Silver Bear Announces Positive Drilling Results for the Vertikalny Silver Deposit and Second Quarter 2018 Project Update
August 23 2018 - 7:06AM
Silver Bear Resources Plc (“Silver Bear” or the “Company”) (TSX:
SBR) is pleased to announce positive infill drilling results for
the Vertikalny deposit within the Mangazeisky Silver Project,
Republic of Sakha (“Yakutia”) Russia. In addition, the Company
filed its financial results for the three and six month period
ended June 30, 2018 on August 13, 2018, including development
highlights of its Mangazeisky operations.
Graham Hill, President and Chief Executive
Officer, commented: “We are very encouraged by continued excellent
results from the grade control drilling at the Vertikalny deposit
which continue to validate our geological modelling. We plan a
mineral resource updated of the mine area later this year. In
addition, exploration is ongoing at other potential areas with some
infill drilling at Mangazeisky North and initial trenching at the
very prospective Kis Kuel target further to the south.
Operationally, the Prognoz team has made
significant progress with almost three tonnes of silver bearing
powder sent to the refinery during July. We are very pleased with
the progress being made in August with continued and sustained
stability of all operations. Mining operations proceed according to
plan and the milling, leaching and filtration sections are running
at design throughput on a continual basis. Detailed commissioning
and optimisation of the electrowinning section are ongoing. Silver
Bear anticipates full commercial production during the last quarter
of this year.”
Drilling Highlights
- Initial results for the first 210 metres of infill diamond
drilling contains 23.5 m of significant silver intersects (>200
g/t Ag and greater than 0.5 m) including:
- 3,054 g/t Ag over 0.8 m in C_01_2018 from 6.2 m
- 1,895 g/t Ag over 0.6 m in C_01_2018 from 8.0 m
- 4,101 g/t Ag over 2.9 m in C_03_2018 from 22.0 m
- 4,617 g/t Ag over 2.0 m in C_04_2018 from 37.5 m
- 4,008 g/t Ag over 2.2 m in C_04_2018 from 41.5 m
- 2,049 g/t Ag over 0.8 m in C_06_2018 from 43.2 m
The drill results form part of the previously
announced ongoing infill drilling campaign at Vertikalny deposit,
with a mineral resource update planned upon completion of drilling
program. Mineralised intercepts in drill holes C_01_2018, 03,
04, 05 and 06 at Vertikalny (above 200 g/t Ag cut-off and greater
than 0.5 m apparent thickness), all intersections are of apparent
thicknesses. Included intervals >1,000 g/t Ag are
highlighted.
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|
|
BHID |
From (m) |
To (m) |
Interval (m) |
Length Weighted Average Ag (g/t) |
C_01_2018 |
6.2 |
8.6 |
2.4 |
1506 |
Including |
6.2 |
7.0 |
0.8 |
3054 |
Including |
8.0 |
8.6 |
0.6 |
1895 |
C_03_2018 |
6.7 |
7.6 |
0.9 |
547 |
C_03_2018 |
20.2 |
24.9 |
4.7 |
2640 |
Including |
22.0 |
24.9 |
2.9 |
4,101 |
C_04_2018 |
23.0 |
25.5 |
2.5 |
306 |
C_04_2018 |
32.5 |
33.1 |
0.6 |
252 |
C_04_2018 |
35.8 |
43.7 |
7.9 |
2412 |
Including |
37.5 |
39.5 |
2.0 |
4617 |
Including |
41.5 |
43.7 |
2.2 |
4008 |
C_05_2018 |
21.7 |
24.8 |
3.1 |
878 |
C_06_2018 |
18.9 |
19.5 |
0.6 |
423 |
C_06_2018 |
43.2 |
44.0 |
0.8 |
2049 |
|
|
|
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Geological and Sampling
Procedures
A Quality Assurance/Quality Control program is
part of the drilling programme on the Mangazeisky deposits. This
programme includes chain of custody protocols as well as systematic
submittals of standards, duplicates and blank samples into the flow
of samples produced by the drilling. Sample analyses was undertaken
at the Vertikalny onsite mine laboratory utilising the atomic
absorption method for silver analyses.
Qualified Person
Joe Hirst. B.SC., M.SC. European Geologist
(EurGeol) and Chartered Geologist (CGeol) of Tetra Tech is the
Qualified Person under National Instrument 43-101 and has reviewed
the scientific and technical information in this release.
Pre-Commercial Production Commissioning
Update
Pre-commercial production at the Mangazeisky
project commenced in April 2018 during the commissioning activities
as the final construction of the processing plant and associated
infrastructure was being completed. During this phase of
pre-commercial production the Company is milling lower grade
material for commissioning purposes.
During the second quarter 2018, as a result of
the pre-commercial production commissioning activities, the Company
mined 20,110 tonnes and milled 11,848 tonnes of ore for a total of
approximately 64,287 ounces silver contained in the dry powder. As
of August 13, 2018, the Company had sold 75,928 ounces of silver at
a realized price of US$15.78 Ag/oz.
During July 2018, the Company mined 20,058
tonnes and milled 5,266 tonnes of ore for a total of approximately
65,621 ounces silver contained in the dry powder. On August 21,
2018, the Company sold an additional 42,400 ounces of silver at a
realized price of US$14.59 Ag/oz.
Outlook for the Remainder
of 2018
Following the initiation of silver production in
the second quarter as a result of commissioning activities the
Company’s priorities for the remainder of 2018 are as follows:
- Successful completion of remaining commissioning activities
paving the way for full commercial silver production;
- Continue to monitor all operations to manage operating costs
and improve operational efficiencies;
- Continue to build up operational capabilities and staffing and
introduce new systems for production monitoring and management
accounting;
- Complete 2018 exploration program that is targeting extension
of existing deposits and new areas of significance with the intent
to grow the Projects resources and establish future drilling
programmes; and
- Develop and specify strategic objectives in terms of the
Company’s growth with a view to potential M&A activity and
developing other Resources into producing operations.
For complete details of the unaudited condensed
interim consolidated financial statements and associated
management’s discussion (“Q2 2018 Report”) and analysis please
refer to the SEDAR website (www.sedar.com) under the Company’s
profile or the Company’s website (www.silverbearresources.com).
About Silver Bear
Silver Bear (TSX: SBR) is focused on the
development of its wholly-owned Mangazeisky Silver Project,
covering a licence area of approximately 570 km2 that includes
the high-grade Vertikalny deposit (amongst the highest- grade
silver deposits in the world), located 400 km north of Yakutsk in
the Republic of Sakha within the Russian Federation. The Company
was granted a 20-year mining licence for the Vertikalny deposit in
September 2013 and filed an updated Feasibility Study in August
2017. Project construction and permitting is advancing with first
silver production has begun in late 2Q 2018. Other information
relating to Silver Bear are available on SEDAR at www.sedar.com as
well as on the Company's website at
www.silverbearresources.com.
Cautionary Notes
This release and subsequent oral statements made
by and on behalf of the Company may contain forward-looking
statements, which reflect management's expectations. Wherever
possible, words such as "intends", "expects", "scheduled",
"estimates", "anticipates", "believes" and similar expressions or
statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, have
been used to identify these forward-looking statements. Although
the forward-looking statements contained in this release reflect
management's current beliefs based upon information currently
available to management and based upon what management believes to
be reasonable assumptions, the Company cannot be certain that
actual results will be consistent with these forward-looking
statements. A number of factors could cause events and achievements
to differ materially from the results expressed or implied in the
forward-looking statements. Such risk factors include, but are not
limited, to the risk factors identified by the Company in its
continuous disclosure filings filed from time to time on SEDAR.
These factors should be considered carefully, and prospective
investors should not place undue reliance on the forward-looking
statements. Forward-looking statements necessarily involve
significant known and unknown risks, assumptions and uncertainties
that may cause the Company's actual results, events, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Although the Company has
attempted to identify important risks and factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
and risks that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, prospective investors
should not place undue reliance on forward-looking statements.
These forward-looking statements are made as of the date of this
release, and the Company assumes no obligation to update or revise
them to reflect new events or circumstances, unless otherwise
required by law.
CONTACT INFORMATION:
Graham
HillPresident and Chief Executive OfficerT: +7 916 731
5673info@silverbearresources.com Buchanan UKBobby
Morse T: + 44 (0) 20 7466 5000 |
Judith
WebsterInvestor Relations Manager & Corporate SecretaryT: +416
453 8818jwebster@silverbearresources.com |
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