The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - January 24, 2024
Since acquiring Silvertip in 2017, Coeur has invested roughly US$60 million into exploration that has nearly tripled the resources at the Northern British Columbia mine project.
Click on image for larger Southern Silver Zone long section.
Coeur Mining Inc. Jan. 22 reported that the high-grade silver, zinc, and lead encountered during the 2023 drill program at Silvertip further demonstrates the potential for this Northern British Columbia mine project to be a cornerstone asset for the company moving forward.
Since acquiring Silvertip in 2017, Coeur has invested roughly US$60 million into exploration that has nearly tripled the resources within the carbonate replacement deposits (CRD) at the Northern BC mine project.
Going into 2023, Silvertip hosted 7.04 million tons of measured and indicated resources averaging 8.52 ounces per ton (60.1 million oz) silver, 9.68% (1.37 million lb) zinc, and 5.12% (722.2 million lb) lead; plus 1.87 million tons of inferred resource averaging 7.7 oz/t (14.4 million oz) silver, 10.9% (378.1 million lb) zinc, and 4.43% (166 million lb) lead.
"The resource has nearly tripled in just six years, and we firmly believe that we have merely scratched the surface," said Coeur Mining Senior Vices President of Exploration Aoife McGrath.
During 2023, Coeur completed roughly 28,000 meters of drilling in 92 holes at Silvertip. Most of the 62 holes drilled were targeted at the Southern Silver Zone, which hosts 10% of the measured and indicated resources and 55% of the inferred resource at Silvertip.
Highlights from the 2023 drilling at Southern Silver Zone include:
• 3.2 meters averaging 492 grams per metric ton (14.4 oz/t) silver, 8.1% zinc, and 5.9% lead in hole 65Z22-485-010-030.
• 9.1 meters averaging 121 g/t (3.4 oz/t) silver, 4.6% zinc, and 1.5% lead in hole 65Z22-485-010-036.
• 6.3 meters averaging 87 g/t (2.5 oz/t) silver, 10.8% zinc, and 1.1% lead in hole 65Z23-485-012-004.
• 2.9 meters averaging 568 g/t (16.6 oz/t) silver, 4.5% zinc, and 12% lead in hole 65Z23-485-012-008.
• 4.9 meters averaging 1,261 g/t (36.8 oz/t) silver, 22.4% zinc, and 22% lead in hole 65Z23-485-012-022.
At 3,053 g/t silver-equivalent – which accounts for the combined value of the silver, zinc, and lead – hole 65Z23-485-012-022 cut the highest-grade Southern Silver Zone drill intercept so far.
Geological interpretation from both drilling and underground mine development has led to a new understanding of the geometries of manto (relatively flat-lying) and chimney (vertical column) CRD mineralization at Silvertip and is forming the basis for a new Silvertip geological model slated for completion in the coming weeks.
"The significant resource growth so far validates the immense potential, but we believe that the most potent and lucrative part of the deposit is yet to be uncovered, promising an exciting phase of exploration and development that has the potential to elevate Silvertip into a world-class carbonate replacement mineralizing system," said McGrath.
The balance of Coeur's 2023 program at Silvertip focused on infill drilling at Saddle Zone. While assays are pending, Coeur says the drilling at Saddle Zone cut consistent, massive sulfide intercepts. This bodes well for the plan to bring this new manto zone into the overall Silvertip resource later this year.
"Exploration at Silvertip in 2023 achieved a key priority of expanding the resource base immediately adjacent to the main Silvertip deposit and existing underground infrastructure," said Coeur Mining President and CEO Mitchell Krebs. "Recent results continue to reinforce the high-grade nature, overall size, and prospectivity of this exploration project. This success continues to support the growing potential of Silvertip as an emerging tier one asset and future cornerstone for the company, containing some of the highest grades of silver, zinc, and lead of any global carbonate replacement deposit in addition to a potentially meaningful complement of critical minerals."
Coeur plans to continue its exploration success at Silvertip with a roughly 35,000-meter drill program, along with extensive mapping and sampling across the Northern BC project.
The company kicked off its 2024 Silvertip program with a technical session attended by Peter Megaw, one of the world's foremost experts on CRD mineralized systems. Coeur said Megaw's expertise is helping guide its exploration at the Northern BC silver project.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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