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.

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
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.