CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today provided an update on exploration at its high-grade Silvertip polymetallic exploration project in northern British Columbia.
Coeur completed approximately 90,000 feet (28,000 meters) of drilling in 2023 over 92 holes, 62 of which were in the Southern Silver Zone. Since acquisition of the project in late 2017, the Company has drilled roughly 1.1 million feet (333,000 meters) over 1,244 holes.
Highlights from surface and underground expansion drilling completed last year are reported below and continue to support Silvertip’s status as one of the world’s highest-grade, undeveloped carbonate replacement deposits.
Key Highlights1,2,3
- Extremely high-grade intercept highlights continued growth of the Southern Silver Zone – Results have been received for almost half of total 2023 drilling at the Southern Silver Zone, including the highest-grade intercept ever received in the zone. Drillhole 65Z23-485-012-022, which assayed 16.1 feet at 36.8 ounces per ton (“oz/t”) (4.9 meters at 1,261.4 grams per tonne (“g/t”)) silver, 22.0 % lead and 22.4% zinc or 3,053 g/t on a silver equivalence basis
-
Strike of Southern Silver Zone increased by 150 meters and down dip extent by 160 meters – Southern Silver Zone is the largest chimney structure discovered on the property to date and accounts for approximately 10% of Silvertip’s total measured and indicated resource and 55% of Silvertip’s total inferred resource as of year-end 2022. Additional notable drilled intercepts from Southern Silver Zone include:
- Hole 65Z22-485-010-030: 10.6 feet at 14.4 oz/t (3.2 meters at 492.0 g/t) silver, 5.9% lead and 8.1% zinc
- Hole 65Z22-485-010-036: 29.8 feet at 3.5 oz/t (9.1 meters at 121.0 g/t) silver, 1.5% lead and 4.6% zinc
- Hole 65Z23-485-012-004: 20.7 feet at 2.5 oz/t (6.3 meters at 87.0 g/t) silver, 1.1% lead and 10.8% zinc
- Hole 65Z23-485-012-008: 9.5 feet at 16.6 oz/t (2.9 meters at 568.0 g/t) silver, 12.0% lead and 4.5% zinc
- Hole 65Z23-485-012-021: 25.4 feet at 2.6 oz/t (7.7 meters at 88.0 g/t) silver, 0.8% lead and 7.2% zinc and 10.9 feet at 8.2 oz/t (3.3 meters at 282.0 g/t) silver, 3.5% lead and 16.7% zinc
For a complete table of all drill results, please refer to the following link: https://www.coeur.com/news/news-details/2024/Silvertip-Exploration-Drilling-Update. Please see the “Cautionary Statements” section for additional information regarding drill results.
“Exploration at Silvertip in 2023 achieved a key priority of expanding the resource base immediately adjacent to the main Silvertip deposit and existing underground infrastructure,” said Mitchell J. Krebs, President and Chief Executive Officer. “Recent results continue to reinforce the high-grade nature, overall size, and prospectivity of this exploration project. This success continues to support the growing potential of Silvertip as an emerging tier one asset and future cornerstone for the Company, containing some of the highest grades of silver, zinc and lead of any global carbonate replacement deposit in addition to a potentially meaningful complement of critical minerals.”
Resource expansion activities and step-out drilling commenced in July 2023 with the goals of expanding the Southern Silver Zone (the largest chimney structure identified on the property so far) and infill drilling at Saddle Zone to incorporate it into year-end resource calculations. During the year, approximately 90,000 feet (28,000 meters) of drilling were completed over 92 holes. Drilling into the Saddle Zone produced consistent, massive sulphide manto intercepts demonstrating the continuity of this new mineralized horizon. (Figures 2 and 3). Assays are still pending from the Saddle Zone.
Geological interpretation from both drilling and underground mine development has led to a new understanding of the geometries of manto and chimney mineralization and is forming the basis for a new Silvertip geological model expected to be completed in early 2024.
Between 2018 and 2023, the Company has invested roughly $60 million in exploration at the high-grade Silvertip deposit, leading to a near tripling of the total resource as of year-end 2022. A resource update based on 2023 drilling is expected to be included in Coeur’s year-end 2023 mineral resource and reserve update and will include a maiden estimate for the Saddle Zone.
“Exploration continues to uncover grades and geological features that indicate Silvertip is on the periphery of a much larger mineralizing system,” said Aoife McGrath, Senior Vice President of Exploration. “The resource has nearly tripled in just six years and we firmly believe that we have merely scratched the surface. The significant resource growth so far validates the immense potential, but we believe that the most potent and lucrative part of the deposit is yet to be uncovered, promising an exciting phase of exploration and development that has the potential to elevate Silvertip into a world-class carbonate replacement mineralizing system.”
2024 Exploration Programs
Exploration plans for 2024 are expected to include up to 115,000 feet (35,000 meters) of drilling along with extensive mapping and sampling during the summer field season. The year has been kicked off with a technical review session, attended by consultant Dr. Peter Megaw who is helping guide exploration at Silvertip. Dr. Megaw is recognized as one of the world’s foremost experts on carbonate replacement deposits.
Silvertip core samples will be on display at the AME Roundup in Vancouver, British Columbia on January 24-25. Silvertip core will also be on display at other industry conferences in the first quarter of 2024, including the PDAC 2024 Convention in Toronto on March 3-6.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with four wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip silver-zinc-lead exploration project in British Columbia.
Cautionary Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding exploration efforts and plans, resource growth potential, expectations regarding the nature and size of mineralized structures and the range of minerals they may host, expected grades, timing of future geological modeling, 2024 drilling plans and expected resource delineation, expansion, upgrade or conversion. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that potential resource growth may not be achieved, mineralized structures may not be as large or have the characteristics anticipated, future drill results may not be as successful, anticipated additions or upgrades to resources are not attained, the risk that planned drilling programs may be curtailed or canceled due to budget constraints or other reasons, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold, silver, zinc and lead and a sustained lower price environment, the uncertainties inherent in Coeur’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns), ground conditions, grade and recovery variability, any future labor disputes or work stoppages, the uncertainties inherent in the estimation of mineral reserves and resources, the potential effects of the COVID-19 pandemic, including impacts to the availability of our workforce, continued access to financing sources, government orders that may require temporary suspension of operations at one or more of our sites and effects on our suppliers or the refiners and smelters to whom the Company markets its production, changes that could result from Coeur’s future acquisition of new mining properties or businesses, the loss of any third-party smelter to which Coeur markets its production, the effects of environmental and other governmental regulations, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur’s ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
The scientific and technical information concerning the Silvertip mine referenced in this news release have been reviewed and approved by a “qualified person” under S-K 1300, namely our Senior Director, Technical Services, Christopher Pascoe.
Notes
The ranges of potential tonnage and grade (or quality) of the exploration results described in this news release are conceptual in nature. There has been insufficient exploration work to estimate a mineral resource. It is uncertain if further exploration will result in the estimation of a mineral resource. The exploration results described in this news release therefore does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve.
For additional information regarding 2022 mineral reserves and mineral resources, see https://www.coeur.com/operations/operations/reserves-resources/.
- For a complete table of all drill results included in this release, please refer to the following link: https://www.coeur.com/news/news-details/2024/Silvertip-Exploration-Drilling-Update.
- Rounding of grades, to significant figures, may result in apparent differences.
- Silver equivalence assumes silver-to-lead, -zinc ratios of 1:19.05 and 1:15.38, respectively.
Conversion Table
1 short ton |
= |
0.907185 metric tons |
1 troy ounce |
= |
31.10348 grams |
