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NI-43-101 Mineral Resources

Santander NI-43-101 Mineral Resources

The Mineral Resources for the Magistral (Santander Mine) and Santander Pipe deposits as of the 31st of December of 2021:

Magistral Deposits 

Category  Tonnes 
(000) 
Zn 
(%) 
Pb  
(%) 
Ag  
(g/t) 
Measured  1,013  3.92  0.92  36.1 
Indicated  1,370  4.86  0.22  17.2 
Measured + Indicated  2,383  4.46  0.51  25.2 
Inferred  1,601  3.95  0.19  15.7 

Santander Pipe Deposit 

Category  Tonnes 
(000) 
Zn 
(%) 
Cu  
(%) 
Pb  
(%) 
Ag  
(g/t) 
Indicated  1,791  7.18  0.10  0.03  14.8 
Inferred  3,189  5.07  0.15  0.004  7.9 
  1. All Mineral Resources have been estimated in accordance with the CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers may not add up due to rounding.
  2. This Technical Report is the current technical report in support of Mineral Resource Estimates for the Magistral and Santander Pipe deposits of the Santander property.
  3. The Santander Magistral Underground Mine Mineral Resource estimate is reported based on net smelter return cut-off grade of $40/tonne with metal prices of: US$3,000/tonne for Zn, US$2,200/tonne for Pb, and US$25/Oz for Ag.
  4. For Magistral: NSR = (16.7 x %Zn) + (11.9 x %Pb) + (0.41 x g/tAg), assuming recoveries of 90% for Zn, 75% for Pb and 55% for Ag.
  5. The Santander Magistral Underground Mine Mineral Resource model has been prepared by the mine geology department. Qualified Person, Mr. Graeme Lyall (FAusIMM), an independent Resource geology consultant, has restated the resource with adjustments and depletion with an effective date of December 31, 2021,
  6. The Santander Pipe Underground Deposit Mineral Resource estimate is reported based on net smelter return cut-off grade of $40/tonne with metal prices of US$3,000/tonne for Zn, US$2,200/tonne for Pb, US$9,300/tonne for Cu, and US$25/Oz for Ag.
  7. The Santander Pipe Underground Deposit Mineral Resource model has been prepared by the exploration geology department. Qualified Person, Mr. Graeme Lyall (FAusIMM), an independent Resource geology consultant, has restated the resource with adjustments with an effective date of December 31, 2021.
  8. For Santander Pipe: NSR = (17.5 x %Zn) + (11.1 x %Pb) + (40.8 x %Cu) + (0.37 x g/tAg), assuming recoveries of 90% for Zn, 70% for Pb, 60% for Cu and 50% for Ag.

Download the NI 43-101 Technical report on Santander

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