-Intersected 36.8 ounces per ton silver, 22.0%
lead and 22.4% zinc over 16 feet- -Provides recap of 2023
exploration program and preview of 2024 exploration plans-
Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today
provided an update on exploration at its high-grade Silvertip
polymetallic exploration project in northern British Columbia.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240122895073/en/
Figure 1: Location of Silvertip
high-grade polymetallic project (Graphic: Business Wire)
Coeur completed approximately 90,000 feet (28,000 meters) of
drilling in 2023 over 92 holes, 62 of which were in the Southern
Silver Zone. Since acquisition of the project in late 2017, the
Company has drilled roughly 1.1 million feet (333,000 meters) over
1,244 holes.
Highlights from surface and underground expansion drilling
completed last year are reported below and continue to support
Silvertip’s status as one of the world’s highest-grade, undeveloped
carbonate replacement deposits.
Key Highlights1,2,3
- Extremely high-grade intercept highlights continued growth
of the Southern Silver Zone – Results have been received for
almost half of total 2023 drilling at the Southern Silver Zone,
including the highest-grade intercept ever received in the zone.
Drillhole 65Z23-485-012-022, which assayed 16.1 feet at 36.8 ounces
per ton (“oz/t”) (4.9 meters at 1,261.4 grams per tonne (“g/t”))
silver, 22.0 % lead and 22.4% zinc or 3,053 g/t on a silver
equivalence basis
- Strike of Southern Silver Zone increased by 150 meters and
down dip extent by 160 meters – Southern Silver Zone is the
largest chimney structure discovered on the property to date and
accounts for approximately 10% of Silvertip’s total measured and
indicated resource and 55% of Silvertip’s total inferred resource
as of year-end 2022. Additional notable drilled intercepts from
Southern Silver Zone include:
- Hole 65Z22-485-010-030: 10.6 feet at 14.4 oz/t (3.2 meters at
492.0 g/t) silver, 5.9% lead and 8.1% zinc
- Hole 65Z22-485-010-036: 29.8 feet at 3.5 oz/t (9.1 meters at
121.0 g/t) silver, 1.5% lead and 4.6% zinc
- Hole 65Z23-485-012-004: 20.7 feet at 2.5 oz/t (6.3 meters at
87.0 g/t) silver, 1.1% lead and 10.8% zinc
- Hole 65Z23-485-012-008: 9.5 feet at 16.6 oz/t (2.9 meters at
568.0 g/t) silver, 12.0% lead and 4.5% zinc
- Hole 65Z23-485-012-021: 25.4 feet at 2.6 oz/t (7.7 meters at
88.0 g/t) silver, 0.8% lead and 7.2% zinc and 10.9 feet at 8.2 oz/t
(3.3 meters at 282.0 g/t) silver, 3.5% lead and 16.7% zinc
For a complete table of all drill results, please refer to the
following link:
https://www.coeur.com/news/news-details/2024/Silvertip-Exploration-Drilling-Update.
Please see the “Cautionary Statements” section for additional
information regarding drill results.
“Exploration at Silvertip in 2023 achieved a key priority of
expanding the resource base immediately adjacent to the main
Silvertip deposit and existing underground infrastructure,” said
Mitchell J. Krebs, President and Chief Executive Officer. “Recent
results continue to reinforce the high-grade nature, overall size,
and prospectivity of this exploration project. This success
continues to support the growing potential of Silvertip as an
emerging tier one asset and future cornerstone for the Company,
containing some of the highest grades of silver, zinc and lead of
any global carbonate replacement deposit in addition to a
potentially meaningful complement of critical minerals.”
Resource expansion activities and step-out drilling commenced in
July 2023 with the goals of expanding the Southern Silver Zone (the
largest chimney structure identified on the property so far) and
infill drilling at Saddle Zone to incorporate it into year-end
resource calculations. During the year, approximately 90,000 feet
(28,000 meters) of drilling were completed over 92 holes. Drilling
into the Saddle Zone produced consistent, massive sulphide manto
intercepts demonstrating the continuity of this new mineralized
horizon. (Figures 2 and 3). Assays are still pending from the
Saddle Zone.
Geological interpretation from both drilling and underground
mine development has led to a new understanding of the geometries
of manto and chimney mineralization and is forming the basis for a
new Silvertip geological model expected to be completed in early
2024.
Between 2018 and 2023, the Company has invested roughly $60
million in exploration at the high-grade Silvertip deposit, leading
to a near tripling of the total resource as of year-end 2022. A
resource update based on 2023 drilling is expected to be included
in Coeur’s year-end 2023 mineral resource and reserve update and
will include a maiden estimate for the Saddle Zone.
“Exploration continues to uncover grades and geological features
that indicate Silvertip is on the periphery of a much larger
mineralizing system,” said Aoife McGrath, Senior Vice President of
Exploration. “The resource has nearly tripled in just six years and
we firmly believe that we have merely scratched the surface. The
significant resource growth so far validates the immense potential,
but we believe that the most potent and lucrative part of the
deposit is yet to be uncovered, promising an exciting phase of
exploration and development that has the potential to elevate
Silvertip into a world-class carbonate replacement mineralizing
system.”
2024 Exploration Programs
Exploration plans for 2024 are expected to include up to 115,000
feet (35,000 meters) of drilling along with extensive mapping and
sampling during the summer field season. The year has been kicked
off with a technical review session, attended by consultant Dr.
Peter Megaw who is helping guide exploration at Silvertip. Dr.
Megaw is recognized as one of the world’s foremost experts on
carbonate replacement deposits.
Silvertip core samples will be on display at the AME Roundup in
Vancouver, British Columbia on January 24-25. Silvertip core will
also be on display at other industry conferences in the first
quarter of 2024, including the PDAC 2024 Convention in Toronto on
March 3-6.
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 and plans,
resource growth potential, expectations regarding the nature and
size of mineralized structures and the range of minerals they may
host, expected grades, timing of future geological modeling, 2024
drilling plans and expected 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
potential resource growth may not be achieved, mineralized
structures may not be as large or have the characteristics
anticipated, future drill results may not be as successful,
anticipated additions or upgrades to 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 and resources, 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 the
Silvertip mine referenced in this news release have been reviewed
and approved by a “qualified person” under S-K 1300, namely our
Senior Director, Technical Services, Christopher Pascoe.
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 a complete table of all drill results included in this
release, please refer to the following link:
https://www.coeur.com/news/news-details/2024/Silvertip-Exploration-Drilling-Update.
- Rounding of grades, to significant figures, may result in
apparent differences.
- Silver equivalence assumes silver-to-lead, -zinc ratios of
1:19.05 and 1:15.38, respectively.
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/20240122895073/en/
Coeur Mining, Inc. Attention: Jeff Wilhoit, Director, Investor
Relations Phone: (312) 489-5800 www.coeur.com
Coeur Mining (NYSE:CDE)
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