Company’s record exploration investment
continues to deliver significant results at key assets in
Nevada
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided an update on its 2021 exploration programs at its
Rochester operation in northern Nevada and the Crown exploration
project in southern Nevada. Collectively, Coeur has drilled just
over one million feet (307,925 meters) from up to 27 active rigs at
six different locations through the first ten months of 2021,
reflecting a year-over-year increase of roughly 50%. The Company
plans to invest an all-time record of approximately $70 million1 in
exploration this year, nearly 48% more than last year’s record
exploration investment.
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the full release here:
https://www.businesswire.com/news/home/20211214005122/en/
Rochester - Land Position (Graphic:
Business Wire)
Key Highlights2,3
- Rochester delivers promising new expansion drill
intercepts – Core and reverse circulation drilling commenced in
the second quarter of 2021 with four rigs. A newly-restructured
team is delivering excellent results and continuing to build an
enhanced understanding of the Rochester geologic model with the
goal of bringing forward higher-grade gold production over a
potentially longer mine life to further enhance the economics of
the ongoing expansion at Rochester. Key highlights include:
Nevada Packard (located roughly 2.0 miles (3.2
kilometers) southwest of the Rochester pit) – Expansion
- Hole ROCR21-1011 returned 15 feet (4.6 meters) of 0.218 ounces
per ton (“oz/t”) (7.5 grams per tonne (“g/t”)) gold and 1.9 oz/t
(65.9 g/t) silver
- Hole ROCR21-1042 returned 140 feet (42.7 meters) of 1.7 oz/t
(56.9 g/t) silver
- Hole ROCR21-1044 returned 105 feet (32.0 meters) of 1.5 oz/t
(51.4 g/t) silver
- Hole ROCR21-1045 returned 125 feet (38.1 meters) of 0.003 oz/t
(0.1 g/t) gold and 3.6 oz/t (121.8 g/t) silver
South Rochester (located roughly 0.8 miles
(1.3 kilometers) south of the Rochester pit) – Expansion
- Hole ROCR21-1027 returned 35 feet (10.7 meters) of 1.9 oz/t
(64.9 g/t) silver
- Hole ROCR21-1038 returned 25 feet (7.6 meters) of 0.040 oz/t
(1.4 g/t) gold and 0.1 oz/t (3.4 g/t) silver
- Hole ROCC21-1036 returned 165 feet (50.3 meters) of 0.003 oz/t
(0.1 g/t) gold and 0.4 oz/t (13.7 g/t) silver
Lincoln Hill Resource (located roughly 3.0
miles (4.8 kilometers) west of the Rochester pit) – Expansion
- Hole LHR21-001 returned 285 feet (86.9 meters) of 0.003 oz/t
(0.1 g/t) gold and 1.0 oz/t (33.4 g/t) silver
- Hole LHR21-002 returned 80 feet (24.4 meters) of 0.019 oz/t
(0.7 g/t) gold and 0.4 oz/t (14.1 g/t) silver
- Drilling at the Crown Block project continues to demonstrate
excellent growth potential in the heart of one of the most active
exploration districts in Nevada – Drilling in early 2021 from
up to four drill rigs focused on the new C-Horst discovery before
transitioning to drilling greenfield and expansion targets in the
second half of the year at Daisy, Secret Pass and SNA – all part of
the original Crown Block resource package. Notable assay results
include:
C-Horst – Greenfield
- Hole CH21-C009 returned 165 feet (50.3 meters) of 0.019 oz/t
(0.7 g/t) gold and 57 feet (17.4 meters) of 0.013 oz/t (0.4 g/t)
gold
- Hole CH21-082 returned 140 feet (42.7 meters) of 0.019 oz/t
(0.7 g/t) gold
- Hole CH21-089 returned 115 feet (35.1 meters) of 0.031 oz/t
(1.1 g/t) gold
Daisy – Expansion
- Hole D21-057 returned 35 feet (10.7 meters) of 0.103 oz/t (3.5
g/t) gold and 45 feet (13.7 meters) of 0.015 oz/t (0.5 g/t) gold
starting at 265 feet (80.8 meters)
- Hole D21-061 returned 20 feet (6.1 meters) of 0.028 oz/t (1.0
g/t) gold
- Hole EM21-006 returned 60 feet (18.3 meters) of 0.072 oz/t (2.5
g/t) gold
Secret Pass – Expansion
- Hole SP21-032 returned 75 feet (22.9 meters) of 0.015 oz/t (0.5
g/t) gold and 70 feet (21.3 meters) of 0.044 oz/t (1.5 g/t)
gold
- Hole SP21-049 returned 70 feet (21.3 meters) of 0.048 oz/t (1.7
g/t) gold
“The recent reorganization of our Nevada-based exploration team
has led to the development of a clear and aggressive blueprint to
further unlock exploration potential at both our Rochester
operation and in Southern Nevada, supported by strong new drill
results,” said Hans J. Rasmussen, Coeur’s Senior Vice President of
Exploration. “Mapping, sampling and geophysical surveys are driving
a focused drilling program over a much larger footprint than Coeur
has previously undertaken at Rochester. Recent drill results also
highlight promising upside potential in the land package acquired
in 2018 now referred to as West Rochester. This area has strong
potential as a source of future higher-grade gold resources and to
provide Coeur more optionality for processing material from the
larger Rochester district.
“At the Crown Block project area near Beatty, Nevada, the new
team has maintained three active reverse circulation rigs for most
of the year and added two core rigs in late November to accelerate
metallurgy and engineering studies. Initially, drilling was focused
within the small five-acre permitted footprint at C-Horst before
shifting focus to expansion drilling within a 300-acre Plan of
Operation covering the Daisy, Secret Pass and SNA targets, which
returned promising results. Our organic, cutting-edge exploration
program continues to focus on unlocking tremendous potential at
Crown and to position Coeur as a key participant within this
emerging and very active gold district.”
For a complete table of all drill results, please refer to the
following link:
https://www.coeur.com/_resources/pdfs/2021-12-14-Exploration-Update-Appendix-Final.pdf.
Please see the “Cautionary Statements” section for additional
information regarding drill results.
Rochester
Coeur has drilled a total of approximately 91,100 feet (27,800
meters) in 74 holes from up to four drill rigs mainly focused in
the Rochester and Nevada (“NV”) Packard areas through the first ten
months of 2021, compared to roughly 46,100 feet (14,050 meters)
during the same period in 2020.
The focus of Rochester’s exploration program in 2021 has been on
resource growth near the Rochester pit as well as expansion at NV
Packard located approximately two miles southwest of the main
Rochester pit. More recently, the focus shifted to the land package
of Lincoln Hill, Independence Hill and Gold Ridge (collectively
referred to as “West Rochester) which was acquired in late 2018
from Alio Gold for $18 million. The land package is located
immediately west of the expanded infrastructure currently under
construction as part of the POA11 expansion project. One core rig
and one reverse circulation rig recently began drilling at Lincoln
Hill and Gold Ridge, respectively.
West Rochester is geologically different from the Rochester Mine
as it is endowed with higher-grade gold. Lincoln Hill’s current
resource contains approximately four times the gold grade compared
to the Rochester Mine reserves. Lincoln Hill and Independence Hill
mineralization is hosted in the Triassic Rochester Formation,
similar to the Rochester Mine while Gold Ridge is hosted in the
Prida Formation limestone and andesite flows that overlies the
Rochester Formation.
Key highlights from the 2021 exploration program include:
Rochester (East, South and North)
- Drilling in the area was affected by drill rig availability in
the first half of 2021
- Up to four active rigs (two reverse circulation and two
core)
- South Rochester drilling successfully encountered southern
extensions of known mineralized faults as highlighted in holes
ROCR21-1027, ROCR21-1038 and ROCR21-1036
NV Packard
- Infill drilling was completed late in the summer and focused on
validating and upgrading the resource model
- Expansion targets were tested west and east as well as along
the Packard access road with excellent results noted in the
highlights above
- A new geologic interpretation has led to the discovery of
significant silver mineralization as highlighted in holes
ROCR21-1042 and ROCR21-1045 above, confirming excellent upside
potential along and to the northeast of the Packard pit
- Due to winter conditions, follow-up drilling in this part of
Packard will be delayed until Q2 2022
Most recently, at West Rochester, a regional surface exploration
program was launched consisting of geochemistry, geophysics and
geologic mapping. The results of this program have assisted in
focusing on new targets for drilling in 2022. For the remainder of
2021, Coeur plans to transition its focus to West Rochester,
specifically the Gold Ridge zone and lower portions of the Lincoln
Hill zone. There are six approved drill pads on the upper portion
of Lincoln Hill and 16 approved pads at Gold Ridge, which is at
lower elevation and less susceptible to snow-related delays.
The Company expects to receive approval for a 250-acre drilling
Plan of Operations in the West Rochester target areas in early 2022
that will open up new areas for drilling in the Gold Ridge, Lincoln
Hill and Independence Hill zones. Gold Ridge has not been drilled
since 2015 but has significant upside potential based on new
structural geology and stratigraphic interpretations that
corroborate new geophysical data over the zone. Similarly,
Independence Hill has multiple geochemical anomalies from soil
samples that have not been drill-tested. The geochemical results
correlate well to gold-silver mineralization alteration collected
from outcrop samples. A significant portion of the sample soil
geochemistry program was designated to test for trends of these
outcropping gold-mineralized zones.
Crown Block
The 2021 Crown exploration program started the year with three
reverse circulation rigs and one diamond core rig focused on
resource growth from the four known mineralized zones (Daisy,
Secret Pass, SNA and C-Horst). Building on the highlights from the
first half of the year published by Coeur in June 2021, the Company
has continued on pace and currently has two reverse circulation
rigs focused on resource expansion and two diamond core rigs
focused on infill. Through the first ten months of 2021, Coeur
drilled approximately 167,700 feet (51,125 meters) in 202 holes at
Crown compared to roughly 74,500 feet (22,700 meters) in 63 holes
during the same period in 2020.
The target mineralization style at Crown continues to be
disseminated oxide gold hosted in both Cambrian sedimentary and
Tertiary felsic volcanic rocks. Each known mineralized resource at
Crown has shown a component of oxide mineralization in shallow
portions of the drill holes. At Secret Pass, mineralization is
near-surface oxide with deeper sulfidic mineralization in proximity
to the east-west trending Fluorspar Canyon Fault and continues for
roughly 10 miles to the west through the historic Bullfrog Mine.
The fault is considered to be one of the most important controls of
gold mineralization in the district.
At C-Horst, the Company has discovered that deeper
mineralization becomes more oxidized by a phenomenon termed
“hypogene” oxidation, which may support the potential for improved
leach characteristics at depth over the entire mineralized section.
After drilling in the first half of 2021 targeting depths of less
than 1,200 feet, Coeur plans to begin testing for feeder structures
in deeper portions beneath C-Horst for the remainder of the year.
The Company believes the deeper feeder structures have the
potential to lead to higher gold grades.
At Daisy, drilling has focused on resource expansion around
zones that were drilled in 2018 and 2019 where gold is hosted in
the Cambrian Carrara and overlaying Bonanza King Formations. The
area is severely faulted by thrusts and high angle normal faults
while undergoing widespread dissolution, a process that locally
produced gold bearing breccias. The complicated structural
environment creates an opportunity for more discoveries with
additional drilling and re-interpretation. As shown on the graphic
with holes EM21-006 and D21-057, gold grades can also be higher
along specific faults or fault intersections, which can also lead
to significant upside results in the expansion drill holes.
In October, approximately 3,600 feet (1,100 meters) and eight
drill holes were completed at the Mary-Goldspar prospect located
about two miles north of the Sterling Mine with assays still
pending. The prospect is a historic fluorite producer with
associated gold and felsic intrusive dikes. The association of
fluorite, felsic dikes and gold is well-documented in the entire
Bare Mountains area from the Sterling and Daisy mines. The
association of fluorite with the felsic dikes is also
well-documented from Sterling to SNA, so it is believed the
tertiary gold mineralization event has a direct association with
the felsic magmatism and is localized along north-south faults.
Two diamond core rigs were mobilized to site in late November to
accelerate metallurgy and engineering studies for all four resource
zones at Crown. These rigs will be directed to infill drill the
resource shapes as well as to drill deeper beneath each zone,
specifically at C-Horst, to test for higher grade mineralization
feeder structures.
In late 2021 and into 2022, Coeur plans to (i) receive its
amended 300-acre Plan of Operations to focus on C-Horst expansion
and greenfield targets between SNA and C-Horst, (ii) continue
expansion drilling around the Daisy and Secret Pass resources and
(iii) continue with the two new diamond core rigs added in early
December to focus on metallurgy and engineering studies on all four
Crown resources.
Ongoing industry-wide supply and labor disruptions have impacted
drill rig availability and resulted in longer-than-normal assay
laboratory turnaround times. Coeur has elected to defer completion
of study work and an initial economic assessment for the Crown
Block until these conditions improve.
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,
timing of receipt of permits, exploration expenditures, drill
results, investments, resource delineation, expansion, 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 October
28, 2021 of $65-$75 million.
- For a complete table of all drill results included in this
release, please refer to the following link:
https://www.coeur.com/_resources/pdfs/2021-12-14-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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Coeur Mining, Inc. 104 S. Michigan Avenue, Suite 900 Chicago,
Illinois 60603 Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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