Silver Hammer Mining Corp. (CSE: HAMR) (the "Company" or "Silver Hammer") is pleased to announce that it has entered into a definitive share purchase agreement dated September 27, 2023 (the "Purchase Agreement") to acquire a 100% interest in the Shafter silver deposit (the "Shafter Project" or the "Project"), a previously producing high-grade silver mine located in Presidio County in Southwest Texas, from Aurcana Silver Corporation ("Aurcana") (the "Transaction"). The consideration to be paid by Silver Hammer for the Shafter Project includes cash of US$800,000 (less certain exclusivity fees and prepaid expenses), 23,000,000 shares, certain contingent payments (detailed below), and for the settlement of existing debt, the issuance of $4,000,000 in secured convertible debentures and 8,000,000 units (each comprising of a common share and ½ warrant at $0.33 for 2 years).
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Silver Hammer Mining Commenced a Property-Wide Airborne Magnetic and Radiometric Survey at its Silverton High-Grade Silver Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announce that it has commenced a property-wide airborne magnetic and radiometric survey at its 100%-owned high-grade Silverton Project in Nevada. The Company has engaged Precision GeoSurveys to complete surveys at both its Silverton and Eliza projects in Nevada.
"I am excited to announce the commencement of another year of exploration for Silver Hammer, and we are pleased to have engaged Precision for airborne magnetic and radiometric surveys in 2023," commented President & CEO Peter A. Ball. "The survey will provide us the final layer of technical data to assist in vectoring in on our current identified priority targets and permitted drill program at the Silverton Project in Nevada. This will be the first time in over 35 years any form of modern exploration will be completed over the Silverton Mine and property, and it will be exciting to review the results of what lays beneath the mine complex and property, where rock chip sampling yielded high grade silver at surface. We are pleased to commence this program ahead of schedule, which will assist in accelerating our exploration efforts across our portfolio. After the Silverton geophysical survey, the Company looks forward to completing a similar survey at the Eliza Silver Project in the summer of 2023."
Silverton Project Survey Highlights
The helicopter supported surveys will use magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration, with gamma sensors internal to the aircraft away from variable fuel cell attenuation, to allow for reduced terrain clearance minimizing noise and improving resolution and accuracy.
Silverton Project (refer to Figure 1):
- 82 total line kilometres
- 50 metre line spacing
- 3.6 square kilometres coverage
Figure 1. Silverton Project Airborne Survey Map
About Silverton Project
The past-producing Silverton Silver Mine is located in East Nevada's "Silver Alley" with high-grade historic production of up to 933 g/t Ag. Despite significant surface exposures and grab samples grading up to 499 g/t Ag and 1.99 g/t Au, no modern-day drilling or subsurface exploration techniques have been conducted on the project for over 35 years. Thirteen drill pads were permitted in advance of a potential 2023 drill program.
Mapping in 2022 and hyperspectral satellite imaging provided evidence of two separate mineralized systems at the project - a silver and a gold. The volcanics-hosted gold system shows sample grades ranging from 0.06 g/t to 6.1 g/t gold Au. A silver-dominated mineral system hosted by silicified limestone shows sample grades ranging from 0.32 g/t Ag to 692 g/t Ag.
About Precision
Precision GeoSurveys is a full-service airborne geophysical contractor and industry leader in providing high resolution surveys in mountainous and remote terrain having acquired and processed high resolution multi-sensor airborne geophysical data in mountainous terrain on over 700 surveys since 2007. The company utilizes state-of-the-art geophysical instrumentation attached directly to the helicopter. The magnetic sensors are flown in a non-magnetic and non-conductive nose stinger configuration, and the gamma sensors are flown internal to the aircraft away from variable fuel cell attenuation. Compared to conventional slung bird-type survey systems, this innovative design allows the survey to be safely flown at reduced terrain clearance to minimize noise, improve resolution, and reduce the need for complex corrections to the data. The geophysical data and maps will be prepared using industry standard Geosoft algorithms and mapping software to show the geomagnetic and radiometric properties of the survey area.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Silver Hammer Reaches Definitive Agreement to Acquire the Permitted Shafter Silver Mine Project and Announces Proposed Reorganization
Highlights of the Shafter Project and Transaction:
- All material operational permits remain in place at the past-producing high-grade silver mine, which is located in western Texas, USA.
- Past producer most recently in production from 2012-13 when operated by Aurcana. Approximately US$50 million was spent historically by Aurcana; in addition, Aurcana purchased the Shafter Project in 2008 for US$25 million. An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Updated NI 43-101 Mineral Resource technical report with an Effective Date of September 15, 2023, including Measured and Indicated resources of 10.8 million ounces ("oz") of silver ("Ag") in 1.152 million tons grading 9.38 oz/ton Ag, and Inferred resources of 6.3 million oz of silver in 0.823 million tons grading 7.67 oz/ton Ag.
- The silver deposit at the Shafter Project is classified as a carbonate replacement deposit ("CRD") and the geology at the project is similar to some the world's largest CRDs located just to the southwest in northern Mexico, including the Santa Eulalia Mine and Cinco de Mayo Project. Additional exploration upside was identified at regional priority targets from previous step-out drill holes to the southwest, which identified silver and gold mineralization.
- There are opportunities to expand the current mineral resource within the project boundaries, as the Project has not been systematically explored, and the source of the Shafter CRD has never been identified.
- Benefits from extensive site infrastructure including full access through portal/decline and extensive underground workings, ventilation and access shaft/hoist, and full processing plant including a 3,000 ton per day ball mill.
- Project controls existing water rights, with an available local labor force, power grid located at site, a low royalty burden, and strong community relations and support.
- Team of seasoned mining, metallurgical and exploration executives assembled to assist Silver Hammer as advisors and internal consultants.
"The acquisition of the high-grade silver Shafter complex and permitted mine is a transformational point in Silver Hammer's transition and goal to become North America's next silver producer. Shafter contains an established mineral resource of approximately 10.8 million ounces of silver in the measured and indicated category and an additional inferred silver resource of approximately 6.3 million ounces. To ensure the project is advanced towards the development and production stages, Silver Hammer has attracted key senior level technical geological and mining advisors including previous VP Exploration and VP/COO Mining experts that held executive roles with Hudbay Minerals, Coeur Mining, Silver Standard, Centerra, Mag Silver, Probe Mines, Hecla, and Royal Oak Mines,"commented Peter A. Ball, President and CEO of Silver Hammer Mining."In addition to containing a significant silver resource, the Shafter Project is located in a politically safe jurisdiction in Texas, USA, is located adjacent to a paved highway with significant infrastructure including power grid through the middle of the Project, full control of water rights, a local work force and supportive community."
Appointment of New Board Member
The Company is pleased to announce the appointment of Donald J. Birak as a newly appointed Director of Silver Hammer, replacing Joness Lang, who has stepped down from the Director role but will remain as a strategic advisor to assist the Company in ongoing corporate development initiatives. The Company appreciates Mr. Lang's significant contribution to the Company since its inception and agreeing to remain with the Company as a strategic advisor during this exciting phase of growth for the Company.
Mr. Birak joined the Company as a senior technical advisor earlier in 2023, and brings more than 45 years of experience in mineral exploration and operations, including the roles of Senior Vice-President of Exploration with Coeur Mining (2004 to 2013) responsible for global Greenfields and Brownfields exploration, Vice President of Exploration for AngloGold North America (1998 to 2004), Independence Mining Company (1995 to 1998), and Hudson Bay Mining & Smelting Ltd. (1992 to 1995) and Chief Geologist & Exploration Geologist for Freeport-McMoRan Gold Company (1978 to 1991), Mr. Birak brings a wealth of knowledge and expertise to the Silver Hammer team, and specifically to the advancement of the Shafter Silver Project.
Newly Formed Executive Technical Team and Strategic Advisors
Silver Hammer has recently assembled a highly experience technical team to complete due diligence to fully evaluate and to assist in advancing the Shafter Project through an accelerated strategy to complete a mineral resource expansion, initiate mine development towards future production by 2027. The team is made up of the following seasoned executives:
- Lawrence Roulston, Director - 40+ years in project evaluation and experience mining executive. Currently President and CEO of MTB Metals Corp. and Chairman of Metalla Royalties.
- Ron Burk, Director - 40+ years in senior level precious metals exploration roles including VP Exploration for Silver Standard and Centerra. Silver Standard previously owned the Shafter deposit until 2008.
- Don Birak, newly appointed Director - 45+ years in senior level precious metals exploration roles including Sr. VP Exploration for Coeur Mining, and VP Exploration for AngloGold North America and Hudson Bay Mining Smelting.
- Dr. Peter Megaw, Geological Advisor - 45+ years in senior level precious metals exploration roles and recognized Carbonate Replacement Deposit ("CRD") systems. A co-founder of MAG Silver. Dr. Megaw's PhD work focused on the Santa Eulalia Ag-Pb-Zn District in Mexico, and he is credited with numerous discoveries in Mexico including Platosa (Excellon), Juanicipio-Fresnillo (Fresnillo/MAG Silver), and Pozo-Seco/Cinco de Mayo (MAG Silver).
- Damir Cukor, Geological Advisor - 35+ years in resource development, project management, resource modelling and advisory roles.
- Michael Willett, Mining Advisor - Seasoned mining executive with 35+ years in mine engineering, development, and operations including senior level project evaluation and advisory roles for project re-starts with various mining companies across North America. Most recently Mr. Willett held the position of Vice President of Operations and Projects for Battle North Gold and was part of that team which successfully sold the company to Evolution Mining for $343 Million in 2021.
- Adrian McNutt, Mining and Metallurgical Advisor - Experienced mining executive and metallurgical consultant with 35+ years in the evaluation and precious metals operations across the Americas including executive positions as COO of Royal Oak Mines, and Century Mining.
- Mike Petrina, P. Eng, Mining Advisor - 35+ years in the mining sector including senior level executive roles of VP Mining MAG Silver, VP Operations Probe Mining, VP Mining Hawthorne Gold, and multiple mine engineering advisory roles.
- Mike Gross, Mining Advisor - 45+ years with experience as a mine operator, operations executive and exploration executive in the Americas including VP Mining for Hecla Mining.
The Company has engaged Echelon Capital Markets as its financial advisor with respect to the Transaction.
The Shafter Project
The Shafter silver mine has all material permits in place with extensive surface infrastructure and underground workings including portal/decline and shaft access and a processing facility rated at approximately 1,500 tons per day. The project is located in west Texas and is fully accessible via paved highway from El Paso, Texas. Shafter has estimated measured and indicated resources of 10,803,000 ounces of silver and an inferred resource of 6,315,000 ounces of silver as summarized in Table 1. This estimate has been prepared for Silver Hammer Mining Inc. by RESPEC and is dated effective September 15, 2023 (the "Updated Mineral Resource Estimate") and an NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of the date hereof.
Table 1: Mineral Resource Table effective September 15, 2023
Estimated Resources* | Tons | oz/ton Ag | Tonnes | g/tonne Ag | Contained Ag Ounces |
Measured | 97,000 | 8.95 | 88,000 | 306.9 | 868,000 |
Indicated | 1,055,000 | 9.42 | 957,000 | 323.0 | 9,935,000 |
Measured & Indicated | 1,152,000 | 9.38 | 1,045,000 | 321.3 | 10,803,000 |
Inferred | 823,000 | 7.67 | 747,000 | 263.0 | 6,315,000 |
*Updated Mineral Resource by RESPEC has effective date of September 15, 2023.
- The Updated Mineral Resource Estimate is reported by Mr. Michael S. Lindholm, Principal Geologist for RESPEC in short tons.
- The Updated Mineral Resource Estimate was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards - For Mineral Resources and Mineral Reserves adopted May 10, 2014, and in accordance with National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI43-101").
- Mineral Resources are comprised of model blocks greater than or equal to the 4.2 oz Ag/ton cutoff.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources potentially amenable to underground mining methods are reported using a silver price of US$23.50/oz, a throughput rate of 800 tons/day, assumed metallurgical recoveries of 84% for Ag, mining costs of US$60/ton mined, processing costs of US$19.88/ton processed, refining costs of US$0.50/oz Ag produced, and general and administrative costs of US$6.94/ton processed. Silver commodity price selected based on analysis of the three-year running average at the end of August 2023.
- Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
- The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing or other relevant issues, however, none are apparent at this time.
Shafter History:
- The Shafter district was first discovered in 1880 or 1881, and the Presidio Mining Company was formed in 1881. Silver was produced from the Presidio mine from 1883 to 1926, when the American Metal Co. acquired the Shafter property and continued production (American Metal Co. subsequently merged with Climax Molybdenum Company to form American Metal Climax, Inc. ("AMAX").
- From 1883 to 1942, when the Presidio mine was closed, total recorded production was 2.307 million tons of ore containing 35.153 million ounces of silver at an average grade of 15.24oz Ag/ton.
- AMAX, Gold Fields Mining Corporation ("Gold Fields"), and Rio Grande Mining Company ("RGMC") successively held the Shafter property and conducted extensive exploration programs from 1926 to 1999. Gold Fields identified the northeastern, down-dip extension of the Shafter deposit, extending more than 5,000ft from the deepest development workings in the Presidio mine, through a systematic surface-drilling program. During the 1970s, Gold Fields constructed a 1,052ft deep shaft to access and explore the northeastern extension.
- Aurcana purchased RGMC and the Shafter property in July 2008 for US$25 million. RGMC is now a wholly owned subsidiary of Aurcana. Aurcana began exploration at Shafter in 2011 and has conducted geophysical surveying, drilling, mapping, and geochemical sampling since that time. Aurcana drilled 65 surface and 101 underground holes from 2011 through October 2013.
- A total of 1,694 drill holes are included in the resource database for the Shafter Project, of which 1,048 were drilled by AMAX, 403 were drilled by Gold Fields, 88 were drilled by RGMC prior to their acquisition by Aurcana, and 155 holes were drilled by RGMC since their acquisition by Aurcana.
- These holes include 435 surface core holes, 1,171 underground core holes, and 88 reverse circulation holes. An additional eleven underground core holes were drilled by Aurcana in late 2013 after the database was finalized for use, but before the current resource estimate was completed. Aurcana also drilled five exploration holes in 2017 outside of the current resource area. These 2013 and 2017 holes do not impact the current resource estimate and are not included within the current drill database.
- Aurcana reopened access into the Presidio mine on June 1, 2012, and production commenced on December 14, 2012, after spending approximately US$50 million including a portal/decline access, mill, and operations modifications. In conjunction with its underground operations, Aurcana began open-pit mining of lower-grade mineralization from the Mina Grande pit at the Presidio mine on April 23, 2012.
- Mining was discontinued after the plant commissioning and testing phase were complete, due mostly in part to lower silver prices reaching close to US$17/oz and rushed production start-up issues. The mine was put on care and maintenance in December 2013.
- An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Significant opportunity exists regionally noting the geological setting of the Shafter Silver Deposit is on the eastern margin of the Chihuahua Trough, which is host to several world-class CRD (Carbonate Replacement Deposits) including the Santa Eulalia Mine (Grupo Mexico), Cinco de Mayo project (MAG Silver), and the Plomosas Property, a polymetallic deposit (GR Silver Mining).
Transaction Details
In connection with the Purchase Agreement, the Company will first complete a reorganization (the "Reorganization") whereby all of the Company's outstanding shares will be acquired by a newly incorporated company, Silver Hammer Metals Corp. ("Newco"), and shareholders of the Company will receive common shares of Newco ("NewcoShares") in exchange for their Company shares. Newco will then acquire all of the outstanding shares in the capital of Rio Grande Mining Corporation ("Rio Grande"), a subsidiary of Aurcana that owns the assets, property, rights and undertakings of and relating to the Shafter Project (the "Shafter Acquisition"). The Reorganization is expected to be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement"), which will result in the Company becoming a wholly-owned subsidiary of Newco. Under the Plan of Arrangement, each common share of the Company will be exchanged for one Newco Share and the convertible securities of the Company will become exercisable for securities of Newco on an equivalent basis. The Reorganization is subject to approval of the Supreme Court of British Columbia and the shareholders of Silver Hammer.
On closing of the Transaction, in consideration for the shares of Rio Grande, Aurcana will receive a cash payment of US$800,000 (less certain exclusivity fees and prepaid expenses) and 23,000,000 Newco Shares at a deemed price of $0.25 per Newco Share. In addition, upon the completion of the next equity financing completed by Newco following the closing, Aurcana will receive an additional cash payment of US$375,000. Aurcana may also receive additional post-closing payments, payable in cash or shares, subject to the achievement of certain milestones within 48 months of closing of the Shafter Acquisition in the aggregate amount of up to US$3,000,0000, as follows: (a) up to US$1,000,000 will be payable in connection with the first public announcement of a new mineral resource estimate on the Shafter Project which includes measured and indicated mineral resources of at least 18 million ounces, (b) US$1,000,000 will be payable upon the Shafter Project entering commercial production, (c) US$500,000 will be payable if the spot price of silver is equal to or greater than US$30 per ounce for a period of 60 consecutive days, and (d) an additional US$500,000 will be payable if both (b) and (c), above, are met.
Newco has also entered into an agreement with noteholders of Rio Grande to settle certain outstanding debt of Rio Grande in connection with the Shafter Acquisition (the "Debt Settlement"). Pursuant to the Debt Settlement, Newco will acquire all of the outstanding notes of Rio Grande in the aggregate principal amount of $6,517,662 (the "Rio Grande Notes") in consideration for (a) an aggregate of 4,000 debenture units of Newco, each consisting of one $1,000 principal amount secured convertible debenture of Newco, representing $4,000,000 in total (the "Debentures"), and 2,000 common share purchase warrants of Newco (the "Warrants"), (b) an aggregate of 8,000,000 units of Newco, each consisting of one Newco Share and one-half of a Warrant, and (c) additional securities of Newco on the same terms as the Concurrent Financing (as described below) in settlement of all interest accrued on the Rio Grande Notes from August 31, 2023 to closing. The Debentures will be convertible into Newco Shares at the conversion price of $0.25 per Newco Share and each Warrant will entitle the holder thereof to purchase one Newco Share at the exercise price of $0.33 per Newco Share for a period of 24 months from closing.
On closing of the Transaction, Newco and Aurcana will enter into an investor rights agreement (the "Investor Rights Agreement") pursuant to which Newco and Aurcana will agree to certain investor rights and restrictions relating to the Newco Shares to be issued to Aurcana pursuant to the Shafter Acquisition. Under the Investor Rights Agreement, Aurcana will have the right to nominate one member of the Board of Directors of Newco, increasing to two directors if at any time Aurcana holds greater than 35% of the outstanding Newco Shares. Aurcana will agree to certain standstill restrictions and to vote its Newco Shares in accordance with recommendations of management and for a period of 24 months. In addition, the Newco Shares issued to Aurcana will be subject to voluntary resale restrictions with 25% of the Newco Shares being locked-up for 4 months from closing, 25% of the Newco Shares being locked-up for 8 months and the remaining 50% of the Newco Shares being locked up for a period of 12 months.
In connection with the Shafter Acquisition and pursuant to the terms of the Purchase Agreement, Silver Hammer will arrange a concurrent equity financing for minimum gross proceeds of CAN$3,000,000 (the "Concurrent Financing"). The terms of the Concurrent Financing will be disclosed in a subsequent news release once finalized.
Completion of the Shafter Acquisition is subject to a number of conditions, including: (i) the receipt of all required approvals of the shareholders of Aurcana and the Company; (ii) the receipt of all necessary regulatory and third party consents, approvals and authorizations, including all necessary stock exchange approvals; (iii) the Completion of the Concurrent Financing for minimum gross proceeds of CAN$3,000,000, (iv) the completion of the Reorganization and the Debt Settlement, (v) conditional approval of the CSE for the listing of the Newco Shares, including the Newco Shares to be issued in connection with the Shafter Acquisition, the Reorganization and the Debt Settlement, and (vi) other standard closing conditions for a transaction of this nature. The Transaction is an arm's length transaction. Upon completion of the Transaction, the Reorganization and the Debt Settlement, Silver Hammer shareholders are expected to own approximately 63% of the Newco Shares on a non-diluted basis (excluding securities to be issued pursuant to the Concurrent Financing).
Trading Halt
Trading of the Company's common Shares has been halted as a result of the announcement of the proposed Transaction and the Company expects that trading will remain halted pending closing of the Transaction, subject to earlier resumption upon CSE acceptance of the proposed Transaction and the filing of required materials in accordance with the policies of the CSE, if and as applicable.
Additional information concerning the proposed Shafter Acquisition, the Reorganization, the Debt Settlement, the Shafter Project, and Newco will be provided in the management proxy circular of the Company to be prepared and delivered to shareholders of Silver Hammer, which will be available in due course under the Company's SEDAR+ profile.
Qualified Person
All scientific and technical information in this press release has been prepared or reviewed and approved by Damir Cukor, P. Geo, an independent geological consultant of the Company, Linda Dufour, P.Eng, an independent metallurgical consultant of the Company, and Michael S. Lindholm, CPG of RESPEC. Each of Mr. Cukor, Ms. Dufour, and Mr. Lindholm are "qualified persons" for the purposes of NI 43-101. Mr. Cukor is the Qualified Person for all technical information in this news release, excluding the Updated Mineral Resource Estimate.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100% of the Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company's portfolio also provides exposure to copper and gold discoveries.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the completion of the Shafter Acquisition, the completion of the Concurrent Financing, the completion of the Debt Settlement and the Reorganization. Completion of the Shafter Acquisition, the Reorganization and the Debt Settlement are subject to a number of conditions, as described elsewhere in this news release. There can be no assurance that these transactions will be completed as proposed or at all. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects, of the resulting issuer, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Company and Aurcana may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although each of the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Battery & Precious Metals Virtual Investor Conference: Presentations Now Available for Online Viewing
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Battery & Precious Metals Virtual Investor Conference, held on July 26 th and July 27 th are now available for online viewing.
REGISTER NOW AT : https://bit.ly/44F8pOs
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 1, 2023.
July 26 th
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Socialsuite Keynote Presentation – ESG for Small Caps: Why Get Started Now? Athena Catsoules, Account Executive | |
Century Lithium Corp. | OTCQX: CYDVF | TSXV: LCE |
WallBridge Mining Company Ltd. | OTCQX: WLBMF | TSX: WM |
Karora Resources Inc. | OTCQX: KRRGF | TSX: KRR |
American Rare Earths Ltd. | OTCQB: ARRNF | ASX: ARR |
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Sabre Gold Mines Corp. | OTCQB: SGLDF | TSX: SGLD |
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Clean Air Metals Inc. | OTCQB: CLRMF | TSXV: AIR |
Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
Silver Hammer Mining Corp. | OTCQB: HAMRF | CSE: HAMR |
July 27 th
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Pan African Resources PLC | OTCQX: PAFRY | AIM: PAF |
Galantas Gold Corp. | OTCQX: GALKF | TSXV: GAL |
Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
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Minera Alamos, Inc. | OTCQX: MAIFF | TSXV: MAI |
G2 Goldfields Inc. | OTCQX: GUYGF | TSXV: GTWO |
Kodiak Copper Corp. | OTCQB: KDKCF | TSXV: KDK |
Archer Exploration Corp. | OTCQB: RCHRF | CSE: RCHR |
Chilean Cobalt Corp. | Pink: COBA |
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About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
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Virtual Investor Conferences Contact:
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Battery & Precious Metals Virtual Investor Conference: Presentations Now Available for Online Viewing
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Battery & Precious Metals Virtual Investor Conference, held on July 26 th and July 27 th are now available for online viewing.
REGISTER NOW AT : https://bit.ly/44F8pOs
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 1, 2023.
July 26 th
Presentation | Ticker(s) |
Socialsuite Keynote Presentation – ESG for Small Caps: Why Get Started Now? Athena Catsoules, Account Executive | |
Century Lithium Corp. | OTCQX: CYDVF | TSXV: LCE |
WallBridge Mining Company Ltd. | OTCQX: WLBMF | TSX: WM |
Karora Resources Inc. | OTCQX: KRRGF | TSX: KRR |
American Rare Earths Ltd. | OTCQB: ARRNF | ASX: ARR |
Guanajuato Silver Company Ltd. | OTCQX: GSVRF | TSXV: GSVR |
Canterra Minerals Corp. | OTCQB: CTMCF | TSXV: CTM |
Sabre Gold Mines Corp. | OTCQB: SGLDF | TSX: SGLD |
First Tellurium Corp. | OTCQB: FSTTF | CSE: FTEL |
Clean Air Metals Inc. | OTCQB: CLRMF | TSXV: AIR |
Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
Silver Hammer Mining Corp. | OTCQB: HAMRF | CSE: HAMR |
July 27 th
Presentation | Ticker(s) |
Pan African Resources PLC | OTCQX: PAFRY | AIM: PAF |
Galantas Gold Corp. | OTCQX: GALKF | TSXV: GAL |
Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
Novo Resources Corp. | OTCQX: NSRPF | TSX: NVO |
Minera Alamos, Inc. | OTCQX: MAIFF | TSXV: MAI |
G2 Goldfields Inc. | OTCQX: GUYGF | TSXV: GTWO |
Kodiak Copper Corp. | OTCQB: KDKCF | TSXV: KDK |
Archer Exploration Corp. | OTCQB: RCHRF | CSE: RCHR |
Chilean Cobalt Corp. | Pink: COBA |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
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Silver Hammer Mining Reports Positive Preliminary Results of Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announce it has recently completed a property-wide aerial magnetic-radiometric survey at its Eliza Silver Project near Ely, Nevada. The preliminary results are encouraging and identify extensions to existing targets and highlight multiple new priority exploration targets. The final results are currently being processed by Condor North Consulting ULC.
"We are pleased to highlight the positive results of the property-wide airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project,"commented President & CEO Peter A. Ball."The Company continues to push forward with its 'Plan of Operations' permitting and evaluation of the Eliza Project. Current observations highlight strong correlation between historical and recent surface sampling, mapping and structural analysis and the June 2023 preliminary geophysical surveys. With the addition of new potential drill targets being identified, we look forward to the final technical analysis of the raw data to assist in the next steps at Eliza."
Eliza Project Survey Technical Highlights
The geodetic system used for the Eliza geophysical survey was WGS 84 in UTM Zone 11N. A total of 360-line km were flown with a helicopter over the property. The survey was flown at 25 m line spacing on a heading of 090°/270°, while tie lines were flown at 250 m line spacing on a heading of 000°/180°.
Preliminary radiometric modeling shows strong correlation with field observations including the placement of the Eberhardt Fault, a major truncating (290° azimuth) fault that dissects the Hamilton Vein systems. The Belmont and Passynak zones are seen as radiometric highs that extend along a (010°) structural orientation (refer to Figure 1 Airborne Radiometric Survey Results). Other anomalous radiometric highs have been identified along the same (010°) orientation indicating potential off-sets and extensions of mineralization south of the Eberhardt Fault.
In total, the mineralized systems identified to date exhibit strong silver and base metal mineralization, visual structural control (010°) and now magnetic and radiometric anomalies which will assist the Company design new drill targets.
Figure 1. Eliza Radiometric Survey Results
To view an enhanced version of this graphic, please visit:
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About Eliza Project
The Eliza Silver Project is a 5.52 square kilometer land package, which includes the past-producing California Mine patented US lode claim and is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district, which produced 40 million ounces silver with grades up to 20,000 g/t between 1876-1890.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
District scale folding of local sedimentary rocks appears to have provided structural open space fault and fracture zones, (010° azimuth) which allowed mineralizing fluids to migrate through receptive host rocks, resulting in replacement deposits hosted by Devonian-aged Nevada (Guilmette) Limestone and late Devonian to early Mississippian-aged Pilot Shale and Joana Limestone. Historically, these zones were mined in the adjacent Hamilton Mining District (1870's) reporting high grade Pb-Ag-Zn-Cu hosted in dolomite-limestone replacement zones of the Nevada (Guilmette) Limestone with reported grades up to 2,177 g/t Ag, (Humphrey, 1960). Igneous rocks have not been identified on the property; however, two Cretaceous-aged granitic intrusions are exposed at the Mount Hamilton Mine, 7.5 km to the northwest.
Geologic mapping, rock and soil sampling efforts have defined three main zones of interest: Passynak, Belmont and California. All three zones show evidence of historic mine development and production. The highest-grade samples collected by the Company were from the Passynak and Belmont mines. Samples represent dolomitic micro-breccia replacements within the Joana Limestone. The replacement zones exhibit micro brecciation textures, stockwork or sheeted calcite veinlets, magnetite, limonite stain, and commonly show copper oxides.
Assay results from 2021 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
Follow up sampling in 2022 revealed that the replacement zones in limestone are penetrating along axial planar faults and fracture zones and commonly weather into resistant ridges. A total of 25 samples were collected as follow up samples, 17 of which focused on the dolomitic-limestone replacements found exposed in a variety of historic mine shafts and prospect pits. An especially pertinent aspect of the results from this round of sampling is the presence of high-grade Cu, Pb and Zn, in addition to Ag.
Assay results from 2021-22 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in Cu, Pb and Zn, typical of skarn-hosted base and precious metals and perhaps suggesting the potential for a porphyry at depth.
Table 1. Eliza Notable Rock Samples*
*Please refer to the news release dated May 11, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 1.
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Several outlying soil anomalies indicate extension to known mineral systems or new zones. Notable soil sample results are shown in Table 2.
Table 2. Eliza Notable Soil Sample**
**Please refer to the news release dated October 25, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 2.
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Qualified Person
Scientific and technical data herein have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Mulholland recently visited the property again in June 2023 and supervised the previous sampling referenced herein from 2022.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173772
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Silver Hammer Mining Commences Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announced that it has commenced a property-wide airborne magnetic and radiometric survey at its 100%-owned high-grade Eliza Project in Nevada. The geophysical survey that commenced at the Silverton Project is now complete and awaiting analysis. The Company has engaged Precision GeoSurveys to complete surveys at both its Silverton and Eliza projects in Nevada.
"We are pleased to commence an airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project ahead of schedule,"commented, President & CEO, Peter A. Ball."With the completion of a survey at our Silverton Project a few days ago, we continue to accelerate exploration efforts at our projects in Nevada, as we prepare for a busy season at our three projects located in Idaho and Nevada. Eliza continues to be of high interest to explore noting the significant silver and copper grades sampled in 2022. After the Eliza geophysical survey, the Company will be onsite in June in Idaho at our Silver Strand Project completing a property review based on the 15 priority exploration targets identified from the spring data compilation of the last 20 plus years of geophysical surveys."
Eliza Project Survey Highlights
The helicopter supported surveys will use magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration, with gamma sensors internal to the aircraft away from variable fuel cell attenuation, to allow for reduced terrain clearance minimizing noise and improving resolution and accuracy.
Eliza Project (refer to Figure 1):
- 269 total line kilometres
- 50 metre line spacing
- 12.1 square kilometres coverage
Figure 1. Eliza Project Airborne Survey Map
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About Eliza Project
The Eliza Silver Project is a 5.52 square kilometre land package, which includes the past-producing California Mine Patent claim, is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district. It has been noted by the USGS mineral resource data system (MRDS), that the district produced over 30 million ounces silver ("Ag") with grades up to 20,000 grams per tonne (g/t) between 1865-1888.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
Assay results from a 2022 sampling program confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
2022 samples include:
- PN662703: 1290 g/t Ag
- PN662717: 1180 g/t Ag; 7.70% Cu; 11.00% Pb; 13.40% Zn
- PN662715: 632 g/t silver; 2.2% Cu; 1.49% Pb; 0.55% Zn
The Company significantly expanded mineralized footprint through 2022 soil sampling, identifying four primary target areas and plans to further evaluate the project in 2023.
About Precision
Precision GeoSurveys is a full-service airborne geophysical contractor and industry leader in providing high resolution surveys in mountainous and remote terrain having acquired and processed high resolution multi-sensor airborne geophysical data in mountainous terrain on over 700 surveys since 2007. The company utilizes state-of-the-art geophysical instrumentation attached directly to the helicopter. The magnetic sensors are flown in a non-magnetic and non-conductive nose stinger configuration, and the gamma sensors are flown internal to the aircraft away from variable fuel cell attenuation. Compared to conventional slung bird-type survey systems, this innovative design allows the survey to be safely flown at reduced terrain clearance to minimize noise, improve resolution, and reduce the need for complex corrections to the data. The geophysical data and maps will be prepared using industry standard Geosoft algorithms and mapping software to show the geomagnetic and radiometric properties of the survey area.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168597
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MAG Silver Announces Robust Updated Technical Report for Juanicipio
MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the "Company") is pleased to announce it has filed on SEDAR, the Juanicipio Mineral Resource and Mineral Reserves NI 43-101 Technical Report (the " 2024 Technical Report " or the " Report ") for the Juanicipio Mine (44% MAG, 56% Fresnillo plc, the mine operator) located in the state of Zacatecas, Mexico. The Report was prepared in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 "). The Report was prepared by AMC Mining Consultants (Canada) Ltd. (" AMC ") of Vancouver, with assistance from Knight Piésold and Co. (" KP "), both independent consultants, on behalf of MAG. This Report provides an update to the "MAG Silver Juanicipio NI 43-101 Technical Report, Amended and Restated, Zacatecas State, Mexico" 2017 Technical Report by AMC. Mineral Resource and Mineral Reserve estimates are current as of May 31, 2023. The Report has an effective date of March 4, 2024.The monetary values shown in the Report are in US dollars ($) and on a 100% basis unless stated otherwise.
MAG Silver Comments on Technical Report Highlights:
- Robust economics; after tax NPV 5% of $1.2 billion – The Report reflects the strength of Juanicipio's economics over an initial 13-year life of mine (" LOM ") generating an annual average free cashflow of over $130 million (" M ") at pricing of $22/oz silver and $1,750/oz gold. Payable production is 93 million ounces (" Moz ") of silver, 557 thousand ounces (" koz ") of gold, 719 million pounds (" Mlbs ") of lead and 991 Mlbs of Zinc.
- 33% growth in Mineral Resources (from 2017 PEA) with high potential to increase – Substantial growth in Measured and Indicated (" M&I ") Mineral Resources to 17.0 million tonnes (" Mt ") at grades of 310 grams per tonne (" g/t ") silver, 1.86 g/t gold, 2.89% lead and 5.32% zinc. Extensive near-term upside potential is highlighted with 16% growth in Inferred Mineral Resources of 14.1 Mt at grades of 236 g/t silver, 1.06 g/t gold, 2.41% lead and 6.12% zinc, most of which are in Valdecañas and its splays, which largely remain open.
- Inaugural Mineral Reserve estimate significantly increases economic confidence – 15.4Mt of Proven and Probable Mineral Reserves at grades of 248 g/t silver, 1.58 g/t gold, 2.64% lead and 4.80% zinc (628 g/t silver equivalent (" AgEq ") providing a strong foundation for the highly derisked initial 13-year LOM specifically in the first years where silver grades are high.
- Simplified and robust underground production plan – Based on actual production achieved (to May 31, 2023) part way through ramp-up maintaining a conservative approach to production at an annual average of approximately 1.3 million tonnes per annum (" Mtpa "). Stoping is largely (>90%) from longhole with some cut and fill (
- Efficient mine plan and milling complex in action – Juanicipio has demonstrated consistent improvement in mining and milling performance over the ramp up period coupled with improving metal recovery. Grounded in real-world production data this establishes a springboard for further optimization efforts.
- Exploration upside – In addition to near mine exploration potential, the overall 7,679 Ha Juanicipio property remains largely unexplored with high potential for discovery of new mineralization. Of the remaining 95% of the property outside of the mine area, only the Los Tajos and Mesa Grande areas have had initial drill testing. Drilling in both these areas has proven the geological foundation for discovery including lithologies, alteration and geochemical signatures and the interception of narrow high-level mineralized epithermal veins. Triunfo, 10 km south of the mine, a vast area displaying strong evidence for silica cap, not unlike that of Valdecañas, is also a high priority target. With strategic drilling plans in place, the Company aims to unlock additional value from the extensive land holdings.
"The 2024 Technical Report reaffirms Juanicipio as a generational and premier silver mining asset. Bringing Juanicipio online in 2023 was the culmination of a series of successes since the discovery of Valdecañas in 2005. With the Report reflecting the mine's startup phase, our focus now shifts to optimizing operations as Juanicipio enters steady-state. We are strategically positioned for sustained success with a robust production profile, compelling economics and significant exploration potential. In the short term, we anticipate resource conversion to prolong high-grade silver production and mine life. Looking ahead, this district scale project remains 95% unexplored with multiple potentially high impact targets identified ," said George Paspalas, President and CEO of MAG. "Juanicipio remains well positioned for enduring success and a cornerstone of MAG's strategy as we continue to maximise its value and foster Company growth."
Table 1: 2024 Technical Report key economic assumptions and results
Juanicipio deposit | Unit | 2023 LOM evaluation |
Total ore | kt | 15,356 |
Gold grade 1 | g/t | 1.58 |
Silver grade 1 | g/t | 248 |
Lead grade 1 | % | 2.64 |
Zinc grade 1 | % | 4.80 |
Gold recovery 1 | % | 84.4 |
Silver recovery 1 | % | 86.6 |
Lead recovery 1 | % | 86.8 |
Zinc recovery 1 | % | 72.3 |
Gold price | $/oz | 1,750 |
Silver price | $/oz | 22.00 |
Lead price | $/lb | 1.00 |
Zinc price | $/lb | 1.15 |
Gross revenue | $M | 4,879 |
Selling costs 2 | $M | 773 |
Management fee | $M | 158 |
Capital costs | $M | 453 |
Operating costs (total) 3 | $M | 1,318 |
Operating costs (total) 3 | $/t | 85.85 |
Cumulative pre-tax net cash flow 4 | $M | 2,116 |
Cumulative post-tax net cash flow 4 | $M | 1,570 |
Pre-tax NPV @ 5% discount rate 5 | $M | 1,656 |
Post-tax NPV @ 5% discount rate 5 | $M | 1,224 |
Notes:
- Numbers may not compute exactly due to rounding.
- Exchange rate MXP19:US$1. Metal prices: gold - $1750/oz; silver 22/oz; lead - $1.00/lb; zinc - $1.15/lb.
1 Life-of-mine (LOM) average recoveries to concentrates.
2 Selling costs include penalties, treatment, transportation, and refining costs.
3 Includes mine operating costs, milling, and mine G&A.
4 Undiscounted from 1 June 2023. Cash flow after employee profit sharing benefit (PTU).
5 Discounted from 1 June 2023. Depreciation expenses of $453M (for the remaining project and sustaining capital), and sunk costs of $840M (prior to 31 May 2023) are recognized in the tax calculations.
Mineral Resource Estimates
M&I Mineral Resource estimates (Table 2) are reported for the Valdecañas Vein, which constitutes the majority of the identified mineralized material. Inferred Mineral Resource estimates (Table 2) are reported for the balance of the Valdecañas Vein, as well as its hangingwall and footwall splays (Ramal 1, Anticipada and Pre-Anticipada), the orthogonal Venadas Vein, and for the Juanicipio Vein where the first discovery was made. This estimate is dated May 31, 2023 and supersedes the previous estimate outlined in the 2017 AMC Technical Report.
The new estimates show a significant increase of tonnage, contained metal and most importantly confidence in both M&I of 33%, including what has been mined to May 31, 2023, and for the first time includes Measured Resources. Likewise, expansion and infill drilling since the last Technical Report has also increased Inferred Mineral Resources by 16% with the majority of that coming from the East and West Dilatant Zones (see press release dated August 5, 2021) and the growing hangingwall Anticipada Vein.
Table 2: Juanicipio Mineral Resources at 31 May 2023 (100% basis)
Resource category | Cut-off grade | Quantity | Grade | Contained metal | ||||||
Tonnes (kt) | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Au (koz) | Ag (koz) | Pb (kt) | Zn (kt) | ||
Measured | 209 g/t Ag Eq | 1,441 | 2.19 | 780 | 1.42 | 2.70 | 102 | 36,130 | 20 | 39 |
Indicated | 15,555 | 1.83 | 266 | 3.03 | 5.56 | 916 | 133,039 | 472 | 865 | |
Measured & Indicated | 16,996 | 1.86 | 310 | 2.89 | 5.32 | 1,017 | 169,169 | 492 | 904 | |
Inferred | 14,051 | 1.06 | 236 | 2.41 | 6.12 | 480 | 106,676 | 339 | 860 |
Notes:
- CIM Definition Standards (2014) were used for reporting.
- Mineral Resources are reported inclusive of Mineral Reserves.
- Mineral Resources are reported at or above a cut-off grade of 209 grams per tonne (g/t) silver equivalent (AgEq), equivalent to $96.9 NSR. While a 3 m minimum width is applied and blocks above the cut-off grade are largely contiguous mineable shapes have not been defined, which may result in the tonnes of underground Mineral Resources being slightly exaggerated.
- Mineral Resources are reported at values based on metal price assumptions, metallurgical recovery assumptions, mining costs, processing costs, general and administrative (G&A) costs, and variable smelting and transportation costs.
- Metal price assumptions considered for the calculation of metal equivalent values are gold (US$1,450.00/oz), silver (US$20.00/oz), lead (US$0.90/lb), and zinc (US$1.15/lb).
- Assumed metal recoveries of 75.84%, 87.06%, 86.33% and 74.48% for Au, Ag, Pb, and Zn, respectively and on NSR factors of US$30.71/g Au, US$0.46/g Ag, US$15.01/% Pb and US$11.36/% Zn.
- Mineral Resources are reported on a 100% basis. The MAG share is 44%.
- Totals may not compute exactly due to rounding.
- The Mineral Resources were estimated by Fresnillo. Mr John Morton Shannon, P.Geo. (EGBC #32865), has reviewed the Mineral Resources and takes QP responsibility.
Source: AMC based on Fresnillo data, 2023.
Mineral Reserve Estimates
Table 3 shows the reported inaugural Mineral Reserve estimate for the Juanicipio Mine and forms the basis for the initial 13-year mine life plan outlined in the Technical Report and highlighted in this release. The Reserves of Proven and Probable incorporate Measured and Indicated Resources respectively and apply a cut-off value that considers mining, processing, and general and administration costs, with a variable trucking cost for each mining block. Mineral Reserves are largely reported above a value of $122/t ore for longhole stopes which represents >90% of the mine plan and $150/t ore for cut and fill stopes.
Table 3: Summary of Mineral Reserves as of 31 May 2023 (100% basis)
Reserve category | Cut-off grade | Quantity | Grade | Contained metal | ||||||
Tonnes (kt) | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | Au (koz) | Ag (koz) | Pb (kt) | Zn (kt) | ||
Proven | 277 g/t AgEq | 735 | 1.48 | 545 | 1.05 | 1.99 | 35 | 12,865 | 8 | 15 |
Probable | 14,622 | 1.59 | 233 | 2.72 | 4.94 | 746 | 109,357 | 398 | 722 | |
Proven and Probable | 15,356 | 1.58 | 248 | 2.64 | 4.80 | 781 | 122,221 | 406 | 736 |
Notes:
- CIM Definition Standards (2014) were used for reporting.
- All figures rounded to reflect the relative accuracy of the estimates. Mineral Reserves are reported at a cut-off value based on metal price assumptions, metallurgical recovery assumptions, mining costs, processing costs, G&A costs, sustaining capital costs, and variable trucking costs.
- NSR values are calculated as:
- NSR = 30.71*Au+0.46*Ag+15.01*Pb+11.36*Zn. Units Au (g/t), Ag (g/t), Pb (%), Zn (%).
- NSR factors are based on metal prices of $1,450/oz Au, $20.00/oz Ag, $0.90/lb Pb, and $1.15/lb Zn and estimated recoveries of 75.84% Au, 87.06% Ag, 86.33% Pb, and 74.48% Zn.
- Payable metal assumptions for Au are 95% for lead concentrates, and 65% for zinc concentrate; for Ag: 95% for lead concentrates, and 70% for zinc concentrate. Lead 95% payable and zinc 85% payable.
- The all-inclusive operating costs for longhole stopes and cut-and-fill stopes are $122/tonne and $150/tonne respectively (277 g/t AgEq based on weighted average for mining method). The marginal stope cut-off value is generally above $121/t for cut-and-fill and $93/t for longhole stopes.
- Projected stope hangingwall and footwall dilution (ELOS) was included in the stope optimization process. The dilution thickness for stope hangingwall and footwall varies by mining method.
- Additional operational mucking dilution of 0.5 m for longhole and cut-and-fill stopes is applied to the Mineral Reserve calculation. An extra endwall dilution for longhole stopes is assumed as 0.50 m.
- Mining recovery factors are 95% for longhole stopes and 98% for cut-and-fill stopes. Mining recovery factor for ore drive development is 99%. Mining recovery factor for both sill pillars and rib pillars is 0%.
- Exchange rate of 19 MXP to US$1.
- The Mineral Reserves were estimated by Fresnillo. Mr Paul Salmenmaki P.Eng. (EGBC #40227), has reviewed the estimates and accepts QP responsibility for them.
- Totals may not compute exactly due to rounding.
- Note reported on a 100% basis and MAG Silver owns 44% of Minera Juanicipio.
Source: AMC / Fresnillo, 2023.
Current Mine Plan
The mine is accessed via twin declines in the Sierra Valdecañas and a (conveyor) decline near the process plant in the Linares valley to the top of the mineralization. The declines split into three internal footwall ramp systems that access the ore on a 20 m sub-level spacing, with central accesses and footwall drives to the mineralization. Level to level stopes floor to floor are mined from the extents inwards to the central access (retreat) with rock fill placed within 20 m of the retreating face. Truck haulage is currently used for transporting ore and waste, however the installation of a conveyor in the conveyor ramp in 2024 to 2025 has been approved and will become the primary method for transporting ore from underground to the process plant.
All scheduling is carried out using Enhanced Production Scheduling (" EPS ") software. During EPS scheduling, additional dilution ranging from 1% to 5% for mucking and other sources, as well as mining recovery factors of 95% for longhole stoping and 98% for cut and fill. The schedule (Table 4) uses development advance rates in main ramps and lateral drifting in ore of 90 m/month and 50 m/month respectively. Nameplate ore processing capacity of 4,000 tpd was achieved in Q3 2023, averaging about 3,700 tpd in the latter part of the 2023 (approximately 1.3 Mtpa). Optimization and efficiency improvements in underground productivity, equipment utilisation and mining methods are in progress. Mine operations are currently in a ramp-up stage.
Table 4: Mine production schedule by year
Description | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 |
Ore tonnes (t) | 360 | 1,285 | 1,303 | 1,294 | 1,300 | 1,318 | 1,297 |
Au (g/t) | 1.26 | 1.45 | 1.50 | 1.59 | 1.53 | 1.93 | 1.65 |
Ag (g/t) | 620 | 403 | 373 | 300 | 287 | 198 | 155 |
Pb (%) | 1.62 | 1.44 | 1.57 | 2.18 | 3.09 | 3.46 | 3.03 |
Zn (%) | 3.27 | 2.76 | 2.70 | 3.71 | 5.10 | 6.15 | 5.39 |
Fe (%) | 6.67 | 6.46 | 6.77 | 7.33 | 6.88 | 6.54 | 6.76 |
Description | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Total |
Ore tonnes (t) | 1,308 | 1,309 | 1,308 | 1,302 | 1,272 | 702 | 15,356 |
Au (g/t) | 1.61 | 1.66 | 1.61 | 1.51 | 1.37 | 1.72 | 1.58 |
Ag (g/t) | 198 | 169 | 200 | 245 | 135 | 172 | 248 |
Pb (%) | 2.97 | 2.65 | 2.82 | 3.13 | 2.72 | 3.11 | 2.64 |
Zn (%) | 4.89 | 5.20 | 4.92 | 5.75 | 5.87 | 6.15 | 4.80 |
Fe (%) | 6.65 | 6.56 | 6.58 | 6.10 | 5.39 | 6.38 | 6.54 |
Source: Fresnillo, 2023.
Process Plant
The Juanicipio plant was designed with a nominal capacity of 4,000 tpd and consists of a comminution circuit with primary crushing and a semi-autogenous grinding mill and ball mill, followed by sequential flotation to produce a silver-rich lead, zinc and gold-silver-bearing pyrite concentrates. Operations commenced in March 2023, with commercial production declared in June 2023 and nameplate processing achieved in September 2023.
Commissioning and ramp-up have gone well, with the plant achieving designed throughput in line with expectations. Silver, lead and zinc recovery and concentrate grades are and continue to improve with time and optimisation efforts. January 2024 recoveries were 90.0%, 74.0%, 89.5% and 78.5% for silver, gold, lead and zinc respectively. Gold recovery has improved as ramp-up and circuit optimizations, including the February startup of the Knelson concentrator, have progressed. Continual testing and process optimisation is ongoing to maximize recovery and concentrate grades.
Table 5: Average mill recoveries used to estimate production in the financial model
Gold | Silver | Lead | Zinc | |||||
Mill recovery | 84.4% | 86.6% | 86.8% | 72.3% |
Project infrastructure
A 6.5 km access road, mostly over hilly terrain, accesses the main declines portal site from the mill, with the plant site being connected to the main highway by a 1.4 km road. Both the 1.4 km two lane sealed road, which is suitable for use by heavy vehicles, and the access road to the main portals area are fully constructed and in operation.
Power is currently supplied to a main substation at the processing site via a 115 kilovolt (" kV ") overhead power line connected to the state-owned power grid. From the mill, a 13.2 kV power line has been extended to the conveyor drive, with a similar line to the main mine portals location.
With completion of a Reverse Osmosis plant in 2023 and optimizing the consumption of treated municipal wastewater, all process water requirements are satisfied through the exclusive use of treated wastewater. Potable water is purchased from local providers as required.
Detailed design of the tailings storage facility (" TSF ") for the project was undertaken by Knight Piésold. It is estimated that the Juanicipio processing plant will produce approximately 12.2 Mt of tailings for surface storage over the anticipated initial mine life of approximately 13 years. Mill tailings will be discharged to a TSF which has a total volume capacity of approximately 8.5 Mt as currently designed. It is envisaged that the remaining required tailings storage will come from potential deepening of the Cell 2 basin (currently being pursued), a future expansion to the TSF through construction of an adjacent cell, and / or from a vertical raise of the dam. The Qualified Person (" QP ") understands that all permitting documentation for construction of Cell 2 has been submitted and is expected to be approved in Q1 2024.
Truck haulage is currently used for transporting ore and waste from the mine workings to surface. Development waste is either hauled to surface by trucks via the twin access declines or placed directly into stopes as backfill. Once the conveyor system to surface is in operation, ore transport from various mining levels will be by truck haulage to the crusher on 1950 relative level (" RL "). The crushed material will then be placed on a load-out belt that feeds the first of two sequential underground conveyors that bring the material to surface. At surface, a third conveyor delivers the material to an 8,000 t capacity stockpile that is adjacent to the mill.
Although the main maintenance workshop is located on surface, all major scheduled planned maintenance and rebuilds will take place in the underground workshop. The underground workshop is located on 1850 Level and has multiple service bays with overhead cranes.
There are two temporary pump stations already in operation that together can handle 2,500 gallons per minute (" gpm "). The main pump station on 1850 Level has three pumps installed with a fourth available on stand-by. The current capacity is 5,000 gpm. A second permanent pump station is planned for 1650 Level that will pump to the 1850 Level station. A further main pump station is planned for the bottom of the mine (1250 Level) with a capacity of 2,500 gpm. It is estimated that the current and planned pump stations should provide sufficient capacity for the life of the mine.
The overall plan for handling groundwater is an advanced dewatering strategy that will largely depend on accessing the lower levels of the mine well ahead of stope production. This early development approach provides a means for installing a series of dewatering holes and sumps that will dewater sections of the mine prior to production mining. In 2023, the majority of Juanicipio process and operational water requirements was sourced from dewatering underground workings, with the water used primarily for mine development and dust control. Juanicipio also purchased potable well water from third parties for mine development and domestic use.
Environmental and permitting
Environmental investigations included baseline assessments and initial studies required under Mexican Environmental Laws, inclusive of a Regional Environmental Impact Statement (MIA-R) are up to date. Fresnillo, on behalf of Minera Juanicipio, has confirmed that the project does not have any environmental obligations or liabilities identified to date.
Key permits and licenses for the project are in place and Fresnillo has indicated that all the land included in the design and operation of the Juanicipio Mine has been purchased.
Operating costs and capital costs
The operating costs used for the evaluation of project economics are based on actual operating costs and benchmark costs for similar operations in the area. Average LOM operating costs from the latest cost model for the 2023 Mineral Reserves are summarized as follows:
- Mining - $63.32/t ore
- Processing - $12.15/t ore
- General and Administration- $10.38/t ore
- Total operating cost - $85.85/t ore
For cut-off purposes, the average cut-off values used were $122/t for longhole stopes and $150/t for cut-and-fill stopes to also cover the LOM sustaining capital costs for mining, processing, and G&A; and the operating management fee (totalling $36/t).
Fresnillo has advanced the project through detailed engineering, project construction, and initial mine development and stoping leading to achievement of commercial production in mid-2023. Internal estimates for the remaining Juanicipio capital, inclusive of sustaining capital and as of 31 May 2023, total $453M.
The key aspects of the remaining project and LOM sustaining capital cost estimate ($413M) includes lateral and vertical development as well as project capital requirements ($40M) for remaining surface and underground infrastructure items (e.g. underground to surface conveyor system, tailings facility, etc.).
Economics
Using the referenced production projections and cost estimates, Juanicipio has a post-tax NPV 5% of $1,224M (pre-tax $1,656M). Project economics are shown to be most sensitive to silver price and silver grade, followed by operating costs.
Qualified Persons: All scientific or technical information in this press release including assay results referred to, and mineral resource and mineral reserve estimates, if applicable, is based upon information prepared by or under the supervision of the following:
- P. Salmenmaki, P.Eng.
- R. Chesher, FAusIMM (CPMET)
- M. Molavi, P.Eng.
- J. M. Shannon, P.Geo.
- C. Stewart, P.Geo.
all of AMC, and: - G. Dominguez, P.E., independent consultant of KP.
All are "Qualified Persons" for purposes of NI 43-101.
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tpd Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
Cautionary Note to United States Investors
Unless otherwise indicated, technical disclosure included herein, including the use of the terms "Mineral Resources" and "Mineral Reserves" and all Mineral Resource and Mineral Reserve estimates contained in such technical disclosure has been prepared in accordance with the requirements of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the " CIM ") – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the " CIM Definition Standards "). NI 43-101 is an instrument developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the disclosure requirements of the U.S. Securities and Exchange Commission (" SEC ") under subpart 1300 of Regulation S-K (the " SEC Modernization Rules "). The Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, information contained in this press release may differ significantly from the information that would be disclosed had the Company prepared the Mineral Resource or Mineral Reserve estimates under the standards adopted under the SEC Modernization Rules.
Cautionary Note to Investors Concerning Estimates of Mineral Resources
"Inferred Mineral Resources" are Mineral Resources for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. "Inferred Mineral Resources" are based on limited information and have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility, although it is reasonably expected that the majority of "Inferred Mineral Resources" could be upgraded to "Indicated Mineral Resources" with continued exploration. Under Canadian rules, estimates of Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as Mineral Resources and, accordingly, may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Indicated and Inferred Mineral Resources that are not Mineral Resources do not have demonstrated economic viability.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release, including any information relating to MAG's future oriented financial information, are "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as "forward-looking statements"), including the "safe harbour" provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to:
- statements that address achieving the nameplate 4,000 tpd milling rate at Juanicipio;
- statements that address our expectations regarding exploration and drilling;
- statements regarding production expectations and nameplate;
- statements regarding the additional information from future drill programs;
- estimated future exploration and development operations and corresponding expenditures and other expenses for specific operations;
- the Company's expectations regarding the tailings storage facility at Juanicipio;
- the Company's estimation of tailings production and waste;
- the expected capital, sustaining capital and working capital requirements at Juanicipio;
- the anticipated operations of the processing plant at Juanicipio and the related impacts on production for the current financial year;
- expected upside from additional exploration;
- expectations relating to permits and license; and
- other future events or developments.
When used in this release, any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, assumptions or future events of performance (often but not always using words or phrases such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "strategy", "goals", "objectives", "project", "potential" or variations thereof or stating that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions), as they relate to the Company or management, are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions.
Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this release include, among others: MAG's ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals produced, the costs of operating, exploration and development expenditures, the impact on operations of changes to the Mexican tax and legal regimes, MAG's ability to obtain adequate financing, outbreaks or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally.
Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including amongst others: estimates of Mineral Resources and Mineral Reserves being based on interpretation and assumptions which are inherently imprecise; no guarantee that licenses and permits required to conduct business will be obtained, which may result in an impairment or loss in the Company's mineral properties; rights to use the surface of the Company's mineral properties are not guaranteed; the properties in which the Company has an interest are located primarily in Mexico; economic and political instability may affect the Company's business; community relations may affect the Company's business, including its interest in Juanicipio; adequate funding may not be available, resulting in the possible loss or dilution of the Company's interests in its properties; substantial expenditures are required for commercial operations and if financing for such expenditures is not available on acceptable terms, the Company may not be able to justify commercial operations; uncertainties and risks relating to the operation of the Juanicipio Mine; the Company's capital and operating costs, production schedules and economic returns are based on certain assumptions which may prove to be inaccurate; Juanicipio capital requirements contemplated in the 2024 Technical Report are subject to volatility and uncertainty; Mineral projects, such as Juanicipio, are uncertain and it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated for project production; the Juanicipio Mine plan and design and the financial results may not be consistent with the 2024 Technical Report; the continued operation of Juanicipio may be adversely impacted by a lack of access to a skilled workforce; labour risks; the continued operation of Juanicipio may be adversely impacted by lack of access and availability of infrastructure, power and water, and other matters; risks related to the Company's decision to participate in the development, exploration, processing and production of the Juanicipio Mine; the Company may encounter certain transportation and refining risks that could have a negative impact on its operations; the Company's mineral properties are subject to title risk and any challenge to the title to any of such properties may have a negative impact on the Company; risks related to potential Indigenous rights claims made against the Company's mineral properties and the complex nature of such claims; title opinions provide no guarantee of title and any challenge to the title to any properties may have may have a negative impact on the Company; title to the properties in which the Company has an interest that are not registered in the name of the Company may result in potential title disputes having a negative impact on the Company; the Company being a minority shareholder and non-operator of Juanicipio and therefore is dependent on, and subject to, the decisions of the majority shareholder and operator of Juanicipio; the Company holds its Juanicipio interest through a minority shareholding in the Juanicipio Entities and therefore may be adversely impacted by disputes amongst the shareholders; risks related to the highly competitive nature of the mineral exploration industry; tailings storage facility / permit risks; risks related to natural disasters; the Company may face equipment shortages, access restrictions and a lack of infrastructure; the Company is dependent on its key personnel, none of whom are insured by the Company; foreign currency fluctuations and inflationary pressures may have a negative impact on the Company's financial position and results; risks related to amendments to the Federal Mining Law; the Company's activities within Mexico are subject to extensive laws and regulations governed by Mexican regulators; as well as those risks more particularly described under the heading "Risk Factors" in the Company's Annual Information Form dated March 27, 2023 available under the Company's profile on SEDAR+ at www.sedarplus.ca .
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedarplus.ca and www.sec.gov .
LEI: 254900LGL904N7F3EL14
For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email: info@magsilver.com
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First Majestic Announces Commencement of Bullion Sales from First Mint
First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the completed commissioning and commencement of bullion sales from its 100% owned and operated minting facility, First Mint, LLC ("First Mint"). Located in the State of Nevada, United States, First Mint vertically integrates a manufacturing plant for investment-grade fine silver bullion into the First Majestic portfolio.
In line with First Majestic's commitment to environmental and community stewardship, First Mint operates state-of-the-art machines that require less electricity and do not release gas emissions compared to traditional minting processes. The eco-friendly and high efficiency production line allows the mint to produce over 10% of the Company's current silver production coming from the Mexican operations. Plans are currently underway to expand the operation by adding additional equipment and personnel as required.
The inaugural production run of bullion bars will be commemorated and sold as collectibles, complete with certificates of authenticity and exclusive packaging. These limited edition "First Strike" products will include 1,000 one-kilogram bars, 2,500 ten-ounce bars, and 5,000 five-ounce bars. As production ramps up, investors can expect the mint to provide a steady supply of cast bars and one-ounce silver rounds, with additional capacity to service third party projects. Additionally, First Majestic products will remain available for sale alongside First Mint branded items. Investors are encouraged to visit www.firstmint.com to enjoy a refreshed and streamlined shopping experience.
The mint is currently seeking ISO 9001 certification, allowing for its silver to be Individual Retirement Account ("IRA") eligible. Along with this certification comes a quality commitment: First Mint will fully guarantee the weight, purity, and content of its bullion products.
Lastly, the Shareholder Benefits program will continue. Shareholders with at least 100 shares of First Majestic qualify for savings of $0.50 per ounce from our posted price.
For more information about First Mint, contact us at info@firstmint.com.
ABOUT THE COMPANY
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 Mine located in northeastern Nevada.
First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll-free number: 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made 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: (i) the Company's plans to expand the operations at First Mint through additional equipment and personnel; (ii) sales by First Mint of the inaugural production run of bullion bars; (iii) the supply of cast bars and silver rounds as production increases at First Mint; (iv) third party projects undertaken by First Mint; and (v) timing for First Mint to receive ISO 9001:2015 certification.
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: the duration and effects of the coronavirus and COVID-19, and any other pandemics or epidemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2022 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2022 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203038
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Silvercorp Offer for OreCorp Lapsed
Trading Symbol:
TSX: SVM
NYSE AMERICAN: SVM
Silvercorp Metals Inc. (" Silvercorp " or the " Company ") (TSX: SVM) (NYSE American: SVM) announced today that, further to its off-market takeover bid (the " Offer ") for all of the ordinary shares in OreCorp Limited (" OreCorp ") (ASX:ORR), Silvercorp did not satisfy the 50.1% minimum acceptance condition prior to the close of the Offer on March 22, 2024 and elected not to exercise its "right to match" a competing offer for OreCorp. Silvercorp will remain entitled to payment of a break fee of approximately AUD$2.8 million in certain circumstances, as set out in the BID.
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com .
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
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 and US securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms 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 a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, statements regarding the break fee, global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada ; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's Annual Report on Form 40-F, and in the Company's other filings with Canadian and U.S. securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Additional information related to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca , on EDGAR at www.sec.gov , and on the Company's website at www.silvercorpmetals.com .
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SOURCE Silvercorp Metals Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/25/c0671.html
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MAG Silver Provides Notice of Updated Juanicipio Technical Report
MAG Silver Corp. (TSX NYSE American: MAG) (" MAG ", or the "Company ") announces that it will release results from its updated Juanicipio Technical Report (the " Report ") on Wednesday, March 27, 2024. A conference call will be held to discuss the results of the Report on Wednesday, March 27, 2024 at 8:15 a.m. Eastern Time.
Conference call dial-in numbers:
Canada / USA toll-free: | +1-800-319-4610 |
International: | +1-604-638-5340 |
A live webcast will also be available at:
http://services.choruscall.ca/links/magsilver202403.html
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG Silver is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day (tpd) Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG Silver is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, " forward-looking statements "). All statements in this release, other than statements of historical facts are forward looking statements, including statements regarding the expected release date of the updated Juanicipio Technical Report. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements identified herein include, but are not limited to, risks related to the control of Juanicipio cashflows and operations through a joint venture in which the Company is a non-operator; there being no guarantee of the surface rights for the Juanicipio property or in the Company's ability to obtain and maintain all necessary licences and permits that may be required to carry out its business activities at the Juanicipio Mine; risks related to maintaining a positive relationship with the communities in which the Company operates; risks related to the Company's decision to participate in the processing and production of the Juanicipio Mine; risks related to the limited operating history at Juanicipio; geotechnical risks associated with the operation of the Juanicipio Mine and related civil structures; labour risks; changes in applicable laws; risks to title, challenge to title or potential title disputes at Juanicipio; continued availability of capital and financing; and general economic, market or business conditions; political risk; currency risk; capital cost inflation and those other risks disclosed in MAG Silver's filings with the Securities Exchange Commission and Canadian securities regulators. All forward-looking statements contained herein are made as at the date hereof and MAG Silver undertakes no obligation to update the forward-looking statements contained herein. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the internet at www.sedarplus.ca and www.sec.gov .
For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email: info@magsilver.com
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Fortuna to present at the Gold Forum Europe 2024 in Zürich, Switzerland
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that it will be attending Gold Forum Europe 2024 which is being held at the Park Hyatt in Zürich, Switzerland, from April 8 to 10, 2024.
Jorge A. Ganoza, President, Chief Executive Officer, and co-founder of Fortuna, will be presenting on Tuesday, April 9 at 2:30 p.m. Central European Time in Ballroom 3.
About Gold Forum Europe
Gold Forum Europe is Europe's only independent investment event serving the precious metals sector. The Gold Forum offers an unparalleled representation of private and publicly traded precious metal equities spanning all stages of production, development, and exploration.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
Carlos Baca
Vice President, Investor Relations
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
http://ml.globenewswire.com/Resource/Download/ace8ef79-52ac-43a4-ad19-10ad01efa552
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Peter Krauth: Silver's Time Will Come, Why Price Hasn't Moved (Yet)
Peter Krauth, editor of Silver Stock Investor, provided his latest thoughts on the silver market, honing in on his theory for why the metal's price hasn't risen in the face of substantial deficits for the last several years.
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention, he acknowledged investors' frustration with the metal's price — despite four years of consecutive supply shortfalls, it has largely gone sideways.
"You've got three aspects to this," Krauth explained. "You've got industrial ... supply — this goes to users that make solar panels, that do electronics, all sorts of things like that. You've got the investment side of it, so people who are actually buying physical coins and silver. And then you've got sort of this area where, when there is oversupply in a given year, that gets shunted into the inventories of things like the futures exchanges, exchange-traded funds (ETFs), for example."
Continuing, he said silver is being drained out of these inventories, which he referred to as secondary inventories.
"Here's my take," Krauth said. "I believe that you have numerous industrial consumers buying long futures contracts and/or buying silver ETFs, and then asking for delivery. When the futures contracts mature, they can stand for delivery."
He noted that the registered silver — metal that is available for delivery — has declined by about 70 percent over the last three or four years. And in his view, it won't be too long before there's no more of this silver out there.
"If I had to guess, I would say maybe a year, 18 months, two years max," Krauth said on the sidelines of the event. "At some point, there will be no more secondary silver available — someone's going to stand for delivery on a futures contract, and they will be told, 'Sorry, we can't deliver, we're going to have to ... pay you out cash.'"
He believes that's when the the entire sector will finally "wake up in a big way."
Watch the interview above for more from Krauth on silver supply, demand, prices and stocks. You can also click here for the Investing News Network's full PDAC playlist on YouTube.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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