At Cordero, we are defining a large, high-margin silver project with the optionality of significant resource expansion at higher silver prices.
The existing NI 43-101 resource outlines one of the world’s largest undeveloped silver resources (see table below). However, we believe true opportunity is framed at 50 g/t AgEq cutoff by leveraging the under-explored higher-grade zones within the larger mineralized system, with the objective of upgrading the economic potential of Cordero.
The company’s current Phase 1 drill program at Cordero, planned to be completed by Q2 2021, comprises 65,000 metres of drilling. The focus of the program is to define and delineate these high-grade zones and upgrade the majority of the existing resource to M&I. Our updated resource model will incorporate geology and structure for the first time. The updated resource model, to be completed in H2 2021, will include more than 180,000 metres of drilling and 350 drill holes.
| TONNAGE & GRADE WITHIN MINERAL RESOURCES PIT SHELL | CONTAINED SILVER | |||||||
|---|---|---|---|---|---|---|---|---|
| AgEq Cutoff | Class | Mt | AgEq g/t | Ag g/t | Zn % | Pb % | Au g/t | Ag ozs x 1000 |
| 10 | Indicated | 1,166 | 29 | 12 | 0.3 | 0.2 | 0.04 | 436,006 |
| Inferred | 344 | 49 | 18 | 0.6 | 0.3 | 0.03 | 197,173 | |
| 15 | Indicated | 990 | 32 | 13 | 0.4 | 0.2 | 0.04 | 407,761 |
| Inferred | 282 | 56 | 21 | 0.8 | 0.3 | 0.04 | 187,461 | |
| 20 | Indicated | 710 | 38 | 15 | 0.4 | 0.2 | 0.05 | 347,133 |
| Inferred | 224 | 66 | 24 | 0.9 | 0.4 | 0.04 | 174,564 | |
| 25 | Indicated | 467 | 46 | 19 | 0.5 | 0.3 | 0.06 | 278,399 |
| Inferred | 183 | 77 | 28 | 1.0 | 0.4 | 0.05 | 163,252 | |
| 50 | Indicated | 99 | 95 | 40 | 0.9 | 0.6 | 0.11 | 128,395 |
| Inferred | 100 | 112 | 41 | 1.5 | 0.7 | 0.06 | 131,052 | |
*Resource by IMC Inc., March 1, 2018; The resource is within an open pit geometry generated by a floating cone algorithm using metal prices of: ($US) $17.14 Ag, $1.11/lb Zn, $0.96/lb Pb, $1,262/oz Au; and recoveries of 85% Ag, 80% Zn, 81% Pb, 33% Au.
For more information, please see: NI 43-101 Technical Report / Cordero Project PEA Update (March 2018)
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