TSX.V: SCZ
FSE: 1SZ
VANCOUVER, Oct. 22, 2018 /CNW/ - Santacruz Silver
Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") is
pleased to provide an update from the Phase I drill program ongoing
on the Veta Grande, Armados, and
Navidad veins that form part of the Company's Veta Grande Project
located in the Zacatecas mining
district, Zacatecas, Mexico (see
press release dated July 9, 2018).
Diamond drilling is well on its way to better define the
Veta Grande and Navidad veins from
surface while an underground drill rig will be used to better
define the Armados vein. To date, 19 drill holes totalling
6,165 metres have been completed.
Initial drill results at the Navidad vein are confirming
high-grade vein intersections near surface and close to existing
mine workings. Highlights include drill hole NA18-006 that
intersected 668.84 grams per tonne silver, 0.17 grams per tonne
gold, and 0.12 percent copper (698.35 grams per tonne
silver-equivalent) over 1.95 metres (approximated true width), from
56.6 metres to 58.75 metres. In addition to this, the Veta Grande vein is also confirming strong
mineralization to the north.
Carlos Silva, COO of Santacruz,
commented; "With these drill results at the Navidad vein, and
higher grade intercepts along the northern strike of the
Veta Grande vein, we continue to
demonstrate the potential of this high-grade mineralized district."
Mr. Silva added; "We recently identified the potential of the
Navidad vein, which has never been systematically explored, and
results thus far are extremely encouraging. Drilling is continuing
with an additional 14,000 metres of diamond drilling budgeted."
Veta Grande Project Assay Results
VEIN
|
DDH
|
From
|
To
|
Length
|
True
Width
|
Au
|
Ag
|
Pb
|
Zn
|
Cu
|
AgEq
|
mts.
|
mts.
|
g/t
|
%
|
g/t
|
ARMADOS
|
AR18-006
|
184.85
|
185.2
|
0.35
|
0.33
|
0.63
|
68.00
|
2.92
|
10.40
|
0.35
|
948.66
|
ARMADOS
|
AR18-007
|
No Significant
Intersections
|
ARMADOS
|
AR18-008
|
113.95
|
114.65
|
0.7
|
0.36
|
0.06
|
304.00
|
0.00
|
0.83
|
0.02
|
363.28
|
NAVIDAD
|
NA18-001
|
159.5
|
160.35
|
0.85
|
0.51
|
0.20
|
65.41
|
0.00
|
1.08
|
0.40
|
199.75
|
NAVIDAD
|
NA18-001
|
72.25
|
73.75
|
1.5
|
0.36
|
0.00
|
105.00
|
0.04
|
0.07
|
0.00
|
111.21
|
NAVIDAD
|
NA18-002
|
67.15
|
68.1
|
0.95
|
0.82
|
0.01
|
284.00
|
0.00
|
0.00
|
0.07
|
293.42
|
NAVIDAD
|
NA18-002
|
88
|
89.55
|
1.55
|
1.34
|
0.57
|
19.29
|
0.56
|
2.07
|
0.26
|
253.26
|
NAVIDAD
|
NA18-002
|
94.35
|
95
|
0.65
|
0.56
|
1.60
|
69.00
|
4.71
|
9.52
|
0.89
|
1124.46
|
NAVIDAD
|
NA18-002
|
127.75
|
129.65
|
1.9
|
1.65
|
0.81
|
38.16
|
3.25
|
11.30
|
0.01
|
960.57
|
|
Including
|
128
|
129
|
1
|
0.87
|
1.12
|
55.00
|
5.64
|
16.80
|
0.01
|
1456.14
|
NAVIDAD
(ALTO)
|
NA18-003
|
67.9
|
70.95
|
3.05
|
2.34
|
0.17
|
35.00
|
0.79
|
5.72
|
0.07
|
451.73
|
NAVIDAD
|
NA18-004
|
79
|
81.1
|
2.1
|
1.48
|
0.12
|
312.67
|
0.00
|
0.53
|
0.29
|
393.25
|
NAVIDAD
|
NA18-004
|
111.1
|
111.6
|
0.5
|
0.38
|
0.30
|
0.00
|
0.00
|
1.42
|
0.16
|
132.83
|
NAVIDAD
|
NA18-004
|
112.85
|
113.45
|
0.6
|
0.46
|
0.33
|
0.00
|
0.00
|
6.12
|
0.10
|
421.96
|
NAVIDAD
|
NA18-004
|
116.05
|
116.4
|
0.35
|
0.27
|
0.36
|
18.00
|
1.44
|
1.39
|
0.25
|
231.75
|
NAVIDAD
(ALTO)
|
NA18-005
|
No Significant
Intersections
|
NAVIDAD
(ALTO)
|
NA18-006
|
56.6
|
58.75
|
2.15
|
1.95
|
0.17
|
668.84
|
0.00
|
0.00
|
0.12
|
698.35
|
|
Including
|
56.6
|
57.5
|
0.9
|
0.82
|
0.29
|
1220.00
|
0.00
|
0.00
|
0.12
|
1258.54
|
NAVIDAD
(ALTO)
|
NA18-006
|
61.75
|
62.55
|
0.8
|
0.75
|
0.02
|
128.00
|
0.00
|
0.00
|
0.07
|
138.17
|
NAVIDAD
(ALTO)
|
NA18-006
|
65.6
|
66.45
|
0.85
|
0.77
|
0.03
|
92.76
|
0.00
|
0.00
|
0.03
|
98.61
|
NAVIDAD
|
NA18-006
|
165.85
|
166.2
|
0.35
|
0.27
|
0.59
|
259.00
|
0.00
|
0.00
|
0.28
|
341.91
|
SAN LORENZO
(NAVIDAD)
|
NA18-006
|
168
|
170
|
2
|
1.88
|
0.56
|
129.15
|
0.00
|
3.03
|
0.63
|
444.62
|
VETA
GRANDE (ESPERANZA)
|
VG18-004
|
443.95
|
446.25
|
2.3
|
2.26
|
0.05
|
43.87
|
1.43
|
1.40
|
1.02
|
333.48
|
VETA
GRANDE (LA FLOR)
|
VG18-004
|
459.2
|
465.55
|
6.35
|
4.86
|
0.16
|
30.48
|
0.14
|
0.70
|
1.89
|
337.29
|
VETA
GRANDE
|
VG18-005
|
425.6
|
429.55
|
3.95
|
3.03
|
0.13
|
57.51
|
1.47
|
1.82
|
1.87
|
490.30
|
|
Including
|
426.65
|
427.1
|
0.45
|
0.34
|
0.07
|
195.00
|
10.20
|
11.20
|
5.79
|
2117.88
|
Silver equivalent (AgEq) in the drill results assumes
$1,331 per ounce Au (Pau),
$16.73 per ounce Ag (Pag), $1.13
per pound Pb (Ppb), $1.53 per pound
Zn (Pzn), and $3.14 per pound Cu
(Pcu) with 100-per-cent metallurgical recovery. The formula used in
the calculation is as follows:
EqAg (g/t) equals [(Au multiplied by Pau divided by 31.1035)
plus (Ag multiplied by Pag divided by 31.1035) plus (Pb multiplied
by Ppb multiplied by 22.05) plus (Zn multiplied by Pzn multiplied
by 22.05) plus (Cu multiplied by Pcu multiplied by 22.05)] divided
by (Pag).
Quality control/quality assurance program
All drill core was logged, photographed and cut in half with a
diamond saw. Half-core samples were sent to SGS Minerals Services
in Durango, Mexico (17025
accredited), for preparation and analysis. Drill core samples were
analyzed for 33 elements by four-acid digestion of a 0.5-gram
sample followed by an ICP-AES (inductively coupled plasma atomic
emission spectroscopy) finish. Overlimit for Pb, Zn and Cu were
further analyzed by sodium peroxide fusion of a 0.5-gram sample
followed by ICP-AES finish. Au and Ag was also analyzed by fire
assay of a 30-gram sample followed by AAS (atomic absorption
spectroscopy) finish for Au and gravimetric finish for Ag.
As part of the company's quality assurance/quality control
(QA/QC) program, independently certified control samples (standard
and blank pulp samples) were inserted in each analytical batch.
Field duplicate samples were also submitted for analysis. The
control and duplicate sample results were then checked to ensure
proper QA/QC.
Qualified persons
The technical information contained in this news release has
been reviewed and approved by Van Phu Bui,
BSc, PGeo, who is independent of the company and a qualified
person under National Instrument 43-101.
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with two producing
silver projects (Veta Grande Project and Rosario Project) and two
exploration properties (Minillas Property and Zacatecas
Properties). The Company is managed by a technical team of
professionals with proven track records in developing, operating
and discovering silver mines in Mexico. Our corporate objective is to become a
mid-tier silver producer.
'signed'
Arturo Préstamo Elizondo,
President, Chief Executive Officer and Director
Neither the 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 information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws. Forward-looking information is based on
plans, expectations and estimates of management at the date the
information is provided and is subject to certain factors and
assumptions. In making the forward-looking statements
included in this news release, the Company has applied several
material assumptions, that the Company's financial condition and
development plans do not change as a result of unforeseen events,
that third party mineralized material to be milled by the Company
will have properties consistent with management's expectations,
that the Company will receive all required regulatory approvals,
and that future metal prices and the demand and market outlook for
metals will remain stable or improve. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, which
could result in lower revenue, higher cost, or lower production
levels; delays and/or cessation in planned work; changes in the
Company's financial condition and development plans; delays in
regulatory approval; risks associated with the interpretation of
data (including in respect of the third party mineralized material)
regarding the geology, grade and continuity of mineral deposits;
the possibility that results will not be consistent with the
Company's expectations, as well as the other risks and
uncertainties applicable to mineral exploration and development
activities and to the Company as set forth in the Company's
continuous disclosure filings filed under the Company's profile
at www.sedar.com. There can be no assurance that any
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader should not
place any undue reliance on forward-looking information or
statements. The Company undertakes no obligation to update
forward-looking information or statements, other than as required
by applicable law.
Rosario Project
The decisions to commence production at the Rosario Mine,
Cinco Estrellas Property and Membrillo Prospect were not based on a
feasibility study of mineral reserves demonstrating economic and
technical viability, but rather on a more preliminary estimate of
inferred mineral resources. Accordingly, there is increased
uncertainty and economic and technical risks of failure associated
with this production decision. Production and economic variables
may vary considerably, due to the absence of a complete and
detailed site analysis according to and in accordance with NI
43-101.
Veta Grande Project
The decision to commence production at Veta Grande Project
was not based on a feasibility study on mineral reserves
demonstrating economic and technical viability. Accordingly,
there is increased uncertainty and economic and technical risks of
failure associated with this production decision. Production
and economic variables may vary considerably due to the absence of
a complete and detailed site analysis according to and in
accordance with NI 43-101.
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SOURCE Santacruz Silver Mining Ltd.