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Coeur Mining Announces Positive Exploration Results at Kensington; Large-Scale Drilling Program Ramps Up at Silvertip
CHICAGO / Sep 12, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today provided updates on its exploration programs at the Ken
About this update from Coeur Mining, Inc.
[{"type":"text","content":"CHICAGO / Sep 12, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today provided updates on its exploration programs at the Kensington underground gold mine in Alaska, and the Silvertip polymetallic exploration project in British Columbia. Together, the Company expects to invest approximately 60% of its total 2023 exploration investment of $40 - $50 million in these two prospective assets. At Kensington, 2023 drilling has demonstrated the continuation of all key mineralized structures to the south and down dip. In addition, new sub-parallel mineralized structures have been discovered. The Company has completed approximately 40% of its planned 2023 exploration drilling program and roughly 55% of its planned 2023 underground mine development program, which has led to approximately 2,500 feet of additional mineralized strike length. These most recent positive developments from Kensington’s multi-year exploration drilling and development program follows the successful addition of 1.5 years of mine life in 2022, net of depletion, the first such mine life addition at Kensington since 2018. Coeur expects to invest approximately $80 million in this four year plan. At Silvertip, resource expansion efforts and step-out drilling commenced in July with four rigs now in operation as part of a sustained 18-month, resource expansion exploration program. Visual confirmation of massive sulfide mineralization has been observed in all 16 holes drilled so far in 2023. Between 2018 and 2022, the Company has invested over $50 million in exploration at the high-grade Silvertip deposit, leading to a near tripling in the total resource. Key Highlights1,2 Mineralization extended at Lower Kensington – Drilling along strike at Lower Kensington has intersected some of the best grade thickness ever encountered at Kensington, extending mineralization by over 760 feet so far this year. In addition, drilling is beginning to define a new hanging-wall splay and a series of mineralized linking structures. The intersections between the main structures, the splay structures and linking structures are believed to control higher-grade plunging shoots at Kensington. Results shown here are the start of a delineation program on these intersections that will continue through 2023 and into 2024. Notable 2023 results from expansion and infil...