Candelaria Project Mineral Resource Estimate
Silver One Resources Inc. (OTCQX: SLVRF) has made a significant announcement regarding the completion of a mineral resource estimate for the Candelaria Project. This estimate is prepared in accordance with the National Instrument 43-101, ensuring that the resources are assessed with high standards of transparency and accuracy. This project, which has a rich history, includes in-ground mineralization and stockpiles adjacent to historic mining operations.
Resource Highlights
The highlights of the resource estimate are remarkable. The Mount Diablo and Northern Belle pit-constrained resources now host a Measured and Indicated (M&I) resource amounting to 22,070,000 tonnes, which averages 94 grams per tonne (g/t) of silver and 0.20 g/t of gold. This translates to a substantial 66.754 million ounces of silver and 141,400 ounces of gold, or an equivalent of 70.836 million ounces of silver equivalent. In addition, an inferred resource of 2,960,000 tonnes has been identified, averaging 68 g/t of silver and 0.18 g/t of gold, contributing an additional 6.462 million ounces of silver and 17,000 ounces of gold.
Underground Resources
Moreover, the underground resources show promising figures as well. A Measured and Indicated resource of 1,200,000 tonnes, averaging 168 g/t of silver and 0.27 g/t of gold, accounts for 6.45 million ounces of silver and 10,200 ounces of gold. In this analysis, an inferred underground resource of 650,000 tonnes was also documented, averaging 150 g/t of silver and 0.24 g/t of gold, contributing 3.136 million ounces of silver and 5,100 ounces of gold.
Exploration and Future Plans
Current assessments indicate that the cumulative resources of the Candelaria Project, encompassing open-pit operations, underground mining, stockpiles, and leach pads, total approximately 108.822 million ounces of silver equivalent. There are plans for further exploration, aiming to expand the resource base by continuing drilling activities and conducting metallurgical studies, especially focusing on a new non-cyanide recovery process that has shown great promise in enhancing silver and gold recoveries while potentially reducing operational costs.
Drilling and Testing
The company is eager to resume drilling later this year, targeting both near-surface mineralization and higher-grade underground deposits. Their aim is to firmly establish the resource through advanced metallurgical testing, which is crucial for optimizing recovery rates for silver and gold. This approach demonstrates Silver One's commitment to responsible mining practices while maximizing the project's potential.
Metal Prices and Economic Viability
The economic viability of the Candelaria Project is supported by an analysis of current metal prices, which are pivotal for manufacturing viability. The resource estimate utilized a silver price of US$27.50 per ounce, with gold prices at US$2,106 per ounce to evaluate economic extraction scenarios. These values are reflective of both the global market trends and the company’s forward-looking strategies in metal production.
Company Background and Operations
Silver One is steadfast in its mission to develop high-quality silver projects. The company holds 100% interest in the Candelaria Mine, its flagship asset, which not only has a history of production but also has potential for near-term extraction through actively exploring previously under-exploited leach pads. Silver One's proactive steps in reprocessing historic leach pads and exploring other high-grade silver sites underline their strategy for growth in the mining sector.
With a portfolio that includes 636 lode claims in addition to the Candelaria Project, Silver One is strategically positioned in key mining regions. The continued assessment and exploration of these assets align with their mission to harness high-value minerals effectively and responsibly for the future.
Frequently Asked Questions
What is the Candelaria Project?
The Candelaria Project is a significant silver mining project operated by Silver One Resources, located in a historically rich mining area.
What resources were estimated in this report?
The report estimates both measured and indicated resources, as well as inferred resources across various categories of mineralization.
What are Silver One's future plans for exploration?
The company plans to continue drilling to expand resource estimates and evaluate new recovery methods.
How does Silver One ensure the economic viability of its projects?
Silver One uses market-responsive metal prices and conducts comprehensive evaluations of recovery scenarios in its resource estimates.
Who can I contact for more information about Silver One?
For inquiries, you can contact Gary Lindsey, VP of Investor Relations at Silver One Resources.
