Metallic Minerals (TSXV: MMG) published a maiden mineral resource estimate this morning for its Keno Silver project, found in the Yukon. The estimate combines both underground as well as open pit mining models across four separate deposits at the project.
The estimate amounts to inferred resources of 18.16 million ounces of contained silver equivalent, which is contained within 2.5 million tonnes at a grade of 224 g/t silver equivalent. On an actual basis, the deposits contain an estimated 9.81 million ounces of silver, 8,500 ounces of gold, 44.88 million pounds of lead and 99.08 million pounds of zinc on an inferred basis.
The Formo deposit is the sole deposit that an underground model was used at, while Caribou, Fox, and Homestake are all built upon an open-pit mining model.
Resource expansion is said to be possible with all four of the deposits, with Metallic stating that the deposits extend to a depth of just 250 metres, and remain open along strike in all directions as well as at depth. Exploration in 2024 is said to focus on expansion of the resource, with the company intending to drill extensions of the deposits, as well as conduct definition drilling of early-stage targets, and target new discoveries at high priority targets.
The estimate is based on just four out of a total of eleven targets at the Keno Silver project that have seen positive drill test results. 42 additional targets have also been identified as existing on the property.
“Metallic Minerals’ combined Inferred mineral inventory, now including both the Keno Silver and La Plata projects, consists of 35.76 million ounces of silver and 1.2 billion pounds of copper. Further updates are expected in the coming weeks, including first drill results from the ongoing campaign at La Plata in Colorado which continue to be processed,” commented Scott Petsel, President of Metallic Minerals.
Metallic Minerals last traded at $0.255 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
