| From: LoneClone | 3/23/2022 2:32:07 PM | | | | | | IMPACT Silver Announces Full Year 2021 Results
Revenue Increased 13% to $17.7 Million, EBITDA $1.5 Million
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Vancouver, British Columbia--(Newsfile Corp. - March 23, 2022) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces its financial and operating results for the year ended December 31, 2021. The Company operates one of the purest silver producers at its Royal Mines of Zacualpan Silver District in Mexico.
The Company reported $17.7 million in revenue for full year 2021, a 13% increase year over year compared to revenues of $15.6 million in revenue in 2020. The better results were primarily due to increased silver prices during the year despite increases on direct costs due to inflation, development costs designed to increase tonnage long term, and exploration program. Mine operating earnings before amortization and depletion were $3.4 million for the year ended December 31, 2021 compared to $3.3 million in 2020 in spite of higher development costs and lower silver grades both of which continued to impact the operating results.
Fred Davidson, President & CEO of IMPACT, stated, "With the euphoric start of 2021 and retail shareholder interest in silver thanks to meme-stock mania, IMPACT demonstrated what a efficient miner can do when silver prices start to run. The world has seen unforeseen turmoil in recent days and once again gold and silver rose as safe haven for sovereign and investors globally. As one of the purest silver producers, we believe IMPACT is uniquely positioned as the silver metal attracts investor interest. Underpinned with global currency tightening and true inflationary pressure, we see precious metals catching up with most industrial metals and energy prices.
"In 2021, IMPACT capitalized on its operational successes and carried out the Company's largest exploration program in years. In addition to ongoing advancements on various mine sites, unlocking the value of our land package, and ongoing evaluation of a near-term restart of our Capire VMS mine using XRT technology, 2021 was a busy year for the team, ultimately setting up for exciting catalysts for growth in 2022.
"With over 11 million ounces of silver (no equivalents) produced since 2006 by IMPACT, generating over $225 million in revenue and investing over $65 million in CAPEX to date, we are proud of our 2021 achievements and look forward to an even better 2022 with potential growth catalysts such as restart of mining at Capire, drilling of high priority targets, and high silver prices."
2021 FINANCIAL OVERVIEW
2021 PRODUCTION OVERVIEW
The goal at Guadalupe processing plant was to focus on lower cost, higher grade production. The lower but steady production tonnes allowed the Company to focus on mining higher margin areas in lower cost situations. Revenue per tonne sold was $119.04 in 2021 an increase of 3% from 2020 at $116.09.
Direct costs per production tonne were $97.79 in Q4 2021 an increase of 6% from $92.91 during the same period in 2020 due to inflationary pressures and cost increases as the Company stepped up exploration and development at the Guadalupe mine.
The mining activity is becoming more focused on the Guadalupe mine and areas accessed from that shaft, with tonnage reaching approximately 50% of total mill feed. A substantial underground development program at Guadalupe is largely complete which included refurbishment of the main production shaft, and rebuilding the extensive track system on the 195 level to access the Pachuqueno section of the mine. This will provide for higher capacity with lower associated hauling costs.
There were one time weather related costs in Q3 2021 which resulted in excessive haul costs and the mining at the Veta Negra open-pit halted; production at this mine recommenced in the fourth quarter providing 8% of the mill feed.
Work continued on a third tailings facility with a provisional life of nine years of operations at the Guadalupe mill complex.
EXPLORATION
During 2021, IMPACT has conducted an aggressive exploration program, including a diamond drill program that was in excess of 17,000 metres utilizing the Company-owned four surface and underground drill rigs. The program was focused on discovery and definition of additional high-grade silver and gold zones for near- and longer-term mining. With the current success combined with the operational efficiencies of owning its own drills, the Company plans a number of additional programs during 2022 that could approach 20,000 metres of drilling across the Company's extensive land package.
Select highlights from 2021 news releases:
JOINT VENTURE ON PROPERTY
As an ongoing strategy to unlock value for IMPACT shareholders, management is selectively working with high quality junior explorers to assist with unlocking value in the large 211 km2 district owned by IMPACT. During Q4 2020, the Company optioned approximately 1,100 hectares of its Zacualpan S.E. concession to Pantera Silver Corp.
In Q1 2021, Pantera made a payment of $50,000 in cash, and issued the Company 200,000 treasury shares valued at $85,000. Pantera is required to make option payments of $300,000 in cash, issue the Company 3.5 million shares and complete a minimum of $1.4 million in work on the project over the next three years, to acquire 100% of the project. This agreement is subject to a 1% net smelter return in favour of IMPACT.
CAPIRE VMS OPEN PIT MINE
The Capire open pit silver mine and 200 tonne per day processing plant is a separate operating unit located 16 kilometers south of the Guadalupe processing plant. The Capire unit is currently on care and maintenance but the Company is carrying out studies toward bringing it back into production. Previous 43-101 mineral resource studies on the Capire deposit have been evaluated with an inhouse review using the experience of a small test mining open pit operation in 2014. Other studies are being conducted with regard to critical infrastructure to determine optimum plant size for Capire operations and a 1,400 kilogram sample from the Capire open pit was tested using state of the art X-Ray transmission ("XRT") pre-concentration processing technology with encouraging results. XRT technology is a process that recognizes and sorts rocks based on the specific atomic density of the material. XRT sorts ore grade material from waste reducing the amount of material to be processed during the milling process as well as tailings. The Company is currently evaluating the potential impact of XRT pre-concentration upon capital and operating costs, recoveries and the ultimate mineable size of the deposit and the current pilot plant.
A recorded conference call reviewing the financial and production results of the year ended December 31, 2021 will be available on the Company website on March 25, 2022 at www.impactsilver.com/media/conference-calls/.
The information in this news release should be read in conjunction with the Company's audited condensed consolidated Financial Statements and Management's Discussion and Analysis, available on the Company website at www.impactsilver.com and on SEDAR at www.sedar.com. All amounts are stated in Canadian dollars unless otherwise specified.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "qualified person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
ABOUT IMPACT SILVER CORP.
IMPACT Silver Corp. is a successful silver-gold explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 211km2 in central Mexico with excellent infrastructure and labor force. Over the past 16 years, IMPACT has produced over 11 million ounces of silver, generating revenues over $225 million, with no long-term debt. At the Royal Mines of Zacualpan Silver District, three underground silver mines and one open pit mine feed the central Guadalupe processing plant. To the south, in the Mamatla District, the Capire processing pilot plant is adjacent to an open pit silver mine with a mineral resource of over 4.5 million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016 for details); Company engineers are reviewing Capire for restart of operations in light of current elevated silver prices. With 16 years of exploration successes leading to production cash flows, IMPACT has shown the districts to be endowed with many high grade epithermal silver-gold zones and has placed multiple zones into commercial production.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street Telephone (604) 664-7707
Vancouver, BC, Canada V6C 1X8
www.impactsilver.com
Twitter
LinkedIn
1 Mine operating earnings before amortization and depletion is a non-IFRS measure which the Company believes provides meaningful information about the Company's financial performance.
2 EBITDA - Earnings before interest, taxes, depreciation, amortization and stock-based payments - is a non-IFRS measure which the Company believes provides meaningful information about the Company's financial performance.
Revenue was $17.7 million compared to $15.6 million in 2020, due to higher average silver prices.Earnings before interest, taxes, depreciation, amortization2 ("EBITDA") was $1.5 million in 2021 (2020 - $2.5 million).Cash flow from operations was $3.0 million up from $2.5 million in 2020.Mine operating earnings before amortization and depletion1 YTD 2021 was $4.7 million (2020 $4.7 million). After investing $3.6 million in exploration expenditures and mining assets during the year, the cash position remained strong at $21.1 million with working capital of $21.5 million, up from cash of $20.4 million and working capital of $20.3 million at December 31, 2020.The Company has no long-term debt.2021 full year silver production was 617,686 ounces (2020 - 646,534 ounces) dropping 4.6% year over year. Silver sales were largely flat at 633,952 ounces full year 2021 compared to 2020.Average mill feed grade for silver was 172 grams per tonne (g/t) in Q4 2021 comparable to 166 in Q4 2020, an increase of 4%.Throughput at the mill was 145,458 tonnes milled in 2021 compared to 140,069 tonnes in 2020 for an average of 399 tonnes per day for the year. Discovers new San Ramon South Zone including intersections of 1.93 meters of 1,443 g/t Silver and 3.65 meters of 568 g/t Silver ( December 14, 2021).691 g/t Silver Over 1.29 meters At Guadalupe Mine ( Oct 5, 2021).3.38 meters of 2,186 g/t Silver and 6.04 meters of 464 g/t Silver At Guadalupe Mine - Pachuqueno ( Oct 19, 2021). |
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| From: LoneClone | 1/4/2023 1:06:56 PM | | | | | | IMPACT Silver Announces Results of Greenfields Drilling
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Vancouver, British Columbia--(Newsfile Corp. - January 4, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces the completion its' 2022 Royal Mines of Zacualpan area surface exploration drill program in central Mexico. Significant results for the last sets of assays for 2022 were returned from greenfields targets at La Luz and San Antonio. The drilling was carried out with IMPACT's man portable hydraulic surface diamond drill rigs.
The historic La Luz mine is located to the west and along strike of the Pachuqueno mine workings in IMPACT's operating Guadalupe Mine and also hosts a northeast trending vein, both of which were tested by sixteen surface drill holes. Significant results from La Luz are listed below.
| HOLE No. | FROM (m) | TO (m) | INTERVAL (m) | TRUE WIDTH (m) | Ag_g/t | Au_g/t | Pb_% | Zn_% | | Z22-24 | 8.40 | 10.10 | 1.70 | True Widths TBD | 227.18 | 0.02 | 0.17 | 0.21 | | Z22-25 | 147.95 | 149.65 | 1.70 | 0.77 | 113.10 | 0.05 | 0.96 | 2.83 | | Z22-32 | 26.55 | 28.23 | 1.68 | True Widths TBD | 239.48 | 0.02 | 0.03 | 0.06 |
The San Antonio Zinc vein system is located 4km southeast of IMPACT's operating Guadalupe Processing Plant and on trend with the Cuchara mine vein system. The increase in the zinc price led to testing the extent and continuity of San Antonio's known mineralized system which was last explored in 2007. A total of seventeen holes were drilled to test the system at depth and along strike of historic mine workings and previous drilling.
Significant San Antonio zinc results are listed below.
| HOLE No. | FROM (m) | TO (m) | INTERVAL (m) | TRUE_WIDTH (m) | Ag g/t | Au g/t | Pb % | Zn % | | Z22-40 | 56.65 | 58.25 | 1.60 | True Widths TBD | 9.24 | 0.09 | 0.65 | 2.49 | | Z22-43 | 115.00 | 118.85 | 3.85 | True Widths TBD | 18.16 | 0.51 | 0.60 | 2.30 | | Z22-43 | 153.10 | 154.35 | 1.25 | True Widths TBD | 85.10 | 0.15 | 0.53 | 1.72 | | Z22-45 | 115.92 | 118.10 | 2.18 | True Widths TBD | 38.40 | 0.30 | 0.35 | 1.99 | | Z22-45 | 157.10 | 160.60 | 3.50 | True Widths TBD | 22.40 | 1.59 | 0.10 | 1.04 | | Z22-46 | 116.15 | 118.45 | 2.30 | True Widths TBD | 11.34 | 0.42 | 0.22 | 6.25 | | Z22-46 | 166.00 | 166.30 | 0.30 | True Widths TBD | 24.40 | 1.66 | 1.35 | 5.62 | | Z22-47 | 132.50 | 134.45 | 1.95 | True Widths TBD | 30.62 | 0.08 | 2.60 | 1.86 | | Z22-49 | 188.00 | 189.35 | 1.35 | True Widths TBD | 34.85 | 0.03 | 2.84 | 4.21 | | Z22-50 | 210.75 | 212.85 | 2.10 | True Widths TBD | 32.00 | 0.73 | 0.19 | 1.48 | | Z22-55 | 103.80 | 105.34 | 1.54 | True Widths TBD | 23.71 | 0.24 | 0.39 | 2.77 | | Z22-55 | 50.25 | 53.25 | 3.00 | True Widths TBD | 11.13 | 1.90 | 0.26 | 0.69 |
Other drill results from these and other targets were low grade. Drilling is continuing with IMPACT's underground rig in the Mina Grande mine located in the Cuchara area and field exploration is continuing on multiple targets. Plans are being made for a large drill program in 2023.
ABOUT IMPACT SILVER
IMPACT Silver Corp. is a successful silver-gold explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 211km2 in central Mexico with excellent infrastructure and labor force. Over the past 16 years, IMPACT has produced over 11.5 million ounces of silver, generating revenues over $230 million, with no long-term debt.
At the Royal Mines of Zacualpan Silver District, three underground silver mines and one open pit mine feed the central Guadalupe processing plant. To the south, in the Mamatla District, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI 43-101 inferred mineral resource of over 4.5 million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016 for details and QP statement); Company engineers are reviewing Capire for a potential restart of operations. With 16 years of exploration successes leading to production cash flows, IMPACT has shown the Zacualpan Silver-Gold District to be endowed with many high-grade silver and gold zones and has placed multiple zones into commercial production.
Additional information about IMPACT and its operations can be found on the Company website at www.IMPACTSilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at https://www.newsfilecorp.com/redirect/rY34rUDjxX?r=aHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS8=.
Qualified Person and NI 43-101 Disclosure
Silvia Kohler, P.Geo. is a "qualified person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 681 0172 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street
Vancouver, BC, Canada V6C 1X8
Telephone 604 664-7707
www.impactsilver.com
Twitter
LinkedIn
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| From: LoneClone | 2/16/2023 4:53:01 PM | | | | | | IMPACT Silver Signs Binding Conditional Agreement to Purchase Plomosas Zinc-Lead-Silver Mine in Mexico
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Vancouver, British Columbia--(Newsfile Corp. - February 9, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce it has signed a Share Purchase and Sale Agreement (the "Sale Agreement") with Consolidated Zinc Limited (ASX: CZL) ("CZL") of Australia dated February 9, 2023 to purchase all of the outstanding shares of its subsidiary, Minera Latin America Zinc S.A.P.I de C.V. ("MLAZ"), which holds a 100% interest in the Plomosas zinc-lead-silver mine in the state of Chihuahua, northern Mexico.
HIGHLIGHTS
The acquisition will expand IMPACT's production profile from one to two producing operations – the Plomosas zinc-lead-silver district in northern Mexico and the Royal Mines of Zacualpan silver-lead-zinc(-gold) district in central Mexico.The purchase price is US$6 million consisting of a minimum US$3 million cash and the balance in IMPACT shares plus a 12% net profit interest royalty to CZL. Completion of the transaction is anticipated on or before April 7, 2023.CZL reported Plomosas JORC mineral resources1 of 215,000 tonnes grading 13.5% zinc, 6.3% lead and 34.0 g/t silver indicated, and 772,000 tonnes grading 13.1% zinc, 3.0% lead and 19.0 g/t silver inferred, at a 3% zinc cutoff at December 2021. IMPACT plans a drill program in 2023 to infill and test extensions of the known mineralization.Plomosas is host to high grade mineralization. Historical mining is in the global upper quartile for zinc grade with approximately 2.5MT mined since 1943 grading 15-25% zinc, 2-7% lead and 40-60 g/t silver with low deleterious elements2.CZL has been mining Plomosas since September 2018 except for some temporary short suspensions during Christmas. IMPACT plans to upgrade the mill and mine with the aim to continue mining followed by plans for expanding operations.IMPACT's highly skilled operations team has 17 years of underground mining and flotation milling experience at Zacualpan which it will bring to advance the Plomosas operations.Exploration potential at Plomosas is exceptional with only 600m of the 6 kilometre long structure assessed plus other exploration targets on the 3,019 hectare property including untested copper-gold targets. Regionally, Plomosas lies in the same mineral belt as some of the largest silver-lead-zinc carbonate replacement deposits ("CRD") in the world2.
CEO STATEMENT
Chairman and CEO Frederick Davidson commented, "We are truly pleased to acquire a second mining district after evaluating hundreds of projects over the years in an effort to grow IMPACT. Currently Plomosas is a relatively small mining operation on a large mineral system. Our goal is to upgrade and expand operations to optimize production from the large mineral system. Our Mexican technical team is exceptionally skilled in building and efficiently operating mines like this and we will bring our 17 years of underground operating experience at the Royal Mines of Zacualpan to hone and grow the Plomosas operations. The technical and management overlap with similarity of asset and operations provides great synergy for the transaction and represents near term growth of our production levels and value to shareholders."
PLOMOSAS PROJECT OVERVIEW
The Plomosas project is located 110 km by road from Chihuahua City, the state capital, which is a two-hour flight from Dallas, Texas, USA. The district was discovered in 1832 and has seen small scale mining since 1868. Historical mining is in the global upper quartile for zinc grade with approximately 2.5MT mined since 1943 grading 15-25% zinc, 2-7% lead and 40-60 g/t silver with low deleterious elements2.
The mine and mill are fully permitted, have an offtake smelter contract2 and have been in production by CZL since September 2018 except for some temporary short suspensions during Christmas. In 2021 CZL processed 31,695 tonnes producing 2,442 tonnes of zinc concentrate and 599 tonnes of lead concentrate. Mine access is by 3 portals reaching a depth of 250m below surface and an old shaft that can be refurbished2. Mineral is processed in a 200 tonne per day conventional flotation mill (recently operating under capacity) with plans to expand. IMPACT plans to upgrade the mill and mine with the aim to continue mining in the near term followed by plans for expanding operations. The Plomosas Property is subject to an underlying 1% Net Smelter Royalty.
The 3,019 hectare property covers extensive carbonate replacement deposit-type ("CRD") zinc-lead-silver mantos (beds) mainly hosted in carbonates (limestones, marbles). CZL reported Australian JORC mineral resources1 of 215,000 tonnes grading 13.5% zinc, 6.3% lead and 34.0 g/t silver indicated, and 772,000 tonnes grading 13.1% zinc, 3.0% lead and 19.0 g/t silver inferred, at a 3% zinc cutoff at December 2021. IMPACT plans a drill program in 2023 to infill and test extensions of the known mineralization.
Exploration potential at Plomosas is exceptional with only 600m of the 6 kilometre long structure assessed plus other exploration targets including untested copper-gold targets. Regionally Plomosas lies in the same mineral belt as some of the largest CRD deposits in the world (see Map 1)2. The historic Santa Eulalia Mine is the world's largest historic CRD deposit and is located 100km west of Plomosas (see Map 1). Historic production at Santa Eulalia was over 450Moz silver from 51MT averaging 350 g/t silver, 8.2% lead and 7.8% zinc and mined over 300 years. Reference to this nearby project is for information purposes only and there are no assurances that Plomosas will achieve similar results.
TERMS OF THE TRANSACTION
The material terms of the transaction are as follows.
IMPACT will pay the following consideration to CZL for a 100% interest in MLAZ, the Mexican subsidiary of CZL that owns a 100% interest in the Plomosas Project:
US$6 million consisting of a minimum US$3 million cash and the balance in IMPACT common shares (the "IMPACT Shares"). Closing adjustments based on working capital at closing are provided in the Sale Agreement; Contractual restrictions on transfer will be applied to 75% of the IMPACT Shares, such that IMPACT Shares will be released from restriction in three equal tranches of 25% every 6 months over 18 months from closing. 25% of the IMPACT Shares will be immediately held by CZL (subject to a statutory 4 month hold period from the date of issuance of the IMPACT Shares); and a 12% net profit interest ("NPI") royalty on production from the Plomosas project to CZL. It is anticipated that upon closing and assuming US$3 million payment made in IMPACT Shares, CZL will hold approximately 6% of the issued capital in IMPACT. The deemed per share price will be determined in accordance with the Sale Agreement and will be the 20 day VWAP before the date of the Sale Agreement or an equivalent price to an IMPACT financing, should one be conducted before closing.
Completion of the Sale Agreement is subject to certain industry standard closing conditions for a transaction of this kind (the "Conditions") being satisfied or waived by March 31, 2023. Completion is expected to occur within 7 days of the Conditions being satisfied or waived. Conditions include, among others, TSX Venture Exchange approval of the purchase of MLAZ and the issuance of IMPACT Shares as partial consideration.
IMPACT has cash on hand to close the Sale Agreement, but may conduct a financing in the near-term for additional working capital.
ABOUT CONSOLIDATED ZINC LIMITED
Consolidated Zinc Limited is an Australian junior exploration company listed on the Australian Stock Exchange (ASX: CZL). It owns 100% interests in the Pilbara Lithium and Wandagee Projects, which comprise approximately 1,400km2 in 5 granted exploration licences (plus 1 EL Application), located in the Pilbara and Gascoyne regions of Western Australia. The Pilbara Projects are highly prospective for lithium and situated near two of the world's largest hard rock lithium deposits/mines (PLS – Pilgangoora & MIN – Wodgina) and other deposits and occurrences near Marble Bar (GL1's Archer Project). Consolidated Zinc also owns the Plomosas Mine (Mexico) where, as described in this news release, Consolidated Zinc has signed a binding conditional sale agreement with IMPACT Silver for the sale of the Plomosas project for US$6 million (cash and shares) plus a 12% NPI royalty.
Jett Capital Advisors, LLC are acting as advisor to Consolidated Zinc Limited.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful producer-explorer with two mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where three underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI 43-101 inferred mineral resource of over 4.5 million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016 for details and QP statement, and Footnote 3 below for report reference). Company engineers are reviewing Capire for a potential restart of operations. Over the past 17 years, IMPACT has placed multiple zones into commercial production and produced over 11.5 million ounces of silver, generating revenues over $230 million, with no long-term debt. Plomosas Zinc-Lead-Silver District: IMPACT signed the sale agreement with Consolidated Zinc Limited (ASX: CZL) of Australia to purchase the 30 km2 Plomosas property and mining operations for US$6 million (cash and shares) plus a 12% net profits interest. Plomosas is a high grade zinc-lead-silver producer with exceptional exploration potential. Upon closing of the purchase / sale transaction, IMPACT plans to upgrade the mill and mine with the aim to recommence operations in the near term followed by plans for expanding operations. Exploration potential at Plomosas is exceptional with only 600m of the 6 kilometre long structure assessed plus other exploration targets including untested copper-gold targets. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits ("CRD") in the world.Additional information about IMPACT and its operations can be found on the Company website at www.IMPACTSilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at https://www.newsfilecorp.com/redirect/moaM0fp55n?r=aHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS8=.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "qualified person" within the meaning of NI 43-101 and has approved the technical information contained in this news release. Mr. Gorzynski is Vice-President, Exploration and a director of IMPACT.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
O: (604) 681 0172 or inquiries@impactsilver.com
C: (778) 887 6489 Direct
Neither 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.
Footnotes:
1. Plomosas mineral resources are reported by Consolidated Zinc Ltd. (ASX: CZL) on their website (https://www.newsfilecorp.com/redirect/kzZM0TLKKx?r=aHR0cHM6Ly9jYS5maW5hbmNlLnlhaG9vLmNvbS8=) under the Australian JORC (2012) Code as mineral resources "depleted as at December 2021". IMPACT's Qualified Person has reviewed but not verified in detail these current reported mineral resources and is only reporting them as material recent mineral resources reported by CZL and available in the public record. IMPACT believes the estimates are relevant and reliable, given they are reported to Australian JORC standards; however, IMPACT's Qualified Person has not done sufficient work to classify them as current Canadian NI 43-101 mineral resources.
2. Reference: Alexandri, A. Gonzalez, H., & Salas, H. (2022). Plomosas Project (CZL), Field Visit Report. IMPACT Silver Corp. private report on field visits and compilation of historic and recent data, 56 pages.
3. Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedar.com.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding completion of the Plomosas agreement and estimated timing thereof, the potential for defining and extending the known mineralization, and plans for drilling and future operations at the Company's projects or plans for financing.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitation, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, pandemics and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement or beliefs, opinions, projections or other factors, except as required by law.
At Zacualpan, the Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101, the Company is required to disclose that it has not based its Zacualpan production decisions on NI 43-101 mineral resources or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street
Vancouver, BC, Canada V6C 1X8
Telephone 604 664-7707
www.impactsilver.com
Twitter
LinkedIn
Figure 1: Location map of Plomosas Mine and nearby mines and infrastructure. References to nearby projects are for information purposes only and there are no assurances that Plomosas will achieve similar results.
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Figure 2: Schematic cross section of Plomosas Mine mineralization (from CZL website).
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com |
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| To: LoneClone who wrote (163) | 2/16/2023 4:55:37 PM | | From: LoneClone | | | | Impact Silver Announces Results of Aurora 2 Drilling
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces drill results from the Aurora 2 Zone located 1.3 kilometers northeast of the Capire processing plant and 16 kilometers south of IMPACT's other active mining and processing operations at the Royal Mines of Zacualpan in central Mexico. The mineralization at Aurora 2 consists of silver enriched volcanogenic massive sulphide mineralized ("VMS") lenses and is being explored as a potential source of additional feed for the Capire processing plant. These results extend the Aurora 2 zone to the west. The zone has historically been grid drilled with 72 drill holes, and remains open for expansion to the west and northeast. The drilling was carried out with one of IMPACT's man portable hydraulic surface diamond drill rigs. Highlights from the new Aurora 2 drilling include the following:
| Hole ID | From (m) | To (m) | Interval (m) | True Width (m) | Ag g/t | Au g/t | Pb % | Zn % | | AU22-01 | 120.60 | 123.00 | 2.40 | 2.39 | 106.06 | 0.42 | 0.33 | 0.76 | | AU22-04 | 86.74 | 88.20 | 1.46 | 1.44 | 63.50 | 0.21 | 0.03 | 0.08 | | AU22-04 | 100.85 | 104.60 | 3.75 | 3.73 | 65.51 | 0.40 | 0.22 | 0.48 | | AU22-05 | 138.15 | 145.70 | 7.55 | 7.48 | 128.11 | 0.42 | 0.76 | 1.84 | | AU22-07 | 169.75 | 170.80 | 1.05 | 1.01 | 138.00 | 0.49 | 0.50 | 1.11 | | AU22-07 | 200.00 | 208.05 | 8.05 | 7.95 | 63.10 | 0.52 | 0.91 | 2.81 | | AU22-07 | 222.85 | 225.00 | 2.15 | 2.11 | 50.67 | 0.15 | 0.47 | 1.88 | | AU22-08 | 156.80 | 159.25 | 2.45 | 2.38 | 142.21 | 0.37 | 0.24 | 0.51 | | AU22-08 | 211.00 | 214.35 | 3.35 | 3.28 | 34.08 | 0.24 | 0.36 | 1.25 |
All drill holes in the table above were drilled vertically. Other recent drill results from Aurora 2 were low grade. Previous drilling at Aurora 2 included intersections of 625 g/t Silver over 1.88 m and 420 g/t Silver over 2.50 m (see IMPACT news release dated December 9, 2013). Drilling is also continuing with IMPACT's underground rig in the operating Mina Grande mine located in the Cuchara area, and field exploration is continuing on multiple targets. Plans are being made for a large drill program in 2023.
ABOUT IMPACT SILVER
IMPACT Silver Corp. is a successful silver-gold explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 211km2 in central Mexico with excellent infrastructure and local labor force. Over the past 16 years, IMPACT has produced over 11.5 million ounces of silver, generating revenues over $230 million, with no long-term debt.
At the Royal Mines of Zacualpan Silver District, three underground silver mines and one open pit mine feed the central Guadalupe processing plant. To the south, in the Mamatla District, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI 43-101 inferred mineral resource of over 4.5 million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016 for details and QP statement); Company engineers are reviewing Capire for a potential restart of operations. With 16 years of exploration successes leading to production cash flows, IMPACT has shown the Zacualpan Silver-Gold District to be endowed with many high-grade silver and gold zones and has placed multiple zones into commercial production.
Additional information about IMPACT and its operations can be found on the Company website at www.IMPACTSilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at https://api.newsfilecorp.com/redirect/GO78YHxN17
Qualified Person and NI 43-101 Disclosure
Silvia Kohler, P.Geo. is a "qualified person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 681 0172 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein including potential renewed production at the Capire processing plant. IMPACT does not assume the obligation to update any forward-looking statement except as required by law.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street
Vancouver, BC, Canada V6C 1X8
Telephone 604 664-7707
www.impactsilver.com
Twitter
LinkedIn |
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| From: LoneClone | 3/24/2023 12:24:47 PM | | | | | | IMPACT Silver Announces 2022 Financial Results Including Positive Mine-Level Operating Earnings
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce its financial and operating results for the year ended December 31, 2022. The Company is one of the most focused silver-dominated companies at the centuries-old "Royal Mines of Zacualpan Silver District" in central Mexico. IMPACT is in the process of finalizing the transformative acquisition of the Plomosas zinc-lead-silver mine in northern Mexico, which is expected to add meaningful revenue, commodity diversification and financial growth driven by exceptionally high grade zinc production.
The Company reported $16.3 million in revenue in 2022 compared to $17.7 million in revenue in 2021. Despite operational improvements and cost saving initiatives, the decline in revenue owes to a 13.6% decline in silver prices. Mine operating earnings before amortization and depletion in 2022 were $1.2 million (compared to $4.7 million in 2021) owing to lower silver prices and increased inflationary pressures on costs, wages, a stronger Mexican Peso, as well as additional exploration and drilling costs. Management believes cost controls implemented throughout 2022 as well as recovering silver prices as of late, will result in improving margins throughout 2023.
Fred Davidson, President & CEO of IMPACT, stated, "2022 was one of the most difficult years for global equities and hard assets, with several notable black swan events including the war in Ukraine, unprecedented global inflation and tight supply chains. The resulting increases in interest rates by central banks worldwide resulted in an unprecedented rate hike cycle that started from near zero percent, to over 5% through year-end and into 2023. Despite this, IMPACT managed to minimize losses and position the Company on a trajectory of improved margins and growth in 2023. The Company maintains an enviable, cash-rich balance sheet with no debt, as well as controls on cost inflation at the consumables and labour levels.
"Our dual-pronged strategy focuses on improving metal grade from existing and new development sites while exploiting added efficiencies at the Company's primary production mill. Meanwhile, shareholders can look forward to increased production, commodity diversification, exploration upside and top quartile zinc grades from the recently announced acquisition of the Plomosas high-grade zinc-lead-silver mine. This transformative acquisition should help significantly improve revenue, margins and deliver shareholder value as we deploy our 17 years of Mexican production experience to bring that operation online and deliver growth both at the production and exploration levels.
"Backstopping this growth is the Company's Guadalupe mining complex, which is one of the most efficient and productive mining complexes in the region, and our nearby Capire production centre which represents capacity to rapidly expand production as silver prices increase."
In 2022, IMPACT carried out greenfield and brownfield exploration programs toward growing high-grade feed inventory for the Company's milling operations. In addition to its 211km2 of exploration potential from its legacy Zacualpan-area land package, IMPACT is on the cusp of a new chapter to create shareholder value, as it completes and integrates its recently-announced acquisition of the high-grade zinc-lead-silver Plomosas asset. Plomosas will bring top quartile zinc grades and the potential for high-grade gold and copper mineralization as management seeks to expand the asset's value through aggressive exploration going forward.
"As a legacy producer with demonstrated strength in adapting to evolving market conditions including maintaining a cash-rich balance sheet, our experience speaks for itself with our 12+ million ounces of silver produced since 2006, as well as the associated, combined revenue of nearly $241 million over that time. Meanwhile, our management team remains focused on growth as it deploys capital above and beyond the $71+ million in CAPEX spent to date. Including our transformative Plomosas acquisition, our 2022 accomplishment of delivering mine-level profitability and cost controls have build the Company to a point where investors are offered each of production, exploration upside and growth potential in the months and years to come," said Fred Davidson.
2022 FINANCIAL OVERVIEW
- Revenue in 2022 was $16.3 million compared to $17.7 million in 2021, due to lower average silver prices throughout year.
- Mine operating earnings before amortization and depletion was $1.2 million in 2022 compared to $4.7 million in 2021, due to industry-wide inflationary pressures impacting operating costs across the system.
- Cash flow loss from operations in 2022 was $1.8 million, compared to $3.0 million generated in 2021, due to lower silver prices and increased costs.
- Industry-leading balance sheet including $15.3 million in cash and working capital of $16.4 million at December 31, 2022.
- Total assets increased to $68.8 million from $66.5 million.
- The Company has no long-term debt.
2022 PRODUCTION OVERVIEW
- In 2022, the Company produced 632,862 ounces of silver, compared to 2021 production of 617,686 ounces, representing an increase of 2% on a year-over-year basis. Meanwhile, silver sales also increased by 2% to 644,843 ounces in 2022 compared to 2021, owing to efficiencies in milling operations.
- Average silver grade at the mill level was 159 grams per tonne g/t in 2022 and was unchanged on a year-over-year basis.
- In 2022, mill throughput was 152,862 tonnes compared to 145,458 tonnes in 2021 - averaging 419 tonnes per day.
Notwithstanding fluctuating silver prices throughout 2022, management was successfully able to drive efficiencies at the Company's Guadalupe processing plant where it focused on mining higher-grade and higher margin material. To this end, revenue per tonne in 2022 was an $105.39, representing a decrease of 11% compared to $119.04 in 2021 due to lower silver prices.
Direct production costs in 2022 were $97.49 per tonne, representing an increase of 13% from $86.44 in 2021 due to inflationary pressures and resulting cost increases. Management believes the majority of the Company's cost increases have either been addressed or absorbed, and expects a more stable operating environment in 2023.
2022 CAPEX & EXPLORATION ACTIVITY
In 2022, the Company initiated a substantial underground refurbishment program at Guadalupe, having rebuilt the main production shaft while rebuilding the extensive underground railway system, allowing access to the high-value "Pachuqueno section". These improvements will contribute towards ongoing margin improvement within the Company throughout 2023, and beyond. As an example, Guadalupe provided 55% of mill feed in Q4-2022 with its improved cost structure. Management is continuously upgrading other infrastructure at the mine level including adding improved access to additional high-grade veins for future mill production.
San Ramon South, a new zone discovered in 2021, provided 12% of mill feed in 2022 compared to 15% in 2021. At Veta Negra, where drilling and development have helped provide meaningful growth in 2022, provided 11% of mill feed in Q4-2022. The Company is excited to see results of ongoing exploration at Veta Negra as it determines its full potential and size.
Exploration drilling in 2022 returned significant results in several areas:
In the Veta Negra Mine area, results included 257 g/t silver over 19.8 metres and 487 g/t silver over 12.97 metres (see IMPACT news release dated February 7, 2022 for details).At the prospective San Antonio zinc-rich target, drill results included 2.3% zinc over 3.85 metres (see IMPACT news release dated January 4, 2023 for details).At Aurora 2, north of the Capire open pit mine, drill results included 128 g/t silver, 0.42 g/t gold, 0.76% lead and 1.84% zinc over 7.5 metres (see IMPACT news release dated February 16, 2023 for details). Exploration plans for 2023 include brownfield and greenfield targets on the extensive Zacualpan land position as well as at the recently announced acquisition of the Plomosas project (primarily brownfield).
THE NEXT CHAPTER: GROWTH - PLOMOSAS ACQUISITION
The Company aims to assume operations at the recently announced Plomosas mine in northern Mexico in Q2-2023 (see IMPACT news release dated February 9, 2023 for details). This acquisition is a transformative one for the Company and is expected to deliver a meaningful growth profile, including high-grade zinc production and exciting exploration potential in 2023 and beyond.
The Plomosas project is located 110 km east of the city of Chihuahua, Mexico. With 17 years of Mexican production and exploration experience, management anticipates the project will deliver significant shareholder value as the acquisition is integrated into the Company's ongoing production and exploration profiles.
The district was discovered in 1832 and has seen small scale mining since 1868. Historical mining indicates that Plomosas is a top quartile zinc grade mine globally. Since 1943, approximately 2.5 metric tonnes of zinc have been mined at exceptional grades of 15-25%, as well as 2-7% lead and 40-60 g/t silver1. In addition, the project hosts significant gold and copper exploration targets that will be explored later in 2023. The project's current mine and mill are both fully permitted and come with an existing offtake smelter contract, having been in production since September 2018.
The 3,019 Ha property covers extensive carbonate replacement deposit-type zinc-lead-silver mantos (beds), mainly hosted in carbonates (limestones, marbles). The previous operator reported JORC-compliant mineral resources2 of 215,000 tonnes grading 13.5% zinc, 6.3%?lead and 34.0 g/t silver (indicated), and 772,000 tonnes grading 13.1% zinc, 3.0% lead and 19.0 g/t silver (inferred). To date, just 600m of the 6km strike length has been explored, thereby offering meaningful exploration potential and upside.
UNLOCKING SHAREHOLDER VALUE AT ZACUALPAN
Management is focused on delivering and unlocking shareholder value for its shareholders, including selectively working with other high quality junior explorers to exploit its large-scale, 211 km2 Zacualpan land package. In Q1-2021, the Company optioned approximately 1,100 hectares of its Zacualpan concession to Pantera Silver Corp. Pantera made a payment of $100,000 in cash, and issued 1.0 million Pantera shares to IMPACT, valued at $240,000. Pantera is required to make option payments totaling $300,000 in cash, issue the Company 3.5 million in shares and complete a minimum of $1.4 million worth of work at the project over the subsequent three years, in order to acquire 100% of the project. Negotiations are in place to extend or alter the agreement to accommodate market volatility. The agreement is subject to a 1% net smelter return in favour of IMPACT.
PRODUCTION GROWTH - CAPIRE VMS OPEN PIT MINE
The Company has positioned itself to capitalize on improving market conditions. The "Capire Open Pit" silver mine and the associated 200 tonne per day processing plant is a separate operating unit located 16 km south of the Guadalupe processing plant. The Capire unit is currently on care and maintenance, but the Company is able to rapidly bring the plant online as silver prices and market conditions improve.
Studies are being conducted with regard to critical infrastructure to determine an optimum plant size at Capire in the future, while a 1,400 kg sample from the Capire open pit was tested using state-of-the-art X-Ray transmission ("XRT"), pre-concentration processing technology with encouraging results. XRT technology is a process that recognizes and sorts rocks based on the specific atomic density of the material as well as sorts ore grade material from waste inventories. The Company is currently evaluating the potential impact of XRT on its capital, operating costs, recoveries and the ultimate mineable size of the deposit and current pilot plant. The successful implementation of this technology and re-design of the mine could have a material and positive impact on the Company's future production and profitability.
A recorded conference call reviewing the financial and production results of the year ended December 31, 2022 will be available on the Company website on March 27, 2023 at www.impactsilver.com/s/ConferenceCalls.asp.
The information in this news release should be read in conjunction with the Company's audited condensed consolidated Financial Statements and Management's Discussion and Analysis, available on the Company website at? www.impactsilver.com?and on SEDAR at? www.sedar.com. All amounts are stated in Canadian dollars unless otherwise specified.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful producer-explorer with two mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016 for details and QP statement, and footnote4 for report reference); Company engineers are reviewing Capire for a potential restart of operations. Over the past 17 years, IMPACT has placed multiple zones into commercial production and produced over 12 million ounces of silver, generating revenues over $241 million.
Plomosas Zinc-Lead-Silver District: IMPACT signed a purchase / sale agreement with Consolidated Zinc Limited of Australia to purchase the Plomosas property and mining operations for US$6 million (cash and shares) plus a 12% NPI (net profit interest) and a third party 1% NSR royalty. Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration potential. Upon closing of the transaction, IMPACT plans to upgrade the mill and mine with the aim to recommence operations in the near term followed by plans for expanding operations. Exploration potential at Plomosas is exceptional with only 600m of the 6?kilometre long structure assessed plus other exploration targets including untested copper-gold targets. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to future silver prices, interpretation of drill results, future work plans, the use of funds, the potential of the Company's projects, and potential and plans for the Plomosas project, are forward looking statements. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. There are no assurances the Company will close the acquisition of the Plomosas project. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement, except as required by law.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street Telephone (604) 664-7707
Vancouver, BC, Canada V6C 1X8
www.impactsilver.com
Twitter
LinkedIn
1 Reference: Alexandri, A. Gonzalez, H., & Salas, H. (2022). Plomosas Project (CZL), Field Visit Report. IMPACT Silver Corp. private report on field visits and compilation of historic and recent data, 56 pages.
2 Plomosas mineral resources are reported by Consolidated Zinc Ltd. on their website (https://api.newsfilecorp.com/redirect/BNYExcZNO1) under the Australian JORC (2012) Code as mineral resources "depleted as at December 2021". IMPACT's Qualified Person has reviewed but not verified in detail these current reported mineral resources and is only reporting them as material recent mineral resources reported by CZL and available in the public record. IMPACT believes the estimates are relevant and reliable, given they are reported to Australian JORC standards; however, IMPACT's Qualified Person has not done sufficient work to classify them as current Canadian NI 43-101 mineral resources. |
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| From: LoneClone | 5/24/2023 11:50:31 AM | | | | | | IMPACT Silver Announces Q1 2023 Results Including Improved Revenue of $5.1 Million from Increased Mill Throughput and Gold Production
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces its financial and operating results for the first quarter ended March 31, 2023 from its Royal Mines of Zacualpan mine operations in central Mexico. The Company reports revenue of $5.1 million in Q1 2023, representing a 10.4% improvement over revenue of $4.6 million in Q1 2022. Mine operating earnings (before amortization and depletion) in Q1 2023 was $0.6 million. The net loss during the period was $0.3 million compared to a net loss of $0.06 million in the same period of 2022.
While the average silver grade in Q1 2023 was flat on a year-over-year basis at 162 g/t, a combination of higher overall production levels and additional gold production helped contribute to a 7% increase in revenue per tonne sold of $126.96 in the period compared to $118.34 in the same period of 2022.
Economic headwinds and global growth concerns have helped silver prices benefit recently from a flight to safety standpoint and as a hedge against inflation, however there is a growing consensus that the world's leading economies may escape a deep recession, thereby improving the industrial outlook for silver as well. The combination of all these factors have provided cautious optimism vis-à-vis silver pricing going forward. However, inflation across the value chain remains rampant, and while there is some indication that this trend is slowing, the quarterly direct costs per tonne increased to $111.79 in Q1 2023 compared to $90.01 in Q1 2022. Of this increase, 6% was due to inflation in Mexico and a further 18% was due to foreign exchange. Costs may continue to increase in 2023, albeit at a potentially slower rate.
During the quarter, the Company continued to focus on exploration and development of its mining district and spent $0.8 million on these programs. Working capital at March 31, 2023 was strong at $15.7 million while the Company continues to remain well funded with a cash position of $14.3 million at March 31, 2023. Subsequent to quarter-end, the Company closed an oversubscribed, non-brokered private placement for an additional $9.0 million. The Company has no long-term debt.
Fred Davidson, President & CEO of IMPACT, stated, "During the first quarter, we continued to deal with industry-wide inflation pressures within the supply chain as well as through our labour and support networks. Notwithstanding, our operations ran smoothly, and our team executed on improving production levels while also processing higher grade material which we expect will continue going forward. Our well-capitalized balance sheet will allow us to invest across the board, including in exploration, mine development and into our new high-grade Plomosas zinc-lead-silver mine, which we expect could potentially add significantly to revenue and earnings once up and running later this year and into 2024."
IMPACT continues to be one of the purest intermediate silver miners with more than 90%+ of Company revenue coming from silver. In the medium term, the Company's recent Plomosas acquisition should begin to provide it with commodity diversification, primarily from zinc and lead, as well as the potential for gold production down the road.
Q1 2023 Financial Overview
Revenue in Q1 2023 was $5.1 million, up from $4.6 million in Q1 2022 due to higher production levels and gold production.Mine operating earnings before amortization and depletion in Q1 2023 was $0.6 million, compared to $1.1 million in Q1 2022.Cash used in operations for the quarter was $0.6 million compared to $0.9 million in Q1 2022. The net loss in Q1 2023 was $0.3 million compared to net loss of $0.06 million in Q1 2022. After investing $0.8 million in exploration expenditures and mining assets during the quarter, the cash position remained strong at quarter-end with $14.3 million with working capital of $15.7 million. Subsequent to quarter-end, the Company closed an oversubscribed, non-brokered private placement for an additional $9.0 million.The Company has no long-term debt.
Q1 2023 Production Overview
Mill throughput in Q1 2023 was 38,688 tonnes compared to 36,143 tonnes in Q1 2022.Silver production during the period increased by 10% to 167,050 oz compared to 151,645 oz in Q1 2022 while contributions from lead and gold saw production increases on a year-over-year basis of 19% and 154%, respectively.Revenue per tonne sold was $126.96 in Q1 2023, representing an increase of 7% over the same period in 2022.Direct costs per production tonne were $111.79 in Q1 2023, representing an increase of 24% over Q1 2022 costs of $90.01 per tonne. Most of this increase (18%) is due to foreign exchange, with the balance coming from inflation-related pressures in Mexico.
Exploration Review
Management has been running a focused drill program with success at the San Ramon silver vein system allowing for higher-grade silver feed while the Lipton silver vein systems at the Guadalupe Mine could provide for even further grade improvement at the processing level. The benefits of this exploration success are apparent in the most recent quarter. Notably, the Alacran mine appears to contain levels of gold mineralisation that could help improve the overall grade for the operation as the exploration team works through older workings at that location.
During the quarter, IMPACT announced greenfield drilling results from the San Antonio Zinc vein system including 2.30% Zn over 3.85 metres as well as 1.59 g/t Au and 1.04% Zn over 3.5 metres (see IMPACT news release dated January 4, 2023 for details).
The Company also drilled at the Aurora 2 zone, located 1.3 km northeast of the Capire processing plant and 16 km south of IMPACT's Guadalupe operations. Previous drilling at Aurora 2 included intersections of 625 g/t Ag over 1.88 metres and 420 g/t Ag over 2.50 metres (see IMPACT news release dated December 9, 2013). Recent step-out drilling included 128 g/t silver, 0.42 g/t gold, 0.76% lead and 1.84% zinc over 7.5 metres (see IMPACT news release dated February 16, 2023 for details). These results extend the Aurora 2 zone to the west. The zone has historically been grid drilled with 72 drill holes and remains open to the west and northeast.
Outlook
Management believes the Company is well-positioned as an intermediate miner offering investors exposure to three distinct verticals across the mining sector, including exploration, production, and growth.
IMPACT stands to benefit from several positive trends playing out within the Company and across the industry. Internally, the Company's production at its mill in Zacualpan is operating efficiently while grade is improving thanks to added gold production from the Alacran Mine. This trend is expected to continue throughout 2023 and into 2024.
Growth at Plomosas
Subsequent to the end of Q1 2023, the Company closed on the acquisition of a third mining district known as Plomosas. Plomosas is a high-grade zinc mine located in northern Mexico, just 150 km north of the city of Chihuahua. In April, the Company stopped milling operations temporarily to complete certain necessary upgrades with the objective of restarting production by late summer. Meanwhile, management sees considerable upside from exploration as it begins planned drilling at Plomosas in the coming weeks. The addition of production from Plomosas should impact the Company's financial profile in 2H 2023 and increase into 2024 as improvements are made to the mill and production is brought up to initial capacity levels.
A recorded conference call reviewing the financial and production results of the quarter ended March 31, 2023 will be available on the Company website on May 24, 2023 at www.impactsilver.com/media/conference-calls.
The information in this news release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis, available on the Company website at www.impactsilver.com and on SEDAR at www.sedar.com. All amounts are stated in Canadian dollars unless otherwise specified.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with three mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead. (see IMPACT news release dated January 18, 2016, for details and QP statement, and Footnote 1 below for report reference) Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 17 years, IMPACT has developed multiple exploration zones into commercial production and has produced over 12 million ounces of silver, generating revenue more than $241 million.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration upside potential. The Company aims to recommence operations in the near term followed by plans for expanding operations through the balance of 2023 and into 2024. Exploration potential at Plomosas is exceptional with only 600m of the 6 km-long structure having been explored to date. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with indications of high-grade material from surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at api.newsfilecorp.com
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement, future production potential of the Plomosas, Zacualpan and Capire projects.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement except as required by law.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
Footnote:
1. Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedar.com. |
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| From: LoneClone | 6/20/2023 4:41:16 PM | | | | | | IMPACT Silver Provides Update on the Recently Acquired Plomosas High-Grade Zinc Mine
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) - IMPACT Silver Corp. (TSXV: IPT) ("IMPACT" or the "Company") is pleased to provide a corporate update on the Company's recently acquired, high-grade Plomosas zinc-lead-silver mine located in Chihuahua State, Mexico.
Following the completion of the Plomosas mine acquisition (see IMPACT news release dated April 3rd 2023), the Company immediately commenced an extensive program at site to revitalize and upgrade operations and equipment, and bring on new technical and supervisory staff. Planned upgrades will allow for an expansion of production and an aggressive exploration program has been prepared to potentially grow the size of the existing resource.
Mine, Mill and Plant:
The Company expects to initially restart production in 2H/2023 at levels that allow management to consider further modifications and efficiencies, where required. More meaningful production levels approaching design capacity as well as associated revenue is expected in 1H/2024.Mine planning and rehabilitation have been ongoing while the Company replaces and repairs underground equipment including scooptrams and underground trucks. The Company is in the process of replacing mill foundations while upgrading the ball mill, conveyor and crushing systems, and flotation cells. Design capacity of the mill is 150 tpd with plans to expand.Plans are in place to expand the existing tailings pond and concurrently, a new larger tailings pond is in the design and permitting stages. These efforts will provide some additional capacity to re-establish and grow output at the mill in the near-term, while providing the Company with substantial tailings capacity for future production increases.Substantial cost saving options are potentially available to the Company as management considers alternate electric power options as well as various changes in mining methods and mineral processing technologies.
Exploration:
The Company is preparing stations for an underground drill program in the mine and drilling permits have been submitted for the upcoming surface program. One Company-owned surface drill rig has arrived on site, and a second (underground) rig is currently being manufactured and is expected to be delivered mid-summer.In addition to the high-grade resource already established at Plomosas, substantial exploration potential exists across the 6km long structure on the property with just 600m having been explored to date. The current JORC mineral resource1 by the previous operator totals 215,000 tonnes grading 13.5% zinc, 6.3% lead and 34.0 g/t silver (indicated), and 772,000 tonnes grading 13.1% zinc, 3.0% lead and 19.0 g/t silver (inferred), at a 3% zinc cut-off at December 2021.In recent years, a significant amount of the mill feed came from outside the known resource, providing encouragement that exploration drilling may substantially increase the Plomosas' resource over time. The Company expects to deliver drill results later on in 2023 and early 2024 from its maiden exploration programs.Other exploration targets on the property include untested intrusion-related gold-copper targets with historical high-grade grab samples from surface prospecting. 
Photo 1. Ongoing Work at Plomosas Mill
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ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with multiple mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead. (see IMPACT news release dated January 18, 2016, for details and QP statement below, and Footnote 3 for report reference). Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 17 years, IMPACT has developed multiple exploration zones into commercial production and has produced over 12 million ounces of silver, generating revenues of more than $241 million.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration upside potential. The Company aims to recommence operations in the near term followed by plans for expanding operations. Exploration potential at Plomosas is exceptional with only 600m of the 6 km-long structure having been explored to date. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with high-grade surface prospecting samples2. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at api.newsfilecorp.com
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., a Director and officer of IMPACT Silver Corp., is a "Qualified Person" within the meaning of NI 43-101, and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Footnotes:
1. Plomosas mineral resources were reported by the previous mine owner, Consolidated Zinc Ltd. (CZL:ASX), on their website (https://api.newsfilecorp.com/redirect/YYqw3IngOk) under the Australian JORC (2012) Code as mineral resources "depleted as at December 2021". IMPACT's Qualified Person has reviewed but not verified in detail these current reported mineral resources and is only reporting them as material recent mineral resources reported by CZL and available in the public record. IMPACT believes the estimates are relevant and reliable, given they are reported to Australian JORC standards; however, IMPACT's Qualified Person has not done sufficient work to classify them as current Canadian NI 43-101 mineral resources.
2. Reference: Alexandri, A. Gonzalez, H., & Salas, H. (2022). Plomosas Project (CZL), Field Visit Report. IMPACT Silver Corp. private report on field visits and compilation of historic and recent data, 56 pages.
3. Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedar.com.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding the potential for defining and extending the known mineralization at Plomosas, and plans for drilling and future operations at the Company's projects.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
 |
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| From: LoneClone | 8/1/2023 2:30:15 PM | | | | | | IMPACT Silver Provides Construction Update at the High-Grade Zinc-Silver Plomosas Property, Mexico
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to provide an update from the recently acquired Plomosas high-grade zinc-silver mine in Chihuahua State, Mexico.
"Significant progress has been made at Plomosas as the team nears operational status at the mine. Since closing the acquisition of Plomosas, our experienced team is nearing a major milestone with all rehabilitation efforts in the final stages both on time and within budget. We are excited to bring the mine and plant back online after a near one year hiatus". said IMPACT Silver President & CEO Fred Davidson.
The Company expects the Plomosas mine to contribute to the Company's existing silver production located to the south, in Zacualpan, Mexico. By diversifying the Company to include a meaningful zinc component against the backdrop of strong medium and long term fundamentals, management is transforming IMPACT into a diversified and growing production company with significant exploration potential.
Rehabilitation Update
Plant: All necessary components of the mill have arrived on site or have been refurbished with assembly currently in the final stages. Testing and modification of the plant is expected to start in late summer, with ramp up to design capacity of nearly 200 tpd expected over the coming months. Construction is now approximately 85% complete. 
Figure 1. Plant Rehabilitation
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Figure 2. Ball Mill & Flotation Cells
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Tailings Pond: The Company has applied for the expansion of the current tailings pond which is expected to add at least an additional two years capacity. Meanwhile, an additional tailings pond is in the planning stages to accommodate years of future production and growth. 
Figure 3. Power Infrastructure Improvements
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Underground Mine: Refurbishments to ventilation, electrical and lighting systems are ongoing as activity increases underground. Mining has begun and is expected to ramp up as the Company deploys additional equipment to the mine including scoop trams and underground trucks. Underground drilling to better define and expand resources has begun and drill permits for surface brownfield and greenfield exploration targets have been received. 
Figure 4. Underground Activity
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Mine Planning: The exploration team has initiated its first phase of the 2023-2024 mine plan. This includes extraction of high-grade material in line with previous grades in excess of 13% Zn. Workforce & Personnel: There are currently 70 Company employees on site and another 25 contract workers. The Company is fortunate to have inherited a strong workforce after the acquisition closed and is adding positions in specific areas centred around engineering, exploration and day-to-day operations.ESG: While generally remote, the Company engages with the nearest communities to ensure ongoing support and coordination. The State of Chihuahua provides the mine with a strong and experienced labour force from which to draw talent. The Company is currently studying proposals to reduce its reliance on fossil fuels with plans to be an industry leader in decarbonization in the mining sector. 
Figure 5. Mill Feed Management
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ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with multiple mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead. (see IMPACT news release dated January 18, 2016, for details and QP statement, and Footnote 2 for report reference). Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 17 years, IMPACT has developed multiple exploration zones into commercial production and has produced over 12 million ounces of silver, generating revenues of more than $241 million.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration upside potential. The Company is working to recommence operations in the near term followed by plans for expanding operations. Exploration potential at Plomosas is exceptional with only 600m of the 6 km-long structure having been explored to date. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with high-grade surface prospecting sampling1. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at api.newsfilecorp.com.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., a Director and officer of IMPACT Silver Corp., is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Footnotes:
Reference: Alexandri, A. Gonzalez, H., & Salas, H. (2022). Plomosas Project (CZL), Field Visit Report. IMPACT Silver Corp. private report on field visits and compilation of historic and recent data, 56 pages.Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedar.com.Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding the potential for defining and extending the known mineralization at Plomosas and plans for drilling and future operations at the Company's projects.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure. |
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| From: LoneClone | 8/28/2023 1:39:36 PM | | | | | | IMPACT Silver Announces Q2 2023 Results with Revenue up 57% and Strong Operating Income
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces its financial and operating results for the second quarter ended June 30, 2023. The Company reports revenue of $5.5 million in Q2 2023, representing a 57% increase over revenue of $3.5 million in Q2 2022. Mine operating income (before amortization and depletion) in Q2 2023 was $0.90 million compared to $0.03 million Q2 2022. The overall improvement in revenue is due in part to increased gold and silver sales. The net loss in Q2 2023 was $0.9 million compared to a net loss of $0.8 million in Q2 2022. The net loss in the period includes $0.5 million for G&A costs related to the new Plomosas acquisition as well as one-time costs related to the marketing of the Company's recent non-brokered private placement.
The Company maintains a strong balance sheet with $13.7 million in cash and no long-term debt. During the period, the Company completed a $9.0 million, non-brokered private placement and ended the quarter with working capital of $13.3 million.
On April 3, 2023, the Company closed the acquisition of the Plomosas zinc-lead-silver mine for a total purchase price of US$6.0 million, consisting of US$3.0 million in cash and the balance in the form of IMPACT shares (a total of 11,441,647 shares were issued and are subject to certain restrictions). Post closing adjustments are being made based on changes in working capital.
Zacualpan Silver District
The Company's average mill head grade of 163 g/t during the period was up 2% on a year over year basis, with increased gold production and sales in Q2 2023 from the new Alacran Mine. Higher overall production levels across the Company including silver, lead and gold helped contribute to a 63% increase in revenue per tonne of $155.67 in Q2 2023 compared to $95.44 in Q2 2022.
The Company continued to focus on exploration and development of the Royal Mines of Zacualpan and the Plomosas mining districts in Q2 2023 and spent $2.8 million on these programs.
Uncertainty revolving around the state of global economies have contributed to continued demand for precious and base metals during the period as investors continued their flight to safety to combat inflation. Moreover, there are strong signs that softer monetary policy is on the horizon as the rate of interest rate increases has started to slow, adding further support to silver and gold prices during the period. While cost inflation pressures continue to persist throughout the supply chain and labour network, much of the year over year cost increases are owed to negative foreign exchange pressures from the strengthening Mexican peso. This contributed to an increase in direct costs per production tonne in Q2 2023 of $130.67 compared to $94.86 in Q2 2022. Costs may continue to increase in 2023, albeit there is evidence of a slowing trend in this regard.
Plomosas High-Grade Zinc Mine
During the second quarter, the Company closed on its transformative acquisition of the Plomosas high-grade zinc mine in northern Mexico. The acquisition provides the Company with a meaningful new chapter as it expands IMPACT's production profile from one to two producing operations. Plomosas adds significant and high-grade metal diversification through its high-grade zinc deposit as well as exciting exploration potential across the property's largely unexplored property area.
During the quarter, the Company began a major rehabilitation program at the mine to bring the asset back into production following a near one-year hiatus. As of June 30, 2023, the Company was approaching the later stages of its planned rehabilitation at Plomosas both on time and on budget, including improvements and upgrades at the mine, mill, plant and surrounding infrastructure.
Fred Davidson, President & CEO of IMPACT, stated, "During the second quarter, our team at Zacualpan continued to execute on a grade-improvement and cost reduction plan which began in 2022. These efforts have started to bear fruit as seen with the increase in average grade milled and specifically, the impressive increase in gold production on a year over year basis. While cost pressures continue to persist, improvements and efficiencies across the system have started to offset these trends. Meanwhile, our transformative new Plomosas mine is on the doorstep to restarting production. This top-quartile in zinc grade mine is in an established mining region and will soon start to generate significant revenue diversification for the Company as we consider further potential expansion of this new producer in 2024."
Q2 2023 Financial Overview
On April 3, 2023, the Company paid a total of US$6.0 million to acquire the Plomosas zinc-lead-silver mine, consisting of US$3.0 million in cash and the balance in the form of IMPACT shares (a total of 11,441,647 shares were issued and are subject to certain restrictions). Post closing adjustments are being made based on changes in working capital, as agreed to between the two parties.
Revenue in Q2 2023 was $5.5 million, up from $3.5 million in Q2 2022. No revenue in Q2 2023 is attributed to the new Plomosas mine acquisition.
Mine operating earnings before amortization and depletion in Q2 2023 was $0.90 million, compared to $0.03 million in Q2 2022.
The net loss in Q2 2023 was $0.9 million compared to net loss of $0.8 million in Q2 2022 The net loss in the period includes $0.5 million for G&A costs related to the new Plomosas acquisition as well as one-time costs related to the marketing of the Company's recent non-brokered private placement.
After investing $2.8 million in exploration expenditures and mining assets during the quarter, the cash position remained strong at quarter-end with $13.7 million with working capital of $13.3 million.
During the quarter, the Company closed an oversubscribed, non-brokered private placement for an additional $9.0 million.
The Company has no long-term debt.
Q2 2023 Production Overview
Mill throughput in Q2 2023 was 35,753 tonnes compared to 37,183 tonnes in Q2 2022.
Silver production during the period increased by 1% to 155,744 oz compared to 154,001 oz in Q2 2022 while contributions from lead and gold saw production increases on a year-over-year basis of 49% and 383%, respectively.
Revenue per tonne sold was $155.67 in Q2 2023, representing an increase of 63% over the same period in 2022 of $95.44.
Direct costs per production tonne were $130.67 in Q2 2023, representing an increase of 38% over Q2 2022 costs of $94.86 per tonne. Much of this increase is due to foreign exchange, with the balance coming from inflation-related pressures in Mexico.
Exploration Review
At the Royal Mines of Zacualpan, management continues to focus its drill program in areas where it has seen ongoing success, such as the San Ramon and the Guadalupe Mine. Meanwhile, management is especially encouraged with developments at the Alacran mine as its elevated gold values could continue to improve the overall grade for the Zacualpan district operations and as a result, revenue per tonne.
Outlook
With a strong balance sheet, exploration potential at both of the mining districts, encouraging gold potential as well as the upcoming start-up of the Plomosas high-grade zinc acquisition, management believes the next 18 months will be transformative for the Company and its investors. These factors should lead to ongoing improvement in revenues while management expects cost pressures to continue to slow heading into 2024.
The Company's growth is expected to reflect its strong position as one of just a handful of intermediate miners offering investors exposure to three distinct verticals across the mining sector, including exploration, production, and growth.
A recorded conference call reviewing the financial and production results of the quarter ended June 30, 2023 will be available on the Company website on August 28, 2023 at api.newsfilecorp.com.
The information in this news release should be read in conjunction with the Company's Q2 2023 unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis, available on the Company website at www.impactsilver.com and on SEDAR at www.sedarplus.ca. All amounts are stated in Canadian dollars unless otherwise specified.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with three mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead. (see IMPACT news release dated January 18, 2016, for details and QP statement, and Footnote 1 below for technical report reference) Company engineers are reviewing Capire for a potential restart of operations to leverage improved commodity prices. Over the past 17 years, IMPACT has developed multiple exploration zones into commercial production and have produced over 12 million ounces of silver, generating revenue more than $241 million.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration upside potential. The Company aims to recommence operations in the near term followed by plans for expanding operations in 2024. Exploration potential at Plomosas is exceptional with only 600m of the 6 km-long structure having been explored to date. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with indications of high-grade material from surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at api.newsfilecorp.com.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Footnotes:
1. Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedarplus.ca.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding the potential for defining and extending the known mineralization at Plomosas, and plans for drilling and future operations at the Company's projects.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure. |
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| From: LoneClone | 10/2/2023 12:54:46 PM | | | | | | IMPACT Silver Commences Trading on the U.S. OTCQB Exchange Under the Symbol ISVLF
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2023) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) ("IMPACT" or the "Company") is pleased to announce that its shares are now trading in the USA on the OTCQB Market under the symbol "ISVLF". The Company's shares also continue to trade in Canada on the TSX Venture Exchange under the symbol "IPT".
The Company's upgrade to the OTCQB market along with ongoing eligibility for electronic clearing and settlement through The Depository Trust Company ("DTC"), is expected to provide investors with streamlined market standards and transparency in line with the Company's current obligations being listed on the TSX Venture Exchange. To qualify for the OTCQB, listed companies must meet stringent financial standards and provide top level corporate governance and compliance with applicable securities laws.
Fred Davidson, President & CEO stated: "The graduation of the Company's shares to the OTCQB not only points to the strong corporate profile of IMPACT Silver but is also timely as the Company embarks on the final steps of the transformational refurbishment of the recently acquired high-grade zinc mine at Plomosas, representing a significant growth step to complement our existing producing silver assets at the Royal Mines of Zacualpan."
The Company would like to thank Becky Popoff and B. Riley Financial for their sponsorship in this listing.
Investors can receive real-time quotes for the Company in the USA at www.otcmarkets.com.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with three mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead. (see IMPACT news release dated January 18, 2016, for details and QP statement, and Footnote 1 below for technical report reference) Company engineers are reviewing Capire for a potential restart of operations to leverage improved commodity prices. Over the past 17 years, IMPACT has developed multiple exploration zones into commercial production and have produced over 12 million ounces of silver, generating revenue more than $241 million.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc-lead-silver producer with exceptional exploration upside potential. The Company aims to recommence operations in the near term followed by plans for expanding operations in 2024. Exploration potential at Plomosas is exceptional with only 600m of the 6 km-long structure having been explored to date. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with indications of high-grade material from surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at api.newsfilecorp.com.
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
Neither 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.
Footnotes:
1. Reference: Ristorcelli, S.J. & Gorzynski, G. (2016). Technical Report on Mineral Resources for the Capire Silver-Lead-Zinc Project, Pedro Ascencio Alquisiras Municipality, Guerrero, Mexico. Prepared for IMPACT Silver Corp. by Mine Development Associates, Reno, Nevada. 82 pages. Available on www.sedarplus.ca.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding the potential for defining and extending the known mineralization at Plomosas, and plans for drilling and future operations at the Company's projects.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
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