Tahoe Resources has announced updated mineral resource and reserve estimates for its Escobal silver mine in southeastern Guatemala. Measured and indicated mineral resources now total 433.9 million silver oz at an average grade of 346 g/mt, an 18% increase in ounces as compared to the previous January 2012 estimate. Inferred mineral resources total 9.3 million oz at an average grade of 224 g/mt. Proven and probable mineral reserves in the mine plan total 31.4 million mt at an average grade of 347 g/mt for 350.5 million oz.
The Escobal mineral resources encompass an area of approximately 2,400 m along strike and 1,200 m vertically. The resource estimate was updated by Mine Development Associates, incorporating data from nearly 59,000 samples collected from 842 surface and underground drill holes totaling 231,326 m. Mineral reserves were estimated by Blattman Brothers Consulting.
Seabridge Gold has reported complete results from its 2014 exploration drilling campaign at the Deep Kerr deposit on its 100% owned KSM project in northwestern British Columbia, Canada. A total of 12,900 m in 13 core holes successfully expanded the known dimensions of the deposit by about 400 m along strike to the north and south, as well as by 300 m at depth. Drilling also confirmed the geological and resource models developed following the 2013 discovery program.
Seabridge is confident that the 2014 results will support a substantial increase in the Deep Kerr inferred resource, which currently stands at 515 million mt, grading 0.53% copper and 0.36 g/mt gold. A new resource estimate is expected in the first quarter of 2015.
The KSM composite intrusive complex hosts four known, large, gold-copper porphyry deposits within the upper portions of their mineralizing systems. Seabridge believes these porphyry deposits have continuity down to near-magmatic, higher-grade core zones. Pursuing this model, Seabridge has discovered two core zones to date — Deep Kerr and the Iron Cap Lower Zone.
Corazon Mining and Victory Nickel have entered into an option agreement that will allow Corazon to acquire Victory’s nickel project in the Lynn Lake mining camp of northwest Manitoba. The Victory project is located immediately adjacent to Corazon’s Lynn Lake nickel project. Corazon believes bringing the two projects together will improve the economics of any potential mining operation.
Under the terms of the Corazon/Victory agreement and subject to any required regulatory approvals, Corazon can acquire a 100% interest in the Victory property by issuing to Victory 40 million Corazon shares upon closing and incurring A $3.5 million in exploration expenditures or in payments to Victory over five years. In addition, Victory will retain a 1.5% net smelter royalty on production from the project and receive a payment of A $1 million within 30 days of the start of ore processing at Lynn Lake. Corazon’s key target within its Lynn Lake project area has been the EL deposit. In 2011, Corazon discovered a new high-grade sulphide breccia at depth below the previously mined EL mine, a discovery that confirmed the prospectivity of the Lynn Lake field, despite the extensive past mine life. The discovery hole intersected 23.75 m grading 3.34% nickel, 1.54% copper, and 0.079% cobalt from 731.25 m down the hole.
Reservoir Minerals reported that diamond drilling has resumed with five rigs operating on the Cukaru Peki deposit and other copper-gold targets in the Timok project permits in eastern Serbia. The project is a joint venture between Reservoir (45%) and Freeport-McMoRan Exploration (55%), which is the operator.
The Timok project exploration permits cover an area of 245 km2 in the highly prospective Timok magmatic complex, eastern Serbia, which includes the worldclass Bor-Majdanpek mining and smelting complex. Under the current Serbian mining law, exploration permits are initially valid for up to three years and may be extended twice for a further two years. At each extension, the exploration permit area is reduced by 25%. In February 2015, the Timok project permits will reach the first three-year permit milestone and an application will be made for their renewal.