See press release dated July 29, 2020 for details regarding Mineral Resource Estimates and Mineral Reserve Estimates. A Technical Report on Los Ricos will be filed on SEDAR and available on this website before September 11, 2020, as well as the update Parral Reserve Estimate and Esmerelda Resource Estimate.
Los Ricos South

Table 1: Los Ricos South Mineral Resource Estimate – Pit Constrained and Out-of-Pit(Note1-8)

Mining Method Category Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
(Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)

Pit Constrained5

Measured 1.1 1.10 152 2.84 249 39 5,464 102 8,917
Indicated 8.7 0.89 113 2.18 191 247 31,681 610 53,330
Measured & Indicated 9.8 0.91 118 2.26 197 287 37,146 711 62,243
Inferred 2.3 0.75 73 1.58 138 56 5,421 118 10,296
Out-of-Pit6,7 Indicated 0.2 1.23 185 3.35 293 6 907 16 1,434
Inferred 0.9 1.21 209 3.60 315 37 6,360 110 9,588
Total Measured 1.1 1.10 152 2.84 249 39 5,464 102 8,917
Indicated 8.8 0.89 115 2.20 193 253 32,588 626 54,765
Measured & Indicated 10.0 0.91 119 2.27 199 293 38,053 728 63,677
Inferred 3.3 0.88 112 2.17 190 93 11,781 227 19,884
  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  4. Historically mined areas were depleted from the Mineral Resource model.
  5. The pit constrained AuEq cut-off grade of 0.43 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price, 93% process recovery, US$18/tonne process and G&A cost. The constraining pit optimization parameters were $2.00/t mineralized mining cost, 1.50/t waste mining cost and 50-degree pit slopes.
  6. The out-of-pit AuEq cut-off grade of 1.4 g/t Au was derived from US$1,400/oz Au price, US$16/oz Ag price, 93% process recovery, $40/t mining cost, US$18/tonne process and G&A cost. The out-of-pit Mineral Resource grade blocks were quantified above the 1.4 g/t AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the Los Ricos and Rascadero Veins, which exhibit historical continuity and reasonable potential for extraction by cut and fill and longhole mining methods.
  7. No out-of-pit Mineral Resources are categorized as Measured.
  8. AgEq and AuEq calculated at an Ag/Au ratio of 87.5

 

Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource

  Cut-off
(AuEq)
Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
 (g/t) (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Measured  3.0  0.4  2.20  293  5.54  485  26  3,517  67  5,828
 2.0  0.6  1.79  238  4.51  395  32  4,295  81  7,119
 1.0  0.9  1.33  181  3.39  297  38  5,146  97  8,453
 0.8  1.0  1.24  170  3.18  279  39  5,285  99  8,660
 0.6  1.0  1.16  160  2.99  261  39  5,394  101  8,818
 0.43  1.1  1.10  152  2.84  249  39  5,464  102  8,917
Indicated  3.0  1.8  2.33  270  5.42  474  131  15,250  306  26,741
 2.0  3.1  1.74  209  4.13  361  174  20,866  413  36,107
 1.0  6.0  1.17  145  2.83  248  227  28,104  548  47,950
 0.8  6.9  1.06  133  2.58  225  236  29,578  574  50,240
 0.6  8.0  0.95  121  2.33  204  244  30,943  597  52,275
 0.43  8.7  0.89  113  2.18  191  247  31,681  610  53,330
Measured & Indicated  3.0  2.1  2.31  274  5.44  476  158  18,766  372  32,568
 2.0  3.7  1.75  213  4.19  366  207  25,161  494  43,231
 1.0  6.9  1.19  150  2.90  254  265  33,250  645  56,399
 0.8  7.9  1.08  137  2.65  232  275  34,864  673  58,895
 0.6  9.0  0.98  125  2.41  211  283  36,338  698  61,087
 0.43  9.8  0.91  118  2.26  197  287  37,146  711  62,243
Inferred  3.0 0.2  1.83 246  4.64 406 12  1,598 30  2,635
 2.0 0.4  1.38 181  3.44 301 20  2,613 50  4,355
 1.0 1.5  0.96 93  2.02 177 47  4,553 99  8,691
 0.8 1.8  0.88 85  1.85 162 51  4,905 107  9,388
 0.6 2.1  0.81 78  1.69 148 54  5,215 114  9,946
 0.43  2.3  0.75  73  1.58  138  56  5,421  118  10,296
  1. See Table 1 notes for assumptions

 
Table 3: Cut-off Sensitivities – Out-of-Pit Mineral Resource

  Cut-off
(AuEq)
Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
 (g/t) (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Indicated 3.0  0.1  1.69  281  4.90  429  3  565  10  864
2.5  0.1  1.56  243  4.34  379  4  663  12  1,036
2.0  0.1  1.35  201  3.65  319  6  818  15  1,296
1.8  0.2  1.23  185  3.35  293  6  907  16  1,434
1.6  0.2  1.12  169  3.05  267  7  1,008  18  1,592
1.39  0.2  1.02  154  2.78  243  7  1,114  20  1,759
Inferred  3.0  0.4  2.04  334  5.86  512  24  3,886  68  5,963
 2.5  0.5  1.77  293  5.12  448  27  4,466  78  6,832
 2.0  0.7  1.38  233  4.05  355  33  5,616  98  8,528
 1.8  0.9  1.21  209  3.60  315  37  6,360  110  9,588
 1.6  1.1  1.09  191  3.27  286  40  7,015  120  10,526
 1.39  1.4  0.98  173  2.96  259  44  7,726  132  11,548
  1. See Table 1 notes for assumptions
  2. No Mineral Resources are categorized as Measured in the out-of-pit area.
Parral

Proven & Probable Mineral Reserves – Parral

Category Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
  (Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Proven  8.7  0.34  32.4 0.71 62  95  9,088 199  17,480
Probable  6.7  0.35  34.8 0.74 66  75  7,483 159  14,106
Total  15.4  0.34  33.4 0.72 64  171  16,570 358  31,585
  1. Mineral Reserves have demonstrated economic viability. The estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Reserves in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Reserve in this estimate are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$9.95/t and Au and Ag process recoveries of 65% resulting in a AuEq cut-off grade of 0.34g/t, calculated at an Ag/Au ratio of 87.5:1.
Esmerelda

Mineral Resource Estimate – Esmerelda

Category Area Tonnes Average Grade Contained Metal
Au Ag AgEq Au Ag AgEq
    (Mt) (g/t) (g/t) (g/t) (koz) (koz) (koz)
Measured Upper  3.07  0.24  64  85  23.5  6,339  8,395
Lower  2.60  0.29  32  57  24.6  2,646  4,799
Total  5.67  0.26  49  72  48.1  8,985 13,194
Indicated Upper  0.01  0.18  62  78  -    12  14
Lower  0.05  0.22  46  65  0.3  68  97
Total  0.05  0.00  48  67  0.3  80  112
Measured & Indicated Total  5.72  0.26  49  72  48.4  9,065  13,305
  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  2. The Mineral Resources in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  3. The Mineral Resource in this estimate are based on US$1,400/oz Au, US$16/oz Ag, operating costs of US$10.14/t and Au and Ag process recoveries of 50% resulting in a AgEq cut-off grade of 41 g/t, calculated at an Ag/Au ratio of 87.5:1.
Company Wide Mineral Resources
Project Classification Tonnes Average Grade Contained Metal
Au Ag AuEq AgEq Au Ag AuEq AgEq
(Mt) (g/t) (g/t) (g/t) (g/t) (koz) (koz) (koz) (koz)
Los Ricos South Measured 1.1 1.10 152 2.84 249 39 5,464 102 8,917
Indicated 8.8 0.89 115 2.20 193 253 32,588 626 54,765
Measured & Indicated 10.0 0.91 119 2.27 199 293 38,053 728 63,677
Parral Measured1  8.7  0.34  32 0.71 62  95  9,088 199 17,480
Indicated1  6.7  0.35  35 0.74 66  75  7,483 159 14,106
Measured & Indicated1  15.4  0.34  33 0.72 64  171 16,570 358 31,585
Esmerelda Measured  5.67  0.26  49 0.82 72 48  8,985 151 13,194
Indicated  0.05  0.00  48  0.77 67  0.3  80 1 112
Measured & Indicated  5.72  0.26  49  0.82 72 48  9,065 152 13,305
Total Measured  15.5  0.37  47  0.91  80 182 23,537 452 39,591
Indicated  15.6  0.66  80  1.57  138 328 40,151 786 68,983
Measured & Indicated  31.1  0.51  64  1.24  109 512 63,688 1,238 108,567
Los Ricos South Inferred 3.3 0.88 112 2.17 190 93 11,781 227 19,884
  1. Mineral Reserves are a subset of Mineral Resources