Business
Starcore Reports Mineral Reserves and Resources of 175,652 Ounces of Gold Equivalent
Underground Exploration Continues Vancouver, British Columbia--(Newsfile Corp. - August 2...
About this update from Starcore International Mines Ltd.
[{"type":"text","content":"Starcore Reports Mineral Reserves and Resources of 175,652 Ounces of Gold EquivalentUnderground Exploration ContinuesVancouver, British Columbia--(Newsfile Corp. - August 29, 2022) - Starcore International Mines Ltd. (TSX: SAM) (\"Starcore\" or the \"Company\") today released its updated NI 43-101 reserve and resource estimates to April 30, 2022 for its San Martin Mine, located in Queretaro State, Mexico. The report has been filed on SEDAR and is also available on the Company's website www.starcore.com. HighlightsSan Martin Proven and Proven Mineral Reserves decreased 24% to 82,559 ounces (\"oz\") of contained equivalent gold, exclusive of Mineral Reserves.San Martin Indicated and Inferred Mineral Resources decreased 21% to 93,092 oz of contained equivalent gold.San Martin exploration success offset 36 months of mining depletion, with Mineral Reserves essentially maintained at 175,652 oz of contained equivalent gold representing five-plus years of mine life.\"The result of this updated 43-101 report is that exploration efforts are continuing to assure the mine life growth at San Martin,\" stated Salvador Garcia, COO of Starcore. \"The additional investment this year of $1 million dollars that was approved by the Board of Directors will see 10,000 diamond drill meters in the targets defined and near the current operations of the areas 28 and 33.\"San Martin Mineral Reserve and Mineral Resource UpdateExploration at San Martin continues to deliver significant resource growth. The current update incorporates 22,359 metres of drilling from April 2020 to the April of 2022. Initial results from 2020 and 2022 exploration are very encouraging and it is expected to reach the areas detected with diamond drill holes this year and by the middle of 2023.Ongoing efforts at San Martin are focused on resource growth at the Area 28 and Area 33 ore bodies, as well as the conversion of Mineral Resources to Mineral Reserves with underground mine workings and via metallurgical test work studies. These activities are expected to confirm a significant increase in the San Martin mine life.San Martin Proven and Probable Mineral Reserves as of April 30, 2022, are estimated at 1,348,433 tonnes grading 1.74 grams per tonne (\"g/t\") gold and 13 grams per tonne silver, for 82,559 oz of contained equivalent gold (Table 1). The 24% decrease from the previous e...