials to such shareholders. Shareholders may request electronic versions of the Meeting Materials be e-mailed to them by contacting Kingsdale by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com,or by contacting the Company directly at 1-866-529-2807 (toll-free) or info@firstmajestic.com.
If you are a Canadian registered shareholder (i.e., you hold your First Majestic Shares in the form of a physical share certificate, or your shares are represented by a DRS Advice Statement), and you did not receive a form of proxy with your control number, the Company strongly encourages you to contact Computershare Investor Services Inc. at 1-800-564-6253 (toll-free in North America) or +1-514-982-7555 (international) to request the control number for each of your registered shareholdings. Once you have obtained your control number(s), you can vote the First Majestic Shares represented by such control number(s) at www.investorvote.com.
If you are a Canadian beneficial shareholder (i.e., you hold your First Majestic Shares with one or more financial institutions or brokers, for example RBC Direct Investing, TD Direct Investing, BMO Direct Investing, Scotia iTRADE, Wealthsimple, Haywood Securities, Canaccord Genuity, Raymond James, Ventum Financial etc.), and you did not receive a voting instruction form with your control number, the Company strongly encourages you to contact your brokerage firm, financial institution or other intermediary and request the control number for each of your accounts that hold First Majestic Shares. Once you have obtained your control number(s), you can vote the First Majestic Shares represented by such control number(s) at www.proxyvote.com.
In addition, you can click on the following link to download Broadridge's voting app, ProxyVote: Your Voice Matters: https://www.broadridge.com/resource/proxyvote-app. Once you have downloaded the app, follow the instructions to create an account, then log in to vote your First Majestic Shares using the app (without the need for a control number). If you do not see a voting button in respect of the Special Meeting, you will need to link your accounts that hold your First Majestic Shares by clicking on "link a new investment account" on the home page of the app.
The Company has also retained Kingsdale as a Strategic Advisor and to assist in the solicitation of proxies for the Special Meeting. If you need assistance with voting your First Majestic Shares, or with obtaining your control number(s), we strongly encourage you to contact Kingsdale at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.
The Canada Post labour dispute will not have any impact on the delivery of physical copies of the Meeting Materials to any US and international shareholders of the Company who have requested such physical copies. However, proxies mailed to Computershare Investor Services Inc. in Canada, and voting instruction forms mailed to Broadridge Canada, may not be received by them prior to the proxy deadline due to the labour dispute. Accordingly, all Canadian registered and beneficial shareholders are strongly encouraged to vote their First Majestic Shares online or by telephone as instructed in the Meeting Materials. Shareholders should contact Kingsdale if they need any assistance in voting their First Majestic Shares.
Gatos Stockholder Meeting
Holders of shares of Gatos common stock are also required to provide their approval of the Transaction, and accordingly, Gatos has announced that it will hold its stockholder meeting virtually on Tuesday, January 14, 2025, at 10:00 a.m. (Vancouver time), one hour prior to the First Majestic Special Meeting.
Subject to the approval of First Majestic's shareholders and Gatos' stockholders and the satisfaction or waiver of other conditions precedent, it is anticipated that the Transaction will close in early 2025.
Important Information for Investors and Shareholders about the Transaction and Where to Find It
This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.
In connection with the proposed transaction between First Majestic and Gatos pursuant to the Merger Agreement and subject to future developments, First Majestic has filed a registration statement on Form F-4 (the "Form F-4") with the U.S. Securities and Exchange Commission (the "SEC"), which includes a proxy statement of Gatos that also constitutes a prospectus of First Majestic (the "Proxy Statement/Prospectus"). The Form F-4 was declared effective by the SEC on December 2, 2024. Gatos filed a Proxy Statement/Prospectus with the SEC on December 3, 2024 which it commenced mailing to its stockholders on December 6, 2024. First Majestic filed the Information Circular in connection with the proposed Transaction with applicable Canadian securities regulatory authorities on December 10, 2024. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos has filed or may file with the SEC or Canadian securities regulatory authorities in connection with the proposed Transaction. First Majestic commenced mailing the Meeting Materials to its shareholders on December 10, 2024. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus, the filings with the SEC that are incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders may obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic's website or by contacting First Majestic's investor relations team. Copies of the documents filed with the SEC by Gatos are available free of charge on Gatos' website at www.gatossilver.com or by contacting Gatos' investor relations team.
Participants in the Merger Solicitation
First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the Proxy Statement/Prospectus described above and other relevant documents when they are filed with the SEC and Canadian securities regulatory authorities in connection with the proposed Transaction. Additional information regarding First Majestic's directors and executive officers is also included in First Majestic's Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos' directors and executive officers is also included in Gatos' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos' 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.
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.
On September 5, 2024, First Majestic and Gatos announced that they had entered into a definitive merger agreement (the "Merger Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos common stock. More information relating to the proposed Transaction can be found on the Company's website, www.firstmajestic.com.
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.
Investors Contact:
Darrell Rae
Investor Relations
info@firstmajestic.com
(604) 688 3033
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to
future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this news release include, but are not limited to, statements with respect to: closing of the Transaction and the terms and timing related thereto; the anticipated timing of the Special Meeting and the Gatos stockholder meeting; and the anticipated timing of closing the Transaction. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Merger Agreement; the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; and delays associated with the ongoing Canada Post labour dispute. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. In addition, the failure of a party to comply with the terms of the Merger Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party's financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic 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.
First Majestic believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233301
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Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") provides an annual exploration update and releases new exploration drill results for its Jacobina, El Peñon, La Colorada, Huaron, Minera Florida and Timmins mines, as well as its La Colorada Skarn project.
"The success of our exploration program highlights the potential for long-term organic growth at many of our assets," said Christopher Emerson, Vice President of Exploration and Geology at Pan American. "Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024. This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations."
EXPLORATION HIGHLIGHTS:
All intercepts are reported as estimated true widths in metres ("m"), except for the La Colorada Skarn, which is a massive orebody and intercepts are reported as drilled. Please refer to the Drill Result Highlights Tables beginning on page four of this news release for additional details.
SUMMARY OF EXPLORATION RESULTS
Jacobina mine, Brazil
The Jacobina mine is an underground paleo placer gold mine located in the state of Bahia in northeastern Brazil. The mine has a strong track record of mineral reserve and mineral resource replacement and growth. The mine complex and resources extend over eight kilometres with exploration targets extending over a 14 kilometre trend of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along strike.
El Peñon, Chile
El Peñon is a large, high-grade gold-silver epithermal system located in northern Chile.
La Colorada mine, Mexico
The La Colorada mine is a silver-rich polymetallic operation located in the state of Zacatecas, Mexico.
La Colorada Skarn project, Mexico
The La Colorada Skarn is a large silver-bearing polymetallic deposit located below and adjacent to the producing vein system of the La Colorada mine.
Huaron mine, Peru
The Huaron mine is a polymetallic (Zn-Pb-Ag-Cu) deposit situated in the Cerro de Pasco Department of central Peru.
Minera Florida, Chile
Minera Florida is an epithermal Au-Ag-Zn underground mine located in the coastal region of central Chile, southwest of Santiago.
Whitney Project (Timmins), Canada
Pan American's Timmins West and Bell Creek mines are located near Timmins, Ontario. The Whitney project is situated 4.5 kilometres south of the Bell Creek processing plant, adjacent to the Pamour open pit operated by Newmont Corporation ("Newmont").
DRILL RESULT HIGHLIGHTS TABLES
Jacobina, Brazil
The following table provides infill and exploration drill result highlights for the Jacobina mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/jacobina/ .
Hole No. | Sector | Reef | Incl. | From (m) | To (m) | Int. (m) | Est. True Width (m) | Au g/t |
JBS00093 | João Belo Sul | LMPC | 381.45 | 385.00 | 3.55 | 3.26 | 8.21 | |
JBS00094 | João Belo Sul | MPC | 378.17 | 380.50 | 2.33 | 2.07 | 5.55 | |
SPC | 404.20 | 410.64 | 6.44 | 5.70 | 4.63 | |||
JBS00095 | João Belo Sul | LVLPC | 342.23 | 347.50 | 5.27 | 4.72 | 3.10 | |
JBEX00126 | João Belo Norte | LVLPC | 400.04 | 405.06 | 5.02 | 3.34 | 6.88 | |
LVLPC | incl. | 401.00 | 403.72 | 2.72 | 1.81 | 12.12 | ||
MRCEX00025 | Maricota | HW | 140.66 | 141.50 | 0.84 | 0.70 | 19.22 | |
MRCEX00026 | Maricota | FW | 561.50 | 571.50 | 10.00 | 4.18 | 2.41 | |
EMB | 677.52 | 680.00 | 2.48 | 1.44 | 7.74 | |||
MRCEX00031 | Maricota | BAS | 647.00 | 664.78 | 17.78 | 10.07 | 2.08 | |
BAS | incl. | 651.50 | 657.05 | 5.55 | 3.14 | 2.58 | ||
MRCEX00032 | Maricota | MR | 379.92 | 387.50 | 7.58 | 5.98 | 5.12 | |
MR | incl. | 379.92 | 383.50 | 3.58 | 2.83 | 9.78 | ||
FW | 403.05 | 412.50 | 9.45 | 7.46 | 2.05 | |||
FW | incl. | 404.50 | 408.50 | 4.00 | 3.16 | 3.50 | ||
MRCEX00034 | Maricota | HW | 488.00 | 498.69 | 10.69 | 5.16 | 3.92 | |
HW | incl. | 488.00 | 493.50 | 5.50 | 2.70 | 6.80 | ||
MRCEX00037 | Maricota | FW | 541.38 | 550.50 | 9.12 | 6.56 | 2.75 | |
MRCEX00038 | Maricota | MR | 236.00 | 239.70 | 3.70 | 2.46 | 5.66 | |
MRCEX00041 | Maricota | HW | 173.15 | 177.50 | 4.35 | 3.27 | 6.87 | |
MRCEX00044 | Maricota | HW | 152.00 | 154.76 | 2.76 | 2.19 | 13.00 | |
MRCEX00049 | Maricota | FW | 173.50 | 175.00 | 1.50 | 1.07 | 10.54 | |
MRCEX00052 | Maricota | FW | 299.50 | 307.00 | 7.50 | 4.31 | 4.49 | |
FW | 314.50 | 319.00 | 4.50 | 2.54 | 11.56 | |||
FW | 327.88 | 351.55 | 23.67 | 12.75 | 3.71 | |||
FW | incl. | 328.50 | 344.00 | 15.50 | 8.35 | 5.26 | ||
MRCEX00053 | Maricota | LU | 137.00 | 141.00 | 4.00 | 3.27 | 3.11 | |
MRCEX00056 | Maricota | HW | 94.00 | 95.50 | 1.50 | 1.42 | 116.41 | |
HW | 106.15 | 111.00 | 4.85 | 4.59 | 5.45 | |||
HW | incl. | 107.00 | 109.00 | 2.00 | 1.89 | 10.08 | ||
FW | 129.00 | 138.20 | 9.20 | 8.74 | 5.86 | |||
FW | incl. | 130.00 | 133.50 | 3.50 | 3.33 | 13.35 | ||
MRCEX00059 | Maricota | HW | 115.50 | 118.50 | 3.00 | 2.96 | 10.23 | |
MRCEX00061 | Maricota | HW | 134.39 | 136.50 | 2.11 | 1.95 | 9.16 | |
MRCEX00062 | Maricota | MR | 177.50 | 179.50 | 2.00 | 1.59 | 7.43 | |
FW | 202.01 | 205.00 | 2.99 | 2.38 | 4.81 | |||
MVTEX00205 | Morro do Vento | FW | 213.00 | 228.68 | 15.68 | 14.11 | 1.17 | |
FW | 243.50 | 246.00 | 2.50 | 2.20 | 4.86 | |||
MVTEX00207 | Morro do Vento | OFF_ R | 192.00 | 196.35 | 4.35 | 3.62 | 3.02 | |
MVTEX00216 | Morro do Vento | FW | 439.50 | 449.50 | 10.00 | 6.74 | 2.65 | |
FW | incl. | 443.50 | 449.00 | 5.50 | 3.70 | 3.13 | ||
MVTEX00217 | Morro do Vento | FW | 327.50 | 339.50 | 12.00 | 6.90 | 3.13 | |
FW | incl. | 329.21 | 332.24 | 3.03 | 1.74 | 9.06 | ||
MVTEX00219 | Morro do Vento | MU | 256.00 | 259.50 | 3.50 | 2.27 | 3.32 | |
MVTEX00220 | Morro do Vento | FW | 494.50 | 513.00 | 18.50 | 7.03 | 2.62 | |
FW | incl. | 499.76 | 506.50 | 6.74 | 2.56 | 5.08 | ||
MVTEX00222 | Morro do Vento | FW | 172.00 | 178.50 | 6.50 | 3.93 | 2.76 | |
MVTEX00223 | Morro do Vento | FW | 543.29 | 555.50 | 12.21 | 5.75 | 5.24 | |
FW | incl. | 551.00 | 555.50 | 4.50 | 2.11 | 11.68 | ||
MVTEX00228 | Morro do Vento | FW | 243.00 | 250.60 | 7.60 | 5.50 | 3.75 | |
FW | incl. | 247.67 | 250.60 | 2.93 | 1.90 | 8.52 |
El Peñon Chile
The following table provides infill and exploration drill result highlights for the El Peñon mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with longitudinal sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/el-penon/ .
Hole No. | Vein | From (m) | To (m) | Int. (m) | Est. True Width (m) | Au (g/t) | Ag (g/t) |
SIH0021 | Chiquilla Chica (C1) | 184.30 | 185.90 | 1.60 | 0.88 | 0.77 | 1019 |
UIH0049 | Chiquilla Chica (C1) | 40.05 | 41.70 | 1.65 | 1.46 | 0.44 | 2547 |
UIH0050 | Chiquilla Chica (C1) | 72.60 | 75.30 | 2.70 | 1.44 | 1.29 | 1181 |
UIH0056 | Chiquilla Chica (C1) | 85.60 | 87.10 | 1.50 | 0.95 | 0.22 | 578 |
UEH0024 | Dominadora | 106.15 | 135.00 | 28.85 | 4.10 | 3.62 | 1592 |
UEH0026 | Dominadora | 50.77 | 55.67 | 4.90 | 1.20 | 0.23 | 1349 |
UIV0077 | El Valle | 260.20 | 262.20 | 2.00 | 1.38 | 4.70 | 183 |
UIV0078 | El Valle | 256.30 | 257.50 | 1.20 | 1.20 | 4.70 | 257 |
UIV0079 | El Valle | 259.95 | 262.00 | 2.05 | 1.54 | 8.55 | 154 |
UIV0080 | El Valle | 231.20 | 232.15 | 0.95 | 0.83 | 16.63 | 721 |
UIV0083 | El Valle | 270.15 | 270.93 | 0.78 | 0.76 | 10.11 | 30 |
UIU0052 | La Paloma | 114.69 | 116.50 | 1.81 | 1.31 | 10.88 | 26 |
SIE0015 | Esmeralda | 248.60 | 249.50 | 0.90 | 0.54 | 10.10 | 1139 |
UIP0174 | Pampa Campamento | 351.13 | 352.10 | 0.97 | 0.52 | 9.50 | 664 |
UIP0176 | Pampa Campamento | 389.88 | 390.25 | 0.37 | 0.32 | 26.50 | 42 |
UIP0177 | Pampa Campamento | 291.53 | 293.60 | 2.07 | 1.05 | 18.89 | 746 |
UIP0178 | Pampa Campamento | 213.94 | 215.49 | 1.55 | 0.52 | 9.50 | 420 |
UIP0175 | Pampa Campamento (-35) | 184.95 | 186.15 | 1.20 | 0.65 | 15.33 | 297 |
UIP0189 | Pampa Campamento Diagonal sur | 134.70 | 135.52 | 0.82 | 0.76 | 16.13 | 258 |
UIS0028 | Pampa Campamento Diagonal sur | 60.38 | 62.19 | 1.81 | 1.71 | 10.65 | 186 |
SEP0055 | Pampa Sur | 374.00 | 376.00 | 2.00 | 1.09 | 9.90 | 97 |
SEP0072 | Pampa Sur | 464.00 | 465.00 | 1.00 | 0.69 | 5.50 | 403 |
SIP0051 | Pampa Sur | 364.18 | 365.70 | 1.52 | 0.98 | 8.49 | 156 |
SIP0056 | Pampa Sur | 398.07 | 399.29 | 1.22 | 0.92 | 4.76 | 359 |
SIP0063 | Pampa Sur | 410.53 | 411.44 | 0.91 | 0.67 | 5.63 | 405 |
SIP0064 | Pampa Sur | 352.12 | 352.60 | 0.48 | 0.42 | 18.80 | 1017 |
SIP0067 | Pampa Sur (+50) | 328.00 | 330.00 | 2.00 | 1.18 | 6.50 | 493 |
SIP0080 | Pampa Sur (+50) | 358.50 | 360.00 | 1.50 | 0.79 | 13.90 | 716 |
SIP0073 | Pampa Sur Este | 378.68 | 379.38 | 0.70 | 0.36 | 16.00 | 1651 |
SES0036 | Sorpresa | 333.80 | 334.20 | 0.40 | 0.30 | 22.00 | 838 |
UIS0023 | Sorpresa | 199.30 | 200.90 | 1.60 | 1.30 | 4.29 | 133 |
La Colorada, Mexico
The following table provides the drill result highlights for the La Colorada mine for the period May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada/ .
Hole No. | Vein | From (m) | To (m) | Interval (m) | Est. True Width (m) | Ag g/t | Au (g/t) | Pb % | Zn % |
S-104-24 | Mariana Vein | 621.50 | 622.60 | 1.10 | 0.95 | 9618 | 0.89 | 4.85 | 4.82 |
and | NC2 Splay | 795.95 | 796.70 | 0.75 | 0.53 | 4916 | 0.08 | 9.82 | 1.02 |
S-115-24 | San Geronimo Vein System | 461.10 | 463.65 | 2.55 | 1.08 | 1637 | 1.22 | 2.08 | 3.35 |
S-119-24 | Cristina Vein | 596.00 | 599.40 | 3.40 | 1.95 | 1470 | 0.03 | 3.15 | 3.23 |
S-138-24 | NC2 Vein | 695.60 | 701.60 | 6.00 | 4.60 | 666 | 0.90 | 1.32 | 2.74 |
S-146-24 | Mariana Vein | 701.05 | 704.55 | 3.50 | 2.47 | 1846 | 0.41 | 2.66 | 3.95 |
S-154-24 | Mariana Vein | 466.30 | 469.85 | 3.55 | 2.51 | 1189 | 0.24 | 0.82 | 1.09 |
and | NC2 Vein | 540.25 | 544.30 | 4.05 | 2.32 | 2615 | 0.34 | 2.31 | 5.16 |
S-161-24 | San Geronimo Splay | 703.15 | 710.45 | 7.30 | 5.59 | 456 | 0.94 | 1.10 | 2.41 |
S-168-24 | Cristina Vein | 361.90 | 367.00 | 5.10 | 3.28 | 308 | 4.55 | 10.18 | 13.09 |
and | San Geronimo Vein | 597.10 | 602.95 | 5.85 | 2.93 | 528 | 0.50 | 3.04 | 5.54 |
S-172-24 | San Geronimo Splay | 670.60 | 678.75 | 8.15 | 4.08 | 255 | 0.23 | 3.28 | 7.33 |
S-44-24 | San Geronimo Splay | 558.60 | 562.10 | 3.50 | 2.25 | 1420 | 0.60 | 2.04 | 1.93 |
S-47-24 | NC2 Vein | 771.85 | 783.65 | 11.80 | 5.90 | 837 | 0.39 | 2.97 | 8.01 |
S-75-24 | Mariana Vein | 616.40 | 620.00 | 3.60 | 1.80 | 3025 | 0.49 | 4.21 | 3.10 |
S-81-24 | NC2 Splay | 678.30 | 679.75 | 1.45 | 1.36 | 7634 | 1.83 | 1.46 | 3.62 |
U-09-24 | Sofia Vein | 268.55 | 269.40 | 0.85 | 0.74 | 4914 | 1.34 | 6.69 | 0.03 |
U-151-24 | CRD | 66.05 | 84.50 | 18.45 | 17.34 | 110 | 0.23 | 2.20 | 7.96 |
U-158-24 | Jenni Vein | 45.95 | 49.35 | 3.40 | 1.70 | 1825 | 1.05 | 2.35 | 6.16 |
U-96-24 | Real Vein | 252.55 | 255.60 | 3.05 | 2.76 | 749 | 0.63 | 13.01 | 8.97 |
La Colorada Skarn, Mexico
The following table provides infill and exploration drill result for the La Colorada Skarn deposit May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/ .
Hole No. | From (m) | To (m) | Interval (m) (1) | Ag g/t | Cu % | Pb % | Zn % |
D-71-12-24 | 1102.45 | 1250.60 | 148.15 | 39 | 0.07 | 1.68 | 3.12 |
U-155-24 | 724.00 | 997.10 | 273.10 | 54 | 0.17 | 0.85 | 5.18 |
Incl. | 872.50 | 935.05 | 62.55 | 84 | 0.31 | 1.97 | 7.57 |
U-19-24 | 503.95 | 564.20 | 60.25 | 85 | 0.08 | 7.05 | 10.41 |
U-58-24 | 791.75 | 869.45 | 77.70 | 36 | 0.08 | 2.88 | 4.58 |
U-74-24 | 629.70 | 843.90 | 214.20 | 33 | 0.05 | 2.69 | 3.21 |
U-92-24 | 527.40 | 582.40 | 55.00 | 103 | 0.06 | 4.10 | 5.75 |
and | 806.40 | 929.65 | 123.25 | 134 | 0.07 | 1.02 | 4.38 |
(1) True widths of the mineralized intervals are unknown at this time. | |||||||
Huaron, Peru
The following table provides infill and exploration drill result highlights from the medium, lower and Horizonte sectors of the Huaron mine for the period May 2024 to October 2024. Full drill and channel sampling results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/huaron/ .
Hole No | Vein | Zone | From (m) | To (m) | Interval (m) | Est. True Width (m) | Ag g/t | Cu% | Pb% | Zn% |
DDH-U-040-24 | Cuerpo Andres | Horizonte | 51.65 | 52.30 | 0.65 | 0.56 | 722 | 0.12 | 6.06 | 1.90 |
and | Labor Este | Horizonte | 184.10 | 186.55 | 2.45 | 1.70 | 123 | 0.06 | 3.06 | 5.98 |
DDH-U-041-24 | Martin Ramal | Middle | 198.30 | 200.90 | 2.60 | 2.46 | 369 | 0.15 | 2.74 | 2.01 |
DDH-U-049-24 | Cuerpo Andres | Horizonte | 59.95 | 63.55 | 3.60 | 2.77 | 768 | 0.02 | 1.85 | 0.62 |
DDH-U-051-24 | Martin Ramal | Middle | 236.30 | 237.20 | 0.90 | 0.58 | 409 | 0.13 | 9.27 | 15.82 |
DDH-U-055-24 | Martin Ramal | Middle | 176.20 | 178.45 | 2.25 | 2.24 | 683 | 0.17 | 10.65 | 3.10 |
DDH-U-056-24 | Cuerpo Andres | Horizonte | 48.35 | 53.00 | 4.65 | 3.90 | 162 | 0.04 | 4.02 | 6.06 |
DDH-U-064-24 | Labor Este | Horizonte | 186.60 | 188.25 | 1.65 | 1.43 | 181 | 0.04 | 4.34 | 4.73 |
DDH-U-065-24 | Cometa Ramal | Horizonte | 390.80 | 394.80 | 4.00 | 3.04 | 133 | 0.13 | 2.19 | 4.65 |
DDH-U-068-24 | Cuerpo Andres | Horizonte | 56.75 | 57.60 | 0.85 | 0.65 | 459 | 0.07 | 9.43 | 6.72 |
and | Labor Este | Horizonte | 202.35 | 205.25 | 2.90 | 1.98 | 243 | 0.06 | 3.54 | 5.20 |
DDH-U-071-24 | Labor Este | Horizonte | 141.20 | 144.00 | 2.80 | 2.56 | 201 | 0.03 | 4.81 | 4.13 |
DDH-U-073-24 | Labor Este | Horizonte | 140.10 | 143.55 | 3.45 | 3.21 | 74 | 0.03 | 2.31 | 2.16 |
DDH-U-075-24 | Cuerpo Andres | Horizonte | 39.85 | 40.45 | 0.60 | 0.55 | 701 | 0.09 | 13.64 | 8.83 |
DDH-U-084-24 | Cuerpo Andres | Horizonte | 60.55 | 63.00 | 2.45 | 1.70 | 61 | 0.08 | 1.97 | 12.73 |
DDH-U-086-24 | Martin Ramal | Middle | 12.60 | 14.20 | 1.60 | 1.56 | 535 | 0.20 | 10.02 | 2.31 |
DDH-U-088-24 | Cometa Ramal | Horizonte | 398.85 | 404.20 | 5.35 | 3.66 | 114 | 0.10 | 1.83 | 3.55 |
DDH-U-100-24 | Cuerpo Andres | Horizonte | 264.85 | 267.25 | 2.40 | 1.64 | 115 | 0.04 | 2.85 | 3.89 |
DDH-U-105-24 | Cuerpo Andres | Horizonte | 54.90 | 56.65 | 1.75 | 1.40 | 87 | 0.06 | 1.77 | 8.47 |
DDH-U-108-24 | Cometa Ramal | Horizonte | 489.95 | 493.00 | 3.05 | 1.65 | 304 | 0.08 | 1.86 | 2.18 |
DDH-U-110-24 | Maria Ramal | Horizonte | 66.00 | 73.15 | 7.15 | 4.10 | 140 | 0.04 | 3.10 | 5.91 |
DDH-U-111-24 | Maria Ramal | Horizonte | 47.70 | 50.55 | 2.85 | 2.10 | 399 | 0.04 | 7.39 | 14.58 |
DDH-U-113-24 | Maria Ramal | Horizonte | 37.35 | 39.00 | 1.65 | 1.50 | 504 | 0.04 | 12.77 | 19.97 |
DDH-U-114-24 | Maria Ramal | Horizonte | 36.10 | 38.80 | 2.70 | 2.50 | 272 | 0.03 | 6.06 | 10.39 |
DDH-U-116-24 | Maria Ramal | Horizonte | 48.60 | 49.65 | 1.05 | 0.80 | 357 | 0.07 | 13.66 | 12.73 |
Minera Florida, Chile
The following table provides infill and exploration drill result highlights for the Minera Florida mine for January 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/minera-florida/ .
Hole | Vein | From (m) | To (m) | Interval (m) | Est. True Width (m) | Au (g/t) | Ag (g/t) | Zn % |
ALH4578 | Aurora | 115.25 | 116.10 | 0.85 | 0.71 | 12.62 | 47 | 0.46 |
ALH4598 | Bandolera | 86.50 | 88.80 | 2.30 | 2.19 | 4.84 | 4 | 3.01 |
ALH4607 | Bandolera | 109.05 | 110.65 | 1.60 | 1.25 | 11.15 | 6 | 2.61 |
ALH4482 | Central superior 1 | 119.85 | 124.65 | 4.80 | 2.68 | 8.80 | 410 | 0.20 |
ALH4426 | Cipres_1 | 143.17 | 145.08 | 1.91 | 1.19 | 7.29 | 7 | 1.48 |
ALH4460 | Cipres_1 | 138.90 | 140.05 | 1.15 | 0.72 | 17.92 | 15 | 1.14 |
ALH4421 | Don Leopoldo sur | 91.45 | 93.65 | 2.20 | 1.53 | 6.34 | 9 | 4.79 |
ALH4623 | Don Leopoldo sur | 116.60 | 118.20 | 1.60 | 1.28 | 8.29 | 7 | 0.40 |
ALH4505 | Gasparín Superior | 173.65 | 175.30 | 1.65 | 0.90 | 10.23 | 13 | 0.31 |
ALH4406 | Manda Norte | 148.40 | 149.30 | 0.90 | 0.62 | 29.68 | 13 | 0.04 |
ALH4687 | Maqui CII | 84.45 | 85.85 | 1.40 | 1.16 | 5.40 | 173 | 2.16 |
ALH4638 | Maqui CII | 128.85 | 132.25 | 3.40 | 1.97 | 9.38 | 23 | 4.96 |
ALH4690 | Maqui CII | 73.35 | 75.15 | 1.80 | 1.64 | 4.95 | 28 | 2.24 |
ALH4556 | Maqui CIII | 54.75 | 56.05 | 1.30 | 1.05 | 5.62 | 21 | 12.52 |
ALH4580 | Maqui CIII | 58.20 | 59.55 | 1.35 | 1.03 | 9.10 | 22 | 7.10 |
ALH4588 | Maqui CIII | 68.75 | 70.50 | 1.75 | 1.19 | 13.62 | 11 | 3.81 |
ALH4631 | Maqui CIII | 52.50 | 53.20 | 0.70 | 0.61 | 12.68 | 35 | 18.07 |
ALH4638 | Maqui CIII | 111.15 | 115.30 | 4.15 | 1.98 | 16.11 | 13 | 6.44 |
ALH4673 | Maqui CIII | 81.40 | 83.65 | 2.25 | 1.28 | 9.58 | 15 | 5.58 |
ALH4592 | Maqui Norte | 107.85 | 110.10 | 2.25 | 1.59 | 10.23 | 31 | 5.57 |
ALH4562 | Mila | 113.00 | 117.40 | 4.40 | 2.57 | 10.32 | 12 | 0.08 |
ALH4574 | Mila | 191.80 | 196.20 | 4.40 | 1.70 | 8.29 | 110 | 3.34 |
ALH4467 | Mila | 129.90 | 132.55 | 2.65 | 1.15 | 6.52 | 286 | 2.29 |
ALH4476 | Peque | 67.05 | 68.25 | 1.20 | 0.78 | 10.68 | 8 | 10.05 |
ALH4481 | Peque | 80.30 | 81.55 | 1.25 | 0.91 | 12.53 | 43 | 8.31 |
ALH4496 | Peque | 55.00 | 57.30 | 2.30 | 1.82 | 4.74 | 35 | 1.26 |
ALH4577 | Peque | 101.30 | 103.75 | 2.45 | 1.11 | 11.57 | 23 | 7.61 |
ALH4644 | Peque | 59.35 | 60.20 | 0.85 | 0.83 | 13.77 | 77 | 1.54 |
ALH4715 | Peque | 202.75 | 207.85 | 5.10 | 1.48 | 10.71 | 13 | 2.74 |
ALH4729 | Rafael II | 56.35 | 59.65 | 3.30 | 1.95 | 4.74 | 415 | 3.86 |
ALH4701 | Sat. 1 Maqui | 152.55 | 154.40 | 1.85 | 0.92 | 20.61 | 13 | 0.09 |
ALH4424 | Satelite Mila Sur 1 | 371.85 | 373.35 | 1.50 | 1.41 | 2.62 | 627 | 1.44 |
ALH4534 | Satélite Valeria 1 | 111.35 | 112.60 | 1.25 | 0.92 | 14.06 | 27 | 0.04 |
ALH4549 | Satélite Valeria 1 | 107.25 | 109.90 | 2.65 | 1.88 | 9.05 | 11 | 0.09 |
ALH4594 | Satélite Valeria 1 | 166.35 | 167.70 | 1.35 | 0.85 | 16.60 | 17 | 2.09 |
ALH4516 | Satélite Valeria 8 | 72.65 | 73.90 | 1.25 | 1.05 | 3.39 | 1645 | 0.18 |
ALH4521 | Satélite Valeria 8 | 91.00 | 92.15 | 1.15 | 0.82 | 11.64 | 55 | 2.60 |
ALH4617 | Satélite Valeria 8 | 61.75 | 62.95 | 1.20 | 1.18 | 15.05 | 15 | 0.83 |
ALH4436 | Satélite VCS 21 | 51.50 | 52.65 | 1.15 | 0.68 | 15.53 | 56 | 0.81 |
ALH4426 | Sorpresa | 41.85 | 44.20 | 2.35 | 2.14 | 5.84 | 12 | 1.35 |
ALH4449 | Sorpresa | 43.60 | 46.30 | 2.70 | 1.82 | 5.05 | 7 | 0.97 |
ALH4600 | Sorpresa | 20.90 | 26.50 | 5.60 | 2.93 | 5.34 | 18 | 3.40 |
ALH4657 | Sorpresa | 21.70 | 28.10 | 6.40 | 2.95 | 8.79 | 10 | 1.48 |
ALH4672 | Sorpresa | 13.25 | 15.00 | 1.75 | 1.34 | 6.67 | 13 | 1.61 |
Whitney Project (Timmins), Canada
The following table provides infill and exploration drill result highlights from the Hallnor/Bonetal and Broulan Reef deposits of the Whitney Project for the period November 2023 to September 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/timmins/ .
Hole No. | Zone | From (m) | To (m) | Int (m) | Est. True Width (m) | Au g/t |
TW23-749 | Broulan Reef | 61.0 | 62.0 | 1.0 | 0.8 | 28.40 |
TW23-750 | Hallnor | 444.2 | 462.0 | 17.8 | 11.7 | 3.28 |
Incl. | 454.0 | 461.0 | 7.0 | 4.5 | 5.98 | |
TW23-751 | Hallnor | 411.2 | 430.0 | 18.8 | 13.7 | 2.11 |
Incl. | 415.0 | 425.0 | 10.0 | 7.3 | 3.27 | |
TW23-754 | Hallnor | 548.0 | 561.0 | 13.0 | 10.1 | 3.33 |
TW23-756 | Hallnor | 319.0 | 320.0 | 1.0 | 0.6 | 65.30 |
408.5 | 428.0 | 19.5 | 10.8 | 2.91 | ||
Incl. | 409.0 | 415.0 | 6.0 | 3.3 | 6.07 | |
TW24-758 | Hallnor | 472.7 | 476.9 | 4.2 | 2.7 | 19.89 |
TW24-759A | Hallnor | 500.0 | 508.0 | 8.0 | 5.1 | 5.15 |
TW24-765 | Hallnor | 118.0 | 119.0 | 1.0 | 0.8 | 58.20 |
TW24-770 | Hallnor | 99.0 | 117.0 | 18.0 | 14.5 | 3.42 |
Incl. | 99.0 | 110.0 | 11.0 | 8.8 | 4.58 | |
and | 99.7 | 102.0 | 2.3 | 1.8 | 14.40 | |
TW24-771 | Hallnor | 120.5 | 130.0 | 9.5 | 7.2 | 31.50 |
Incl. | 122.0 | 123.0 | 1.0 | 0.8 | 284.00 | |
TW24-772 | Bonetal | 132.0 | 133.0 | 1.0 | 0.8 | 71.40 |
TW24-776 | Bonetal | 110.0 | 112.0 | 2.0 | 1.5 | 21.75 |
TW24-780 | Bonetal | 193.0 | 194.0 | 1.0 | 0.8 | 67.80 |
TW24-782 | Bonetal | 125.0 | 140.0 | 15.0 | 11.4 | 3.78 |
TW24-783 | Bonetal | 115.0 | 127.0 | 12.0 | 9.8 | 2.74 |
139.0 | 152.0 | 13.0 | 10.6 | 3.37 | ||
TW24-786 | Broulan Reef | 169.5 | 180.5 | 11.0 | 7.6 | 6.26 |
Incl. | 175.0 | 176.0 | 1.0 | 0.7 | 11.80 | |
also incl. | 178.6 | 179.1 | 0.5 | 0.3 | 86.30 | |
TW24-793 | Broulan Reef | 197.1 | 200.0 | 2.9 | 2.4 | 360.18 |
Incl. | 197.6 | 198.1 | 0.5 | 0.4 | 1940.00 | |
also incl. | 198.1 | 198.5 | 0.4 | 0.3 | 140.00 | |
also incl. | 198.5 | 199.0 | 0.5 | 0.4 | 31.40 | |
TW24-802 | Broulan Reef | 116.8 | 117.2 | 0.4 | 0.3 | 378.00 |
TW24-804 | Broulan Reef | 138.5 | 144.3 | 5.8 | 4.3 | 4.69 |
Incl. | 140.5 | 141.0 | 0.5 | 0.4 | 41.20 |
General Notes with Respect to Technical Information
Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a verification process with respect to the data disclosed in this news release.
Samples are analyzed at a variety of laboratories, including by in-house staff at the mine (Jacobina and La Colorada), mine laboratories operated by third party independent commercial labs (Huaron), and commercial laboratories off-site (La Colorada, El Peñon, Minera Florida, Whitney and Jacobina). All the assay data reported in this news release 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 on a monthly and quarterly basis by management. In general, the assay analytical technique for silver, lead, zinc and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses fire assay and atomic absorption spectrometry (AAS) finish. A gravimetric finish would be used if the gold assay exceeds > 10 g/t (or >5 g/t at El Peñon). The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The offsite commercial laboratories are independent from Pan American and certified by ISO 17025:2017.
The Qualified Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this news release and for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. 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.
Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
See the Company's Annual Information Form dated March 26, 2024, available at www.sedarplus.com , or the Company's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC") for further information on the Company's material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and mineral resources.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (‘‘NI 43-101''). Pan American 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.
Cautionary Note to US Investors
This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. 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 public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of "reserves" are not the same as those of the SEC and may not qualify as "reserves" under SEC standards. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases.
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 extent of, and success related to any future exploration or development programs, including with respect to its Jacobina, El Peñon, La Colorada, Minera Florida, Huaron and Timmins properties and for its La Colorada Skarn and Whitney projects, and the potential impact of any such drill results on the Company's mineral reserves or mineral resources.
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: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. 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 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, GTQ, CAD, CLP, and BRL 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); 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; 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; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments, including legal restrictions relating to mining, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; the duration and effects any pandemics on our operations and workforce; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. 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/20241209583019/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
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Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased to announce the filing of a Preliminary Feasibility Study(" PFS") for its 100% owned, silver-gold El Tigre Project (the "Project" or "El Tigre") located in Sonora, Mexico. The Technical Report supports the scientific and technical disclosure in the Company's news release dated October 22, 2024, announcing the results of an updated Mineral Resource Estimate and Pre-Feasibility Study. The Technical Report is available at www.sedarplus.ca under the Company's profile.
The updated MRE also contains an Out-of-Pit Mineral Resource that Silver Tiger plans to study in a Preliminary Economic Assessment in H1-2025.
Highlights of the PFS are as follows (all figures in US dollars unless otherwise stated):
Preliminary Feasibility Summary
The PFS was prepared by independent consultants P&E Mining Consultants Inc. ("P&E"), with metallurgical test work completed by McClelland Laboratories, Inc. - Sparks, Nevada, process plant design and costing by D.E.N.M. Engineering Ltd., environmental and permitting led by CIMA Mexico, and geotechnical assessment of heap leach design, waste dump design and pit slopes by WSP Global Inc. Table 1 shows key assumptions and results.
Table 1: El Tigre PFS Key Economic Assumptions and Results(1-2)
Qualified Persons
Mineral Resource Estimate: Dave Duncan P. Geo. VP Exploration of Silver Tiger, Charles Spath P.Geo., VP of Technical Services of Silver Tiger, and Fred Brown, P.Geo RM-SME Senior Associate Geologist of P&E Mining Consultants, and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants are the Qualified Persons as defined under National Instrument 43-101. All Qualified Persons have reviewed and approved the scientific and technical information in this press release.
Preliminary Feasibility Study: Andrew Bradfield P. Eng of P&E Mining Consultants, Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants and David J. Salari, P. Eng. of D.E.N.M. Engineering Ltd are the Qualified Persons as defined under National Instrument 43-101. All Qualified Persons have reviewed and approved the scientific and technical information in this press release.
A Technical Report is being prepared on the Preliminary Feasibility Study in accordance with National Instrument 43-101 ("NI-43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this news release. The effective date of this Preliminary Feasibility Study is October 22, 2024.
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large epithermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre Vein extended 1,450 metres along strike and was mined on 14 levels to a depth of approximately 450 metres. The Seitz Kelley Vein was mined along strike for 1 kilometre to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 metres to a depth of approximately 150 metres. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
jessome@silvertigermetals.com
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, Mineral Resources and Reserves, the ability to convert Inferred Mineral Resources to Indicated Mineral Resources, the ability to complete future drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words. Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Silver Tiger's expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that the Registration Statement on Form F-4 (the "F-4") filed by the Company with the United States Securities and Exchange Commission (the "SEC") in connection with the Company's previously announced acquisition of Gatos Silver, Inc. ("Gatos") (the "Transaction") has become effective under the U.S. Securities Act of 1933. The effectiveness of the F-4 is a condition to closing of the Transaction.
The Company is also pleased to announce that it has set the date of the special meeting of First Majestic shareholders (the "Special Meeting") to approve the issuance of First Majestic common shares to Gatos stockholders in connection with the Transaction. The details of the First Majestic Special Meeting are as follows:
Special Meeting of First Majestic Shareholders
| Date: | Tuesday, January 14, 2025 |
| Time: | 11:00 a.m. (Vancouver time) |
| Location: | Offices of Bennet Jones LLP Suite 2500 - 666 Burrard Street Vancouver, British Columbia V6C 2X8 |
The record date for the Special Meeting has been set as November 25, 2024 (the "Record Date"). First Majestic currently expects to send the meeting materials for the Special Meeting to shareholders of record as of the Record Date on or about December 9, 2024; however, delivery of materials to some Canadian shareholders may be impacted by the ongoing Canada Post labour dispute which is affecting the delivery of mail within Canada.
The Company will issue another news release within the next couple of weeks to provide additional details regarding the Special Meeting, including how Canadian shareholders may access the meeting materials and vote their First Majestic common shares in the event they do not receive their materials due to the ongoing Canada Post labour dispute.
At the Special Meeting, First Majestic shareholders will be asked to approve the issuance of common shares of First Majestic to Gatos stockholders in connection with the Transaction, as required under the rules of the Toronto Stock Exchange and the New York Stock Exchange.
Holders of shares of Gatos common stock are also required to provide their approval of the Transaction, and accordingly, Gatos has announced that it will hold its stockholder meeting virtually on Tuesday, January 14, 2025, at 10:00 a.m. (Vancouver time), one hour prior to the First Majestic Special Meeting.
Subject to the approval of First Majestic's shareholders and Gatos Silver's stockholders and the satisfaction or waiver of other conditions precedent, it is anticipated that the Transaction will close in early 2025.
Important Information for Investors and Shareholders about the Transaction and Where to Find It
This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.
In connection with the proposed transaction between First Majestic and Gatos pursuant to the Merger Agreement and subject to future developments, First Majestic has filed the F-4 with the SEC, which includes a proxy statement of Gatos that also constitutes a prospectus of First Majestic (the "Proxy Statement/Prospectus"). First Majestic will also file a management proxy circular in connection with the proposed Transaction with applicable Canadian securities regulatory authorities. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos has filed or may file with the SEC or Canadian securities regulatory authorities in connection with the proposed Transaction. Gatos plans to mail to the Gatos stockholders the definitive Proxy Statement/Prospectus in connection with the transaction and First Majestic will deliver its proxy circular to First Majestic shareholders. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus, the filings with the SEC that are incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders may obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic's website or by contacting First Majestic's investor relations team. Copies of the documents filed with the SEC by Gatos are available free of charge on Gatos' website at www.gatossilver.com or by contacting Gatos' investor relations team.
Participants in the Merger Solicitation
First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above and other relevant documents when it is filed with the SEC and Canadian securities regulatory authorities in connection with the proposed Transaction. Additional information regarding First Majestic's directors and executive officers is also included in First Majestic's Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos' directors and executive officers is also included in Gatos' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos' 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.
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.
On September 5, 2024, First Majestic and Gatos announced that they had entered into a definitive merger agreement (the "Merger Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos common stock. More information relating to the proposed Transaction can be found on the Company's website, www.firstmajestic.com.
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.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this news release include, but are not limited to, statements with respect to: closing of the Transaction and the terms and timing related thereto; the anticipated timing of shareholder meetings, future news releases and sending meeting materials to shareholders. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Merger Agreement; the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; and delays associated with the ongoing Canada Post labour dispute. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. In addition, the failure of a party to comply with the terms of the Merger Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party's financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic 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.
First Majestic believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232397
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