16 July 2018resource reserve update● Neutral
The full Golder technical report behind the May 2018 Coricancha preliminary economic assessment, filed on schedule and adding nothing new to the economics already announced.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2018resource reserve update▲ GoodMajor
Preliminary economic assessment for Coricancha: 608,053 tonnes processed over a 3.75-year life at 768 g/t silver-equivalent, producing 11.7 million silver-equivalent ounces, or about 3.1 million a year, at an all-in sustaining cost of US$12.16 per silver-equivalent ounce. Initial capital is only US$8.8 million (US$32.4 million including sustaining), giving an 81% after-tax return but a modest after-tax net present value of US$16.6 million at a 7.5% discount rate - a short-life, low-capital restart rather than a company-transforming mine. A trial stope and bulk sample program starts in the third quarter, with a restart decision targeted for early 2019.
28 Feb 2018resource reserve update● Neutral
Supporting technical report for the Guanajuato Mine Complex resource announced in January, effective 31 August 2017 and authored by new VP Exploration Matthew Wunder - the first GMC report not signed by Robert Brown, who had prepared every prior estimate.
5 Feb 2018resource reserve update● Neutral
The Golder technical report backing the December 2017 Coricancha resource estimate, filed within the required 45 days. Note the row's title comes from a qualified person's consent letter; the substance is the 1.97MB resource-update report itself.
25 Jan 2018resource reserve update▲ GoodMajor
Measured and indicated resources at the Guanajuato Mine Complex nearly doubled, up 91% to 13.6 million silver-equivalent ounces, driven mainly by San Ignacio, whose measured category rose 121% to 9.3 million ounces while the older Guanajuato mine added 33% to 1.8 million. After two years of merely replacing what it mined, the complex has genuinely grown, and 24,000 metres of drilling is planned for 2018.
20 Dec 2017resource reserve update▲ GoodMajor
First Great Panther resource estimate for Coricancha, prepared by Golder: 404,205 measured tonnes at 5.9 g/t gold, 210 g/t silver, 2.16% lead, 3.43% zinc and 0.54% copper, plus 348,554 indicated tonnes at 5.6 g/t gold and 189 g/t silver - about 24 million silver-equivalent ounces of measured and indicated. Tonnes and grades broadly match Nyrstar's 2012 numbers, though the inferred category came down on tighter search parameters, and the estimate is enough to start the engineering work needed for a restart decision.
27 Feb 2017resource reserve update▼ Bad
Technical report supporting the Guanajuato Mine Complex resources as at 31 August 2016, covering the Guanajuato and San Ignacio mines and the El Horcon and Santa Rosa projects. The Guanajuato mine itself now holds only 151,175 measured and indicated tonnes at 253 g/t silver and 1.45 g/t gold (1.73 million silver-equivalent ounces) plus 147,327 inferred tonnes, and is running at about 430 tonnes a day, down from roughly 651 tonnes a day in the equivalent 2014 report - the older of the two Mexican mines is shrinking.
22 Feb 2016resource reserve update● Neutral
Guanajuato Mine Complex measured and indicated resources are 510,068 tonnes at 181 g/t silver and 2.70 g/t gold (6.11 million silver-equivalent ounces), unchanged from a year earlier, meaning 2015 mining was exactly replaced. Within that total the measured category rose 36% to 340,175 tonnes as San Ignacio ounces were classified measured for the first time, offset by a 39% fall in indicated - a reclassification, not new metal.
23 Dec 2015drilling result▲ Good
First drill program on the Guadalupe de los Reyes project acquired with Cangold six months earlier: 41 holes for 5,514 metres, best result 11.28 g/t gold and 212 g/t silver over 6.51 metres true width in hole 15-GDLR-10 at Noche Buena, plus 21.91 g/t gold over 2.45 metres at San Miguel Far West. The company says it is now using the data for an updated resource estimate and an in-house economic model for a combined open-pit and underground operation.
26 Feb 2015resource reserve update● Neutral
The supporting technical report behind the Guanajuato Mine Complex resource numbers, covering the Guanajuato mine, San Ignacio, El Horcon and Santa Rosa. Guanajuato measured resources are 184,530 tonnes at 309 g/t silver and 3.24 g/t gold; San Ignacio holds 180,300 indicated and 787,800 inferred tonnes at about 160 g/t silver and 3.3 g/t gold; El Horcon carries the 214,400 inferred tonnes announced in October 2013. The report recommends a modest US$3.0 million two-phase exploration program.
27 Jan 2015drilling result▲ Good
Final results of the 25-hole, 3,728 metre San Ignacio program, capped by hole ESI14-140 at 4.99 g/t gold and 196 g/t silver over 11.72 metres true width, with ESI14-136 at 3.61 g/t gold and 130 g/t silver over 19.47 metres. Mineralisation now continues about 300 metres south of current mining, and the company says it has changed the mine plan to develop the new zone.
30 Oct 2014drilling result▲ GoodMajor
The best drill result San Ignacio had produced: hole ESI14-120 cut 1,133 g/t silver and 6.86 g/t gold over 5.26 metres true width, including half a metre assaying 11,951 g/t silver and 48.2 g/t gold, described in the release as the highest assays ever received from the property. Two further holes returned 244 g/t silver / 7.42 g/t gold over 7.75 metres and 130 g/t silver / 4.94 g/t gold over 6.98 metres, extending mineralisation south of the known resource.
29 May 2014resource reserve update▲ Good
Topia's measured and indicated resource rose 46% to 198,000 tonnes at 844 g/t silver, 1.71 g/t gold, 6.16% lead and 4.82% zinc (8.19 million silver-equivalent ounces, up from 5.60 million), more than replacing what was mined since the last estimate. Inferred slipped 10% to 209,500 tonnes at 863 g/t silver, which the company attributes to conversion into the higher categories and to cutting back step-out drilling on budget grounds.
16 Dec 2013drilling result▲ Good
Thirteen shallow holes over 1,144 metres at San Ignacio, then being developed for first production in the first half of 2014. Best hole ESI13-106 returned 263 g/t silver and 7.27 g/t gold over 15.81 metres true width, thicker than the 5.39 metres seen 25 metres away in 2011, supporting the company's view that high-grade pods sit inside the Intermediate Vein.
3 Dec 2013resource reserve update● Neutral
Updated resources at the producing Guanajuato Mine Complex: measured and indicated of 504,700 tonnes at 174 g/t silver and 1.65 g/t gold (4.43 million silver-equivalent ounces), with inferred of 434,000 tonnes at 140 g/t silver and 2.32 g/t gold (3.9 million ounces). Measured and indicated fell against the prior estimate while inferred rose sharply, so 2014 work shifts to converting the inferred ounces rather than finding new ones.
21 Oct 2013resource reserve update▲ Good
First resource estimate for the El Horcon project near Guanajuato: 214,402 tonnes of inferred material at 3.22 g/t gold, 68 g/t silver and 2.36% lead, from a 24-hole, 2,156 metre drill program. Small, but close to surface and within trucking distance of the existing Guanajuato mill, so the company is permitting further drilling with the aim of making it a satellite feed source like San Ignacio.