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Silver Dollar Resources Signs Definitive Agreement with First Majestic to Acquire up to a 100% Interest in the La Joya Silver Project
Hosting the La Joya Main Mineralized Trend as well as the Santo Nino and Coloradito Deposits, the Property's Exploration Potential is Considered Excellent Vanco
About this update from Silver Dollar Resources, Inc.
[{"type":"text","content":" Hosting the La Joya Main Mineralized Trend as well as the Santo Nino and Coloradito Deposits, the Property's Exploration Potential is Considered Excellent Vancouver, British Columbia--(Newsfile Corp. - August 10, 2020) - Silver Dollar Resources Inc. (CSE: SLV) (\"Silver Dollar\" or the \"Company\") is pleased to report that, further to the news release of June 19, 2020, it has executed a definitive option agreement (the \"Definitive Agreement\") with First Majestic Silver Corp. (\"First Majestic\"), wherein Silver Dollar has been granted an exclusive option to acquire an initial 80% interest, and if exercised, a second option to acquire an additional 20% interest for an aggregate 100% interest in First Majestic's La Joya silver-copper-gold property (the \"Property\"). The Property, located in the south-eastern portion of the State of Durango in the Mexican Silver Belt (see Figure 1), consists of 15 mineral concessions totalling 4,646 hectares and hosts the Main Mineralized Trend (MMT), Santo Nino and Coloradito deposits. In 2013, Silvercrest Mines Inc. disclosed a mineral resource estimate for the Property that was reported to conform to CIM definitions for resource estimation. A qualified person of Silver Dollar has not done sufficient work to classify this historical estimate as a current mineral resource and the Company is not treating this historical resource estimate as a current mineral resource. Independent data verification and an assessment of the mineral resource estimation methods are required to verify the historical mineral resource. Table 2 from National Instrument (NI) 43-101 Technical report titled, \"Preliminary Economic Assessment for The La Joya Property, Durango, Mexico,\" dated 5 December 2013. Key assumptions, parameters, and methods used to prepare the historical mineral estimate: 89 holes totaling 30,085 metres (m). Raw assay data was composited to 2 metres, capped at 550 gpt Ag, 5.5 gpt Au 6% Cu and interpolated into a block model using 5 m x 5 m x 5 m block size using inverse distance squared (ID2) methodology. Silver equivalency formula assumes Ag:Au is 50:1, Ag:Cu is 86:1, based on US$24/oz silver, US$1200/oz gold, US$3/lb copper and 100% metallurgical recovery. Mining by open-pit methods. Mining and process costs assumptions not specifically stated. The Property is situated approximately 75 ki...