Santacruz Silver Mining (TSXV: SCZ) has presented an updated resource and reserve estimate for its three Bolivian producing assets — the Bolivar mine, Porco mine and Caballo Blanco group of mines — as well as its Soracaya exploration project, also located in Bolivia.
Estimates for the Bolivian mines were prepared by JDS Energy & Mining, while the mineral resource for Soracaya was estimated by Kirkham Geosystems, all in compliance with NI 43-101 standards.
Together, the company’s proven and probable mineral reserves in Bolivia are estimated at 54 million silver-equivalent (AgEq) ounces, including 19 million oz. of silver and 259,000 tonnes of zinc, contained within 2.6 million tonnes grading 227 g/t silver and 9.99% zinc (or 648 g/t AgEq).
About half of the silver and zinc reserves are from the Bolivar mine, while the Caballo Blanco mines contributed a significant chunk of the remaining reserves. The Soracaya project only had inferred resources.
Total mineral resources in the measured and indicated category are 102 million oz. of AgEq, including 32 million oz. of silver and 518,000 tonnes of zinc, within 3.6 million tonnes grading 281 g/t silver and 14.49% zinc (883 g/t AgEq). Inferred resources totalled 189 million oz. AgEq, including 72 million oz. of silver and 882,000 tonnes of zinc, from 7.4 million tonnes grading 303 g/t silver and 11.88% zinc (792 g/t AgEq).
Arturo Préstamo, executive chairman and CEO, said the update “marks a noteworthy milestone” for Santacruz as it continues to build a mid-tier silver and base metals company.
“The verified mineral resources and reserves underscore our solid asset base,” Préstamo said.
“It is important to note that our Bolivian producing mines are open along strike and at depth, and with our ongoing exploration program, we believe there is potential to grow the current mineral resources and reserves,” he added.
The Bolivian assets were acquired by Santacruz in late 2021 from Glencore in a deal worth over $102 million. Prior to that, the silver-base metals miner previously focused solely on Mexico, where it operates the Zimapan mine.
