Drilling highlights include three high grade vein splays, totaling 12.3 metres (m) accumulated thickness, intersected in hole TR11-8, the best of which returned 1,297 grams per tonne (gpt) silver and 0.9 gpt gold over a 6.1 m true width (39.9 oz per short ton (opT) silver equivalent (AgEq) over 20.0 feet (ft) (see Terronera long section here).
All 17 drill holes were targeted to fill gaps in the drill pattern, with the goal to upgrade one million tonnes of inferred resources to measured and indicated resources so they can be included in the mine plan for Terronera, and to expand the inferred resources at depth. Mineralization in the Terronera vein has been intersected over 1400 m long by 500 m deep, and it remains open at depth.
Drilling highlights are summarized in the following table of drill results.
Silver equivalents are calculated at a ratio of 75:1 silver: gold. All widths are estimated true widths.
Luis Castro, Vice President, Exploration for Endeavour Silver, commented, “These infill drill results helped us meet our goal this year to increase our measured and indicated resources. The high silver and gold grades, excellent continuity of mineralization and significant exploration upside to expand the resources reinforce our view that Terronera has the potential to become the next key asset for the Company.”
The 2018 infill drill program is now complete with 32 holes totaling 18,774 m, more than the 10,000 m originally planned but less than the revised plan of 20,000 m, as the program goals were attained. A revised resource and reserve estimate will now be prepared for release in Q1, 2019 and the mine plan will be modified to accommodate the newly defined resources. These 2018 drill results for Terronera, were not included in the 2018 updated Terronera Preliminary Feasibility Study, additionally see Endeavour Silver News Release dated June 27, 2018.
The Company filed the technical report titled “NI 43-101 and NI 43-101F1 Technical Report Updated Mineral Resource Estimate and Updated Preliminary Feasibility Study for the Terronera Project, Jalisco State, Mexico” (“Terronera PFS”) prepared by Smith Foster and Associates with an effective date of August 7, 2018 and dated September 17, 2018. See Endeavour Silver News Release dated August 30, 2018 for details of the 2018 Terronera PFS. The complete report is available and can be viewed on SEDAR at www.sedar.com and on the Company’s website, under the Mining Assets, Development section. Today’s drill results and the results announced on June 27, 2018 are not included in the 2018 Terronera PFS.
Godfrey Walton, M.Sc., P.Geo., Endeavour’s President and COO, is the Qualified Person who reviewed and approved this news release and supervised the drilling programs in Mexico. A Quality Control sampling program of reference standards, blanks and duplicates is used to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption (AA) finish and silver by aqua regia digestion and ICP finish, over-limits by fire assay and gravimetric finish.
About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting 10.2-11.2 million oz silver equivalent production in 2018. Endeavour is currently commissioning its fourth mine at El Compas, advancing a possible fifth mine at the Terronera mine project and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
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Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018, the timing and results of various future activities, the reliability of mineral resource estimates, the economic analysis and proposed development of the Terronera mine.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, the reliability of Terronera mineral resource and reserve estimates, economic analysis and estimates for the Terronera, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the reliability of mineral resource and reserve estimates and economic analyses for the Terronera mine, the continued operation of the Company’s mines, no material adverse change in the market prices of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
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