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NI-43-101 Mineral Resources

Santander NI-43-101 Mineral Resources

Magistral Deposits

The Mineral Resources Inventory for the Magistral Mine declared in Information Memorandum (DRA, 2022) as of the 9th of September of 2022:

Magistral Mineral Resources
Category Tonnage (kt) Zn (%) Pb (%) Ag (g/t) Cu (%)
Measured 666 4.29 0.33 19.5 0.05
Indicated 1,789 3.99 0.18 18.1 0.06
Measured + Indicated 2,454 4.07 0.22 18.5 0.06
Inferred 1,248 3.52 0.12 16.1 0.06

Santander Pipe Deposit 

The Mineral Resources Inventory for the Pipe Project effective date of the report declared in Preliminary Economic Assessment (DRA, 2023) as of the 31st of January of 2023:

Pipe Project Mineral Resources
Category Tonnage (kt) Zn (%) Pb (%) Ag (g/t) Cu (%)
Measured  -  -
Indicated 3,225 6.94 0.017 13.5 0.17
Measured + Indicated 3,225 6.94 0.017 13.5 0.17
Inferred 1,779 5.95 0.013 7.9 0.15
  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.
  2. The Magistral Underground Mine Mineral Resource estimate is reported based on a 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.
  3. 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.
  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. 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.
  6. The mine Geology Department has prepared the Santander Magistral Underground Mine Mineral Resource model. Qualified Person, Mr. Graeme Lyall (FAusIMM), DRA independent Resource geology consultant, has validated the resource with adjustments effective September 09, 2022.
  7. The mine Geology Department has prepared the Santander Pipe Underground Deposit Mineral Resource Model. Qualified Person, Mr. Graeme Lyall (FAusIMM), DRA independent Resource geology consultant, has validated the resource with adjustments effective January 31, 2023.

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