Welcome!

News Feed Item

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

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/23/14 -- 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
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
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 ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.