Update on Status of Technical Reports for Its Mexican Projects
Defiance Silver Corp provides an update on technical reports for its Tepal and San Acacio projects. For Tepal, the company is working with Micon International on a new technical report including a new Mineral Resource Estimate (MRE), following resolution of a two-year access restriction due to illegally transferred concessions. The company plans to complete a new preliminary economic assessment in 2025. For the San Acacio project, part of the Zacatecas complex, SGS Geological Services is preparing a revised technical report incorporating all exploration work to date, including 72 drill holes totaling 25,446.62 metres. Both technical reports are expected to be filed by mid-December.
Defiance Silver Corp fornisce un aggiornamento sui rapporti tecnici per i suoi progetti Tepal e San Acacio. Per Tepal, l'azienda sta collaborando con Micon International per un nuovo rapporto tecnico che includerà una nuova Stima delle Risorse Minerarie (MRE), dopo la risoluzione di una restrizione di accesso durata due anni a causa di concessioni trasferite illegalmente. L'azienda prevede di completare una nuova valutazione economica preliminare nel 2025. Per il progetto San Acacio, parte del complesso di Zacatecas, SGS Geological Services sta preparando un rapporto tecnico rivisto che incorpora tutto il lavoro di esplorazione fino ad oggi, inclusi 72 fori di perforazione per un totale di 25.446,62 metri. Entrambi i rapporti tecnici dovrebbero essere presentati entro metà dicembre.
Defiance Silver Corp proporciona una actualización sobre los informes técnicos de sus proyectos Tepal y San Acacio. Para Tepal, la compañía está trabajando con Micon International en un nuevo informe técnico que incluirá una nueva Estimación de Recursos Minerales (MRE), tras la resolución de una restricción de acceso de dos años debido a concesiones transferidas ilegalmente. La compañía planea completar una nueva evaluación económica preliminar en 2025. Para el proyecto San Acacio, parte del complejo de Zacatecas, SGS Geological Services está preparando un informe técnico revisado que incorpora todo el trabajo de exploración realizado hasta la fecha, incluyendo 72 pozos de perforación que totalizan 25.446,62 metros. Se espera que ambos informes técnicos sean presentados a mediados de diciembre.
Defiance Silver Corp는 자사의 Tepal 및 San Acacio 프로젝트에 대한 기술 보고서 업데이트를 제공합니다. Tepal의 경우, 회사는 Micon International과 협력하여 새로운 광물 자원 추정치(MRE)를 포함하는 새로운 기술 보고서를 작성 중이며, 이는 불법으로 이전된 양허권으로 인한 2년 간의 접근 제한이 해소된 후 진행되고 있습니다. 회사는 2025년까지 새로운 초기 경제 평가를 완료할 계획입니다. San Acacio 프로젝트는 Zacatecas 복합체의 일부로, SGS Geological Services가 현재까지의 모든 탐사 작업을 포함하는 수정된 기술 보고서를 준비하고 있으며, 여기에는 총 25,446.62미터의 72개 드릴 홀도 포함됩니다. 두 개의 기술 보고서는 12월 중순까지 제출될 예정입니다.
Defiance Silver Corp fournit une mise à jour sur les rapports techniques concernant ses projets Tepal et San Acacio. Pour Tepal, la société collabore avec Micon International sur un nouveau rapport technique incluant une nouvelle Estimation des Ressources Minérales (MRE), suite à la résolution d'une restriction d'accès de deux ans due à des concessions transférées illégalement. La société prévoit de compléter une nouvelle évaluation économique préliminaire en 2025. Pour le projet San Acacio, qui fait partie du complexe de Zacatecas, SGS Geological Services prépare un rapport technique révisé intégrant tous les travaux d'exploration réalisés à ce jour, incluant 72 forages totalisant 25 446,62 mètres. Les deux rapports techniques devraient être déposés d'ici la mi-décembre.
Defiance Silver Corp gibt ein Update zu den technischen Berichten für seine Projekte Tepal und San Acacio. Für Tepal arbeitet das Unternehmen mit Micon International an einem neuen technischen Bericht, der eine neue Mineralressourcenschätzung (MRE) beinhaltet, nachdem eine zweijährige Zugangsbeschränkung aufgrund illegal übertragener Konzessionen aufgehoben wurde. Das Unternehmen plant, bis 2025 eine neue vorläufige Wirtschaftlichkeitsanalyse abzuschließen. Für das Projekt San Acacio, das Teil des Komplexes Zacatecas ist, bereitet SGS Geological Services einen überarbeiteten technischen Bericht vor, der alle bisherigen Explorationsarbeiten umfasst, einschließlich 72 Bohrlöcher mit einer Gesamtlänge von 25.446,62 Metern. Beide technischen Berichte sollen bis Mitte Dezember eingereicht werden.
- Legal issues regarding Tepal project concessions resolved in company's favor
- New technical reports and MRE in progress for both major projects
- Significant exploration work completed at San Acacio: 72 drill holes totaling 25,446.62 metres
- Previous 2014 San Acacio report non-compliant with NI 43-101 requirements
- No current mineral resources on San Acacio project
- Unable to amend 2017 Tepal PEA due to unavailable QP and metallurgical data
- Delay in project development due to two-year access restriction at Tepal
Vancouver, British Columbia--(Newsfile Corp. - November 29, 2024) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or the "Company") would like to provide an update on the preparation of the required technical reports for its Tepal and San Acacio projects (also see the Company's February 2nd and April 10th 2024 press releases for more details).
Tepal
As reported by the Company last April, the Company concluded that it was incapable of providing an amended report and that it would therefore prepare a new report on the project in compliance with National Instrument 43- 101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Defiance has been working with Micon International Limited, its technical advisors, to prepare a new technical report, including a new Mineral Resource Estimate ("MRE"), that will replace the previously filed technical report for its Tepal project.
Following the acquisition of ValOro Resources by Defiance at the beginning of January 2019 (see press release dated January 7, 2019), it was decided that more focus would be put on the development of the San Acacio project (which forms part of the Zacatecas complex) with management devoting less attention and resources to Tepal, working with the existing reports and results on the project. In June 2022, Defiance announced it had been the victim of an illegal and fraudulent transfer of the mineral concessions forming part of the Tepal project (see press release dated June 24, 2022). As such, the review of the Tepal project was further complicated by the Company's inability to access the project for two years due legal issues related to a number of illegally and fraudulently transferred concessions. This issue was finally resolved, through the Mexican courts, in favour of the Company as confirmed by its news release dated March 6, 2024.
Access has provided further information and insights into the nature and extent of the mineralization, allowed the Company to identify areas where further work could assist in infilling information in the current mineralized zones, expanding the mineralized zones or identifying new ones and identifying gaps in the database where further exploration programs could enhance and refine the information used as the basis of our new MRE.
The Company is however not in a position to amend the 2017 Preliminary Economic Assessment (the "2017 PEA") on the Tepal Project, principally because the Qualified Person ("QP") responsible for the metallurgical section of the 2017 PEA has retired, has been unavailable to exchange and collaborate with the Company and Micon on the results of his work, and Micon is not in position to replicate and sign-off on the metallurgical results obtained by the QP for the 2017 PEA. Therefore, this work will need to be redone.
In addition, once the Company regained access to the property, it conducted a review of the previous work on the project, comprised of verifying the Tepal database and relogging of several holes. Finally, the increase in the metal prices and likely increase in capital costs, determined that those portions of the previous 2017 PEA will also need to be updated. The Company plans to complete a new preliminary economic assessment during the course of 2025 following the release of the new MRE on the project.
The Company anticipates being in a position to file the new Tepal technical report by mid-December.
San Acacio (Zacatecas project)
Defiance has been working with SGS Geological Services, who has been contracted to prepare a revised technical report that will include all projects forming part of the overall Zacatecas complex, which includes the San Acacio project. The revised technical report will include all exploration work completed on the project to date.
A mineral resource estimate was disclosed for the San Acacio project in a 2014 technical report. However, as indicated in the February 2, 2024 news release, the 2014 report did not comply with disclosure requirements for mineral resources set out in NI 43-101.
Defiance has completed additional diamond drilling on the project since 2014, including 72 drill holes for a total of 25,446.62 metres on the San Acacio project, as well as extensive surface geological and structural mapping of the mineralized zones, and surface soil sampling of the entire project. This work has not yet been incorporated into current geological and resource models for use in the preparation of a current mineral resource estimate by an independent qualified person.
Since the 2014 Mineral Resource Estimate ("MRE") did not comply with disclosure requirements for mineral resources set out in NI 43-101, and the additional drilling completed on the project has not yet been incorporated into current geological and resource models for use in the preparation of a current mineral resource estimate by an independent qualified person, there are no current mineral resources on the project.
The Company anticipates being in a position to file the new Zacatecas technical report in mid-December.
Qualified Person
Mr. George Cavey, P. Geo, Vice-President Exploration and Director of the Company, is a Qualified Person within the meaning of NI 43-101 and has approved the technical information concerning the Company's material mineral projects contained in this press release.
About Defiance Silver Corp.
Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (OTCQX: DNCVF) is an exploration company advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District and the Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to advance our projects through capital-efficient exploration focused on resource growth and new mineral discoveries.
On behalf of Defiance Silver Corp.
"Chris Wright"
CEO & Chairman of the Board
For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.com
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email: info@defiancesilver.com
Disclaimer
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.
Cautionary Statements Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. Forward-looking statements are generally identifiable by use of the words "believe", "expect", "anticipate", "contemplate", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule", "understand" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements relate to, among other things: the Company's ability to complete and file a new technical report for its Tepal and Zacatecas projects, and the ability of the Company to prepare an updated preliminary economic assessment for its Tepal project.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Defiance, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies, which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things and without limitation: political risks associated with the Company's operations in Mexico; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; failure to establish estimated mineral resources; the possibility that future exploration results will not be consistent with the Company's expectations; and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. For additional risk factors, please see the Company's most recently filed Management Discussions & Analysis for its financial year ended June 30, 2024 available on SEDAR+ at www.sedarplus.ca.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known, and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Defiance, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231864
FAQ
When will Defiance Silver (DNCVF) file the new technical reports for Tepal and San Acacio projects?
How many drill holes has Defiance Silver (DNCVF) completed at the San Acacio project since 2014?
When does Defiance Silver (DNCVF) plan to complete the new preliminary economic assessment for Tepal?
