Stillwater Critical Minerals Corp. press release
Pan American Silver Reports Mineral Reserves of 557 Million Ounces of Silver and 5.1 Million Ounces of Gold
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Canada NewsWire
VANCOUVER, Sept. 4, 2019
All financial figures are expressed in US$ unless otherwise indicated.
VANCOUVER, Sept. 4, 2019/CNW/ -Pan American Silver Corp.(NASDAQ: PAAS) (TSX: PAAS) ("Pan American", or the "Company") today reported that, as of June 30, 2019, its proven and probable mineral reserves are estimated to contain approximately 557 million ounces of silver and 5.1 million ounces of gold. Measured and indicated mineral resources (excluding proven and probable reserves), as of June 30, 2019, are estimated to total approximately 797 million ounces of silver and 10.6 million ounces of gold. These figures include mineral reserves and resources from the assets acquired with the Tahoe Resources Inc. ("Tahoe") transaction completed on February 22, 2019.
"Our silver reserves doubled while gold reserves tripled from reserves reported at December 31, 2018, primarily due to the additional reserves acquired from Tahoe. We now hold one of the largest silver reserves and resources in the mining industry along with substantial gold reserves," said Christopher Emerson, Pan American's Vice President of Business Development and Geology. "During the first six months of 2019, we completed 40% of the annual drilling planned for our mine sites. We are accelerating our exploration drilling in the second half the year, and plan to complete 130,000 metres of drilling".
As of June 30, 2019, inferred resources totaled approximately 303 million ounces of silver and 9.6 million ounces of gold. The majority of the increase in inferred gold resources from our December 31, 2018update came from the acquired Tahoe assets, a significant portion of which are attributable to the Timminsexploration portfolio, which include the Juby and Fenn Gib projects.
The mineral reserve and mineral resource estimates as of June 30, 2019do not include the polymetallic skarn discovery at the La Coloradamine. We are currently drilling with seven machines at La Colorada, and expect to release an initial resource estimate relating to the skarn at the end of 2019.
Beginning with this update, Pan American intends to report mineral reserves and mineral resources updates as of June 30of each year, rather than as of December 31, in order to align mineral reserve and mineral resource updates with our annual mine plans and budgets.
A summary of the silver and gold mineral reserves and mineral resources as of June 30, 2019is provided in the following tables. Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com.
Pan American Silver Corporation Mineral Reserves as of June 30, 2019(1,2)
| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Proven | 6.2 | 168 | 33.5 | -- | -- | | | | Probable | 3.7 | 170 | 20.1 | -- | -- | | Morococha (92.3%) (3) | Peru | Proven | 4.1 | 147 | 19.5 | -- | -- | | | | Probable | 2.2 | 173 | 12.3 | -- | -- | | La Colorada | Mexico | Proven | 4.0 | 395 | 50.8 | 0.33 | 42.0 | | | | Probable | 5.4 | 287 | 49.6 | 0.26 | 44.4 | | Dolores | Mexico | Proven | 35.9 | 26 | 29.8 | 0.84 | 967.4 | | | | Probable | 7.8 | 28 | 6.9 | 0.84 | 210.7 | | Manantial Espejo | Argentina | Proven | 0.8 | 170 | 4.6 | 1.35 | 36.2 | | | | Probable | 0.1 | 204 | 0.9 | 3.64 | 16.0 | | San Vicente
(95%) (3) | Bolivia | Proven | 1.4 | 414 | 18.6 | -- | -- | | | | Probable | 0.5 | 345 | 6.0 | -- | -- | | Joaquin | Argentina | Probable | 0.5 | 721 | 11.0 | 0.41 | 6.2 | | COSE | Argentina | Probable | 0.1 | 918 | 2.2 | 17.7 | 43.3 | | Escobal | Guatemala | Proven | 2.5 | 486 | 39.5 | 0.42 | 34.2 | | | | Probable | 22.1 | 316 | 225.0 | 0.34 | 243.8 | | Total Silver
Segment(4) | | | 97.5 | 169 | 530.4 | 0.64 | 1,644.1 | | Gold
Segment | | | | | | | | | La Arena | Peru | Proven | 27.4 | -- | -- | 0.36 | 319.4 | | | | Probable | 9.5 | -- | -- | 0.30 | 90.9 | | Shahuindo | Peru | Proven | 69.8 | 6 | 14.4 | 0.51 | 1,133.2 | | | | Probable | 42.8 | 6 | 7.8 | 0.46 | 629.9 | | Timmins | Canada | Proven | 2.7 | -- | -- | 3.06 | 269.1 | | | | Probable | 7.2 | -- | -- | 3.10 | 718.6 | | La Bolsa | Mexico | Proven | 9.5 | 10 | 3.1 | 0.67 | 202.9 | | | | Probable | 6.2 | 7 | 1.4 | 0.57 | 113.1 | | Total Gold Segment(4) | | | 175.0 | 6 | 26.8 | 0.62 | 3,476.9 | | Total Gold and Silver Segments (4) | | Proven + Probable | 272.5 | 77 | 557.2 | 0.63 | 5,121.1 |
| (1) | See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019". | | (2) | Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) | This information represents the portion of mineral reserves attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) | Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |
Pan American Silver Corporation Measured and Indicated Mineral Resources as of June 30, 2019(1,2)
| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Measured | 2.2 | 157 | 11.0 | -- | -- | | | | Indicated | 2.4 | 155 | 12.0 | -- | -- | | Morococha
(92.3%) (3) | Peru | Measured | 0.3 | 138 | 1.2 | -- | -- | | | | Indicated | 0.3 | 143 | 1.6 | -- | -- | | La Colorada | Mexico | Measured | 0.5 | 229 | 3.8 | 0.24 | 4.0 | | | | Indicated | 1.6 | 185 | 9.6 | 0.15 | 7.8 | | Dolores | Mexico | Measured | 2.0 | 21 | 1.3 | 0.35 | 22.0 | | | | Indicated | 1.5 | 28 | 1.4 | 0.56 | 27.1 | | Manantial Espejo | Argentina | Measured | 0.1 | 164 | 0.7 | 1.65 | 7.1 | | | | Indicated | 0.2 | 241 | 1.4 | 2.86 | 16.5 | | San Vicente
(95%) (3) | Bolivia | Measured | 0.9 | 161 | 4.4 | -- | -- | | | | Indicated | 0.3 | 158 | 1.4 | -- | -- | | Navidad | Argentina | Measured | 15.4 | 137 | 67.8 | -- | -- | | | | Indicated | 139.8 | 126 | 564.5 | -- | -- | | Joaquin | Argentina | Indicated | 0.1 | 385 | 0.7 | 0.58 | 1.1 | | Escobal | Guatemala | Measured | 2.3 | 251 | 18.6 | 0.23 | 16.7 | | | | Indicated | 14.2 | 201 | 91.6 | 0.20 | 93.0 | | Total Silver
Segment(4) | | | 184.0 | 134 | 792.9 | 0.27 | 195.3 | | Gold
Segment | | | | | | | | | La Bolsa | Mexico | Measured | 1.4 | 11 | 0.5 | 0.90 | 39.9 | | | | Indicated | 4.5 | 9 | 1.3 | 0.50 | 71.2 | | Pico Machay | Peru | Measured | 4.7 | -- | -- | 0.91 | 137.5 | | | | Indicated | 5.9 | -- | -- | 0.67 | 127.1 | | La Arena | Peru | Measured | 1.3 | -- | -- | 0.41 | 17.5 | | | | Indicated | 1.7 | -- | -- | 0.38 | 20.6 | | Shahuindo | Peru | Measured | 3.7 | 7 | 0.8 | 0.53 | 63.2 | | | | Indicated | 8.4 | 5 | 1.5 | 0.46 | 123.6 | | Timmins | Canada | Measured | 1.7 | -- | -- | 3.89 | 212.4 | | | | Indicated | 5.4 | -- | -- | 3.41 | 587.8 | | La Arena II | Peru | Measured | 155.7 | -- | -- | 0.25 | 1,265.2 | | | | Indicated | 586.7 | -- | -- | 0.23 | 4,371.9 | | Fenn-Gib | Canada | Indicated | 40.8 | -- | -- | 0.99 | 1,298.6 | | Whitney | Canada | Measured | 1.0 | -- | -- | 7.02 | 218.1 | | | | Indicated | 2.3 | -- | -- | 6.77 | 490.5 | | Gold River | Canada | Indicated | 0.7 | -- | -- | 5.29 | 117.4 | | Juby | Canada | Indicated | 26.6 | -- | -- | 1.28 | 1,094.7 | | Marlhill | Canada | Indicated | 0.4 | -- | -- | 4.52 | 57.4 | | Vogel | Canada | Indicated | 2.2 | -- | -- | 1.75 | 125.0 | | Total Gold Segment(4) | | | 854.9 | 7 | 4.1 | 0.38 | 10,439.6 | | Total Gold and Silver Segments(4) | | Measured + Indicated | 1,038.8 | 123 | 797.0 | 0.38 | 10,634.9 |
| (1) | See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019". | | (2) | Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) | This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) | Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |
Pan American Silver Corporation Inferred Mineral Resources as of June 30, 2019(1,2)
| Property | Location | Classification | Tonnes (Mt) | Ag (g/t) | Contained Ag (Moz) | Au (g/t) | Contained Au (koz) | | Silver Segment | | | | | | | | | Huaron | Peru | Inferred | 6.2 | 155 | 30.8 | -- | -- | | Morococha (92.3%) (3) | Peru | Inferred | 4.5 | 138 | 19.9 | -- | -- | | La Colorada | Mexico | Inferred | 8.1 | 133 | 34.5 | 0.12 | 31.6 | | Dolores | Mexico | Inferred | 4.0 | 47 | 6.0 | 1.22 | 156.3 | | Manantial Espejo | Argentina | Inferred | 0.5 | 194 | 3.0 | 2.71 | 41.4 | | San Vicente (95%) (3) | Bolivia | Inferred | 3.0 | 289 | 27.9 | -- | -- | | Navidad | Argentina | Inferred | 45.9 | 81 | 119.4 | -- | -- | | Joaquin | Argentina | Inferred | 0.01 | 389 | 0.1 | 1.29 | 0.2 | | COSE | Argentina | Inferred | 0.03 | 382 | 0.3 | 7.10 | 6.3 | | Escobal | Guatemala | Inferred | 1.9 | 180 | 10.7 | 0.90 | 53.7 | | Total Silver
Segment(4) | | | 74.0 | 106 | 252.5 | 0.62 | 289.5 | | Gold Segment | | | | | | | | | La Bolsa | Mexico | Inferred | 13.7 | 8 | 3.3 | 0.51 | 224.6 | | Pico Machay | Peru | Inferred | 23.9 | -- | -- | 0.58 | 445.7 | | La Arena | Peru | Inferred | 1.1 | -- | -- | 0.30 | 10.7 | | Shahuindo | Peru | Inferred | 10.0 | 5 | 1.6 | 0.44 | 140.6 | | Shahuindo Sulphide | Peru | Inferred | 97.4 | 14 | 45.1 | 0.74 | 2,323.3 | | Timmins | Canada | Inferred | 3.7 | -- | -- | 3.74 | 443.8 | | La Arena II | Canada | Inferred | 91.6 | -- | | 0.23 | 683.1 | | Fenn-Gib | Canada | Inferred | 24.5 | -- | | 0.95 | 750.0 | | Whitney | Canada | Inferred | 1.0 | -- | | 5.34 | 170.7 | | Gold River | Canada | Inferred | 5.3 | -- | | 6.06 | 1,027.4 | | Juby | Canada | Inferred | 96.2 | -- | | 0.94 | 2,908.8 | | Vogel | Canada | Inferred | 1.5 | -- | | 3.60 | 168.8 | | Total Gold Segment(4) | | | 369.8 | 13 | 50.0 | 0.78 | 9,297.6 | | Total Gold and Silver Segments (4) | | Inferred | 443.8 | 48 | 302.5 | 0.78 | 9,587.1 |
| (1) | See table below entitled "Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019". | | (2) | Mineral resource estimates were prepared under the supervision of, or were reviewed by, Christopher Emerson, FAusIMM, Vice President Business Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom are Qualified Persons as that term is defined in NI 43-101. | | (3) | This information represents the portion of mineral resources attributable to Pan American based on its ownership interest in the operating entity as indicated. | | (4) | Totals may not add up due to rounding. Total average grades of each element are with respect to those mines that produce the element. |
Metal price assumptions used to estimate mineral reserves and mineral resources as of June 30, 2019
| Mine | Category | Ag US$/oz | Au US$/oz | Cu US$/t | Pb US$/t | Zn US$/t | | Huaron | All categories | 17.00 | 1,300 | 6,000 | 2,100 | 2,500 | | Morococha | All categories | 17.00 | 1,300 | 6,000 | 2,100 | 2,500 | | La Colorada | All categories | 17.00 | 1,300 | 6,000 | 2,100 | 2,500 | | Dolores | Reserves | 17.00 | 1,300 | | | | | Resources | 22.00 | 1,400 | | | | | | La Bolsa | All categories | 14.00 | 825 | | | | | Manantial Espejo | All categories | 16.00 | 1,300 | | | | | San Vicente | All categories | 17.00 | 1,300 | 6,000 | 2,100 | 2,500 | | Navidad | All categories | 12.52 | | | 1,100 | | | Pico Machay | All categories | | 700 | | | | | Joaquin | All categories | 16.00 | 1,300 | | | | | COSE | All categories | 16.00 | 1,300 | | | | | Escobal | All categories | 20.00 | 1,300 | | 2,204 | 2,424 | | Shahuindo | Reserves | 17.00 | 1,300 | | | | | Resources | 22.00 | 1,400 | | | | | | Shahuindo Sulphide | Inferred Resource | 15.00 | 1,400 | | | | | La Arena | Reserves | 17.00 | 1,400 | | | | | Resources | 22.00 | 1,500 | | | | | | La Arena II | All categories | | 1,500 | 8,816 | | | | Timmins - Bell Creek | All categories | | 1,300 | | | | | Fenn-Gib | Inside pit | | 1,190 | | | | | Below pit | | 1,190 | | | | | | Whitney | All categories | | 1,200 | | | | | Gold River | All categories | | 1,200 | | | | | Juby(1) | All categories | | | | | | | Marlhill | All categories | | 1,125 | | | | | Vogel | Inside pit | | 1,150 | | | | | Below pit | | 1,150 | | | | |
| (1) | Estimation used a cut off grade of 0.40% g/t Au |
General Notes with Respect to Technical Information Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability.
Pan American does not expect these mineral reserve and mineral resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.
See the Company's Annual Information Form dated March 12, 2019, available at www.sedar.comfor further information on the Company's pre-Tahoe acquisition material mineral properties, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and resources.
For further information on the material mineral properties acquired from Tahoe, please refer to the Company's management information circular dated December 4, 2018, including additional information contained in Tahoe's disclosure incorporated by reference therein, available at www.sedar.com.
Complete mineral reserve and resource information for all metals, including tonnage and grades, is available at www.panamericansilver.com. Quantities of contained metal are shown before metallurgical recoveries.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM., Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, who are each Qualified Persons for the purposes of National Instrument 43-101.
About Pan American Silver Pan American Silver is the world's second largest primary silver producer, providing enhanced exposure to silver through a diversified portfolio of assets, large reserves and growing production. We own and operate mines in Mexico, Peru, Canada, Argentinaand Bolivia. In addition, we own the Escobal mine in Guatemalathat is currently not operating. In 2019, we celebrate our silver anniversary: 25 years of operating in Latin America, earning an industry-leading reputation for operational excellence and corporate social responsibility. We are headquartered in Vancouver, B.C.and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com.
Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the disclosure of future mineral reserve and resource information, including disclosure of mineral resource estimates relating to the La Coloradapolymetallic skarn, and timing of any such disclosure; the extent of, and success related to any future exploration or development programs, including with respect to the La Coloradapolymetallic skarn; the accuracy of estimated mineral reserves and mineral resources; expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves and mineral resources.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining, including in Chubut, Argentina, and in Guatemala; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.