Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided an update on the exploration programs at its Palmarejo
gold-silver complex located in southwest Chihuahua, Mexico.
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the full release here:
https://www.businesswire.com/news/home/20230809176670/en/
Figure 1: Highlighted drillhole results
from the Hidalgo deposit (Photo: Business Wire)
Drill results from the Hidalgo deposit – discovered in 2019 and
representing the northwest extension of the Independencia deposit –
have contained the highest gold grades ever encountered at
Palmarejo and have defined two new mineralized structures. Hidalgo
has rapidly grown to become Palmarejo’s second largest source of
mineral reserves after the Guadalupe deposit, where mining has
taken place since 2014. In addition, mapping and sampling of East
Palmarejo has defined numerous mineralized trends and high-priority
targets set to be drilled beginning in 2024. Geological
observations and sampling results to date indicate high potential
for new discoveries in this prospective area.
Key Drill Highlights1,2
- Hidalgo Drilling Leads to New Discoveries and Record High
Gold Grades – Drilling at Hidalgo confirms the highest gold
grades ever intersected at Palmarejo and continues to extend
high-grade mineralization along strike to the northwest in the
direction of the Palmarejo processing facility. Hidalgo now
comprises three individual veins: Hidalgo and two discoveries made
earlier this year – San Juan and Libertad – which over the last
fifteen months have collectively extended mineralization by 800
meters along strike. All veins remain open along strike and down
dip. Notable results from expansion and infill drilling include the
following true width intercepts:
- Hole HGDH_118 (Hidalgo) returned 49.5 feet at 0.08 ounces per
ton (“oz/t”) gold and 7.7 oz/t silver (15.1 meters at 2.8 g/t Au
and 265.1 g/t silver)
- Hole HGDH_127 (Hidalgo) returned 34.8 feet at 0.10 oz/t gold
and 7.3 oz/t silver (10.6 meters at 3.4 g/t gold and 248.5 g/t
silver)
- Hole HGDH_137 (Hidalgo) returned 19.0 feet at 1.20 oz/t gold
and 14.5 oz/t silver (5.8 meters at 41.1 g/t gold and 496.2 g/t
silver)
- Hole HGDH_145 (San Juan) returned 18.4 feet at 0.09 oz/t gold
and 7.0 oz/t silver (5.6 meters at 3.1 g/t gold and 239.8 g/t
silver)
- Hole HGDH_149 (Libertad) returned 24.6 feet at 0.09 oz/t gold
and 5.0 oz/t silver (7.5 meters at 3.0 g/t gold and 170.2 g/t
silver)
- Hole HGDH_151 (Hidalgo) returned 28.5 feet at 0.09 oz/t gold
and 4.1 oz/t silver (8.7 meters at 3.0 g/t gold and 141.8 g/t
silver)
- Successful Conversion and Expansion Drilling at La Nacion
and Zapata Deposits – Successful infill and expansion drilling
programs were completed on these structures, which are sub-parallel
splay veins to Independencia and Guadalupe. Infill drilling at La
Nacion continued to upgrade inferred resources at depth in both the
south-central and northern areas, with expansion drilling along
strike to the north. Notable results from infill drilling include:
- Hole LBDH_237 (Nacion) returned 7.2 feet at 0.04 oz/t gold and
5.2 oz/t silver (2.2 meters at 1.51 g/t gold and 177.3 g/t
silver)
- Hole LBDH_239 (Nacion) returned 10.8 feet at 0.05 oz/t gold and
15.0 oz/t silver (3.3 meters at 1.71 g/t gold and 513.9 g/t
silver)
- Hole DC3-ZPA-0018 (Zapata) returned 12.5 feet at 0.24 oz/t gold
and 20.0 oz/t silver (3.8 meters at 8.1 g/t gold and 685 g/t
silver)
- Hole DC3-ZPA-0042 (Zapata) returned 18.7 feet at 0.06 oz/t gold
and 3.8 oz/t silver (5.7 meters at 2.02 g/t gold a 131.3 g/t
silver)
- Hole DC3-ZPA-0048 (Zapata) returned 24.3 feet at 0.06 oz/t gold
and 2.5 oz/t silver (7.4 meters at 1.98 g/t gold and 86.4 g/t
silver), and 5.3 feet grading 0.12 oz/t gold and 9.0 oz/t silver
(2.2 meters grading 4.16 g/t Au and 307.4 g/t Ag)
For a complete table of all drill results, please refer to the
following link:
https://s201.q4cdn.com/254090064/files/doc_downloads/2023/08/08/2023-08-09-Exploration-Update-Appendix-Final.pdf.
Please see the “Cautionary Statements” section for additional
information regarding drill results.
“Coeur has invested over $60 million in exploration and infill
drilling at Palmarejo since 2018, which has led to strong reserve
and resource growth with multiple new discoveries and meaningful
extensions to its mine life,” said Mitchell J. Krebs, President and
Chief Executive Officer. “Recent drilling at the Hidalgo discovery
continues to demonstrate some of the best gold grades we’ve ever
seen, with some intercepts that support the potential for further
extensions to its current eight-year mine life. Coeur’s nearly $250
million overall investment in exploration over the last five years
remains a key differentiator within the sector and positions the
Company for higher-return organic growth in the coming years.”
At year-end 2022, Palmarejo’s proven and probable reserves
totalled 18.2 million tons with average gold and silver grades of
0.052 ounces per ton and 3.61 ounces per ton, respectively,
equalling 0.95 million ounces of gold and 65.7 million ounces of
silver. Over the past five years, the Company’s strong commitment
to exploration at Palmarejo has led to an increase in gold and
silver proven and probable reserves by approximately 35% and 40%,
respectively. On a measured and indicated basis, resources grew by
approximately 815,000 ounces of gold and 47.7 million ounces of
silver, corresponding to a 219% increase in gold and 176% increase
in silver during that same time period.
Palmarejo is Coeur’s largest producing mine with a landholding
encompassing over 270 square kilometers (105 square miles or
approximately 67,200 acres), of which approximately only 7% has
been drilled to date. Over the last fifteen months, the main focus
of drilling has been the Hidalgo deposit, which is situated
northwest of the Independencia deposit and adjacent to existing
mine infrastructure. Drill assay intervals continue to produce some
the best grade-thicknesses at Palmarejo ever as demonstrated by
hole HGDH-137 highlighted in Figure 1 with 19 feet (5.8 meters) at
an average gold grade of 1.20 oz/t ton (41.1 g/t) of gold including
the highest gold assay encountered to date at Palmarejo of 14.44
oz/t (495 g/t) of gold sampled over a true thickness of 1.43 feet
(0.44 meters). Due to the ongoing success of this drilling, the
Company is evaluating opportunities to include the zone in earlier
mine plans than previously anticipated.
The North Guadalupe – Zapata area shown in Figure 2 has had no
drilling to date and like Hidalgo, is adjacent to existing mine
infrastructure and offers an opportunity to add new, low risk
ounces. The North Guadalupe – Zapata target is located at the
western extension of the Guadalupe underground mine workings along
the projected extensions and anticipated intersection of the
Guadalupe and Zapata veins, forming west-plunging “clavos” similar
to those that typify the high-grade portions of the Guadalupe
deposit currently being mined immediately to the east.
Expansion drilling currently underway along the Las Animas vein,
located at the southern end of the Guadalupe deposit, is targeting
additional mineralization below the current production level
between elevations of 1,050 and 950 meters. Approximately 28,200
feet (8,600 meters) of drilling is planned from three drill
platforms during the second half of 2023.
Drilling during the remainder of 2023 will focus on expansion
drilling in the Hidalgo area, including the San Juan and Libertad
discoveries made earlier this year, the new target at Guadalupe
North – Zapata, and deep drilling at Las Animas. A total of 111,500
feet (34,000 meters) of drilling is planned.
“Our key aims during the second half of 2023 are to continue
building mine life through drilling at Hidalgo, Las Animas and the
Guadalupe North – Zapata target by having four drill rigs active
for the remainder of the year,” said Aoife McGrath, Senior Vice
President of Exploration. “In addition, we continue to build
exploration momentum in the eastern portion of the Palmarejo land
package which to date has seen minimal systematic exploration. This
ground, added to Coeur’s portfolio through the 2015 acquisition of
Paramount Gold and Silver, is unencumbered by the Franco Nevada
gold stream and contains significant mineralization and historical
resources. An intensive program of mapping and sampling has shown
very encouraging results and has outlined several mineralized
trends, totaling over 12 miles (20 kilometers) of combined strike
length for detailed assessment and drilling beginning in 2024.”
District Exploration
Much of Coeur’s extensive landholdings in the Palmarejo District
have not been explored. Since 2022, a comprehensive geological
mapping and sampling program has been underway by a team of Coeur
geologists and field assistants at regional and detailed scales
(Figure 3) including basic geological mapping to determine
lithology, structure and new trends of mineralization. This work is
designed to generate targets that will be followed by detailed
evaluation, ranking and drill testing in due course. During the
past 15 months, roughly 31.6 square miles (82 square kilometers) of
mapping has been conducted in this area with highly encouraging
results, including several new mineralized trends identified such
as the Camuchin and La Curra - La Verde trends, which are being
ranked for systematic scout and follow-up drilling in 2024. It is
envisaged that much of future new exploration and drilling at
Palmarejo will focus on the eastern part of the district where the
potential for new discoveries is deemed highest, given results and
geological observations to date.
Camuchin Trend
In late 2022, 1:1,000 scale mapping was initiated along the
northwest - southeast trending Camuchin Trend, located 3.7 miles (6
kilometers) to the northeast of the Palmarejo Mine. The Camuchin
Trend is a major northwest-trending zone of fault-veins that run
parallel to the Independencia Trend some 2.5 miles (4 kilometers)
to the southwest and has been mapped over a strike-length of 4.3
miles (7 kilometers). Mineralized fault breccias and veins with
sulphides that delimit a major structure approximately 33 feet (10
meters) in width are exposed in a river section and have returned
strongly anomalous Ag, Au and Mo values (up to 273ppm Ag, 0.6 ppm
Au) as well as moderate to strongly anomalous lead, zinc, arsenic,
barium and antimony.
Several other parallel silicified breccia structures are exposed
in the river section over a width of about 820 feet (250 meters).
Silver values up to 8.8 oz/t (273 g/t) occur around elevations of
3,280 feet above sea level (“fasl”) (1,000 meters above sea level
(“masl”)) where the deeper parts of the epithermal system have been
exposed. At higher elevations (up to 5,413 feet (1,650 meters)) to
the southeast, argillic alteration and silicified breccias continue
but are less anomalous and partly concealed by volcanic cover. A
similar topographic control on mineralization occurs in the
Palmarejo District where the main window of economic mineralization
is observed between 2,953 fasl (900 masl) and 4,265 fasl (1,300
masl). The Camuchin Trend is considered a prime target for
additional surface exploration and drill testing. As a next step,
given the relatively poor exposure over much of the trend, Coeur
intends to conduct a systematic soil geochemical survey followed by
drilling.
La Curra - La Verde Trend
Regional mapping has focused on the south-east extension of the
Guadalupe Trend from the surface workings observed at the Las
Animas vein to the southeast. Veins and silicified breccias have
been traced for at least 3.4 miles (5.5 kilometers) that show
widths between 6 and 13 feet (2 and 4 meters) and are linked by
zones of argillic alteration. Sampling has demonstrated anomalies
in antimony, arsenic, cadmium, barium as well as weak silver and
gold, a signature typically observed in the upper zones of the
veins at Hidalgo and represent high priorities for drill testing.
An additional north-northwest-trending silicified structure named
Los Llanos was mapped northeast of La Verde for some 2 miles (3.5
kilometers), which increases the target area of interest.
About Coeur
Coeur Mining, Inc. is a U.S.-based, well-diversified, growing
precious metals producer with four wholly-owned operations: the
Palmarejo gold-silver complex in Mexico, the Rochester silver-gold
mine in Nevada, the Kensington gold mine in Alaska and the Wharf
gold mine in South Dakota. In addition, the Company wholly-owns the
Silvertip silver-zinc-lead exploration project in British
Columbia.
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, results and
plans, 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 and recovery
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.
The scientific and technical information concerning our mineral
projects in this news release have been reviewed and approved by a
“qualified person” under S-K 1300, namely our Director, Technical
Services, Christopher Pascoe. For a description of the key
assumptions, parameters and methods used to estimate mineral
reserves and mineral resources included in this news release, 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, sociopolitical,
marketing or other relevant factors, please review the Technical
Report Summaries for each of the Company’s material properties
which are available at www.sec.gov.
Notes
The ranges of potential tonnage and grade (or quality) of the
exploration results described in this news release are conceptual
in nature. There has been insufficient exploration work to estimate
a mineral resource. It is uncertain if further exploration will
result in the estimation of a mineral resource. The exploration
results described in this news release therefore does not
represent, and should not be construed to be, an estimate of a
mineral resource or mineral reserve.
For additional information regarding 2022 mineral reserves and
mineral resources, see
https://www.coeur.com/operations/operations/reserves-resources/.
For additional information regarding 2017 mineral reserves and
resources, see
https://s201.q4cdn.com/254090064/files/doc_downloads/2023/08/08/2022-08-09-exploration-update-2017-rr-appendix-final.pdf.
- For a complete table of all drill results included in this
release, please refer to the following link:
https://s201.q4cdn.com/254090064/files/doc_downloads/2023/08/08/2023-08-09-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/20230809176670/en/
Coeur Mining, Inc. Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
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