Sierra Metals Announces an Updated NI 43-101 Mineral Reserve and Resource Estimates for its Yauricocha and Bolivar Mines
-
Yauricocha Life-of-Mine (“LOM”)1,2
- Over 8-year LOM with 10.4 million tonnes of Measured & Indicated Resources, over 10-year LOM with 13.2 million tonnesof Inferred Resources
- Over5-year LOM of Proven and Probable Mineral Reservesof 6.4 million tonnes
-
Bolivar Life -of-Mine (“LOM”)1,3- Over 10-year LOM with 18.4 million tonnes of Measured & Indicated Resources, over 7-year LOM with 12.1 million tonnes of Inferred Resources
- Over3-year LOM of Proven and Probable Mineral Reserves5.6 million tonnes
- The Company has consistently been able to replace mineral resources mined.
Summary
The updated MRE indicates the following LOM mineral resources and reserves:
Yauricocha 1,2 |
Bolivar 1,3 |
|
Measured & Indicated Resources |
|
|
Tonnes |
10.4 Mt |
18.4 Mt |
Life-of-mine |
8 years |
10 years |
Inferred Resources |
|
|
Tonnes |
13.2 Mt |
12.1 Mt |
Life-of-mine |
10 years |
7 years |
Proven & Probable Reserves |
|
|
Tonnes |
6.4 Mt |
5.6 Mt |
Life-of-mine |
5 years |
3 years |
Mineral resources are inclusive of mineral reserves. |
||
(1) |
Assumes 347 operating days per year at full plant capacity, assuming 1.5 days per month of maintenance works |
|
(2) |
Assumes throughput rates of 3,600 tpd |
|
(3) |
Assumes throughput rates of 5,000 tpd |
At Bolivar, the Company replaced and increased mineral resources mined in 2023 (see
At Yauricocha, mine development is currently underway below the 1120 level (see
A technical report is being prepared in accordance with NI 43-101 in respect of each of the
Tonnes |
Cu |
Zn |
Ag |
Au |
Pb |
NSR |
Cu |
Zn |
Ag |
Au |
Pb |
|
kt |
% |
% |
g/t |
g/t |
% |
US$/t |
Mlb |
Mlb |
Moz |
Moz |
Mlb |
|
Measured |
1,946 |
1.37% |
2.12% |
40.35 |
0.56 |
0.48% |
114.90 |
58.76 |
90.93 |
2.52 |
0.04 |
20.59 |
Indicated |
8,429 |
1.29% |
2.21% |
42.73 |
0.47 |
0.56% |
113.84 |
239.71 |
410.66 |
11.58 |
0.13 |
104.06 |
M&I |
10,374 |
1.30% |
2.19% |
42.28 |
0.48 |
0.55% |
114.04 |
297.33 |
500.88 |
14.10 |
0.16 |
125.79 |
Inferred |
13,211 |
1.30% |
1.59% |
34.42 |
0.43 |
0.49% |
102.88 |
378.63 |
463.10 |
14.62 |
0.18 |
142.71 |
Notes: |
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. |
Mineral resources are reported at Cut-Off values (“COV”) based on 2023 actual metallurgical recoveries and 2024 smelter contracts. |
Reporting cut-off value is a Net Smelter Return (“NSR”) and are variable based on mining method: |
Metal prices for the NSR formulas are: |
Capping of grades for silver, gold, copper, lead, zinc, arsenic, and iron assays were applied depending on mineralized domain and where appropriate. The Company is not aware of political, environmental or other risks that could materially affect the potential development of the mineral resources. Mineral resources are inclusive of mineral reserves. |
|
Tonnes |
Cu |
Zn |
Ag |
Au |
Pb |
NSR |
Cu |
Zn |
Ag |
Au |
Pb |
kt |
% |
% |
g/t |
g/t |
% |
US$/t |
Mlb |
Mlb |
Moz |
Moz |
Mlb |
|
Proven |
1,114 |
0.86% |
1.71% |
28.22 |
0.39 |
0.24% |
77.08 |
21.11 |
42.10 |
1.01 |
0.01 |
5.90 |
Probable |
5,239 |
1.05% |
1.85% |
35.75 |
0.36 |
0.47% |
93.89 |
121.57 |
213.55 |
6.02 |
0.06 |
53.98 |
Total Reserves |
6,353 |
1.02% |
1.83% |
34.43 |
0.36 |
0.43% |
90.94 |
142.68 |
255.65 |
7.03 |
0.07 |
59.87 |
Notes: |
Mineral reserves have been classified in accordance with the |
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. |
Mineral reserves are reported at COV’s based on 2023 actual metallurgical recoveries and 2024 smelter contracts. |
Reporting cut-off value is an NSR and are variable by mining method: |
Mining recovery and dilution have been applied and are variable by mining area and proposed mining method. The Company is not aware of political, environmental or other risks that could materially affect the potential development of the mineral reserves. |
Tonnes | Cu | Ag | Au | NSR | Cu | Ag | Au | |
kt | % | g/t | g/t | US$/t | Mlb | Moz | Moz | |
Measured |
2,328 |
0.84% |
19.83 |
0.33 |
68.65 |
43.22 |
1.48 |
0.02 |
Indicated |
16,039 |
0.74% |
14.63 |
0.24 |
57.93 |
262.74 |
7.55 |
0.12 |
M&I |
18,367 |
0.76% |
15.29 |
0.25 |
59.29 |
305.96 |
9.03 |
0.15 |
Inferred |
12,108 |
0.72% |
12.21 |
0.19 |
54.33 |
192.97 |
4.75 |
0.07 |
Notes: |
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. |
Reporting cut-off value is an NSR of |
NSR = Cu*60.7714 + Au*26.575 + Ag*0.4406 |
Metal prices for the NSR formulas are: |
Capping of grades varied between 1.35 % Cu and 9.0 % Cu, 0.4 g/t Au and 6.0 g/t Au, and 38.0 g/t Ag and 300.0 g/t Ag, depending on mineralized domain. The density is determined by slope of regression based on Fe block grades. Density = (Fe*0.0295)+2.9338. The Company is not aware of political, environmental or other risks that could materially affect the potential development of the mineral resources. Mineral resources are inclusive of mineral reserves. |
Tonnes |
Cu |
Ag |
Au |
NSR |
Cu |
Ag |
Au |
|
Kt |
% |
g/t |
g/t |
US$/t |
Mlb |
Moz |
Moz |
|
Proven |
452 |
0.86% |
26.05 |
0.43 |
75.11 |
8.57 |
0.38 |
0.01 |
Probable |
5,125 |
0.76% |
16.02 |
0.26 |
60.38 |
86.17 |
2.64 |
0.04 |
Total Reserves |
5,577 |
0.77% |
16.83 |
0.28 |
61.58 |
94.74 |
3.02 |
0.05 |
Notes: |
Mineral reserves have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43- 101. |
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. |
Mineral reserves are reported at COVs based on 2023 actual metallurgical recoveries and 2024 smelter contracts. |
Reporting cut-off value is an NSR: |
NSR was calculated as follows: NSR =Cu∗60.7714+Au ∗26.575+Ag ∗0.4406 |
Mining recovery and dilution have been applied. |
The Company is not aware of political, environmental, or other risks that could materially affect the potential development of the mineral reserves. |
Qualified Persons
About
Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By their nature, statements referring to mineral reserves or mineral resources constitute forward-looking statements. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507003583/en/
For further information regarding
Investor Relations
+1 (866) 721-7437
info@sierrametals.com
Source: