Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the
“Company”) today provided an update on the drilling and exploration
programs in the Los Gatos district (“LGD”) in Mexico. The update
includes new intercepts of high-grade mineralization in the
South-East Deeps (“SE Deeps”) zone of its 70%-owned Cerro Los Gatos
(“CLG”) mine that could provide additional mineral resources and
reserves to extend the mine life.
“We continue to be very encouraged by the
results of the ongoing drill program in the South-East Deeps zone”
said Dale Andres, CEO of Gatos Silver. “These drill intercepts,
which are from areas outside of our current mineral reserve,
further support our target of extending the mine life by the third
quarter of 2024. Definition drilling is identifying high-grade
zones within the broader inferred resource. We are prioritizing
these zones for potential conversion to reserves. We have also
added an additional surface drill rig to advance drill testing of
several high priority near-mine and district exploration targets,
which brings to ten the number of active drill rigs on the
property, including seven surface rigs and three underground
rigs.”
Q3 2023 Highlights
-
Resource definition drilling in the SE Deeps zone of CLG continued
to intercept high-grade mineralization below and north of the
existing mineral reserve (see Table 1 for complete intercept
details)
-
3.9m (2.9m estimated true width, or “ETW”) at 550 g/t Ag, 24.53%
Zn, 13.74% Pb, 0.46 g/t Au and 0.30% Cu (SE-530)
-
6.8m (5.8m ETW) at 447 g/t Ag, 2.46% Zn, 2.71% Pb, 0.38 g/t Au and
1.13% Cu (SE-534)
-
3.5m (2.8m ETW) at 457 g/t Ag, 0.92% Zn, 2.85% Pb and 2.13% Cu
(SE-540)
-
3.5m (2.9m ETW) at 140 g/t Ag, 17.11% Zn, 5.61% Pb, 0.19 g/t Au and
0.47% Cu (SE-544)
-
9.0m (7.6m ETW) at 148 g/t Ag, 1.56% Zn, 1.92% Pb, 0.58 g/t Au and
0.73% Cu (SE-547)
-
2.0m (1.7m ETW) at 207 g/t Ag, 3.43% Zn, 10.10% Pb, 1.22 g/t Au and
0.74% Cu (SE-556)
-
Greenfields exploration work in the LGD continues to advance
-
We commenced drilling at the Santa Ana target with two initial
holes completed during the quarter and we have recently started
drilling at the Portigueño target
-
We completed detailed mapping and rock geochemistry at the San
Luis, El Valle and Lince areas to support drill target
generation
-
We completed the first stage of a magneto-telluric geophysics
survey on an area of the Rio Conchos basin near CLG and
interpretation is underway
CLG South-East Deeps Resource Definition
Drilling
The drill intercepts to date show continuity of
the SE Deeps mineralization extending approximately 1km laterally
and 400m vertically, which adjoins the existing SE mineral reserve
and remains open along strike.
During 2022 and early 2023 we completed drilling
at approximately 100m to 200m spacing for the purpose of
establishing the larger scale strike and dip of the SE Deeps zone.
Since Q2 2023 we have focused on infilling the higher-grade areas
of the zone to 50m spacing and we expect that will continue until
the end of Q1 2024. As expected, this tighter drill spacing is
showing that variability within the zone exists, with higher grade
in some areas and lower grade in other areas. On average, base
metals including copper, represent a higher proportion of the
in-situ value than in the Central and NW zones. Drill results
continue to demonstrate excellent potential for a multi-year mine
life extension.
There are two zones of higher-grade
mineralization emerging from the infill drilling. One is at the
north-western end and the other is in the centre of the 2023
Inferred Resource in the SE Deeps zone.
Figure 1: Long section of CLG1
showing SE resource definition drilling intercepts (drilled
width) received since the 2023 resource database cutoff date. See
Table 1 for complete intercept details including true width
estimates.2
1 The 2023 Mineral Reserve and 2023 Mineral
Resource is disclosed in the Technical Report Summary dated October
20, 2023 (the “Los Gatos Technical Report”) which is filed with the
SEC and available on the Company’s website
(https://gatossilver.com). A corresponding technical report has
also been filed on SEDAR+.2 See press release dated July 18, 2023
for further information relating to the other previously reported
SE Deeps drill intercepts received since the 2023 resource database
cutoff date of March 31, 2023.
Figure 2: Cross-section through centre of SE Deeps at
drillhole SE-556 showing intercepts (drilled width)
Los Gatos District Exploration Update:
Current Near-mine Focus Plus District Scale Potential
The LGD is comprised of a large land package
covering over 103,000 hectares with an established pipeline of
prospects with over 50 targets identified to date. We are advancing
with detailed mapping and drill testing of the highest priority
known targets. We are also advancing with district mapping and
geophysics to identify additional targets. During the third quarter
of 2023 we progressed with mapping at three prospective areas:
Lince, El Valle and San Luis.
We mobilized a second surface drill rig to site
for allocation to the greenfield targets during the fourth quarter
which will prioritize the near-mine targets.
The Santa Ana area is located approximately 1km
north of the NW zone at CLG. Calcite and manganese veining was
identified within the epiclastic basin during the first quarter of
2023. We completed two drillholes into the zone during the third
quarter of 2023. After abandoning the first hole due to drilling
challenges in the structure, our second hole reached targeted
depth. The drillholes intercepted the structure in the rhyolites,
the rock type above the andesites that host mineralization at CLG.
While not mineralized, the drillholes did show encouraging
geochemistry indicative of being high in an epithermal system. The
drillholes also demonstrated that the andesite under the epiclastic
basin is shallower than previously thought. The LGJV is preparing
to follow up with drilling further to the northwest to intercept
the structure where it cuts through the andesite.
The Portigueño area is located approximately
2.5km southeast of CLG. Detailed mapping has shown that this area
of the basin is more complex than previously thought. New surface
mapping and relogging of historic drillholes in the area has
identified a series of NW-SE trending faults with veining and
alteration associated with them. We started drilling at the end of
the quarter aiming to better understand the structural framework of
the area, which is located approximately 1km south-east of the SE
Deeps zone.
During the second quarter of 2023 we completed
drone capture of LiDAR and detailed air photos for Lince, 22km NW
of CLG. After interpretating the air photos, we identified numerous
previously unmapped artisanal workings and structures. We are
planning for detailed ground mapping of these new structures during
the fourth quarter. Drilling for the northwest area of the
concession is planned for early 2024 after that information is
available.
The LGJV has completed the first stage of a
combination magneto-telluric and IP geophysical survey over the CLG
area. We are currently interpreting this data in order to design
the second stage of the survey.
New surface mapping continues in the San Luis area,
approximately 5km northwest of CLG along the Los Gatos fault. A
large width of quartz-calcite veining exists in the area with
indications of multiple pulses of fluid flow, similar to what is
observed in the South-East zone. We are conducting further mapping
to better understand the structural framework of the area before
proceeding with drilling.
Figure 3: Plan view of the area
surrounding CLG with select prospects and high priority drill
targets
Table 1: Resource Definition Drilling
Results1
DHID |
|
From |
To |
Drill Width |
Estimated True Width |
Ag |
Zn |
Pb |
Au |
Cu |
|
|
m |
m |
m |
m |
ppm |
% |
% |
ppm |
% |
GA-SE-530 |
|
639.3 |
649.0 |
9.7 |
7.3 |
88 |
6.98 |
2.15 |
0.21 |
0.15 |
GA-SE-530 |
|
663.5 |
670.7 |
7.2 |
5.4 |
327 |
13.40 |
7.50 |
0.25 |
0.31 |
GA-SE-530 |
including |
666.8 |
670.7 |
3.9 |
2.9 |
550 |
24.53 |
13.74 |
0.46 |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-534 |
|
748.0 |
753.5 |
5.5 |
4.7 |
66 |
0.15 |
0.12 |
0.02 |
0.55 |
GA-SE-534 |
|
760.7 |
767.5 |
6.8 |
5.8 |
447 |
2.46 |
2.71 |
0.38 |
1.13 |
GA-SE-534 |
including |
763.7 |
767.5 |
3.8 |
3.2 |
765 |
3.00 |
4.17 |
0.58 |
1.75 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-535 |
|
661.7 |
668.6 |
6.8 |
5.8 |
52 |
1.45 |
0.42 |
0.03 |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-536A |
|
|
|
|
NSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GA-SE-538 |
|
627.8 |
634.9 |
7.1 |
6.0 |
88 |
3.49 |
1.86 |
0.47 |
0.62 |
GA-SE-538 |
including |
631.2 |
634.9 |
3.7 |
3.2 |
150 |
5.71 |
2.94 |
0.52 |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-539 |
|
|
|
|
NSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-540 |
|
738.0 |
755.0 |
17.0 |
13.6 |
129 |
1.39 |
1.22 |
0.06 |
0.67 |
GA-SE-DV-540 |
including |
749.5 |
753.0 |
3.5 |
2.8 |
457 |
0.92 |
2.85 |
0.08 |
2.13 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-541 |
|
668.5 |
698.0 |
26.5 |
21.2 |
77 |
5.77 |
3.59 |
0.17 |
0.29 |
GA-SE-541 |
including |
668.5 |
676.0 |
7.5 |
6.0 |
201 |
7.96 |
9.49 |
0.06 |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-542 |
|
681.0 |
684.0 |
3.0 |
2.4 |
29 |
2.47 |
2.81 |
0.17 |
0.20 |
GA-SE-542 |
|
691.0 |
693.0 |
2.0 |
1.6 |
39 |
0.66 |
1.45 |
0.49 |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-543 |
|
849.0 |
853.0 |
4.0 |
3.0 |
61 |
3.33 |
1.34 |
0.69 |
0.29 |
GA-SE-543 |
|
877.0 |
884.0 |
7.0 |
5.3 |
15 |
2.08 |
1.26 |
0.18 |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-544 |
|
713.5 |
717.0 |
3.5 |
2.9 |
140 |
17.11 |
5.61 |
0.19 |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-545 |
|
885.0 |
886.5 |
1.5 |
1.2 |
24 |
5.55 |
1.65 |
0.05 |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-546 |
|
696.8 |
705.0 |
8.2 |
6.6 |
91 |
2.36 |
0.70 |
0.14 |
0.42 |
GA-SE-546 |
including |
699.7 |
703.0 |
3.3 |
2.6 |
174 |
2.60 |
1.04 |
0.27 |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-547 |
|
795.6 |
799.0 |
3.4 |
2.9 |
123 |
1.94 |
1.28 |
0.06 |
0.91 |
GA-SE-547 |
|
810.0 |
839.0 |
29.0 |
24.6 |
75 |
1.98 |
1.42 |
0.29 |
0.38 |
GA-SE-547 |
including |
810.0 |
819.0 |
9.0 |
7.6 |
148 |
1.56 |
1.92 |
0.58 |
0.73 |
GA-SE-547 |
including |
815.0 |
819.0 |
4.0 |
3.4 |
243 |
0.95 |
1.36 |
0.21 |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-548 |
|
858.8 |
861.8 |
3.0 |
2.6 |
61 |
2.02 |
1.66 |
0.46 |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-549 |
|
|
|
|
NSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-550-A |
|
772.7 |
780.0 |
7.3 |
6.6 |
26 |
1.32 |
0.40 |
0.06 |
0.45 |
GA-SE-DV-550-A |
|
792.0 |
793.5 |
1.5 |
1.3 |
69 |
3.58 |
0.35 |
0.05 |
0.89 |
GA-SE-DV-550-A |
|
804.0 |
808.0 |
4.0 |
3.6 |
18 |
4.10 |
1.84 |
0.08 |
0.02 |
GA-SE-DV-550-A |
|
813.0 |
814.5 |
1.5 |
1.3 |
20 |
7.96 |
2.21 |
0.04 |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-DV-551 |
|
806.5 |
808.0 |
1.5 |
1.4 |
21 |
6.88 |
2.63 |
0.01 |
0.03 |
GA-SE-DV-551 |
|
830.6 |
832.1 |
1.5 |
1.4 |
79 |
13.35 |
5.33 |
0.67 |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
GA-SE-556 |
|
756.6 |
765.5 |
8.9 |
7.6 |
39 |
3.09 |
0.54 |
0.05 |
0.50 |
GA-SE-556 |
including |
756.6 |
760.4 |
3.8 |
3.2 |
57 |
4.03 |
0.49 |
0.04 |
0.81 |
GA-SE-556 |
|
778.0 |
787.8 |
9.8 |
8.3 |
85 |
1.80 |
3.87 |
0.47 |
0.34 |
GA-SE-556 |
including |
781.3 |
783.3 |
2.0 |
1.7 |
207 |
3.43 |
10.10 |
1.22 |
0.75 |
1 Results from drillholes GA-SE-531, GA-SE-532,
GA-SE-533 and GA-SE 537 were reported previously (see the Company’s
press release dated July 18, 2023), while drillholes GA-SE-552,
GA-SE-553, GA-SE-554 and GA-SE-555 are pending assay results.
Table 2: Greenfield Exploration Drilling
Results
DHID |
|
From |
To |
Drill Width |
Estimated True Width |
Ag |
Zn |
Pb |
Au |
Cu |
|
|
m |
m |
m |
m |
ppm |
% |
% |
ppm |
% |
|
|
|
|
|
|
|
|
|
|
|
ANA-01 |
|
NSV |
ANA-02 |
|
NSV |
Table 3: Drillhole
Locations
Drillhole |
Target |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Hole Depth |
GA-SE-530 |
Conversion |
369,633 |
3,047,504 |
1,585 |
214 |
-56 |
696 |
GA-SE-534 |
Conversion |
369,492 |
3,047,710 |
1,615 |
209 |
-57 |
813 |
GA-SE-535 |
Conversion |
369,350 |
3,047,758 |
1,634 |
211 |
-51 |
692 |
GA-SE-DV-536A |
Conversion |
369,421 |
3,047,942 |
1,629 |
207 |
-50 |
900 |
GA-SE-538 |
Conversion |
369,428 |
3,047,714 |
1,630 |
213 |
-44 |
677 |
GA-SE-DV-539 |
Conversion |
369,822 |
3,047,535 |
1,596 |
214 |
-56 |
1,124 |
GA-SE-DV-540 |
Conversion |
369,492 |
3,047,710 |
1,615 |
209 |
-57 |
792 |
GA-SE-541 |
Conversion |
369,393 |
3,047,731 |
1,638 |
212 |
-57 |
722 |
GA-SE-542 |
Conversion |
369,350 |
3,047,758 |
1,634 |
211 |
-56 |
760 |
GA-SE-543 |
Conversion |
369,887 |
3,047,454 |
1,620 |
213 |
-57 |
1,308 |
GA-SE-544 |
Conversion |
369,393 |
3,047,731 |
1,638 |
211 |
-59 |
927 |
GA-SE-545 |
Conversion |
369,769 |
3,047,568 |
1,591 |
214 |
-60 |
938 |
GA-SE-546 |
Conversion |
369,432 |
3,047,714 |
1,629 |
210 |
-54 |
745 |
GA-SE-547 |
Conversion |
369,822 |
3,047,534 |
1,596 |
214 |
-52 |
867 |
GA-SE-DV-548 |
Conversion |
369,769 |
3,047,568 |
1,591 |
214 |
-60 |
911 |
GA-SE-549 |
Conversion |
369,351 |
3,047,759 |
1,633 |
209 |
-58 |
753 |
GA-SE-DV-550-A |
Conversion |
369,822 |
3,047,534 |
1,596 |
214 |
-52 |
861 |
GA-SE-DV-551 |
Conversion |
369,769 |
3,047,568 |
1,591 |
214 |
-60 |
860 |
GA-SE-556 |
Conversion |
369,769 |
3,047,567 |
1,591 |
214 |
-52 |
842 |
ANA-01 |
Greenfield |
368,019 |
3,048,980 |
1,621 |
204 |
-59 |
487 |
ANA-02 |
Greenfield |
368,019 |
3,048,982 |
1,622 |
204 |
-68 |
876 |
About Gatos Silver
Gatos Silver is a silver dominant exploration,
development and production company that discovered a new silver and
zinc-rich mineral district in southern Chihuahua State, Mexico. As
a 70% owner of the Los Gatos Joint Venture, the Company is
primarily focused on operating the Cerro Los Gatos mine and on
growth and development of the Los Gatos district. The LGJV consists
of approximately 103,000 hectares of mineral rights, representing a
highly prospective and under-explored district with numerous
silver-zinc-lead epithermal mineralized zones identified as
priority targets.
Quality Assurance/Quality
Control
The half core samples from the LGJV’s surface
exploration drillholes are shipped directly in sealed bags to the
ALS Limited (“ALS”) preparation facilities in Chihuahua City,
Mexico. After sample preparation in Chihuahua, sample pulps are
shipped to ALS in North Vancouver, Canada for analysis. The
remaining half core is retained on site. Samples sent for analysis
are sawn half-core NQ or HQ in diameter and normally 2m in length
but varied based on geological contacts. Samples are prepared using
a method whereby the entire sample is crushed, and a subset is
pulverized. Samples are analyzed for base metals and silver using
inductively coupled plasma methods. Gold and overlimit silver are
assayed using fire assay techniques. Sample batches include
intermittent blanks, duplicates, and certified standards. The
results of the assaying of the QA/QC material included in each
batch are tracked to ensure the integrity of the assay data. ALS is
a third-party independent laboratory.
Qualified Person
Scientific and technical disclosure in this
press release was approved by Anthony (Tony) Scott, P.Geo., Senior
Vice President of Corporate Development and Technical Services of
Gatos Silver who is a “Qualified Person” as defined in S-K 1300 and
NI 43-101.
Qualification Regarding Exploration and
Drilling Results
Any statements herein regarding ranges of
potential tonnage and grade or quality of any exploration target
are conceptual in nature, there has been insufficient exploration
of the relevant properties to estimate a mineral resource; it is
uncertain whether further exploration will result in the estimation
of a mineral resource; and any exploration target therefore does
not represent, and should not be construed to be, an estimate of a
mineral resource or mineral reserve (mineral resource and mineral
reserve estimates are stated exclusively in the Los Gatos Technical
Report).
Forward-Looking Statements
This press release contains statements that
constitute “forward looking information” and “forward-looking
statements” within the meaning of U.S. and Canadian securities
laws. All statements other than statements of historical facts
contained in this press release, including statements regarding
exploration or development programs at the CLG mine or in the Los
Gatos District, including mine life extension potential, resource
conversion and expansion and timing thereof, prospects for
potential development, new high priority zones, economic potential
of drilling results, and interpretations of mapping, or of
geological, geophysical or geochemical indicators are
forward-looking statements. Forward-looking statements are based on
management’s beliefs and assumptions and on information currently
available to management. Such statements are subject to risks and
uncertainties, and actual results may differ materially from those
expressed or implied in the forward-looking statements, and such
other risks and uncertainties described in our filings with the
U.S. Securities and Exchange Commission and Canadian securities
commissions. Gatos Silver expressly disclaims any obligation or
undertaking to update the forward-looking statements contained in
this press release to reflect any change in its expectations or any
change in events, conditions, or circumstances on which such
statements are based unless required to do so by applicable law. No
assurance can be given that such future results will be achieved.
Forward-looking statements speak only as of the date of this press
release.
Investors and Media Contact
André van NiekerkChief Financial
Officerinvestors@gatossilver.com(604) 424-0984
Photos accompanying this announcement are available
at:
Photos accompanying this announcement are available at
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Grafico Azioni Gatos Silver (NYSE:GATO)
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Grafico Azioni Gatos Silver (NYSE:GATO)
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