Highlights:
- High-grade oxide gold deposit with significant exploration potential.
- Total Measured and Indicated Mineral Resource Estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces AuEq.
- Total Inferred Mineral Resource Estimate of 8.7 million tonnes at 0.98 g/t AuEq for 276 thousand ounces AuEq.
- Pre-Feasibility Study underway to support high margin, high grade, low-capex and low-cost production aspects of the
Esperanza Gold Project .
The Esperanza Mineral Resource Estimate consists of:
- Pit-Constrained Measured and Indicated Mineral Resource Estimate of 30.3 million tonnes at 0.97 g/t AuEq (0.92 g/t gold and 8.6 g/t silver) for 941 thousand ounces AuEq (899 thousand ounces gold and 8.4 million ounces silver) and Out-of-Pit Measured and Indicated Mineral Resource Estimate of 270 thousand tonnes at 1.73 g/t AuEq (1.58 g/t gold and 11.0 g/t silver) for 15 thousand ounces of AuEq (14 thousand ounces of gold and 96 thousand ounces of silver);
- Pit-Constrained Inferred Mineral Resource Estimate of 8.3 million tonnes at 0.93 g/t AuEq (0.86 g/t gold and 14.7 g/t silver) for 248 thousand ounces AuEq (229 thousand ounces gold and 3.9 million ounces silver) and Out-of-Pit Inferred Mineral Resource Estimate of 479 thousand tonnes at 1.83 g/t AuEq (1.77 g/t gold and 11.8 g/t silver) for 28 thousand ounces of AuEq (27 thousand ounces of gold and 182 thousand ounces of silver);
- See Table 1 for Breakdown of Measured and Indicated Mineral Resource and metal components that comprises the AuEq disclosure.
Dr.
Re-logging of historical drill core by the Company, in conjunction with Mineral Resource modelling by P&E, has confirmed that high-grade mineralization extends down the western limb of the feldspar porphyry intrusion that sits below the skarn mineralization. This interpretation suggests that metal-rich mineralizing fluids were sourced from a deeper intrusion to the west which is yet to be drilled. Robust gold-silver target types include disseminated, skarn and replacement types in carbonate sediments, and sheeted and stockwork veins within the upper carapace of the mineralizing intrusion.
Table 1: Esperanza Mineral Resource Estimate Summary
Measured and Indicated Mineral Resource Estimate (1-9)
Resource Area | Tonnes (k) | Au g/t | Ag g/t | Au koz | Ag koz | AuEq g/t | AuEq koz |
Measured (Pit- Constrained) | 4,194 | 1.01 | 6.1 | 137 | 827 | 1.04 | 141 |
Measured (Out-of-Pit) | 10 | 1.89 | 14.5 | 1 | 5 | 1.96 | 1 |
Indicated (Pit- Constrained) | 26,074 | 0.91 | 9.1 | 762 | 7,587 | 0.95 | 800 |
Indicated (Out-of-Pit) | 260 | 1.57 | 10.9 | 13 | 91 | 1.62 | 14 |
Total | 30,538 | 0.93 | 8.7 | 913 | 8,510 | 0.97 | 956 |
Inferred Mineral Resource Estimate (1-8)
Resource Area | Tonnes (k) | Au g/t | Ag g/t | Au koz | Ag koz | AuEq g/t | AuEq koz |
Inferred (Pit- Constrained) | 8,258 | 0.86 | 14.7 | 229 | 3,905 | 0.93 | 248 |
Inferred (Out-of-Pit) | 479 | 1.77 | 11.8 | 27 | 182 | 1.83 | 28 |
Total | 8,737 | 0.91 | 14.5 | 256 | 4,087 | 0.98 | 276 |
Notes: | |
(1) | Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. |
(2) | The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing or other relevant issues. |
(3) | Resources are classified according to |
(4) | 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. |
(5) | Gold equivalent Mineral Resources for the |
(6) | Metallurgical recoveries have been estimated to be 70% gold and 25% silver. |
(7) | The Mineral Resource Estimate uses a cut-off of 0.2 g/t AuEq for Pit-Constrained and 1.2 g/t AuEq for Out-of-Pit based on US$/tonne costs of |
(8) | AuEq = Au g/t + (Ag g/t x 0.005) |
(9) | Out-of-pit MRE blocks were reviewed for grade and geometric continuity. Isolated/orphaned and single block width strings of blocks were removed in order to only report Mineral Resources with a reasonable prospect of economic extraction. |
The Company will file the National Instrument 43-101 Technical Report that supports the disclosure of the Mineral Resource Estimate within 45 days of this news release.
The Mineral Resource Estimate was generated using inverse distance cubed for gold and silver for grade interpolation within a 3-D block model, constrained by mineralized zones defined by wireframes solid models. 1.5m capped composites were used for grade interpolation. Search ellipse ranges for Measured and Indicated Mineral Resource grade interpolation were respectively 20 and 40 m. The bulk density values used in the Mineral Resource Estimate were derived from 71 samples collected during re-assaying of historical drill core completed by the Company.
The database for the Mineral Resource Estimate consisted of 399 drill holes totalling 69,924 m of which a total of 341 drill holes totalling 15,034 m intersected the mineralization wireframes used for the Mineral Resource Estimate. The drill hole database contained assays for silver and gold as well as other metals of no economic importance. The Company's seasoned exploration team carried out extensive data verification on the historical database by re-sampling 2,080 gold-silver mineralized historical sample intervals, being approximately 20% of sample intervals used in the Mineral Resource Estimate (being those samples above the 0.2 g/t cut-off grade) and approximately 5% of all sample assay results in the entire historical database. Drill hole collar location verification surveying and standard bulk density re-measurement was also completed, this confirmed historic collar locations were accurate and historic bulk density measurements were valid.
The Company has also entered into an agreement with Gold Standard Media ("GSM") and with
Neither GSM nor FMT nor its affiliates own any securities of the Company. FMT manages a marketing team headquartered in
The contents of this news release have been reviewed and approved by
Esperanza is an advanced stage, attractive low-cost, low-capital-intensity and low-technical-risk growth project located in Morelos state, Mexico. Alamos has progressed the project through advanced engineering, including metallurgical work, while also focusing on stakeholder engagement, including building community relations.
The property is 25 kilometres (km) southeast of MAG Silver Corp.'s
On behalf of the Company
Chief Executive Officer and Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance.
Neither
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