Commodity-TV

The whole world of commodities in one App!

Watch Management & Expert Interviews, Site-Visit-Videos, News Shows and receive top and up to date Mining Information on your mobile device worldwide!

Download our unique App for free!
Commodity-TV Play Store
Commodity-TV App Store
Commodity-TV

Social Media


Endeavour Silver Updates Reserve and Resource Estimates; Deep Drilling Intersects Highest Grades Yet at Terronera

Vancouver, Canada – January 21, 2016 - Endeavour Silver Corp. reports updated NI 43-101 silver and gold reserve and resource estimates for its three producing mines in Mexico: the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State; as well as one exploration project, the Terronera Project in Jalisco State, as of December 31, 2015.

[Translate to Englisch:] Guanacevi Verarbeitungsanlage bei Ncht, Endeavour Silver

Vancouver, Canada – January 21, 2016 - Endeavour Silver Corp. (TSX: EDR, NYSE: EXK - https://www.commodity-tv.net/c/mid,34988,Mines_und_Money_London_2015/?v=295208) reports updated NI 43-101 silver and gold reserve and resource estimates for its three producing mines in Mexico: the Guanaceví Mine in Durango State and the Bolañitos and El Cubo Mines in Guanajuato State; as well as one exploration project, the Terronera Project in Jalisco State, as of December 31, 2015.

Endeavour replaced its proven and probable silver reserves in 2015 notwithstanding a lower metal price assumption ($16 per ounce (oz) silver vs $18 per oz) compared to 2014. Measured and indicated silver resources increased 6% and gold resources decreased 17% in 2015 due respectively to upgrading of inferred silver resources at Guanacevi and Bolanitos and depletion of gold resources at Bolañitos.

Bradford Cooke, CEO of Endeavour, stated, “We are gratified to have replaced our P&P reserves and boosted our M&I silver resources given the challenging metal price environment last year. Our exploration efforts were successful in identifying new mineralization at each mine and the Terronera mine project should be a significant driver of new reserves and resources in 2016.”

In past years, Endeavour has used three-year trailing price averages for silver and gold in estimating reserves and resources. At the end of 2015, the trailing price averages for gold and silver were approximately $1,279 per oz gold and $19.52 per oz silver, which management views as too high for use in the estimation of reserves and resources. Instead, management used a US$1,150 per oz gold price and US$16 per oz silver price to more reasonably reflect the near-term outlook.

2015 Reserve/Resource Highlights (Compared to December 31, 2014)

  • Silver Proven and Probable Reserves were flat at 12.0 million ounces (oz)
  • Gold Proven and Probable Reserves were flat at 110,800 oz
  • Silver Equivalent Proven and Probable Reserves totalled 19.7 million oz (70:1 silver:gold ratio)
  • Silver Measured and Indicated Resources increased 7% to 69.8 million oz
  • Gold Measured and Indicated Resources decreased 19% to 539,500 oz
  • Silver Equivalent Measured and Indicated Resources totalled 107.6 million oz
  • Silver Inferred Resources decreased 12% to 44.7 million oz
  • Gold Inferred Resources increased 3% to 349,700 oz
  • Silver Equivalent Inferred Resources totalled 69.2 million oz
  • 2014 silver equivalents based on 70:1 silver:gold ratio, base metals not included
  • All assumptions are listed at the bottom of the reserve and resource summary table

Work on Endeavour's other exploration projects in Mexico (the Guadalupe y Calvo and Parral projects in Chihuahua and the Arroyo Seco project in Michoacán) did not change the resources, and previous estimates remain unchanged. The Guadalupe y Calvo resources were estimated in 2012 and the Parral and Arroyo Seco resources were estimated at the end of 2010. The Terronera resource estimate is the same one used in the Preliminary Economic Estimate (PEA) released in May 2015. 

Mineral Reserve and Resource Estimates at December 31, 2015

 

Silver-Gold Proven and Probable Reserves

 

 

 

Tonnes

Ag g/t

Au g/t

Ag Eq g/t

Ag oz

Au oz

Ag Eq oz

 

 

Proven

 

 

Guanaceví

107,500

254

0.52

290

878,000

1,795

1,003,700

 

 

Bolañitos

205,700

125

2.60

307

827,700

17,400

2,045,700

 

 

El Cubo

195,200

150

3.11

367

940,600

19,585

2,311,600

 

 

Total Proven

508,400

162

2.37

328

2,646,300

38,780

5,361,000

 

 

Probable

 

 

Guanaceví

798,000

205

0.45

237

5,260,600

11,735

6,082,100

 

 

Bolañitos

172,600

101

2.73

292

561,800

15,150

1,622,300

 

 

El Cubo

632,100

173

2.23

330

3,521,700

45,105

6,679,100

 

 

Total Probable

1,602,700

181

1.40

279

9,344,100

71,990

14,383,500

 

 

Total P+P

2,111,100

177

1.63

291

11,990,400

110,770

19,744,500

 

 

 

 

 

 

 

Silver-Gold Measured and Indicated Resources

 

 

 

Tonnes

Ag g/t

Au g/t

Ag Eq g/t

Ag oz

Au oz

Ag Eq oz

 

 

Measured

 

 

Guanaceví

175,500

306

0.54

344

1,728,000

3,090

1,944,300

 

 

Bolañitos

101,300

140

2.13

289

457,300

6,940

943,100

 

 

El Cubo

74,650

279

2.83

477

670,200

7,062

1,164,500

 

 

Total Measured

360,650

255

1.49

359

2,953,400

17,292

4,163,800

 

 

Indicated

 

 

Guanaceví

2,313,200

277

0.78

331

20,565,600

58,215

24,640,700

 

 

Bolañitos

940,700

153

1.94

289

4,639,700

58,610

8,742,400

 

 

El Cubo

630,000

215

2.19

368

4,352,400

44,570

7,472,300

 

 

Terronera

3,091,400

221

1.71

340

21,947,000

169,500

33,812,000

 

 

Guadalupe y Calvo

1,861,000

119

2.38

286

7,147,300

142,500

17,122,300

 

 

Total Indicated

9,104,500

207

1.61

320

60,714,000

470,595

93,655,700

 

 

Total M+I

9,465,150

209

1.60

321

63,667,400

487,887

97,819,500

 

 

 

 

 

 

 

 

 

 

 

 

Silver-Gold Inferred Resources

 

 

 

Tonnes

Ag g/t

Au g/t

Ag Eq g/t

Ag oz

Au oz

Ag Eq oz

 

 

Inferred

 

 

Guanaceví

1,150,520

308

0.72

358

11,389,100

26,671

13,256,100

 

 

Bolañitos

1,291,700

171

2.74

363

7,104,500

113,900

15,077,500

 

 

El Cubo

1,172,500

192

2.68

380

7,247,100

100,800

14,303,100

 

 

Terronera

1,176,700

189

1.43

289

7,157,400

54,300

10,958,400

 

 

Guadalupe y Calvo

154,000

94

2.14

244

464,600

10,600

1,206,600

 

 

Total Inferred

5,039,520

211

1.90

344

34,132,500

307,971

55,690,500

 

 

 

Silver-Gold-Lead-Zinc Resources

 

 Tonnes

Ag g/t

Au g/t

Ag Eq g/t

Ag oz

Au oz

Ag Eq oz

Pb%

Zn%

Indicated

 

 

 

 

 

 

 

 

 

Parral

1,631,000

49

0.90

112

2,589,900

47,200

5,893,500

2.87

2.86

Guanaceví

655,000

166

0.21

181

3,495,700

4,400

3,805,300

0.61

1.02

Total Indicated

2,286,000

83

0.70

132

6,085,600

51,600

9,698,800

2.22

2.33

Parral

1,303,000

63

0.88

125

2,658,900

36,900

5,239,500

2.55

2.28

Arroyo Seco

738,000

220

0.07

225

5,220,000

1,700

5,336,300

0.65

0.18

Guanaceví

646,000

129

0.15

140

2,687,300

3,100

2,904,300

1.12

2.07

Total Inferred

2,687,000

122

0.48

156

10,566,200

41,700

13,476,100

1.68

1.65

1.       Reserve cut-off grades were 200 g/t silver equivalent at Guanaceví, 192 g/t silver equivalent at Bolañitos, and 184 g/t silver equivalent at El Cubo.

2.       Measured and indicated resource cut-off grades were 182 g/t silver equivalent at Guanaceví, 175 g/t silver equivalent at Bolañitos, 167 g/t silver equivalent at El Cubo, and 150 g/t silver equivalent at Terronera.

3.       Inferred resource cut-off grades for Guanaceví, Bolañitos and El Cubo, were the same as the measured and indicated resource cut offs and 150 g/t silver equivalent at Terronera.

4.       Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.

5.       Recoveries were 83.5% silver and 86.2% gold at Guanaceví; 75.9% silver and 84.7% gold at Bolañitos; and 87.4% silver and 89.6% gold at El Cubo

6.       Minimum mining widths were 1.4 metres at Guanaceví, 0.8 metres at Bolañitos, and 0.8 metres at El Cubo.

7.       Dilution factors were 26.2% at Guanaceví, 24.0% at Bolañitos, and 23.9% at El Cubo. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill and 30% for long hole

8.       Silver equivalents are based on a 70:1 silver:gold ratio

9.       Price assumptions are $16 per ounce for silver and $1,150 per ounce for gold.

10.     Mineral resources are estimated exclusive of and in addition to mineral reserves.

11.     Proven reserves are defined within 10 metres of underground development while probable reserves extend a further 15 metres from underground development.

Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in these mineral resource estimates. The Qualified Persons for the mineral resource and reserve estimates were Zachary Black, QP, SME-RM and Jeffery Choquette, P.E., QP, MMSA of Hard Rock Consulting. Technical reports for Guanaceví, Bolañitos, and El Cubo will be completed and filed on SEDAR by March 6, 2016.

These reserve and resource statements were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resources and reserves and the guidelines contained in National Instrument 43-101.

2015 Updated Exploration Highlights

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) also released today an update of the Company’s final exploration drill results in 2015. Last year, the focus was on brownfields exploration around the three operating mines to replace reserves and expand resources, and on infill drilling the Terronera discovery to better define the resources for mine planning and economic modelling.

Luis Castro, Endeavour’s Vice President of Exploration, commented, “Our exploration programs continued to deliver solid drill results in 2015, notwithstanding a reduced budget due to lower metal prices. In particular, deep drilling at Terronera intersected the highest grades yet on the property, and surface sampling of several other veins identified multiple new high grade drill targets for 2016. Last year, we spent US$7.2 million on exploration excluding capitalized property costs and drilled 36,385 metres (m) or 119,373 feet (ft) in 151 drill holes.”

Terronera Property

Endeavour drilled 6,130 m in 27 holes at Terronera to infill the recently discovered, thick, high-grade silver-gold mineralization within the Terronera vein. Recent drilling highlights include 3,875 gpt silver and 4.36 gpt gold over 5.58 m true width (122.5 opT silver equivalent over 18.3 ft based on a silver: gold ratio of 75:1) in hole TR09-5 (link to longitudinal section).

This hole, drilled below a low grade hole TR09-3 which was previously thought to be the bottom of the bonanza mineralized zone, intersected the highest grades yet on the property, including a core zone grading 15,533 gpt silver and 10.0 gpt gold over 0.39 m true width (16,283 gpt silver equivalent over 1.3 ft based on a silver: gold ratio of 75:1). This part of the deposit remains open for further drilling.

Hole

Structure

From

True Width

Au

Ag

AgEq

(m)

(m)

(gpt)

(gpt)

(gpt)

TR06-4

Terronera

309.80

1.94

1.37

122

225

Including

309.80

0.23

0.55

674

715

TR08-4

Terronera

298.40

1.83

0.72

979

1,033

Including

299.20

0.26

2.63

4,360

4,557

TR09-5

Terronera

302.60

5.58

4.36

3,875

4,202

Including

308.05

0.39

10.00

15,533

16,283

Surface grab and chip sampling of three other veins on the Terronera property identified new areas of high grade silver-gold mineralization over mineable widths.  The La Luz vein was traced for 1.7 km in length, ranges from 2 to 7 m wide and grades from nil up to 951 gpt silver and 26.7 gpt gold.  The El Padre vein was traced for 1.8 km along strike, ranges from 0.4 to 4 m wide and grades from nil up to 358 gpt silver and 10.1 gpt gold. The Democrata vein was traced for 850 m in length, ranges from 0.3 to 2 m wide and grades from nil up to 534 gpt silver and 9.3 gpt gold.  Each of these veins exhibit small historic mine workings but have never been explored or drilled in modern times. 

Bolañitos Mine

In 2015, Endeavour drilled 9,500 m in 39 holes at Bolañitos to outline high-grade, gold-silver vein mineralization in the Bolañitos North and Puertecito South areas. Recent drilling highlights include 29 grams per tonne (gpt) silver and 19.0 gpt gold over 1.69 m true width (42.4 ounces per ton (opT) silver equivalent over 5.5 ft based on a silver: gold ratio of 75:1) within the San Miguel HW vein in hole MG-03 (link to longitudinal section). The San Miguel HW vein intercepts are a shallow extension of the historic San Miguel mine, and the mineralization is wide open along strike.

Hole

Structure

From

True Width

Au

Ag

AgEq

(m)

(m)

(gpt)

(gpt)

(gpt)

MG-03

San Miguel HW

108.75

1.69

19.02

29

1,456

 

Including

108.95

0.14

97.50

123

7,436

MG-04

San Ignacio

29.20

1.32

0.48

385

421

Including

30.55

0.38

0.63

859

906

San Miguel

149.80

2.16

4.44

10

343

Including

152.40

0.26

17.05

27

1,306

MG-05

San Miguel HW

66.35

1.41

5.47

114

525

Including

67.55

0.13

14.40

158

1,238

RV-16

La Loba

283.40

1.20

2.08

82

238

Including

284.40

0.20

4.20

199

514

CTA-02

Cabrera Carrica

38.35

1.48

1.79

98

232

Including

40.10

0.25

4.66

116

466

Lourdes

136.10

1.16

0.97

175

248

Including

136.35

0.30

3.38

448

702

El Cubo Mine

Endeavour drilled 11,200 m in 47 holes last year at El Cubo to delineate new high-grade, gold-silver vein mineralization in the V-Asunción and other veins. Recent drilling highlights include 223 gpt silver and 3.72 gpt gold over 6.06 m true width (14.6 opT silver equivalent over 19.9 ft based on a silver: gold ratio of 75:1) within the Nayal vein in hole CNY-04 (link to longitudinal section).  The Nayal vein intercepts are very shallow and the mineralized zone remains open along strike.

Hole

Structure

From

True Width

Au

Ag

AgEq

(m)

(m)

(gpt)

(gpt)

(gpt)

CNY-02

Nayal

109.30

1.13

6.15

547

1,008

Including

110.15

0.30

17.90

1,595

2,938

CNY-04

Nayal

46.25

6.06

3.72

223

501

Including

49.40

0.68

14.90

865

1,983

CUDG-989

Dolores (Hw)

14.90

1.09

3.90

197

489

Including

15.50

0.50

6.39

354

833

CUDG-989A

Dolores (Hw)

14.85

1.10

4.83

289

651

Including

15.25

0.40

12.95

771

1,742

CUDG-994

San Miguel

30.60

1.06

3.50

25

287

Including

30.90

0.18

11.05

66

895

CUDG-996

San Juan de Dios

92.70

1.35

10.40

123

902

Including

93.80

0.29

48.00

566

4,166

CUDG-1002

La Loca

109.30

1.54

4.33

72

397

Including

109.30

0.17

18.30

45

1,418

Guanaceví Mine

In 2015, Endeavour drilled 9,550 m in 38 holes at Guanaceví to expand previously discovered high-grade silver-gold mineralization in the Santa Cruz vein at the Santa Cruz and Porvenir Norte mines. Recent drilling highlights include 1,661 gpt silver and 3.11 gpt gold over 1.03 m true width (55.2 opT silver equivalent over 3.4 ft based on a silver: gold ratio of 75:1) in hole UG-07 (link to longitudinal section).

The Santa Cruz vein intercepts are depth extensions of the Santa Cruz mine and remain open at depth.

Hole

Structure

From

True Width

Au

Ag

AgEq

(m)

(m)

(gpt)

(gpt)

(gpt)

UG-01

Santa Cruz SCV2

100.85

1.32

0.26

245

264

Including

102.50

0.13

0.77

799

857

UG-04

Santa Cruz SCV2

170.85

1.02

0.39

269

298

UG-06

Santa Cruz

172.00

1.06

1.35

1,061

1,163

Including

172.25

0.14

5.03

3,300

3,677

UG-07

Santa Cruz

212.50

1.03

3.11

1,661

1,895

Including

212.50

0.21

11.90

6,340

7,233

About Endeavour Silver – Endeavour Silver is a mid-tier precious metals mining company that owns three high grade, underground, silver-gold mines in Mexico. Since 2004 the company has grown from no operations to 11.4 million ounces of silver equivalent production in 2015. We find, build and operate quality silver mines in a socially, economically and environmentally responsible manner to create real value for all stakeholders. Endeavour Silver’s shares trade on the TSX under the symbol EDR and on the NYSE under the symbol EXK.

Contact Information - For more information, please contact:
Meghan Brown, Director Investor Relations

Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: mbrown@edrsilver.com
Website: www.edrsilver.com

In Europe: Swis Resource Capital AG – Jochen Staiger – info@resource-capital.ch

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at info@resource-capital.ch. We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

* indicates required

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at info@resource-capital.ch. We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

* indicates required