The estimate utilizes a net smelter return cut-off at $100/t with updated metal pricing. The new numbers have a 2.6-million-tonne increase in indicated resources to 3.46 million tonnes averaging 189 g/t silver, 2.13 g/t gold, 0.24% copper, 0.6% lead, and 3.5% zinc (565 g/t silver-equivalent or 6.9 g/t gold-equivalent) containing: 21.0 million oz. of silver; 237,000 oz. of gold; 18 million lb. of copper; 48 million lb. of lead; and 267 million lb. of zinc.
This equates to 62.8 million oz. silver-equivalent or 767,000 oz. of gold-equivalent and a 1.1 million increase in inferred resources to 1.9 million tonnes averaging 162 g/t silver, 0.80 g/t gold, 0.23% copper, 0.5% lead, and 2.0% zinc (356g/t silver-equivalent or 4.3g/t gold-equivalent) containing; 10.3 million oz. of silver; 50,000 oz. of gold; 10 million lb. of copper; 23 million lb. of lead; and 84 million lbs of zinc. This equates to 22.5 million oz. silver-equivalent or 273,000 oz. of gold-equivalent.
The updated resource estimate incorporates an additional 25,659 metres of core drilling completed in 2020-22 and updated metal recoveries and pricing.
“At the time we assumed management of the company in Q3 of 2019, we felt there were clear opportunities to quickly add significantly to the 2019 MRE at Silver Queen, and we are proud to report our success at a very low cost of $0.15/oz. of added silver-equivalent or $11/oz of added gold-equivalent,” president Joe Kizis said in a news release.
The estimate remains open for additional delineation west of the camp target and within the Sveinson target. In addition, there are several targets that have only been tested by a few drill holes and remain very attractive areas for new discoveries and resource increase.”
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
Stuart is on Board Member of ASN Productions, DI Communities
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.