Apogee Silver Ltd. (TSXV:APE) announced a 106% increase in silver in the indicated resource category, or 30.9 million ounces for the Pulacayo Silver-Lead-Zinc Deposit.
As quoted in the press release:
This mineral resource estimate represents an increase in silver in the Indicated resource category of 106% or 30.9 million ounces from the mineral resource estimate dated October 19th, 2011 and supported in the NI 43-101 Technical Report dated May 23rd, 2012 and filed under the Company’s profile on SEDAR (See Press Releases dated October 18th, 2011, and May 23rd, 2012). This increase is comprised of a 45% increase in the Indicated category from underground sulphide resources, with an additional 13.2 million ounces of silver from 6.19 million tonnes grading 213.6 grams/tonne silver, 0.86% lead and 1.74% zinc. It also includes an additional 4.63 million ounces of silver in the Indicated category from the oxide zone at Pulacayo, with 1.5 million tonnes grading 95.9 g/t silver and 13.17 million ounces of silver in the Indicated category from open pit sulphide resources with 9.28 million tonnes grading 44.1 grams/tonne silver, 0.66% lead and 1.32% zinc.
Apogee Silver Chief Executive Officer Neil Ringdahl said:
The new resource estimate continues to demonstrate our confidence in the development strategy for the Pulacayo polymetallic deposit. We look forward to the completion of the feasibility study before the end of 2012 which will provide the road map for the next phase of development of the company’s flagship asset.