$68 million1 exploration campaign is largest in
Company history following up on last year’s record level;
Programs generating meaningful new discoveries
and high-return future growth opportunities
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided an update on 2021 exploration programs at its Silvertip
mine in British Columbia and Crown exploration property in Nevada.
The Company highlighted new drilling results at the recently
discovered Southern Silver Zone at Silvertip and at the four
mineralized zones within the Crown Block – Daisy, Secret Pass, SNA
and C-Horst. Through the first four months of 2021, Coeur drilled
approximately 340,300 feet (103,750 meters) at six different
locations – a 66% increase compared to the same period in 2020.
Coeur anticipates investing $68 million1 in exploration this year,
which would make this the largest exploration campaign in Coeur’s
history and over 30% higher than last year’s exploration
investment.
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the full release here:
https://www.businesswire.com/news/home/20210615005189/en/
Silvertip - Plan View (Photo: Business
Wire)
Key Highlights2,3
- New Silvertip zone represents significant near-mine,
high-grade resource growth potential – Underground drilling at
Silvertip has discovered a new mineralized zone called the Southern
Silver Zone, located adjacent to and enveloping the historic 65
Zone manto mineralization. The grade and orientation of the
Southern Silver Zone suggest the opportunity for bulk mining, which
has the potential to lead to improved project economics. Notable
assay results include:
- Hole 65Z21-485-360-002 returned 21.0 feet (6.4 meters) of 14.4
ounces per ton (“oz/t”) (493.7 grams per tonne (“g/t”)) silver,
23.7% zinc and 8.7% lead
- Hole 65Z21-485-360-020 returned 19.0 feet (5.8 meters) of 6.5
oz/t (222.9 g/t) silver, 21.0% zinc and 2.8% lead
- Hole 65Z21-485-360-026 returned 21.0 feet (6.4 meters) of 18.4
oz/t (630.9 g/t) silver, 14.8% zinc and 10.5% lead, and 23.6 feet
(7.2 meters) of 10.0 oz/t (342.9 g/t) silver, 11.7% zinc and 5.1%
lead
- Hole 65Z21-485-DDS1-003 returned 19.0 feet (5.8 meters) of 7.8
oz/t (267.4 g/t) silver, 21.3% zinc and 3.9% lead
- Continued oxide-gold resource growth potential across all
zones at Crown – New drill results at Crown demonstrate
meaningful resource growth potential at the Daisy, Secret Pass, SNA
and C-Horst zones. Notable assay results, from west to northeast
across the zone, include:
Daisy
- Hole D20-C004 returned 135.0 feet (41.1 meters) of 0.08 oz/t
(2.6 g/t) gold
- Hole D20-C006 returned 71.0 feet (21.6 meters) of 0.10 oz/t
(3.5 g/t) gold, 50.0 feet (15.2 meters) of 0.05 oz/t (1.8 g/t) gold
and 22.0 feet (6.7 meters) of 0.07 oz/t (2.5 g/t) gold
Secret Pass
- Hole SP20-C003 returned 275.7 feet (84.0 meters) of 0.03 oz/t
(1.1 g/t) gold
- Hole SP20-C004 returned 55.0 feet (16.8 meters) of 0.13 oz/t
(4.4 g/t) gold
- Hole SP20-C002 returned 139.0 feet (42.4 meters) of 0.04 oz/t
(1.2 g/t) gold and 129.0 feet (39.3 meters) of 0.03 oz/t (0.9 g/t)
gold
SNA
- Hole SNA20-C004 returned 32.0 feet (9.8 meters) of 0.03 oz/t
(1.0 g/t) gold
C-Horst
- Hole CH21-055 returned 245.0 feet (74.7 meters) of 0.05 oz/t
(1.6 g/t) gold, 65.0 feet (19.8 meters) of 0.01 oz/t (0.4 g/t) gold
and 30.0 feet (9.1 meters) of 0.02 oz/t (0.6 g/t) gold
- Hole CH20-051 returned 335.0 feet (102.1 meters) of 0.03 oz/t
(0.9 g/t) gold, 85.0 feet (25.9 meters) of 0.02 oz/t (0.8 g/t) gold
and 100.0 feet (30.5 meters) of 0.02 oz/t (0.6 g/t) gold
“We are carrying out our most active exploration campaign in
Coeur’s history with up to 22 drill rigs deployed across six sites,
with positive results rolling in on a regular basis,” said Hans J.
Rasmussen, Coeur’s Senior Vice President of Exploration. “This
update emphasizes the opportunity for growth at Silvertip and
Crown, two of our most recent asset additions in top jurisdictions
in-line with our strategy, both of which continue to demonstrate
significant upside potential. Drilling at Silvertip continues to
show promising results as demonstrated by the most recent assays
from Hole 65Z21-485-360-026 at the Southern Silver Zone, which cut
roughly 51 feet of massive sulfide mineralization hosted in
vertically oriented breccia material. Successful results like these
continue to reinforce Silvertip’s status as one of the world’s
highest-grade silver-zinc-lead deposits and provide valuable data
points as we work towards our goal of ending the year with a
compelling business case to justify moving forward with an
expansion and restart.”
Mr. Rasmussen continued, “At Crown, we are just now beginning to
test the true potential of most of the immense district, following
the receipt of a 300-acre disturbance permit in late 2020.
Importantly, we expect to receive an amended permit during the
third quarter to allow us to begin step out drilling to test the
growth potential of C-Horst, which was a new discovery in April of
last year. We plan to complete an optimized resource and financial
model for the entire district by the end of the year, which will
lay the foundation for an initial economic assessment that we
expect to release around mid-2022, highlighting the potential to
combine and optimize a series of open pit, heap leach operations
that incorporate all four of the mineralized zones within the Crown
Block. Our dominant land position of approximately 35,500 net acres
in southern Nevada represents a substantial organic growth
opportunity for Coeur, and we are excited to continue working on a
plan to develop the district.”
For a complete table of all drill results, please refer to the
following link:
https://www.coeur.com/_resources/pdfs/2021-06-15_Exploration_Update_Appendix_-_Final.pdf.
Please see the “Cautionary Statements” section for additional
information regarding drill results.
Silvertip2,3
Building on its exploration success in late 2020, Coeur began
the year drilling Silvertip with five surface rigs and one
underground core rig focusing on resource expansion, while also
conducting infill drilling on select areas of the deposit focused
on converting existing resources to reserves. Through the first
four months of 2021, Coeur drilled approximately 104,400 feet
(31,825 meters) compared to roughly 16,700 feet (5,100 meters)
during the same period in 2020.
The Company completed an underground development drift in late
2020 to access the 65 Zone, which is located south-southeast of the
original Silver Creek mine area. Shortly after drilling from the
drift began, Coeur discovered the new Southern Silver Zone which
has a different geometry and completely envelops the historic 65
Zone. The Southern Silver Zone represents a new style of
mineralization at Silvertip – breccia-type, karst controlled, which
are vertically oriented and high grade, in contrast to the
horizontal manto-style mineralization in the historic 65 Zone.
Intercepts from the deepest holes in the Southern Silver Zone
suggest it continues to depths beyond the current drilling, which
has identified roughly 1,000 vertical feet (300 meters) of
mineralization. As the Company is approaching the source of
mineralization, it believes that the Southern Silver Zone may be a
feeder structure and other, similar structures may exist as Coeur
continues to drill horizontal holes from underground.
Based on encouraging initial results, Coeur mobilized a second
underground rig as well as a surface core rig to focus on expanding
the Southern Silver Zone. The exploration team on site also began
re-evaluating historical core logs and photos with the goal of
identifying similar karst-controlled structures and testing for
vertically oriented mineralization in other parts of the mine.
Three-dimensional modeling of all the geological and geophysical
data suggests that the Southern Silver Zone connects the Silver
Creek Zone with the Discovery South Zone, representing potential
for significant resource growth.
To assist in new drill targeting and gain a better understanding
of the regional exploration potential around Silvertip, an airborne
Sky Time-Domain Electromagnetic (“SkyTEM”) geophysical survey was
completed in late March. The new SkyTEM data has the ability to map
resistivity features to about 1,000 feet (300 meters) below
surface. Based on preliminary review of the SkyTEM data, there
appear to be several features that have potential to extend the
Discovery, Camp Creek, Tour Ridge and Southern Silver zones as well
as the Tiger Terrace target area.
Additionally, the Company recently repurchased an existing net
smelter returns royalty (“NSR”) at Silvertip for $7.0 million in
cash. The terms of the NSR required payment of 1.429% (plus gross
up for applicable withholding taxes) of net smelter returns on the
first 1,434,000 metric tonnes of mineralized material mined, and
1.00% (plus gross up for applicable withholding taxes) thereafter,
from the mining lease that covers the current Silvertip mine
resource base and exploration targets described in this press
release.
For the remainder of 2021, Coeur expects to focus on:
- Drilling the southern and northern extensions of the Southern
Silver Zone (both from underground and surface), possibly adding a
third underground drill rig
- Expanding the multiple stacked massive sulfide manto horizons
at the Discovery North and East zones
- Testing the extensions of the Camp Creek Zone to the north and
south. To the south, the Camp Creek Zone may connect with the Tour
Ridge Zone, located just over half a mile (roughly one kilometer)
south and where all seven holes cut manto-style mineralization
- Drilling the first holes at Tiger Terrace where coincident
geochemical and geophysical anomalies, as well as geologic setting,
suggest the presence of Silvertip-style mineralization
Crown Block2,3
The primary goal of Coeur’s 2021 exploration program at Crown is
to build on the success from last year by continuing to focus on
resource growth from known mineralization as well as prospective
drilling on nearby targets and increasing the footprint of C-Horst,
which was discovered in April 2020. Following the receipt of a
300-acre disturbance permit in late 2020, Coeur has begun drilling
various targets identified over the past two years. The Company
expects to receive an amendment to this permit during the third
quarter to allow for drilling of mineralized extensions south of
the first C-Horst drill platforms.
Three reverse circulation rigs and one core rig were active at
Crown spread among the four mineralized zones (Daisy, Secret Pass,
SNA and C-Horst).
Through the first four months of 2021, Coeur drilled
approximately 49,400 feet (15,075 meters) at Crown compared to
roughly 29,700 feet (9,050 meters) during the same period in 2020.
C-Horst was the highest priority target early in the first quarter
with up to three reverse circulation rigs drilling from seven
permitted platforms. As the quarter progressed, the rigs were moved
to other high-priority resource growth targets at Daisy, Secret
Pass and SNA. The target mineralization style at Crown is
disseminated, oxide-gold hosted in Cambrian to Tertiary rocks,
located near the Fluorspar Canyon Fault.
Core drilling during the beginning of the year focused on Secret
Pass and C-Horst, which has been useful to identify clay
alteration, mineralization textures and fault zones associated with
gold mineralization – all of which are not easily visible in the
reverse circulation chips. The Company is now studying core samples
from all four mineralized zones for metallurgy.
At SNA, step out drilling has discovered a new mineralized zone
to the southeast of the original resource. Mineralization was
exposed on surface during initial drill pad preparation. Five new
drill holes were completed to test the zone, with assays currently
pending.
Since SNA is located approximately five miles (eight kilometers)
north of the permitted Sterling mine, the geologic team is mapping
and sampling the area between SNA and Sterling where there are
thought to be multiple drill targets, including historic mines
(e.g., Diamond Queen, Goldspar and Mary).
Internal resource and mine modeling have begun focusing on a
phased approach to mine the entire district, starting with the
shallow resources at SNA and Secret Pass, followed by Daisy and
C-Horst.
The Company plans to create an optimized resource and financial
model for Crown by the end of the year, which is expected to be the
basis for an initial economic assessment that Coeur plans to
release around mid-2022.
Coeur expects to have three to four drill rigs focused on Crown
for the remainder of 2021, conducting metallurgical core and
resource expansion drilling in and around all four of the
mineralized zones. Once Coeur receives its amended permit, the
Company plans to transition its focus on continuing to grow C-Horst
to the south toward SNA.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with five wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, the Rochester silver-gold
mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold
mine in South Dakota, and the Silvertip silver-zinc-lead mine in
British Columbia. In addition, the Company has interests in several
precious metals exploration projects throughout North America.
Cautionary Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding exploration efforts and plans,
exploration expenditures, timing of permitting, drill results,
growth, extended mine lives, grade, thickness, investments, mine
expansion and development plans, expectations regarding Silvertip
and the Crown project and resource delineation, expansion, and
upgrade or conversion. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause Coeur’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the risk that
anticipated additions or upgrades to reserves and resources are not
attained, the risk that planned drilling programs may be curtailed
or canceled due to budget constraints or other reasons, the risks
and hazards inherent in the mining business (including risks
inherent in developing large-scale mining projects, environmental
hazards, industrial accidents, weather or geologically related
conditions), changes in the market prices of gold, silver, zinc and
lead and a sustained lower price environment, the uncertainties
inherent in Coeur’s production, exploratory and developmental
activities, including risks relating to permitting and regulatory
delays (including the impact of government shutdowns), ground
conditions, grade variability, any future labor disputes or work
stoppages, the uncertainties inherent in the estimation of mineral
reserves, the potential effects of the COVID-19 pandemic, including
impacts to the availability of our workforce, continued access to
financing sources, government orders that may require temporary
suspension of operations at one or more of our sites and effects on
our suppliers or the refiners and smelters to whom the Company
markets its production, changes that could result from Coeur’s
future acquisition of new mining properties or businesses, the loss
of any third-party smelter to which Coeur markets its production,
the effects of environmental and other governmental regulations,
the risks inherent in the ownership or operation of or investment
in mining properties or businesses in foreign countries, Coeur’s
ability to raise additional financing necessary to conduct its
business, make payments or refinance its debt, as well as other
uncertainties and risk factors set out in filings made from time to
time with the United States Securities and Exchange Commission, and
the Canadian securities regulators, including, without limitation,
Coeur’s most recent reports on Form 10-K and Form 10-Q. Actual
results, developments and timetables could vary significantly from
the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements. Coeur disclaims any intent
or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on
analyses, expectations or statements made by third parties in
respect of Coeur, its financial or operating results or its
securities.
Christopher Pascoe, Coeur’s Director, Technical Services and a
qualified person under Canadian National Instrument 43-101,
approved the scientific and technical information concerning
Coeur’s mineral projects in this news release. For a description of
the key assumptions, parameters and methods used to estimate
mineral reserves and resources, as well as data verification
procedures and a general discussion of the extent to which the
estimates may be affected by any known environmental, permitting,
legal, title, taxation, socio-political, marketing or other
relevant factors, Canadian investors should refer to the Technical
Reports for each of Coeur’s properties as filed on SEDAR at
www.sedar.com.
Notes
The potential quantity and grade for the deposits described
herein are conceptual in nature. There is insufficient exploratory
work to define a mineral resource and it is uncertain if further
exploration will result in the applicable target being delineated
as a mineral resource.
- Reflects midpoint of guidance as published by Coeur on April
28, 2021.
- For a complete table of all drill results included in this
release, please refer to the following link:
https://www.coeur.com/_resources/pdfs/2021-06-15_Exploration_Update_Appendix_-_Final.pdf.
- Rounding of grades, to significant figures, may result in
apparent differences.
Conversion Table
1 short ton
=
0.907185 metric tons
1 troy ounce
=
31.10348 grams
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version on businesswire.com: https://www.businesswire.com/news/home/20210615005189/en/
Coeur Mining, Inc. 104 S. Michigan Avenue, Suite 900 Chicago,
Illinois 60603 Attention: Paul DePartout, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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