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Apollo Declares 110 Million Ounces Silver in Measured and Indicated Resource for Waterloo Property06.03.2023 | 13:00 Uhr | GlobeNewswire
VANCOUVER, March 06, 2023 - Apollo Silver Corp. ("Apollo" or the "Company") (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce an updated National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") mineral resource estimate ("MRE") with an effective date of February 8, 2023, for its flagship Calico Silver Project ("Calico" or the "Calico Project") located in San Bernardino County, California (the "2023 MRE"). The findings of the 2023 MRE, particularly in terms of size and confidence level, positions Calico and its Waterloo Property ("Waterloo") resource as one of the largest advanced stage silver projects in North America. Highlights of the Calico Project 2023 MRE1:
"Today's announcement is an important milestone that will underpin the future development of the Calico Silver Project," commented Apollo's President and CEO, Tom Peregoodoff. "This updated mineral resource estimate significantly de-risks the Calico Project and confirms Waterloo as one of the premier silver development opportunities in any Tier-1 jurisdiction. This solid outcome is the culmination of a tremendous amount of work by an excellent team that has consistently delivered against our stated objectives. The low strip ratio, combined with the recently announced positive initial metallurgical results, and nearby infrastructure provide an excellent foundation as we advance one of the largest undeveloped silver resources in the USA. Calico is uniquely positioned to benefit from the USA's commitment to reducing its carbon footprint and the increased demand for a secure supply of ethically sourced silver to support that objective. We believe that Apollo provides a compelling investment opportunity for investors looking for exposure to responsibly sourced silver development opportunities." "I am very pleased with the outcome of our 2023 MRE," Apollo Vice President Exploration and Resource Development, Cathy Fitzgerald, commented. "The team went above and beyond for our 2022 exploration and drilling programs to deliver results on time, on budget and safely, with results culminating in the delivery of a very positive 2023 MRE. The exceptional conversion rate of material from Inferred to Measured and Indicated reflects the robustness of Waterloo's geologic model and the continuous and predictable nature of silver mineralization at Waterloo. With the size of the resource now confidently defined, our plans in 2023 to advance the Calico Project include geotechnical drilling, preliminary engineering work, and additional metallurgical studies. In addition, there remain a number of growth opportunities at Calico and we are confident that further work will not only continue to increase the silver and gold inventory, but add barite to a future MRE at Waterloo." Apollo will host a webcast to discuss the 2023 MRE at 9:00am PT on Wednesday, March 15, 2023. To register, please click here: http://bit.ly/3KUP1Gf A technical report is being prepared for the 2023 MRE in accordance with NI 43-101 and will be available on SEDAR and the Company's website within 45 days of the date of this release. 1The Calico Project 2023 MRE has been prepared by Derek Loveday, P. Geo., of Stantec Consulting Services Ltd. ("Stantec"), who is an independent "qualified person" as such term is defined in NI 43-101 (a "Qualified Person"), in co-operation with Mariea Kartick, P.Geo. (an independent Qualified Person for drilling data quality control and quality assurance). The 2023 MRE was produced in conformance with the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with NI 43-101. The 2023 MRE has an effective date of February 8, 2023. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. 2No drilling was completed on the Langtry Property since the disclosure of the Company's 2022 mineral resource estimate on February 9, 2022 (the "2022 MRE") and as such, the Inferred mineral resource disclosed at that time for the Langtry Property remains unchanged and current. The 2022 MRE was prepared by Derek Loveday, P. Geo. of Stantec, an independent Qualified Person. Significant growth opportunities remain
Calico Project 2023 Mineral Resource Estimate The 2023 MRE focused on upgrading and expanding the Waterloo resource estimate from that declared in 2022 (see news release dated February 9, 2022). The most significant change in the 2023 MRE is the significant conversion of the silver mineralization defined in the Waterloo deposit to the Measured and Indicated resource classification categories. The Waterloo resource now contains 110 Moz silver in 34.2 Mt at an average grade of 100 g/t silver in M&I, and 0.72 Moz silver in 0.29 Mt at an average grade of 77 g/t silver in the Inferred category. The Langtry MRE remains unchanged from that defined in the 2022 MRE2, therefore the following information relates only to the 2023 MRE and updates for the Waterloo Property. In addition to its robust silver resource, the Waterloo resource now contains 70,000 oz oxide gold contained in 4.5 Mt at an average grade of 0.50 g/t gold in the Inferred category. Oxide gold mineralization has been drilled over 1,000 m strike length and remains open in multiple directions. Previously reported preliminary cyanide solubility tests show gold recoveries ranging from 75% to 95% (see news release dated February 14, 2023). Please refer to Table 1 for a summary of the 2023 MRE silver and gold results. Mineralization at Waterloo is shallow and shows high continuity along the 1.8 km long strike length of the deposit. The 2023 MRE is calculated to a maximum depth of ~183 m (600 ft) (increased from 125 m (410 ft). Using conservative open pit optimization to determine reasonable prospects for economic extraction, the calculated waste to mineralization ratio for the silver resource is 1.1:1 and 2.1:1 for the gold resource. Table 1: Calico Project 2023 mineral resource estimate. Base case at 50 g/t silver and 0.30 g/t gold cut-off grades, effective February 8, 2023.
Figure 1: Calico Project, Waterloo Property 2023 mineral resource block model. Figure 2: Cross section through Waterloo Property 2023 mineral resource block model. Data Input The 2023 MRE reflects the addition of drilling completed by the Company at Waterloo to the drilling database and other geological information acquired in 2022 as reported above. No drilling was completed on the Langtry Property since the declaration of the 2022 MRE and as such, the Inferred mineral resource announced February 9, 2022, for the Langtry Property remains unchanged and current. The following information therefore relates only to the 2023 MRE and updates for the Waterloo Property. Cut-Off Grade and Reasonable Prospects for Eventual Economic Extraction
Metal recoveries are based on preliminary results from the 2022 Metallurgical Test Program (see news releases dated February 14, 2023, and February 23, 2023) and published recoveries for comparative operations. Silver price was calculated by averaging the price from the last 24 months up to December 31, 2022, based on data from the World Bank. Changes in metal prices, optimized processing parameters and/or improved metal recoveries will all impact COGs and any resultant MRE. Reasonable prospects for eventual economic extraction of silver were assessed by calculating block revenues for silver grade blocks at 50 g/t silver or greater, less surface mining costs, and generating an optimized Hexagon Mineplan® Pseudoflow economic pit shell at constant slope of 45 degrees and constrained to within the property claim boundaries. Reasonable prospects for eventual economic extraction of gold were assessed by calculating revenues for gold grade blocks at 0.30 g/t gold or greater, less surface mining costs, and generating an optimized Hexagon Mineplan® Pseudoflow economic pit shell at constant slope of 45 degrees and constrained to within the property claim boundaries. The economic pit shells for silver and gold are spatially separate from one another. Sensitivity Analysis Table 2: Sensitivity analysis of the grade and tonnage relationships at varying pit-constrained cut-off grades for silver for the Waterloo Property. Effective February 8, 2023.
The 2023 MRE resource block model was oriented along regional strike of mineralization controlling range front fault (Calico fault) and bedding, at approximately 045 degrees. Silver grades were estimated using ordinary kriging into a standard 20 ft x 20 ft x 10 ft block model using 5 ft drill hole composites and a bulk density of 2.44 t/m3 (13.13 ft3/st). The block models are constrained to the west by the Calico range front fault and to the east by the contact between the mineralized Barstow formation sedimentary rocks and the Pickhandle formation rhyolitic rocks. Both structures are mineralization controlling features. A grade capping evaluation was performed, and silver grades were capped at 450 g/t silver; gold grades were capped at 2 g/t gold. The MRE was internally audited and peer reviewed by Stantec prior to being released to the Company and being declared final. Further, the Company completed an internal review of the 2023 MRE data supplied by Stantec. A full description of the data and the data verification process will be detailed in the technical report associated with the 2023 MRE, which will be prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and filed within 45 days of this news release on the Company's website and on SEDAR at www.sedar.com. SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL Drilling samples were prepared at ALS Reno (Prep-31 package) with each sample crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No.10) screen. A split of up to 250 g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S. Std. No. 200) screen. All samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62). When results were over 400 ppm silver, they were re-submitted for analysis by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish with range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. Metallurgical pulp samples were analyzed for analysis of 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1 to 1,500 ppm (method Ag-OG62) and by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5 to 10,000 ppm (method Ag-GRA21). Major elements were analyzed using fused-disc X-Ray Fluorescence (method ME-XRF26). Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01 to 100 ppm Au. All analyses were completed at ALS Vancouver except for gold by fire assay, which was completed at ALS Reno. For cyanide solubility testing, pulps representing individual drill samples from within gold intercepts (at a 0.100 g/t Au cutoff grade) for which fire assay gold results were previously reported were analyzed. Pulps were submitted to ALS Reno and analyzed using method Au-AA13 (reported range of 0.03 to 50 ppm) which measures Au by cyanide leach with follow up gold analysis via AAS. For bottle roll testing, all heads and tails assays were performed by McClelland, an ISO 17025 certified facility, via AAS 4-acid digestion with reportable ranges for silver of 1 to 200 ppm. The Company maintains its own comprehensive quality assurance and quality control ("QA/QC") program to ensure best practices in sample preparation and analysis for samples. The QA/QC program includes the insertion and analysis of certified reference materials, commercial pulp blanks, preparation blanks, and field duplicates to the laboratories. Apollo's QA/QC program includes ongoing auditing of all laboratory results from the laboratories. The Company's Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported herein. ABOUT THE PROJECT Location Geology and Mineralization QUALIFIED PERSONS This news release has also been reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo's Director of Mineral Resources. Ms. Lépine is a registered Professional Geoscientist in British Columbia, Canada and is not independent of the Company. Please visit www.apollosilver.com for further information. ON BEHALF OF THE BOARD OF DIRECTORS Tom Peregoodoff About Apollo Silver Corp. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding "Forward-Looking" Information Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; contests over title to properties; changes in project parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Dieser Artikel stammt von Rohstoff-Welt.de
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