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: Pure-play Silver Portfolio in Tier-1 Jurisdictions
Silver Hammer Mining (CSE:HAMR; OTCQB:HAMRF; FWB:7BW0) advances a pure-play silver portfolio focusing on assets within the western United States. The company's flagship asset, Silver Strand, is a brownfields silver project in an established silver mining district that is known for producing more than 1.2 billion ounces of silver.
The company’s other two projects are in Nevada, another tier-1 jurisdiction frequently in the top ten of Fraser Institute's Survey of Mining Companies for both the policy perception and investment attractiveness indexes. The Eliza silver project comprises 98 claims covering 5.5 square kilometers within the Hamilton district of Nevada, an area from which over 40 million ounces of silver was produced in the late 1800s. The Silverton project, consisting of 31 claims, has received little to no modern-day exploration, presenting discovery potential as exploration commences.
An expert leadership team with a proven track record in precious metals exploration, development, production, M&A and capital markets leads Silver Hammer toward fully realizing the potential of its portfolio.
Company Highlights
- Silver Hammer Mining is a pure-play exploration and development company focusing on silver assets within tier-1 mining jurisdictions in the United States.
- Silver demand is projected to grow by 16 percent in 2023 due to growing consumer demand and the emergence of clean technologies.
- The company’s assets are in Idaho and Nevada, both of which consistently rank in the top ten of Fraser Institute’s Mining Survey.
- The flagship Silver Strand Project covers a 5.8-kilometer strike in a world-renowned silver district in Idaho.
- Silver Hammer’s Eliza Silver Project consists of 98 claims in a district with a prolific history of high-grade production in the 1800s.
- The Silverton Project is drill-ready and has received little to no modern exploration work.
- An expert team with a proven track record of success leads the company towards fully capitalizing on its assets, with experts in brownfield projects and capital raising.
This Silver Hammer Mining profile is part of a paid investor education campaign.*
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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
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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.
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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.
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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 |
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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:
https://images.newsfilecorp.com/files/9597/173772_figure1.jpg
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table1.jpg
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table2.jpg
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
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/9597/168597_1e81edc1a4f319fe_001full.jpg
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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Endeavour Silver Provides Q1 2024 Construction Progress Update on Terronera; Construction Progress Reaches 53% Completion
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to provide a Q1 2024 construction progress update for its Terronera Project in Jalisco state, Mexico. A photo gallery presentation accompanies this news release and can be found here or on the Company website at Terronera Project Progress Photos . All dollar ($) references in this news release are United States dollars.
The Terronera project made significant progress in the first quarter, as concrete work was nearly complete on the Upper Plant Platform and erection of structural steel advanced for areas including crushing, coarse-ore storage, grinding, flotation, and thickening. Mechanical installation of major equipment continued to advance on schedule and the project remains on track for commissioning in Q4 2024.
"Site activities ramped up rapidly, as overall construction surpassed the halfway milestone," commented Don Gray, Chief Operating Officer. "We've been very pleased with progress of structural steel erection and major equipment installation including the semi-autogenous grinding ("SAG") and ball mills, apron feeders and flotation cells. Our procurement and materials management planning has been effective in keeping pace with site construction. We've been able to install many components upon immediate arrival to site, while making use of the limited laydown area. Underground mine development continues advancing very well, and we anticipate initial ore access in Q2. We are exceptionally pleased with the progress our Terronera team is making and remain committed to successfully completing and operating Endeavour's next core asset."
Q1 2024 Construction and Development Highlights
As of March 31, 2024, site works and activities included:
- Safety – A strong onsite safety focus has enabled a notable 60% reduction in the lost-time injury frequency rate since Q2 2023, during a substantial increase in the workforce. Ongoing initiatives such as mandatory certification for working-at-heights, frequent field audits and inspections, rescue-team training, and regular emergency drills continue.
- Progress – Overall project progress reached 53% completion, with more than $158 million (1) of the project's budget spent to date. Project commitments total $225 million (1,2) which is 83% of the $271 million capital budget.
- Engineering – Efforts have been transitioning over to construction support. Detail design was completed for the Tailing Storage Facility ("TSF"), Portal 2 waste dump, and Lower Platform excavation.
- Mine Development – During the quarter, over 1,000 metres of underground mine development was completed, bringing the total to over 3,200 metres. Mine crews continue working in Portal 1, 2, and 4 declines with excavations well advanced for the explosives magazines and the main pump-station sump system.
- Upper Platform Plant Site – Surface mill and infrastructure construction is 56% complete and progressing on schedule. Concrete work is 83% complete, and structural steel erection is 80% complete.
- Primary Crusher – Structural and mechanical construction was initiated on the conveyor and apron feeder support steel, and the apron feeder was placed in position.
- Course Ore Stockpile and Reclaim ("COS") Tunnel – Two apron feeders were installed in the COS tunnel along with structural steel support, which opened the area to install the SAG feed conveyor.
- Grinding – All major SAG and Ball Mill components were assembled. The high-pressure hydraulic pump was used for mounting the main bearings (spherical roller bearings), and all four bearings were installed under vendor supervision. Structural steel and pump installations continued.
- Flotation – All flotation cell tanks were set in place and installation of the drive decks and structural steel installation continued. Several drive decks were assembled on the ground and lifted as complete units for each flotation cell tank. The regrind mill was set in place.
- Tailing Thickener – The floor foundation and wall concrete were completed and erection of steel commenced together with the installation of the thickener tank floor.
- Primary Crusher – Structural and mechanical construction was initiated on the conveyor and apron feeder support steel, and the apron feeder was placed in position.
- Lower Facilities Platform and TSF – Excavation for the TSF embankment key trench was nearly 60% complete, and the lower platform area was nearly 45% complete, with the excavated material suitable to use in the TSF key trench and as embankment fill. Concrete work on the lower platform is anticipated to start in Q2.
- Procurement – Bulk materials procurement purchase orders have been released and lead times are aligned with the current schedule. The Procurement team has focused on critical path purchases, such as electrical components and transfer chutes, and reducing bulk material lead times to increase schedule float.
- Onsite Personnel – The workforce increased to 150 employees and over 400 contractor workers.
- Community Relations – Supporting the local municipality continues to be a major commitment. A new miner training program for local community members was established to provide training and employment. The Company also sponsored English and computer skills for local communities.
- Environmental – Environmental and social assessment initiatives continue according to schedule as outlined under the Equator Principal requirements for project loan financing.
Next Steps and Planning
The Terronera Project is on track for commissioning in Q4 2024.
For Q2 2024, surface construction will continue focusing on mechanical installations and initial electrical work for the crushing, coarse-ore stockpile, grinding, flotation and tailing thickener areas. Excavation of the Lower Platform is anticipated to be complete in the coming months. Concrete work is expected to be initiated for the LNG and power generation and concentrate and tailing filtration. Concentrate and tailing filtration structural, mechanical, and electrical installations will commence in early Q3.
Mine development in Portal 1, 2 and 4 declines will continue with first ore development anticipated in Q2. Initial long-hole mining is planned for Q3 followed by cut-and-fill mining; ore will be stockpiled for mill ramp up. Development activities at La Luz are anticipated to begin in Q2 with portal construction and ramp advance to ore access anticipated in Q4. The critical path remains the TSF and lower platform construction and advancing underground mine, where development is meeting expectations.
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
About Endeavour Silver: Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the Company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
Footnote:
- Financial figures are based on a preliminary estimate. Final audited figures will be released with the Q1 2024 financial statements on May 9, 2024.
- Project commitments are inclusive of total project expenditures.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the development and financing of the Terronera Project including: capital cost estimates, anticipated timing of the project construction; anticipated timing of drawdown under the project loan debt facility, Terronera's forecasted operations, costs and expenditures, and the timing and results of various related activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Chile, the U.S.A and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; satisfaction of conditions precedent to drawdown under the project loan debt facility; the ongoing effects of inflation and supply chain issues on the Terronera Project economics; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted Terronera mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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Silvercorp Reports Operational Results and Financial Results Release Date for Fiscal 2024, and Issues Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (Q4 Fiscal 2024) and fiscal year ended March 31, 2024 ("Fiscal 2024") and the production and cost guidance for the 2025 fiscal year ending March 31, 2025 ('Fiscal 2025"). The Company expects to release its Fiscal 2024 audited financial results on Thursday, May 23, 2024 after market close.
Q4 Fiscal 2024 Operational Results
- Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023");
- Silver equivalent (only silver and gold) 1 production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023;
- Lead production of approximately 12.5 million pounds, up 15% over Q4 Fiscal 2023; and
- Zinc production of approximately 4.56 million pounds, up 27% over Q4 Fiscal 2023.
Fourth Quarter Fiscal 2024 | Fourth Quarter Fiscal 2023 | |||||||
Ying Mining | GC | Consolidated | 'Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 147,122 | 48,038 | 195,160 | 132,205 | 49,643 | 181,848 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 21,843 | - | 21,843 | - | - | - | ||
Silver ore | 158,424 | 57,226 | 215,650 | 130,910 | 48,483 | 179,393 | ||
180,267 | 57,226 | 237,493 | 130,910 | 48,483 | 179,393 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 197 | 57 | 255 | 88 | ||||
Lead (%) | 3.1 | 1.1 | 3.6 | 1.3 | ||||
Zinc (%) | 0.6 | 2.5 | 0.6 | 2.5 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.4 | 83.2 | 95.2 | 78.9 | ||||
Lead (%) | 95.0 | 89.8 | 95.3 | 90.9 | ||||
Zinc (%) | 70.2 | 89.3 | 68.3 | 89.3 | ||||
Metal production | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,063 | 87 | 1,150 | 997 | 109 | 1,106 | ||
Silver equivalent (in thousands of ounces) | 1,237 | 87 | 1,324 | 1,086 | 109 | 1,195 | ||
Lead (in thousands of pounds) | 11,317 | 1,210 | 12,527 | 9,688 | 1,250 | 10,938 | ||
Zinc (in thousands of pounds) | 1,750 | 2,809 | 4,559 | 1,164 | 2,413 | 3,577 | ||
Metals sold | ||||||||
Gold (ounces) | 1,916 | - | 1,916 | 1,000 | - | 1,000 | ||
Silver (in thousands of ounces) | 1,052 | 87 | 1,139 | 966 | 107 | 1,073 | ||
Lead (in thousands of pounds) | 10,821 | 1,051 | 11,872 | 8,924 | 1,097 | 10,021 | ||
Zinc (in thousands of pounds) | 1,730 | 2,702 | 4,432 | 1,115 | 2,336 | 3,451 | ||
In Q4 Fiscal 2024, a total of 147,122 tonnes of ore were mined at the Ying Mining District, up 11% over Q4 Fiscal 2023, and 180,267 tonnes of ore were milled, up 38% over Q4 Fiscal 2023. Approximately 1.1 million ounces of silver, 1,916 ounces of gold (or 1.2 million ounces of silver equivalent), 11.3 million pounds of lead, and 1.8 million pounds of zinc were produced, representing production increases of 92%,7%, 14%, 17%, and 50%, respectively, in silver, gold, silver equivalent, lead and zinc over Q4 Fiscal 2023.
At the GC Mine, 48,038 tonnes of ore were mined, down 3% over Q4 Fiscal 2023, and 57,226 tonnes of ore were milled, up 18% over Q4 Fiscal 2023. Approximately 87 thousand ounces of silver, 1.2 million pounds of lead, and 2.8 million pounds of zinc were produced, representing an increase of 16% in zinc, and decreases of 20% and 3%, respectively, in silver and lead over Q4 Fiscal 2023.
Fiscal 2024 Operational Results
- Gold production of 7,268 ounces, an increase of 65% over Fiscal 2023;
- Silver equivalent (only silver and gold) production of approximately 6.8 million ounces, a decrease of 2% over Fiscal 2023;
- Lead production of approximately 63.2 million pounds, a decrease of 7% over Fiscal 2023; and
- Zinc production of approximately 23.4 million pounds, a decrease of 1% over Fiscal 2023; and
Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||
Ying Mining | GC | Consolidated | Ying Mining | GC | Consolidated | |||
Production Data | ||||||||
Ore Mined (tonnes) | 827,112 | 290,006 | 1,117,118 | 769,024 | 299,959 | 1,068,983 | ||
Ore Milled (tonnes) | ||||||||
Gold ore | 58,262 | - | 58,262 | - | - | - | ||
Silver ore | 757,883 | 290,050 | 1,047,933 | 773,057 | 299,597 | 1,072,654 | ||
816,145 | 290,050 | 1,106,195 | 773,057 | 299,597 | 1,072,654 | |||
Head Grades | ||||||||
Silver (gram/tonne) | 231 | 69 | 261 | 75 | ||||
Lead (%) | 3.4 | 1.2 | 3.8 | 1.3 | ||||
Zinc (%) | 0.7 | 2.6 | 0.7 | 2.8 | ||||
Recovery Rates | ||||||||
Silver (%) | 94.9 | 82.0 | 95.6 | 81.9 | ||||
Lead (%) | 95.1 | 90.5 | 95.0 | 89.8 | ||||
Zinc (%) | 70.6 | 90.0 | 63.2 | 89.9 | ||||
Metal production | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,677 | 527 | 6,204 | 6,024 | 593 | 6,617 | ||
Silver equivalent (in thousands of ounces) | 6,317 | 527 | 6,844 | 6,404 | 593 | 6,997 | ||
Lead (in thousands of pounds) | 56,269 | 6,902 | 63,171 | 60,254 | 7,814 | 68,068 | ||
Zinc (in thousands of pounds) | 8,213 | 15,172 | 23,385 | 7,150 | 16,313 | 23,463 | ||
Metals sold | ||||||||
Gold (ounces) | 7,268 | - | 7,268 | 4,400 | - | 4,400 | ||
Silver (in thousands of ounces) | 5,717 | 518 | 6,235 | 6,049 | 588 | 6,637 | ||
Lead (in thousands of pounds) | 54,292 | 6,333 | 60,625 | 58,240 | 7,447 | 65,687 | ||
Zinc (in thousands of pounds) | 8,240 | 15,010 | 23,250 | 7,175 | 16,263 | 23,438 | ||
At the Ying Mining District, 827,112 tonnes of ore were mined, up 8% over Fiscal 2023, and 816,145 tonnes of ore were milled, up 6% over Fiscal 2023. Approximately 5.7 million ounces of silver, 7,268 ounces of gold (or 6.3 million ounces of silver equivalent), 56.3 million pounds of lead, and 8.2 million pounds of zinc were produced, representing increases of 65% and 15%, respectively, in gold and zinc, and decreases of 6%, 1% and 7%, respectively, in silver, silver equivalent and lead over Fiscal 2023.
The decrease in silver and lead production was mainly due to i) lower head grades achieved due to mining sequences; and ii) 58,262 tonnes of gold ores were mined and processed with grades of 1.8 grams per tonne ("g/t") gold, 77 g/t silver, 1.1% lead, and 0.2% zinc to produce gravity gold concentrates, silver-gold-lead (copper) concentrate, and zinc concentrate in Fiscal 2024. The gold recovery rate for gold ores processed was 92.0%.
At the GC Mine, 290,006 tonnes of ore were mined, down 3% over Fiscal 2023, and 290,050 tonnes of ore were milled, down 3% over Fiscal 2023. Approximately 527 thousand ounces of silver, 6.9 million pounds of lead, and 15.2 million pounds of zinc were produced, representing decreases of 11%, 12% and 7%, respectively, in silver, lead and zinc over Fiscal 2023. The decrease in metal production was mainly due to lower head grades achieved due to mining sequences.
Fiscal 2025 Production, Cash Costs, and Capital Expenditure Guidance
i) Fiscal 2025 production and cash cost guidance |
In Fiscal 2025, the Company expects to mine and process 1,151,000 to 1,256,000 tonnes of ore, yielding approximately 7,900 to 9,000 ounces of gold, 6.8 to 7.2 million ounces of silver, 64.2 to 69.3 million pounds of lead, and 27.1 to 30.1 million pounds of zinc. Fiscal 2025 production guidance represents production increases of approximately 4% to 14% in ores, 8% to 23% in gold, 9% to 17% in silver, 2% to 10% in lead, and 16% to 29% in zinc compared to the production results in Fiscal 2024.
Head Grade | Metal Productions | Production Costs | |||||||||||||||||||||||
Ore processed | Gold | Silver | Lead | Zinc | Gold | Silver | Lead | Zinc | Cash Cost | AISC | |||||||||||||||
Fiscal 2025 Guidance | (tonne) | (g/t) | (g/t) | ( %) | ( %) | (Koz) | (Koz) | (Klb) | (Klb) | ($/t) | (S/t) | ||||||||||||||
Gold ore | 63,000 | - | 70,000 | 2.4 | 78 | 2.1 | - | 4.3 | - | 5.0 | 140 | - | 160 | 2,680 | - | 2,980 | |||||||||
Silver ore | 797,000 | - | 885,000 | - | 249 | 3.3 | 0.8 | 3.6 | - | 4.0 | 6,070 | - | 6,520 | 54,480 | - | 58,910 | 8,877 | - | 10,986 | ||||||
Ying Mining District | 860,000 | - | 955,000 | 0.3 | 235 | 3.1 | 0.8 | 7.9 | - | 9.0 | 6,210 | - | 6,680 | 57,160 | - | 61,890 | 8,877 | - | 10,986 | $ 83.7 | - | $ 88.1 | $ 142.3 | - | $ 153.2 |
GC Mine | 291,000 | - | 301,000 | - | 68 | 1.1 | 3.0 | 540 | - | 550 | 7,070 | - | 7,450 | 18,240 | - | 19,110 | $ 54.4 | - | $ 55.5 | $ 99.3 | - | $ 99.7 | |||
Consolidated | 1,151,000 | - | 1,256,000 | 7.9 | - | 9.0 | 6,750 | - | 7,230 | 64,230 | - | 69,340 | 27,117 | - | 30,096 | $ 77.0 | - | $ 79.6 | $ 143.6 | - | $ 152.3 | ||||
The Ying Mining District plans to mine and process 860,000 to 955,000 tonnes of ore, including 63,000 to 70,000 tonnes of gold ore with an expected head grade of 2.4 g/t gold, to produce approximately 7,900 to 9,000 ounces of gold, 6.2 to 6.7 million ounces of silver, 57.2 to 61.9 million pounds of lead, and 8.9 to 11.0 million pounds of zinc for Fiscal 2025. This production guidance represents production increases of approximately 5% to 17% in ore, 8% to 23% in gold, 9% to 18% in silver, 2% to 10% in lead, and 8% to 34% in zinc compared to the actual production in Fiscal 2024.
The cash production cost is expected to be $83.7 to $88.1 per tonne of ore, and the all-in sustaining production cost is estimated at $142.4 to $153.3 per tonne of ore processed, comparable to the actual costs in Fiscal 2024.
The GC Mine plans to mine and process 291,000 to 301,000 tonnes of ore to produce 540 to 550 thousand ounces of silver, 7.1 to 7.5 million pounds of lead, and 18.2 to 19.1 million pounds of zinc. Fiscal 2025 production guidance at the GC Mine represents production increases of approximately 0% to 4% in ore, 2% to 4% in silver, 2% to 8% in lead, and 20% to 26% in zinc production compared to the production results in Fiscal 2024.
The cash production cost is expected to be $54.4 to $55.5 per tonne of ore, and the all-in sustaining production cost is estimated at $99.3 to $99.7 per tonne of ore processed.
ii) Fiscal 2025 capital expenditure guidance |
In Fiscal 2025, the Company expects to incur a total $90.8 million of capital expenditures as summarized in the table below.
Capitalized Development Work and Expenditures | Expensed | |||||||||
Ramp and development | Exploration tunneling | Diamond Drilling | Facilities and | Total | Mining Preparation | Diamond | ||||
(Metres) | ($ Million) | (Metres) | ($ Million) | (Metres) | ($ Million) | ($ Million) | ($ Million) | (Metres) | (Metres) | |
Fiscal 2025 Capitalized Work Plan and Capita Expenditure Estimates | ||||||||||
Ying Mining District | 45,100 | 27.3 | 45,800 | 17.4 | 137,700 | 3.4 | 30.6 | 78.7 | 37,800 | 117,300 |
GC Mine | 8,000 | 4.5 | 9,700 | 5.0 | 51,500 | 1.3 | 0.3 | 11.1 | 7,100 | 18,700 |
Corporate and others | - | - | - | - | - | - | 1.0 | 1.0 | - | - |
Consolidated | 53,100 | 31.8 | 55,500 | 22.4 | 189,200 | 4.7 | 31.9 | 90.8 | 44,900 | 136,000 |
The total capital expenditures for mine optimization and facilities improvement at the Ying Mining District are estimated at $78.7 million . For mine optimization, the Company plans to spend a total $48.1 million comprised of the following capital expenditures:
(i) | Develop 45,100 metres of ramps and tunnels for transportation and access at estimated capitalized expenditures of $27.3 million (average $605/m). The main goal of these mine optimization programs is to have ramps and a trackless system replace current shafts, and to have more mechanized mining, such as using the shrinkage mining method to gradually replace the more labor intensive "Re-Suing" mining; |
(ii) | Develop 45,800 metres of exploration tunnels at estimated capitalized costs of $17.4 million ($380/m); and |
(iii) | Drill 137,700 metres of exploration diamond drill holes for future production at an estimated capitalized cost of $3.4 million; |
For the tailing storage facilities ("TSF") and mill expansion and equipment, the Company plans to spend $30.6 million :
(i) | Complete the TSF by the 3 rd quarter of 2024 with remaining expenditures of $15.9 million; and |
(ii) | Add a 1,500 tonne per day flotation production line to the No. 2 Mill by the 4 th Quarter of 2024 at a cost of $7.2 million per signed EPCM contract, and add two XRT Ore Sorting systems for $1.7 million. The XRT Ore Sorting system will help to sort out waste rock resulting from the increased dilution rate as the Company shifts to more shrinkage mining method from the "Re-Suing" mining method. |
In addition to the capitalized tunneling and drilling work, the Ying Mining District also plans to complete and expense 37,800 metres of mining preparation tunnels and 117,300 metres of diamond drilling.
For the GC Mine, the Company plans to: i) complete and capitalize 8,000 metres of transportation ramps and mining development tunnels at estimated costs of $4.5 million ( $562 /m); ii) complete and capitalize 9,700 metres of exploration tunnels at estimated costs of $5.0 million ( $515 /m); iii) complete and capitalize 51,500 metres of diamond drilling at an estimated cost of $1.3 million ; and iv) spend $0.3 million on equipment and facilities. The total capital expenditures at the GC Mine are budgeted at $11.1 million in Fiscal 2025.
In addition to the capitalized tunneling and drilling work, the Company also plans to complete and expense 7,100 metres of mining preparation tunnels and 18,700 metres of diamond drilling at the GC Mine.
The Kuanping Project is expected to receive all permits and licenses in the third quarter of 2024, and $1.0 million of capital expenditures are budgeted for the startup of mine construction.
About Silvercorp
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. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.
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, risks relating to: 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 .
______________________________ |
1 Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the net realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the ounces of silver. |
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SOURCE Silvercorp Metals Inc
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Silver Due to Record Second Highest Deficit in 20 Years
Industrial demand for silver rose to a new record high in 2023, coming in at 654.4 million ounces (Moz).
The surge was fueled by significant advancements in green economy sectors, particularly photovoltaics (PV), where demand skyrocketed by 64 percent year-on-year to hit 195.3 Moz, surpassing previous estimates.
PV is included in the electrical and electronics segment, which experienced demand growth of 20 percent year-on-year.
According to the Silver Institute's latest World Silver Survey, other green energy applications, such as power grid construction and automotive electrification, contributed to the overall increase in industrial demand.
“The deficit in the silver market helps to provide robust support and a strong floor for the price,” said Philip Newman, managing director at Metals Focus, which produces the annual survey. “The deficit fell by 30 percent last year, but in absolute terms — at 184.3 million ounces — it was still eye-watering. Global supply has been broadly steady at around the 1-billion-ounce mark, while industrial demand did incredibly well with 11 percent growth,” he added.
Despite an overall 7 percent decline in total silver demand to 1,195 Moz in 2023, industrial demand emerged as the standout category, offsetting losses in the physical investment, jewelry and silverware sectors.
Notably, Chinese industrial demand surged by 44 percent to 261.2 Moz, primarily driven by PV production expansion.
Silver recycling, which accounted for 18 percent of total supply in 2023, saw a modest 1 percent increase to 178.6 Moz, mainly driven by growth in the recycling of ethylene oxide catalysts.
Looking ahead, Metals Focus forecasts 2 percent growth in total silver demand for 2024, with industrial fabrication expected to reach another all-time high, driven by a projected 20 percent gain in the PV market.
However, physical investment in silver bars and coins is anticipated to contract by 13 percent.
Silver mine supply to remain flat in 2024
In terms of global mine production, Metals Focus notes that in 2023 it witnessed a slight decrease of 1 percent to 830.5 Moz. This fall was influenced by the four month suspension of operations at Newmont’s (TSX:NGT,NYSE:NEM) Peñasquito mine in Mexico due to strike action among workers.
Additionally, lower ore grades and mine closures affected production in countries like Argentina, Australia and Russia. However, increased supply from Chile and Bolivia partially offset these losses.
The report forecasts a marginal 0.8 percent decline in global silver mine production to 823.5 Moz in 2024. Recovery is anticipated in Mexico as Peñasquito resumes full production post-strike action.
Expansions and new projects in the US, Morocco and elsewhere are expected to contribute to supply growth.
Offsetting these increases, a significant drop in production is expected in Peru due to operational issues, while China is anticipated to experience a decline in silver by-product supply alongside decreasing lead and zinc production.
Silver recycling, which hit a 10 year high in 2023, is forecast to remain nearly flat in 2024. Industrial scrap is expected to grow, driven by factors like higher receipts from ethylene oxide recycling. However, declines in other segments such as jewelry and silverware scrap, along with a further decrease in photographic scrap, are likely to offset these gains.
Overall, silver supply is seen coming in at 1,010.7 Moz in 2023 versus 1,015.4 Moz in 2022.
Silver market headed for second largest deficit
Overall, the silver market is expected to witness another substantial deficit in 2024, amounting to 215.3 Moz. According to Metals Focus, that would be the second highest in over 20 years.
While near-term price weakness remains a possibility for silver due to speculative inflows into gold and short-term downside risks, the outlook for the second half of the year is positive, driven by expectations of looser US monetary policy and sustained investor interest in precious metals.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Endeavour Silver Celebrates Milestone: Terronera Surpasses 50% Construction Completion
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces a significant milestone in the construction of its new Terronera mine, in Jalisco state, Mexico. The project has surpassed the 50% completion mark, marking a crucial step forward in the Company's expansion efforts.
To celebrate this achievement, the Company is pleased to provide a short video offering investors an exclusive look at the new mine with insights from the executive team. This video highlights the construction progress, showcases the scale and scope of the project, and emphasizes the positive impact on both the company and the local community. Investors, stakeholders, and the public are invited to watch this milestone video here . The video was filmed in mid-March and represents construction progress at that time.
Dan Dickson, Chief Executive Officer stated, "Reaching the halfway mark in our construction schedule is a testament to the hard work and dedication of our team. With commissioning expected in Q4 2024, Terronera will bring tremendous potential to our company's future, as we grow and expand our operations through responsible practices."
Visit www.terronera.com , our dedicated project website, to stay informed on the ongoing development at Terronera. Explore updates, learn about our commitment to environmental stewardship, and discover the positive impacts on local communities.
About Endeavour Silver: Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , X , Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development; risks in obtaining necessary licenses and permits; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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Fortuna to release first quarter 2024 financial results on May 7, 2024; Conference call at 12 p.m. Eastern Time on May 8, 2024
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) announces that it will release its unaudited financial statements and MD&A for the first quarter on Tuesday, May 7, 2024, after the market closes.
A conference call to discuss the financial and operational results will be held on Wednesday, May 8, 2024, at 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer - Latin America, and David Whittle, Chief Operating Officer - West Africa.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: https://www.webcaster4.com/Webcast/Page/1696/50484 or over the phone by dialing in just prior to the starting time.
Conference call details:
Date : Wednesday, May 8, 2024
Time : 9:00 a.m. Pacific Time | 12:00 p.m. Eastern Time
Dial in number (Toll Free) : +1.888.506.0062
Dial in number (International) : +1.973.528.0011
Access code : 586882
Replay number (Toll Free) : +1.877.481.4010
Replay number (International) : +1.919.882.2331
Replay passcode : 50484
Playback of the earnings call will be available until Wednesday, May 22, 2024. Playback of the webcast will be available until Thursday, May 8, 2025. In addition, a transcript of the call will be archived on the Company's website .
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 .
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | info@fortunasilver.com | www.fortunasilver.com | X | LinkedIn | YouTube
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Klondike Silver 2024 Drilling Program
Klondike Silver Corp. (the “Company”) (TSXV: KS | OTC: KLSVF | WKN: A1H8T1) is pleased to provide an update from its current underground drill program at the Silvana Mine, targeting western extensions of the mine within the historic Silvana claim block that the Company owns in southeastern British Columbia.
Drill holes from the first phase of drilling were laid out to intersect, map and model the extensions of vein structures down dip of three mineralized lodes from surface on the Silvana Mine claims, with the intention of targeting silver, zinc, and lead mineralization in the Company’s phases of drilling.
All drill cores from the 2023 program have been logged. Intervals of core have been sampled. Cores were sawed lengthwise, with one half bagged and sent to an independent lab for analyses, and one half retained for further inspection. Sample analyses are awaited from the lab.
Drilling in the 2024 program is now oriented northerly from drill station 2 to intersect downward projections of the Carnation Hanging wall and Footwall Lodes. The first 2024 activity will be deepening of two holes that have been drilled part of the distance to the Hanging wall and Footwall Lodes.
Klondike president and CEO, Mr. Tom Kennedy states, “The Company’s Silver Mile target is an area 1.5km along strike, 100% within Klondike’s claim block between the Mammoth and Silvana Mines. This area has yet to be fully explored due to fractured ownership that is a common theme in areas of British Columbia with significant historic mining activities dating back more than 100 years. Klondike’s management and exploration teams are encouraged by the potential to find and develop a resource in the Main Vein structure between the Mammoth and Silvana mines as combined past production of the Main Lode included 28 million oz silver, 209 million lbs zinc and 258 million lbs lead.”
The technical information in this news release has been reviewed by Locke Goldsmith, M.Sc., P.Eng., P.Geo., a Q.P.
- Klondike’s Silvana Mine Silver Zinc Lead project is located in South Eastern B.C.
- Klondike’s 114 square kilometer claim block is 138 km north of the Trail B.C. smelter.
- Klondike Silver is exploring from underground, along the 9 km “Main Lode”. The “Main Lode” is the most prolific mineralized structure in the Slocan Mining Camp.
- There are 13 past producing mines that are situated along the “Main Lode” that have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far. (source: BC MINFILE).
- There are 67 past producing mines that are situated in Klondike Silver’s 114 square kilometer claim block. (source: BC MINFILE).
On Behalf of the Board of Directors
KLONDIKE SILVER CORP
“Thomas J. Kennedy”
CEO and Director
Additional information can be found on Klondike Silver’s website: www.klondikesilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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