MAG Silver (MVG) Updates on Juanicipio Property, Says More Silver, Gold Reported in New Assessment
MAG Silver Corp. (AMEX: MVG) announces an independent updated Mineral Resource estimate for the Juanicipio Property completed by Roscoe Postle Associates Inc. on behalf of MAG. The updated RPA Mineral Resource estimate is based on drill results available as of August 5, 2011, and was prepared in parallel with the June 2011 estimate by Strathcona Mineral Services recently completed on behalf of the Minera Juanicipio Joint Venture. The Company continues to commission its own Mineral Resource estimates to ensure the integrity of the resource estimates published on behalf of the Joint Venture.
The Juanicipio property, located in the Fresnillo District, Zacatecas State, Mexico, is owned and operated by Minera Juanicipio S.A. de C.V., a Mexican incorporated joint venture company held 56% by Fresnillo plc and 44% by the Company. A National Instrument 43-101 technical report documenting the Mineral Resource estimate will be filed on SEDAR within 45 days.
The August 2011 RPA estimate indicates more contained silver and gold as compared to the June 2011 estimate by Strathcona. The additional contained ounces are explained by RPA's inclusion of several additional drill holes in the Juanicipio Vein, the addition of two extra zones (Stockwork and Hanging Wall Vein 1) and a different approach to the calculation of cut-off grade. The RPA estimate uses a cut-off of US$55.00/tonne Net Smelter Return ("NSR"), which includes contained values for silver, gold and base metals. The June 2011 Strathcona estimate uses 100 grams per tonne (g/t) contained silver as a cut-off grade. Both approaches are industry acceptable; however the use of the 100 g/t silver cut-off used by Strathcona excludes a measurable volume of gold-bearing and base metal rich mineralization lying deeper in the vein system.
For more color, click here.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
The Juanicipio property, located in the Fresnillo District, Zacatecas State, Mexico, is owned and operated by Minera Juanicipio S.A. de C.V., a Mexican incorporated joint venture company held 56% by Fresnillo plc and 44% by the Company. A National Instrument 43-101 technical report documenting the Mineral Resource estimate will be filed on SEDAR within 45 days.
The August 2011 RPA estimate indicates more contained silver and gold as compared to the June 2011 estimate by Strathcona. The additional contained ounces are explained by RPA's inclusion of several additional drill holes in the Juanicipio Vein, the addition of two extra zones (Stockwork and Hanging Wall Vein 1) and a different approach to the calculation of cut-off grade. The RPA estimate uses a cut-off of US$55.00/tonne Net Smelter Return ("NSR"), which includes contained values for silver, gold and base metals. The June 2011 Strathcona estimate uses 100 grams per tonne (g/t) contained silver as a cut-off grade. Both approaches are industry acceptable; however the use of the 100 g/t silver cut-off used by Strathcona excludes a measurable volume of gold-bearing and base metal rich mineralization lying deeper in the vein system.
For more color, click here.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- Syngenta (SYT) settles atrazine litigation; will pay $105M in deal
- Chesapeake (CHK) Shares Surge Amid Report Icahn Now 'Major' Holder
- United Technologies (UTX) Prices Aggregate $9.8B Senior Notes Offering
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
