(MENAFN- GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia, Nov. 27, 2024 (GLOBE NEWSWIRE) -- CMC Metals Ltd. (TSX-V: CMB) (Frankfurt: ZM5P) (“CMC” or the“Company”) is pleased to announce a new Mineral Resource Estimate (“MRE”) for its silver-lead-zinc Silver Hart Project (SHP), in Yukon, Canada. The new MRE totals an Inferred resource of 8.820 Moz @ 145.2 g/t silver equivalent (“AgEq”) in 1,889,000 tonnes utilizing a cut-off grade of 50 g/t AgEq (See table 1). This MRE has been prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Table 1
SHP Pit Constrained Inferred Mineral Resources as of December 31, 2023 at a Cut-off Grade of AgEq>=50 g/t |
| |
Mining
Method
| Domain
| Mass
(Tonnes)
| Average Value | Material Content |
AgEq
g/t | Ag
g/t | Pb
% | Zn
% | AgEq
Million oz | Ag
Million oz | Pb
Million lb | Zn
Million lb |
Open
Pit
| TM_Zone | 269,000 | 229.8 | 152.7 | 0.56 | 1.88 | 1.985 | 1.319 | 3.3 | 11.1 |
| S_Zone | 127,000 | 334.5 | 262.1 | 0.36 | 1.90 | 1.368 | 1.072 | 1.0 | 5.3 |
| KL_Zone | 1,026,000 | 110.9 | 35.7 | 0.11 | 2.17 | 3.659 | 1.178 | 2.5 | 49.0 |
| K_Zone | 265,000 | 79.8 | 14.2 | 0.09 | 1.90 | 0.680 | 0.121 | 0.5 | 11.1 |
| M_Zone | 202,000 | 173.6 | 98.1 | 0.58 | 1.82 | 1.128 | 0.637 | 2.6 | 8.1 |
| Total | 1,889,000 | 145.2 | 71.3 | 0.24 | 2.03 | 8.820 | 4.327 | 9.9 | 84.7 |
Notes:
The effective date of this mineral resource statement is December 31, 2023.
The qualified person responsible for this Mineral Resource Estimate (MRE) is Charley Murahwi, M.Sc., P.Geo., FAusIMM.
The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014)
Ordinary Kriging (OK) interpolation was used with a single block size of 5m x 5m x 5m.
The mineral resource results are presented in-situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE.
The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.
AgEq g/t = [(Ag ppm x %Recovery x Price/g) + (Pb ppm x %Recovery x Price/g) + (Zn ppm x %Recovery x Price/g)]/ (Ag Price/g x %Recovery).
Mineral resources unlike 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.
A summary of the SHP mineral resource economic and technical parameters and/or assumptions is presented in Table 2 below.
Table 2
Summary of the SHP Economic and Technical Parameters/Assumptions |
| |
| Item | Units | Extended | |
| Mining cost | CAD$/t all material | 10.00 | |
| Processing cost | CAD$/t crude feed | 25.50 | |
| G&A cost | CAD$/t crude feed | 5.00 | |
| Exchange rate | CAD$ to US$ | 0.75 | |
| Ag price | USD$/oz | 23.30 | |
| Pb price | US$/metric tonne | 1,892 | |
| Zn price | US$/metric tonne | 2,505 | |
| Metallurgical recovery (all metals) | Percentage | 80 | |
| Overall pit slope | Degrees | 45 | |
| |
Further details on the new mineral resource estimate at Silver Hart and the use of the above-mentioned parameters will be provided in the upcoming NI 43-101 report by MICON International Limited who undertook the MRE estimate on behalf of the Company.
Kevin Brewer, President and CEO of the Company noted,“We have a conceptual development plan that suits the size and grade of the resource estimate and the nature of the mineralization that starts at surface. The mineralization at Silver hart comprises of high-grade veins and mantos that are potentially amenable to open pit mining. Our plan is to fully evaluate developing these resources for a seasonal, small scale open pit operation developing each of the known mineralized areas. We plan to evaluate the potential ways to minimize project risk that will include the possible utilization of an ore sorter to enhance ore grades with the concentrate material then trucked to a processing facility. The closest potential mill may be at the Silvertip project owned by Coeur Mining, which would entail a trucking distance of approximately 100 kilometers from Silver Hart. CMC also hopes to establish a partnership arrangement with local First Nations to undertake this project and will be commencing discussions in the very near future. Our next steps are to engage discussions with First Nations and conduct the first round or metallurgical testing and ore sorting capabilities which we hope to commence in the near future, subject to financing.”
The new MRE also notes that there are opportunities to expand many of the known mineralized zones (TM, KL, K, S and M) and does not include any discussions on the potential for additional zones in the adjacent Blue Heaven Property that is 80% owned by CMC.
The Rancheria Silver District is located approximately 300 kilometers east of Whitehorse, Yukon in a 130 km long by 50 km wide belt that straddles the Yukon and British Columbia border. CMC has been actively exploring this silver district on the northern end at its Silver Hart and Blue Heaven properties and recently acquired a 100% interest in the Amy property and has optioned its Silverknife Project to Coeur Mining Inc.
Qualified Person
The Qualified Person responsible for this Mineral Resource Estimate (MRE) is Charley Murahwi, M.Sc., P.Geo., FAusIMM of MICON International Limited (as defined by National Instrument 43-101). The Qualified Person has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Our polymetallic silver-lead-zinc CRD prospects in the Rancheria Silver District include the Silver Hart Deposit and Blue Heaven claims (Yukon), Amy and Silverknife claims (British Columbia). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (central Newfoundland) and Logjam (Yukon).
On behalf of the Board:
“Kevin Brewer”
Kevin Brewer,
CEO, President and Director
CMC METALS LTD.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327-8013
...
Suite 1000-409 Granville St., Vancouver, BC, V6C 1T2
To be added to CMC's news distribution list, please send an email to ... or contact Mr. Kevin Brewer directly.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
“This news release may contain certain statements that constitute“forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.”
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