See press release dated December 7, 2021 for details regarding Los Ricos North Mineral Resource Estimates. See press release dated September 12, 2023 for details regarding Los Ricos South Mineral Resource Estimates and Mineral Reserve Estimates. The NI 43-101 Technical Report on Los Ricos is available on SEDAR and below.
Los Ricos South

Table 1: Los Ricos South Mineral Resource Estimate – Pit Constrained and Out-of-Pit(1-7)

Mining Area

Category

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

AuEq

AgEq

Au

Ag

Cu

AuEq

AgEq

 

 

(M)

(g/t)

(g/t)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(koz)

(koz)

Pit Constrained5

Measured

3.9

1.08

142

0.03

2.94

231

135.9

17,858

2.3

369.1

28,898

Indicated

2.8

0.68

89

0.03

1.87

146

60.7

8,022

1.9

167.3

13,097

M&I

6.7

0.91

120

0.03

2.49

195

196.6

25,880

4.2

536.4

41,995

Inferred

0.5

0.58

99

0.04

1.91

150

9.6

1,632

0.4

31.4

2,460

Out-of-Pit6,7

Measured

0.7

3.60

298

0.35

7.94

621

80.7

6,679

5.4

178.1

13,940

Eagle

Indicated

1.2

3.13

164

0.37

5.79

453

117.5

6,176

9.5

217.5

17,028

 

M&I

1.9

3.30

214

0.36

6.59

516

198.2

12,855

15.0

395.6

30,969

 

Inferred

0.1

3.63

122

0.54

6.00

470

7.8

261

0.8

12.9

1,006

Out-of-Pit6,7

Measured

1.1

1.22

194

0.06

3.79

297

44.7

7,093

1.6

138.8

10,865

Main

Indicated

1.4

1.58

178

0.21

4.18

327

71.5

8,013

6.6

188.4

14,753

 

M&I

2.5

1.42

185

0.15

4.00

313

116.2

15,106

8.1

327.2

25,618

 

Inferred

0.8

1.42

133

0.41

3.73

292

36.8

3,431

7.2

96.6

7,566

Total

Measured

5.7

1.42

172

0.07

3.72

291

261.4

31,631

9.3

686.0

53,703

Indicated

5.4

1.45

129

0.15

3.33

260

249.7

22,210

18.0

573.2

44,878

M&I

11.1

1.43

151

0.11

3.53

276

511.0

53,841

27.3

1,259.2

98,582

Inferred

1.4

1.22

120

0.28

3.17

248

54.1

5,325

8.5

140.9

11,033

  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  4. Historically mined areas were depleted from the Mineral Resource model.
  5. The pit constrained AgEq cut-off grade of 38 g/t Ag was derived from US$1,800/oz Au price, US$23.00/oz Ag price, 85% Ag and 95% Au process recovery, US$25/tonne process and G&A cost. The constraining pit optimization parameters were $2.10/t mineralized material and waste mining cost, and 45-degree pit slopes.
  6. The out-of-pit AgEq cut-off grade of 130 g/t Ag was derived from US$1,800/oz Au price, US$23.00/oz Ag price, 85% Ag and 95% Au process recovery, US$33/tonne process and G&A cost, and a $50/tonne mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 130 g/t AgEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the Los Ricos and Rascadero Veins, which exhibit historical continuity and reasonable potential for extraction by cut and fill and longhole mining methods.
  7. AgEq and AuEq were calculated at an Ag/Au ratio of 86.5:1 for pit constrained and 89.6:1 for out-of-pit.

 

Los Ricos North

Table 1: Los Ricos North Mineral Resource Estimate (1-11)

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

 

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

El Favor

7.7

0.27

98

-

-

-

1.61

119

68

24,413

-

-

-

399

29,454

Casados

3.2

0.42

124

-

-

-

2.09

154

43

12,871

-

-

-

218

16,061

La Trini

3.1

0.54

74

-

-

-

1.54

114

54

7,428

-

-

-

155

11,424

Mololoa

0.4

0.36

130

-

-

-

2.12

157

5

1,788

-

-

-

29

2,161

Silver-Gold Oxide Zone

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

El Orito Sulfide Zone1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Total Indicated

22.3

 

 

 

 

 

1.66

122

186

53,510

 

 

 

1,190

87,808

Inferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

El Favor

12.4

0.27

89

-

-

-

1.47

108

106

35,505

-

-

-

587

43,350

Casados

1.8

0.35

108

-

-

-

1.82

135

21

6,323

-

-

-

106

7,843

La Trini

0.1

0.43

108

-

-

-

1.89

139

1

201

-

-

-

4

260

Mololoa

0.7

0.39

94

-

-

-

1.66

122

9

2,102

-

-

-

37

2,739

Silver-Gold Oxide Zone

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

El Orito Sulfide Zone1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

20.5

 

 

 

 

 

1.51

111

148

49,019

 

 

 

992

73,198

 
  1. El Orito is a silver-base metal sulfide zone, all other deposits are silver-gold oxide zones.
  2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council and CIM Best Practices (2019).
  5. Historically mined areas were depleted from the Mineral Resource model.
  6. Approximately 98.9% of the indicated and 91.3% of the Inferred contained AgEq ounces are pit constrained, with the remainder out-of-pit.See tables 4 and 6 for details of the split between pit constrained and out-of-pit deposits.
  7. The pit constrained AgEq cut-off grade of 29 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90 $/lb Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn, US$18/tonne process and G&A cost. The constraining pit optimization parameters were $2.00/t mineralized mining cost, $1.50/t waste mining cost and 50-degree pit slopes.
  8. The out-of-pit AuEq cut-off grade of 119 g/t Ag was derived from US$1,550/oz Au price, US$21/oz Ag price, $3.66$/lb Cu, $0.90 $/lb Pb, $1.26 $/lb Zn, 93% process recovery for Ag and Au, 90% process recovery for Cu, 80% process recovery for Pb and Zn, $57/t mining cost, US$18/tonne process and G&A cost. The out-of-pit Mineral Resource grade blocks were quantified above the 119 g/t AgEq cut-off, below the constraining pit shell within the constraining mineralized wireframes and exhibited sufficient continuity to be considered for cut and fill and longhole mining
  9. No Mineral Resources are classified as Measured.
  10. AgEq and AuEq calculated at an Ag/Au ratio of 73.8:1.
  11. Totals may not agree due to rounding

Figure 1: Pit Constrained Cut-off Sensitivities

Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource1

 

Cut-off

(AgEq)

Tonnes

Average Grade

Contained Metal

Pit Constrained

Au

Ag

AuEq

AgEq

Au

Ag

AuEq

AgEq

 

 (g/t)

(Mt)

(g/t)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

(koz)

Indicated

 50

 17.0

0.31

89

 1.99

147

 170

48,811

1,088

 80,288

 40

 19.5

0.28

81

 1.81

134

 177

51,061

1,138

 83,951

 29

 22.1

0.26

74

 1.65

122

 183

52,886

1,177

 86,862

 20

 23.7

0.24

70

 1.57

116

 185

53,681

1,194

 88,106

Inferred

 50

 14.7

0.26

85

 1.74

129

 121

40,312

823

 60,735

 40

 17.2

0.23

78

 1.58

116

 128

42,834

872

 64,380

 29

 19.4

0.21

71

 1.45

107

 133

44,456

905

 66,814

 20

 20.8

0.20

68

 1.38

102

 135

45,181

921

 67,951

  1. See Table 1 notes for assumptions
Parral

Proven & Probable Mineral Reserves – Parral

Category Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
  (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Proven  8.7  0.35  31.7 0.77 58  76  6,897 168  12,532
Probable  6.0  0.35  33.6 0.81 60  68  6,525 157  11,554
Total  12.8  0.35  32.6 0.79 58  144  13,422 325  24,086
  1. Mineral Reserves have demonstrated economic viability. The estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Reserves in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Reserve in this estimate are based on US$1,625/oz Au, US$22/oz Ag, operating costs of US$9.95/t and Au and Ag process recoveries of 65% resulting in a AuEq cut-off grade of 0.30g/t, calculated at an Ag/Au ratio of 73.8:1.
Esmerelda

Mineral Resource Estimate – Esmerelda

Category Area Tonnes Average Grade Contained Metal
Au Ag AgEq Au Ag AgEq
    (Mt) (g/t) (g/t) (g/t) (koz) (koz) (koz)
Measured Upper  3.07  0.24  64  85  23.5  6,339  8,395
Lower  2.60  0.29  32  57  24.6  2,646  4,799
Total  5.67  0.26  49  72  48.1  8,985 13,194
Indicated Upper  0.01  0.18  62  78  -    12  14
Lower  0.05  0.22  46  65  0.3  68  97
Total  0.05  0.00  48  67  0.3  80  112
Measured & Indicated Total  5.72  0.26  49  72  48.4  9,065  13,305
  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Resources in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Resource in this estimate are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.
Company Wide Mineral Resources

Deposit

Tonnes

Average Grade

Contained Metal

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

Au

Ag

Cu

Pb

Zn

AuEq

AgEq

 

(Mt)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

(g/t)

(koz)

(koz)

(Mlb)

(Mlb)

(Mlb)

(koz)

(koz)

Measured:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRS (Oxide)1

5.7

1.42

172

0.07

-

-

3.72

291

261

31,631

9

-

-

686

53,703

Parral2

6.8

0.35

32

-

-

-

0.77

58

76

6,897

-

-

-

168

12,532

Esmerelda3

 5.7

 0.26

 49

-

-

-

0.82

72

48

 8,985

-

-

-

151

13,194

Total Measured

18.2

-

-

-

-

-

1.07

79

385

47,513

9

-

-

1,005

79,429

Indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRN (Oxide)1

14.5

0.37

100

-

-

-

1.71

127

171

46,500

-

-

-

801

59,100

LRS (Oxide)1

5.4

1.45

129

0.15

-

-

3.33

260

250

22,210

18

-

-

573

44,878

LRN(Sulfide)1

7.8

0.06

28

0.11

0.88

1.33

1.55

114

15

7,011

19

151

229

389

28,708

Parral2

6.0

0.35

34

-

-

-

0.81

60

68

6,525

-

-

-

157

11,554

Esmerelda3

 0.1

 0.00

48

-

-

-

0.77

67

-

80

-

-

-

1

112

Total Indicated

33.8

 

 

 

 

 

1.77

133

504

82,326

37

151

229

1,921

144,532

Measured & Indicated

52.0

 

 

 

 

 

1.75

134

889

129,839

46

151

229

2,926

223,961

Inferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LRN (Oxide)1

15.0

0.28

91

-

-

-

1.52

112

136

44,131

-

-

-

734

54,191

LRS (Oxide)1

1.4

1.22

120

0.28

-

-

3.17

248

54

5,325

9

-

-

141

11,033

LRN (Sulfide)1

5.5

0.06

28

0.12

0.74

1.20

1.46

108

11

4,888

15

90

146

258

19,007

Total Inferred

21.9

 

 

 

 

 

1.61

120

201

54,344

24

90

146

1,133

84,231

  1. See tables above for LRN and LRS assumptions.
  2. Parral Mineral Resources are inclusive of Mineral Reserves
  3. Esmerelda Mineral Resources are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.
Qualified Persons

Mr. David Duncan, P. Geo. who is a qualified person as defined by National Instrument 43-101, Standard of Disclosure for Mineral Projects, is responsible for, and has reviewed and approved, the scientific and technical information contained on this website pertaining to Los Ricos.