Business
Denarius Metals Announces 48% Increase in Inferred Mineral Resource Estimate for Zancudo Project in Colombia to 1,060,000 Gold Equivalent Ounces
Toronto, Ontario--(Newsfile Corp. - September 5, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 5, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (\"Denarius Metals\" or the \"Company\") announced today that it has completed an updated Mineral Resource estimate (\"MRE\") for its 100%-owned Zancudo Project in Colombia prepared by SRK Consulting (U.S.), Inc. (\"SRK\") in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (\"CIM\") Definition Standards incorporated by reference in National Instrument 43-101 (\"NI 43-101\") with an effective date of July 31, 2023. Serafino Iacono, Executive Chairman and CEO of Denarius, commented, \"We are nearing completion on the preparation of a preliminary economic assessment (\"PEA\") for our Zancudo Project. We are pleased to announce that a detailed review of the geological model as part of the PEA process has resulted in a significant increase in the tonnage in our updated MRE, which now contains over one million gold equivalent ounces. Our stage 1 construction activities at Zancudo are progressing well and we remain on track to commence operations in 2024 as planned.\" Highlights of the updated MRE include: A 48% increase in tonnage resulted in total Inferred Resources of 4.1 million tonnes grading 6.5 g/t gold and 107 g/t silver totaling 860,000 ounces of gold and 14.1 million ounces of silver. At a gold equivalent grade of 8.1 g/t, the Inferred Resources increased by 48% to 1,060,000 gold equivalent ounces compared with the maiden MRE as of December 31, 2022. Both MREs were based on a 4.0 g/t cut-off grade over a 1.0 m minimum mining width. The increase in the updated Inferred Resources is attributable to a review of the geological model in conjunction with the Company's preparation of a PEA for the Zancudo Project. Specifically, revisions to coded intersections in conjunction with a review of the core and historical logging has led to an increase in the tonnage and metal above cut-off in the revised geological model. Mineralization at the Zancudo Project occurs in stacked mantos and steeply dipping veins that have been exploited over a strike length of 3,500 m. The average vein width is 0.35 m with a maximum width of 3.0 m. The known vertical extent of mineralization is 400 m. No new drilling has been completed in 2023. The database for the MRE includes a total of 40,100 m of diamond drilling in 149 ho...