Santacruz Silver Mining Ltd. (TSXV:SCZ) announced the results of the maiden resource estimate for its Mexico-based Gavilanes silver project, commenting that it has an indicated mineral resource of 6,143,000 silver equivalent ounces grading 200 grams per tonne (g/t) silver equivalent. Its inferred mineral resource sits at 28,294,000 silver equivalent ounces grading 163 g/t silver equivalent.
Other highlights include:
- Veins remain open along strike and to depth with intermittent surface exposures indicating an untested strike length;
- The El Hundido stockwork is open down-dip and to the south;
- Four unexplored veins offer additional potential;
- Continued drilling in 2014 planned with a target to increase resources.
Arturo Préstamo, Santacruz’s president and CEO, commented:
Given that drilling to date has only focused on a small portion of our +7,000 hectares of Gavilanes property we are very pleased with the results of the maiden resource estimation. The resource, which is open, together with the significant untapped exploration potential, makes Gavilanes a very strong property within our portfolio of assets in Mexico. Further work aimed at expanding the resource will occur in conjunction with cash flow generation from our currently producing Rosario Mine. In spite of difficult market conditions we are moving ahead on all of our assets while making prudent decisions on behalf of shareholders. We are committed to building a strong mid-tier silver producer with assets in Mexico and Gavilanes is further proof that we are on-track to meet our longer term objectives.