Defiance Silver Announces NI 43-101 Compliant Indicated and Inferred Mineral Resource for San Acacio Silver Project, Mexico
25 Octobre 2012 - 2:00PM
Marketwired Canada
Defiance Silver Corp. (TSX VENTURE:DEF) ("Defiance" or "the Company") is pleased
to announce that a National Instrument 43-101 ("NI") compliant indicated and
inferred resource estimate has been completed for the San Acacio deposit by AGP
Mining Consultants Inc. ("AGP").
Highlights
The base case for reporting the mineral resource estimate used a silver
equivalent ("AgEq")(i) cut -off grade of 65 grams tonne ("g/t"). Highlights of
the estimate include:
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Tonnage Ag Au Ag Eq. Ag Au Ag Eq.
Resource Category (Mt) (g/t) (g/t) (g/t) (Moz) Oz (Moz)
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Total Indicated 1.15 95.8 0.20 108.03 3.55 7,600 4.01
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Inferred (drill and chip
sample supported) 2.16 100.0 0.16 109.73 6.94 11,300 7.64
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Inferred - Mineralized
Fill 0.72 236.7 0.21 249.2 5.49 4,800 5.78
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Total Inferred 2.89 134.1 0.17 144.6 12.45 16,170 13.4
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Bruce Winfield, President and CEO, comments, "We are extremely pleased to have
reached this milestone of a 43-101 compliant resource for the San Acacio Mine.
The high grade of the mineralized backfill indicates the high grade nature of
the ore shoots previously mined within the deposit. We look forward to releasing
additional news as Defiance aggressively continues advancing the San Acacio Mine
towards production and expanding the resource base."
The Zacatecas Silver District is one of the most prolific silver producing areas
in the world, having produced in excess of 681 million ounces of Silver during
the period 1546 to 1895 (Geological Mining Monograph of the State of Zacatecas).
The San Acacio Mine controls approximately 50% of the historic workings on the
Veta Grande system which has estimated past production of in excess of 200
million ounces of silver. With mineralization open to depth as well as along
strike for 4 kilometers with no modern exploration, Defiance believes that
excellent potential exists to expand the current resource base.
Mineral Resource Estimate
The mineral resource estimate is based on 41 drill holes completed by Silver
Standard and Source Exploration Inc. and 371 drill core assay values contained
within the mineralized zones. This data was complemented with 302 underground
chip samples sourced from Silver Standard and Sterling Mining level plans.
Results at various silver equivalent cut-off grades are tabulated below.
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AgEq Contained
Cut-off Tonnage Ag Grade Ag
Mineral Resource Class (g/t) (Mt) (g/t) (Moz)
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Indicated 105 0.53 122.1 2.08
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85 0.86 106.6 2.93
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65 1.15 95.8 3.55
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45 1.49 84.9 4.05
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30 1.66 79.3 4.22
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15 1.70 77.8 4.25
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Drill and Chip Supported Inferred 105 0.97 133.7 4.15
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85 1.47 116.8 5.51
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65 2.16 100.0 6.96
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45 3.44 80.0 8.84
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30 5.04 63.8 10.33
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15 5.80 57.8 10.78
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Mineralize Fill Inferred 105 0.70 241.5 5.43
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85 0.71 239.2 5.46
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65 0.72 236.7 5.49
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45 0.74 232.6 5.51
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30 0.82 214.4 5.62
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15 0.82 213.3 5.62
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Contained AgEq Contained
Au Grade Au Grade AgEq
Mineral Resource Class (g/t) (oz) (g/t) (Moz)
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Indicated 0.22 3,700 135.24 2.30
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0.22 6,000 119.65 3.29
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0.20 7,600 108.03 4.01
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0.19 9,000 96.14 4.59
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0.18 9,700 90.22 4.81
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0.18 9,800 88.53 4.84
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Drill and Chip Supported Inferred 0.17 5,100 143.61 4.46
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0.16 7,700 126.62 5.97
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0.16 11,300 109.73 7.64
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0.16 17,400 89.49 9.89
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0.15 24,600 72.91 11.80
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0.15 27,100 66.52 12.41
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Mineralize Fill Inferred 0.21 4,700 254.16 5.72
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0.21 4,800 251.83 5.75
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0.21 4,800 249.24 5.78
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0.20 4,800 244.82 5.80
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0.18 4,800 225.50 5.91
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0.18 4,800 224.37 5.91
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(i)Silver equivalent (AgEq) is calculated as the sum of the silver content plus
60 times the gold content, based on prices of US$ 14.75/oz for silver and US$
885/oz for gold. (Note: total contained AgEq values may not add exactly because
of rounding). Metallurgical recoveries are not taken into account.
The resource estimate was completed by Pierre Desautels, P.Geo. of AGP Mining
Consultants Inc., using industry standard methods that conform with the CIM
Mineral Resource and Mineral Reserve definitions referred to in National
Instrument 43-101, Standards of Disclosure for Mineral Projects, and utilizing
Gemcom GEMS V.6.2.3.2TM software. The data and methodology utilized for the
resource estimate is as follows:
Resource Estimation Process
-- Mineral resources were estimated in conformance with the CIM Mineral
Resource and Mineral Reserve definitions referred to in NI 43-101,
Standards of Disclosure for Mineral Projects.
-- The Resource Estimate database contains 8147 m of diamond drill hole
data and supplemented by 457 underground chip samples. Trench data was
available but not used in the estimation. Data was sourced from the 1997
Silver Standard exploration program, a 2004-2006 Sterling Mining Company
work program, and work performed by Source Exploration in 2009-2010.
-- All of the Source samples were analyzed using fire assay with AA finish.
For samples grading greater than 100 g/t Ag the samples were reanalyzed
using fire assay with gravimetric finish.
-- All drill holes are diamond drill core and were sampled mostly at 1.3 m
intervals. A comprehensive QA/QC program was in place during the Source
drill program, which included the insertion of standards and duplicates
at regular intervals. The QA/QC program on the Silver Standard and
Sterling Mining Company data is not known.
-- Historical density of 2.55 for the in-situ material and 1.75 for the
mineralized fill was used for the resource.
-- An estimated 10% void space was factored in for the Mineralized fill
tonnages.
-- The development of the 3D mineralized domain models used in the resource
estimate were primarily on the lithological contacts and partially on a
grade value above 25 g/t silver. Exceptions were made in consideration
to lithological controls and zonal continuity.
-- The mineralized fill 3D wireframe was constructed using the stope and
fill intercepts in the drill hole database and supplemented from
information provided by the underground level plans. The resultant
mineralized fill solid was subsequently cut by a series of polygons of
the old stopes digitized from a historical long section and adjusted
with known mined out areas deducted from the level plans and surface
observation.
-- The composite intervals selected were 2.0 meters. When present, true
gaps in the sampling were composited at zero grade. Voids, stope and
fill intervals were ignored in the interpolation of the in-situ resource
but used in the interpolation of the fill material.
-- For the treatment of outliers at San Acacio, the Veta Grande domain was
evaluated for both silver and gold mineralization. A combination of high
grade capping and search restrictions imposed on a low threshold values
was used to restrict their influence. The procedure used allows the
deposit to retain the high grade assays while limiting their influence
during the interpolation.
-- A three-dimensional (3D) geological and block model was generated using
GEMS(c) software. The block model matrix size of 5 x 5 x 4 meters was
selected with consultation with the engineering team from AGP to allow
for better definition of the grade within some of the narrow mineralized
domains. It was also based on the size that was suitable for a selective
mining unit to mine "ore" versus "waste" for both an open-pit and
underground mining scenarios.
-- Ordinary kriging was used for all domains. The interpolation was carried
out in multiple passes with increasing search ellipsoid dimensions.
Inverse distance and nearest neighbor models were used for validation.
-- Classification was based primarily on the pass number and distance to
the nearest sample. The area evaluated as indicated resources in the
model supported mainly by chip samples was downgraded to inferred
resources.
A NI 43-101 report will be filed on SEDAR with a copy available on the Company's
website.
About Defiance Silver:
Defiance Silver Corp. is a near term silver producer engaged in the acquisition,
exploration, and development of advanced silver projects in Zacatecas Mexico.
The Company's efforts are focused on: 1) the purchase and refurbishment of the
200 tpd Santa Gabriela Mill, 2) the exercising of an option to purchase the San
Acacio Mine, and 3) the definition of feed for the Santa Gabriela Mill from
surface dumps and the San Acacio Mine with its historical resource (reference
Defiance Silver Corp New release dated November 1, 2011).
For more information on the property please visit Defiance's website at
www.DefianceSilver.com.
Mr. Bruce Winfield, P.Geo., President of Defiance Silver Corp, is the Qualified
Person for information contained in this press release and is a Qualified Person
within the meaning of National Instrument 43-101.
About AGP Mining Consultants
AGP Mining Consultants Inc. is a group of experienced geologists and engineers
specialized in underground and open pit mining, processing/metallurgy, and
project management. The AGP team has a broad range of operations and consulting
experience and skills. Further information can be found at AGP Mining's website
at www.agpmining.com.
On behalf of Defiance Silver Corp.
Bruce Winfield, President and CEO
Forward-Looking Statements. This Defiance News Release may contain certain
"forward-looking" statements and information relating to Defiance that are based
on the beliefs of Defiance management, as well as assumptions made by and
information currently available to Defiance management. Such statements reflect
the current risks, uncertainties and assumptions related to certain factors
including but not limited to, exploration and development risks, expenditure and
financing requirements, title matters, operating hazards, metal prices,
political and economic factors, competitive factors, general economic
conditions, relationships with vendors and strategic partners, governmental
regulation and supervision, seasonality, technological change, industry
practices, and one-time events. Should any one or more risks or uncertainties
materialize or change, or should any underlying assumptions prove incorrect,
actual results and forward-looking statements may vary materially from those
described herein. There is no assurance the estimates of indicated or inferred
resources will ultimately prove to be correct or will at any time in the future
become or be classified as reserves. Defiance does not assume the obligation to
update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Defiance Silver Corp.
Bruce Winfield
President and CEO
778-729-0333
Defiance Silver Corp.
1500 - 409 Granville Street
Vancouver, BC V6C 1T2
www.defiancesilver.com
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