Benzinga - by Stjepan Kalinic, Benzinga Staff Writer.
Coeur Mining, Inc. (NYSE:CDE) announced strong results from its Silvertip polymetallic exploration project in northern British Columbia, placing the area as one of the highest-grade undeveloped carbonate replacement deposits globally.
The exploration focused on the Southern Silver Zone, with approximately 90,000 feet (28,000 meters) of drilling completed through 2023.
President and CEO Mitchell J. Krebs noted that this exploration achieved the key goal of expanding the resource base adjacent to the main Silvertip deposit and existing underground infrastructure.
"This success continues to support the growing potential of Silvertip as an emerging tier one asset and future cornerstone for the Company, containing some of the highest grades of silver, zinc and lead of any global carbonate replacement deposit in addition to a potentially meaningful complement of critical minerals," he said.
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Highlights:
- Hole 65Z23-485-012-022 – assayed 16.1 feet at 36.8 ounces per ton ("oz/t") (4.9 meters at 1,261.4 grams per ton ("g/t")) silver, 22.0 % lead and 22.4% zinc or 3,053 g/t on a silver equivalence basis
- Hole 65Z22-485-010-030: 10.6 feet at 14.4 oz/t (3.2 meters at 492.0 g/t) silver, 5.9% lead and 8.1% zinc
- Hole 65Z22-485-010-036: 29.8 feet at 3.5 oz/t (9.1 meters at 121.0 g/t) silver, 1.5% lead and 4.6% zinc
- Hole 65Z23-485-012-004: 20.7 feet at 2.5 oz/t (6.3 meters at 87.0 g/t) silver, 1.1% lead and 10.8% zinc
- Hole 65Z23-485-012-008: 9.5 feet at 16.6 oz/t (2.9 meters at 568.0 g/t) silver, 12.0% lead and 4.5% zinc
- Hole 65Z23-485-012-021: 25.4 feet at 2.6 oz/t (7.7 meters at 88.0 g/t) silver, 0.8% lead and 7.2% zinc and 10.9 feet at 8.2 oz/t (3.3 meters at 282.0 g/t) silver, 3.5% lead and 16.7% zinc
Aoife McGrath, Senior Vice President of Exploration, highlighted that the resource growth in the past six years validates the project’s potential but emphasized the belief that the most significant and lucrative part of the deposit is undiscovered.
This positive development is timely, as Coeur lost over 33% of its market cap in the last year owing to share dilution caused by expansion costs of its Rochester mine in Nevada. Yet, despite this turbulence, it is worth noting that Coeur's insiders predominantly added to their holdings, buying over 50,000 shares in the last year.
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