VANCOUVER, British Columbia, July 19, 2021 (GLOBE NEWSWIRE) – Endeavor Silver Corp. (TSX: EDR, NYSE: EXK) announces that it has concluded a definitive agreement (the “Agreement”) With Canamex Gold Corp. to acquire a 100% interest in the Bruner property of Canamex, a gold exploration, located in Nye County, Nevada approximately 180 kilometers (km) southeast of Reno for US $ 10 million in cash.
Gold was originally discovered at Bruner in 1906, and the district experienced intermittent, historic small-scale mining between 1906 and 1998. Recent exploration activities by previous miners included mapping, sampling, mining. geophysical surveys and drilling, resulting in a mineral resource estimate in 2015 and an economic assessment in 2017 describing low capital cost, surface and heap leach mining.
Strengths of the properties:
Acquire a 100% interests totaling 1,457 hectares on patented and non-patented claims, subject to pre-existing NSR royalties, some of which may be repurchased.
Ideally located in the northwest trending mineral belt of Walker Lane, Nevada, which is currently home to several producing mines and recent discoveries.
Readily available by a paved highway and gravel roads just 25 miles from the town of Gabbs, Nevada. High voltage electricity is available approximately 30 km from the project and water rights have been secured.
Favorable geology with gold and silver in epithermal veins with low sulphurization and in disseminations in areas in tablecloths and in stockworks. Three gold zones have been delineated in a large 3 km zone of anomalous gold values.
Historical resources of 342,000 ounces of gold contained in 17.5 million tonnes grading 0.61 grams per tonne in three zones, Paymaster, HRA and Penelas, according to Canamex Gold estimates. Endeavor has not verified and does not rely on this historical resource estimate. See below for historical resource estimate qualifications.
Strong potential discover other gold and silver mineralizations that can be mined in the open pit, as shown by surface sampling between the Paymaster, HRA and Penelas zones.
Excellent metallurgy – The results of the cyanide leaching tests show that each mineralized zone has gold recoveries> 85% for a crush size of 0.75 “to 3.0” with a potential for all-run leaching.
Provides diversification with an advanced stage exploration project in Nevada, USA, a stable and world-class mining jurisdiction.
Endeavor CEO Dan Dickson commented: “We are delighted to add an advanced precious metals exploration property to our portfolio of projects. Bruner represents a good start in building an attractive gold-silver portfolio in Nevada and should be an accretive acquisition for our five-year strategic plan to become a leading silver producer, with potential for discoveries of exploration, district acquisitions, short-term production, and organic growth.
“Our exploration team will first focus on verifying historical resources and then turn their attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in yet another historic mining district in Nevada. “
summary of transactions
Under the agreement, Endeavor will pay US $ 10 million in cash for 100% of the Bruner gold project, which includes mining concessions, mineral rights, real estate assets, water rights and authorizations. and government permits. The completion of transactions under the Agreement is subject to customary closing conditions and is subject to the approval of Canamex shareholders.
The resource estimate for the Bruner Gold Project was prepared for Canamex Gold in a technical report dated January 22, 2018 entitled “NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA” by Welsh Hagen Associates. . The resource estimate was established by surface drilling. A qualified person has not done enough work to classify the historical estimate as a current mineral resource or mineral reserve.
Endeavor does not treat the historical estimate as a current mineral resource or mineral reserve, has not verified and does not rely on the historical resource estimate. Endeavor plans to “match” certain drill holes and conduct a drilling program to improve the historical estimate as a current mineral resource.
Dale Mah, B.Sc., P.Geo., Vice President of Corporate Development of Endeavor, is the Qualified Person who has reviewed and approved this press release.
About Endeavor Silver – Endeavor Silver Corp. is a mid-level precious metals mining company that owns and operates three underground high-grade silver and gold mines in Mexico. Endeavor is currently advancing the Terronera mining project towards a development decision and is exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal of becoming a leading silver producer. Our corporate social integrity philosophy creates value for all stakeholders.
SOURCE Endeavor Silver Corp.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the United States Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. These forward-looking statements relate to the Company’s strategic plans, the completion of the acquisition of the Bruner gold project, the timing and expectations of the Company’s exploration and drilling programs, estimates of mineralization resulting from drilling, information projected geological results from the sampling results and the potential quantities and grades of the target areas. These forward-looking statements or information are based on a number of assumptions, which may prove to be inaccurate. Assumptions were made regarding, among other things: completion of the acquisition of the Bruner gold project; obtaining shareholder approval by Canamex; general economic and financial market conditions; accuracy of test results; geological interpretations of drilling results, timing and amount of capital expenditures; available laboratory performance and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades in target areas. The actual results could differ materially from those anticipated in these forward-looking statements due to risk factors, in particular: the satisfaction of the closing conditions for the acquisition of the Bruner gold project, the obtaining of shareholder approval by Canamex; the timing and content of the work programs; the results of exploration and development activities on mineral properties; interpretation and uncertainties of drilling results and other geological data; receiving opinion on title to the Bruner property, maintenance and security of permits and mining title; environmental and other regulatory risks; project cost overruns or unforeseen costs and expenses; availability of funds; failure to delineate potential quantities and grades of target areas based on historical data and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the management of the Company as of the date the statements are made. The assumptions used in the preparation of these statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which are not valid only on the date on which the declarations were made. The Company assumes no obligation to update or revise any forward-looking statements included in this press release if such beliefs, estimates and opinions or other circumstances change, except as applicable law requires otherwise.