Welcome!

News Feed Item

Santacruz Silver Files NI 43-101 Technical Report for the Gavilanes Project on SEDAR

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") announces that it has filed on SEDAR an independent NI 43-101 Technical Report titled "2013 Mineral Resource Estimate, Gavilanes Project, Durango, Mexico" (the "Report"), including the initial resource estimate for the Gavilanes silver project located in San Dimas, Durango, Mexico, as described in the Company's news release dated December 17, 2013.

The Report, with an effective date of November 13, 2013, was prepared according to NI 43-101 guidelines and in accordance with CIM Standards, by independent qualified persons. The resource estimation was completed by Gary Giroux, P.Eng. of Giroux Consultants Ltd. and utilized a geological model completed by Hans Smit, P.Geo and Fletcher Bourke, P.Geo.

Based upon a 75 gram per tonne ("g/t") silver equivalent ("AgEq") cut-off, the resources on three of seven known veins, Guadalupe, Descubridora and San Nicolas, as well as the El Hundido stockwork are as follows:

----------------------------------------------------------------------------
                         Ag      Au     Cu     Pb     Zn   Ag EQ        AgEq
           (tonnes)   (g/t)   (g/t)    (%)    (%)    (%)   (g/t)          Oz
         -------------------------------------------------------------------
Indicated   953,000   164.6    0.09   0.06   0.42   0.41   200.5   6,143,000
         -------------------------------------------------------------------
Inferred  5,399,000   124.6    0.12   0.09   0.40   0.34   163.0  28,294,000
----------------------------------------------------------------------------

In addition the Report notes the following:

--  Veins remain open along strike and to depth with intermittent surface
    exposures indicating an untested strike length; 
--  The El Hundido stockwork is open down-dip and to the south; 
--  Four unexplored veins offer additional potential. 

Further details are below and in the Report which is also available on www.sedar.com and the Company's website www.santacruzsilver.com.

Arturo Prestamo, President and CEO, remarked, "The completion of this report is significant to the Company as it shows the potential the Company has in the future to add to its asset base. The drilling to date has only focused on a small portion of the more than 8,800+ hectare Gavilanes property. We remain committed to building a strong mid-tier silver producer with assets in Mexico and we will make prudent decisions in these difficult markets on the best methods to advance all of our assets."

Mineral Resources:

The tables below summarize results of the estimates and provide a range over various cut-off grades:

Resource classed as Indicated within Mineralized Solids:                    
----------------------------------------------------------------------------
            Tonnes Greater                                                  
Cut-off       Than Cut-off            Grade Greater Than Cut-off            
----------------------------------------------------------------------------
AgEq                           Ag     Au    Cu    Pb    Zn   AgEQ       AgEq
(g/t)             (tonnes)  (g/t)  (g/t)   (%)   (%)   (%)  (g/t)         Oz
----------------------------------------------------------------------------
50               1,294,000  132.4   0.08  0.05  0.38  0.36  163.7  6,810,000
----------------------------------------------------------------------------
75                 953,000  164.6   0.09  0.06  0.42  0.41  200.5  6,143,000
----------------------------------------------------------------------------
100                735,000  194.6    0.1  0.06  0.46  0.46  234.2  5,534,000
----------------------------------------------------------------------------
140                524,000    238   0.11  0.07  0.48   0.5  280.9  4,732,000
----------------------------------------------------------------------------
                                                                            
Resource classed as Inferred within Mineralized Solids:                     
----------------------------------------------------------------------------
            Tonnes Greater                                                  
Cut-off       Than Cut-off            Grade Greater Than Cut-off            
----------------------------------------------------------------------------
AgEq                           Ag     Au    Cu    Pb    Zn   AgEQ       AgEq
(g/t)             (tonnes)  (g/t)  (g/t)   (%)   (%)   (%)  (g/t)         Oz
----------------------------------------------------------------------------
50               8,336,000   94.2   0.10  0.08  0.34  0.29  127.0 34,038,000
----------------------------------------------------------------------------
75               5,399,000  124.6   0.12  0.09  0.40  0.34  163.0 28,294,000
----------------------------------------------------------------------------
100              3,978,000  149.1   0.12  0.10  0.44  0.38  190.4 24,352,000
----------------------------------------------------------------------------
140              2,548,000  183.6   0.12  0.10  0.52  0.47  230.9 18,916,000
----------------------------------------------------------------------------

The metal prices used in the silver equivalent estimate are listed below.

                              Factor                   
Ag - US$ 21.55 per ounce      0.69 $/gm                
Au - US$ 1318.00 per ounce    42.37 $/gm               
Cu - US$ 3.25 per pound       71.65 $/%                
Pb - US$ 0.97 per pound       21.38 $/%                
Zn - US$ 0.87 per pound       19.18 $/%                
                                                                       
The equation to establish Ag Equivalent is then:                       
AgEq = (Cu%x71.65)+(Pb%x21.38)+(Au g/tx42.37)+(Ag g/tx0.69)+(Zn%x19.18)
       ----------------------------------------------------------------
                                     (0.69)                            

100% recovery has been assumed for all metals in the silver equivalent estimate. At this stage of the project no metallurgy has been completed and the reader is cautioned that 100% recoveries are never achieved.

The Company has the right to acquire a 100% interest in the Gavilanes property, consisting of the Gavilanes I, Gavilanes II, and Gavilanes MHM Fraccion claim groups, pursuant to option agreements with three different property vendors. The Company must make aggregate cash payments of US$2,650,000 with respect to the Gavilanes I and Gavilanes II claim groups at various dates up to and including May 1, 2014, and a payment of US$1,000,000 on commencement of commercial production from the Gavilanes MHM Fraccion in order to fulfill the terms of the respective option agreements. In addition, the mineral claim vendors have retained net smelter royalties of 3%, 2% and 3% with respect to the Gavilanes I, Gavilanes II and Gavilanes MHM Fraccion, respectively. The 2% net smelter royalty on the Gavilanes II claim group is payable to a maximum of US$1,000,000 and may be purchased by the Company at any time for US$1,000,000. The 3% net smelter royalty on the Gavilanes I claim group is payable to a maximum of US$ 2,000,000.

Qualified Persons

All scientific and technical information included in this press release has been reviewed and approved by Gary Giroux, P.Eng., Fletcher Bourke, P.Geo., and Hans Smit, P.Geo who are all independent of the Company and each of whom is a qualified person, pursuant to the meaning of such terms in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with a producing project (Rosario); two advanced-stage projects (San Felipe and Gavilanes) and an early-stage exploration project (El Gachi). The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

'signed'

Arturo Prestamo Elizondo, President, Chief Executive Officer and Director

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.

Forward looking information

Certain statements contained in this news release, specifically the resource estimate and any future exploration work at Gavilanes, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company is able to satisfy future payment obligations pursuant to the property agreements by which it holds the Gavilanes property as described in the Report, that the mineralization at Gavilanes conforms with the geological model as described in the Report, that a high mineral recovery rate is achievable, that the Company continues to maintain a good relationship with the local Gavilanes agrarian community, that required infrastructure upgrades at Gavilanes, as described in the Report, are made, and that future metal prices reflect or exceed those used in the resource estimate as a result of future demand for metals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Annual Information Form filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Contacts:
Santacruz Silver Mining Ltd.
Neil MacRae
(604) 569-1609
[email protected]
www.santacruzsilver.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...