Maya Gold & Silver Reports First NI 43-101 Mineral Resources Estimate at the Zgounder Silver Mine
19 Febrero 2014 - 10:22AM
Marketwired
Maya Gold & Silver Reports First NI 43-101 Mineral Resources
Estimate at the Zgounder Silver Mine
BLAINVILLE, QUEBEC--(Marketwired - Feb 19, 2014) - Maya Gold
& Silver Inc. ("Maya" or the "Corporation") (TSX-VENTURE:MYA)
is pleased to provide the first independent NI 43-101 compliant
silver mineral resources estimate by GoldMinds Geoservices Inc.
(GMG) at its Zgounder Silver Mine in Morocco. Zgounder Millenium
Silver Mining (85% Maya - 15% ONHYM - State owned Company) has been
founded recently in order to manage the mining operations at the
Zgounder Mine.
Highlights include the following:
- Measured + Indicated Resources total 6,000,000 ounces of silver
(540,000 tonnes averaging 343 g/t).
- Base case Measured Resources total 1,400,000 ounces of silver
(142,000 tonnes averaging 304 g/t), Indicated Resources are
4,600,000 ounces silver (400,000 tonnes averaging 357 g/t),
Inferred Resources total 5,300,000 ounces of silver (353,000 tonnes
averaging 463 g/t) using a cut-off grade(1) of 125g/t Ag (rounded
numbers).
- The mineralized system is still open at depth and
laterally.
- GoldMinds Geoservices Inc. (based in Quebec City, Canada "GMG")
are the independent resource estimate consultants for the Zgounder
Silver Mine who have authorized the release of the following
estimates.
GMG has transferred the technical information of the resources
model to SGS Canada Inc. (Geostat Group) in order to allow them to
complete a Preliminary Economic Assessment (PEA) before February
28, 2014 which will be followed by a Preliminary Feasibility Study
(PFS) on the Measured and Indicated resources identified by GMG at
the end of March 2014.
"Since the Impact Environmental Study has been completed two
months ago, Maya will have in hands with the PEA and the PFS all
fundamental documents requested by institutions to advance with the
financing for the development of the Zgounder Mine towards a larger
scale project" both mentioned Noureddine Mokaddem, President,
and Guy Goulet, CEO.
The tables below summarize the GMG mineral resources estimates
combining twenty-three (23) block models and sixty-seven (67)
panels with a cut-off grade of 125g/t(4). The cut-off is applied to
mineralized bodies (corps) as a whole, instead of to individual
blocks.
Table 1- Zgounder silver deposit Base Case (>125 g/t)
Resource Estimates (blocks + panels) *
|
Measured |
Indicated |
Inferred |
M+I |
|
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Total |
142,100 |
304 |
1,391,000 |
397,000 |
357 |
4,560,000 |
352,800 |
463 |
5,254,000 |
538,700 |
343 |
5,948,000 |
Table 2 - Zgounder silver deposit Base Case Resource Estimates
(blocks only) *
|
Measured |
Indicated |
Inferred |
M+I |
|
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Total |
142,100 |
304 |
1,391,000 |
357,500 |
359 |
4,132,000 |
208,500 |
545 |
3,654,000 |
499,700 |
344 |
5,523,000 |
Table 3 - Zgounder silver deposit Base Case Resource Estimates
(panels only) *
|
Measured |
Indicated |
Inferred |
M+I |
|
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Tonnes |
Ag g/t |
Ounces |
Total |
|
|
|
39,000 |
338 |
425,000 |
144,000 |
339 |
1,599,500 |
39,000 |
388 |
425,000 |
*Note: rounded numbers, base case mineralized body (corps) is
>125 g/t(5)
Claude Duplessis (GMG consultant) comments that most of the
resources are composed of block models, no panels have contributed
to the measured resources. Grades are in line with the historical
production numbers.
Footnotes:
- Mineral Reserves and Mineral Resources are as defined by CIM
Definition Standards on Mineral Resources and Mineral
Reserves.
- Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
- Mineral Resources are estimated as February 19, 2014.
- The cut-off grade of 85 g/t was used to define the mineralized
bodies (corps), intersections with grade lower than 85 g/t have
been locally included in the mineralized bodies and are considered
as internal dilution. No cut-off was applied on individual blocks
of the block models. The definition of the cut-off grade (COG) is
based on a composite of the various mining methods which may apply
to the interpreted bodies such as shrinkage, long hole, narrow vein
mining and mechanized bulk mining, along with processing cost.
- The 125g/t Ag base case cut-off was applied to the whole bodies
and/or prisms, individual blocks and panel have not been modified
to exclude intersection lower than the COG, i.e. rejected as a
whole. It is not the tabulation of individual blocks above a
COG.
- Silver commodity prices of US$20.00/oz Ag is used in the
calculation of the 85g/t COG for modelling.
- Individual calculations in tables and totals may not add up
correctly due to rounding of original numbers.
- Capping of outliers at 6Kg/t Ag is applied to the whole
Zgounder database.
- Specific gravity used to convert volumes into tonnage is 2.7
t/m3
GMG recognizes in addition to the above-mentioned Measured,
Indicated and Inferred Resources that there are areas within
recognized structures and depth extensions which will require
additional drilling. These recognized structure and depth
extensions can offer additional Mineral Potential between 1.5 to
2.0 million tonnes grading 300 to 400 g/t Ag. The Mineral Potential
is the tonnage which could be contained within elevation 1975 and
1750 (225m vertical panel) along the existing mine openings. This
represents the historical amount processed by previous owner of the
mine plus the current NI 43-101 mineral resource disclosure between
the surface and level 1925. It does not consider the eastern
extension (276400E) where surface medieval workings extent for
another 200 meters eastward with no drilling beneath.
Cautionary Statements:
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. The potential quantity and grade
reported as Mineral Potential, is conceptual in nature, that there
has been insufficient exploration to define a mineral resource and
that it is uncertain if further exploration will result in the
target being delineated as a mineral resource.
Details on the data and the parameters of the resources estimate
are as follows:
The data
- The database used for Zgounder comprised a total of 45468.06
metres of drilling obtained from the historical data base (43597.56
m) and from Maya/GMG percussion drill holes (percussion drilling
campaign 2013, 1870.5m). The Zgounder drill hole database is made
of diamond drill holes, percussion holes and drift samples.
- Currently the new database of the Zgounder silver mine is
composed of 1827 drill collars.
- In 2013 a total of 85 underground percussion holes drilled at
Zgounder silver mine (verification drilling campaign 2013) with a
total of 1547 samples (1870.5 meters) excluding blanks and
standards. Samples from 69 holes are fire assayed, corresponding to
a total of 1037 samples (excluding blanks and standards). Each
sample was analyzed for silver as high grade samples involving fire
assay on a 50g sample followed by gravimetric finish
(Ag-GRA21).
- 52 of 69 percussion drill holes have intersected significant
silver mineralization.
- A total of 28 independent samples correspond to cuttings (n:
25) taken from two percussion drill holes (ZP13-2000E-001 and
ZP13-2000E-010) and three rock samples taken from the eastern part
of level 2000.
- Blanks and two standard samples were randomly included by GMG
in every batch of approximately 10 samples. The two standards were
created by GMG using material collected from the onsite tailings.
One from the old tailings (STD I) and another from the recent
tailings (STD II). The ALS fire assay analyses for STD I show an
average of 114g/t Ag (n: 19 samples) with a maximum of 131g/t Ag
for and an average of 83g/t Ag (n: 35 samples) for STD II with a
maximum of 88g/t Ag.
Resource Estimate Methodology
- A three-dimensional model of level plans and cross-sections was
created to enable a better understanding of the interrelationships
between the various mineralized structures found at the Zgounder
Silver Mine. Wireframe envelopes were established for 25
mineralized bodies in hard rock.
- Most of the bodies represent junctions of structures and
stockwerk which have a vertical elongated shape, whereas the
remainder represent isolated high grade structures.
- The 25 mineralized envelopes were filled with blocks measuring
1mE x 1mN x 2mZ.
- Specific gravity to convert volume to tonnage is fixed at 2.7
t/m3.
- The blocks were interpolated from equal length composites
calculated from the mineralized intervals. Prior to compositing,
high grade silver assays were capped to 6,000 Ag g/t. Composites
are 1.2m long.
- A minimum mining width of 2.4m was used in the creation of
envelopes and prims of thin mineralized zone.
- Block grades were interpolated from the composites on a single
pass using the inverse distance to the square methodology. Blocks
were estimated with a minimum of 4 composites and maximum of 6
composites with a limit of 3 from the same drill hole.
- Block grades were first classified automatically requiring a
minimum of two drill holes within a radius (variable for each zone)
for Measured Resources and double the search radius for Indicated
Resources and again double the search radius for Inferred Resources
(for measured anisotropic search radius ranges from 8m long axis
with intermediate radius of 4m on perpendicular directions, to 15m
long axis with intermediate perpendicular axes of 7m). The
classification was then revised manually to change confidence level
from measured into indicated in certain bodies since it was not
possible to drill these mineralized zones during control
drilling.
- Smaller mineralized bodies (panels) were modelled and the
length weighted average grade of the mineralized intercepts within
the panel was used to estimate the grade of the panel.
- Each mineralized body was validated visually to ensure that
grade and classification was geologically reasonable, and also
cross validated with 3D laser scans of openings and historical mine
plans.
Additional details will be provided in the technical report to
be filed on SEDAR within the next 45 days.
QA/QC program with independent drilling of historically
identified mineralized blocks with silver analysis by Fire assay in
Canada including blanks and insertion of standards in addition to
field duplicates has been done and allow the disclosure of the
results.
The technical content of this news release has been reviewed by
Claude Duplessis Eng. Sr. Geological Engineer from GoldMinds
Geoservices Inc., independent Qualified Persons under NI 43-101
standards.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian listed mining
corporation focused on the exploration and development of gold and
silver deposits in Morocco. Maya recently initiated mining at its
Zgounder Mine. The Corporation's shares trade on the TSX Venture
Exchange under the symbol "MYA".
ABOUT GOLDMINDS GEOSERVICES
GMG is a consulting services company based in Québec, Quebec
Canada founded by Claude Duplessis Eng. Additional information on
the company is available by visiting their website at
www.goldmindsgeoservices.com.
ABOUT ONHYM
ONHYM is a
state-owned company responsible for the promotion of the mining and
oil activities of the Kingdom of Morocco.
For further
information on Maya visit www.mayagoldsilver.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements
This release may contain forward-looking statements including
management's assessments of future plans and operations, and
expectations of future production. These statements are based on
current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Maya Gold & Silver Inc.Guy GouletChief Executive
Officer450-435-0700 ext. 204ggoulet@mayagoldsilver.com
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