Starcore International Mines (TSX: SAM) released the latest NI 43-101 resource estimate for its San Martin gold and silver mine in Queretaro State, Mexico. At current reserves and resources, the mine anticipates a further five years of production.
Proven and probable reserves decreased 24% to 1.3 million tonnes grading 1.74 g/t gold and 13 g/t silver, containing 75,353 oz. gold and 573,257 oz. silver (82,560 oz. gold-equivalent). Combined, the indicated and inferred resources were down 21% to 1.5 million tonnes grading 1.78 g/t gold and 14 g/t silver, containing 84,999 oz. gold and 643,744 oz. silver (93,092 oz. gold-equivalent).
This resource update contains 13% fewer tonnes with 4% lower grades compared to the previous estimate done in 2019. The total contained 175,652 oz. gold-equivalent was 22% less than three years ago, due to normal mining depletion.
Starcore also says that exploration at San Martin indicates “significant” resource growth. The areas of most interest for potential growth are Area 28 and Area 33 orebodies. Work is ongoing to convert resources to reserves. Continued drilling is expected to extend the San Martin mine life beyond the current five-year estimate.
More details and technical reports for San Martin are posted on www.Starcore.com.