Silver Storm Mining files NI 43-101 report for La Parrilla Silver Mine Complex, Mexico
Silver Storm Mining Ltd. [TSXV: SVRS; OTC: SVRSF; FSE: SVR] it has filed an independent NI 43-101 Technical Report titled “Independent Technical Report for the La Parrilla Silver Mine, Durango State, Mexico” with an effective date of December 31, 2024. The Technical Report updates the Mineral Resource estimate at the 100%-owned La Parrilla Silver Mine Complex, located in Durango Mexico.
Highlights of the Updated Mineral Resource Estimate include: 107% increase in Indicated Mineral Resources, from 5.2 Moz AgEq in the 2023 Mineral Resource Statement to 10.8 Moz AgEq; 58% increase of Inferred Mineral Resources, from 10.3 Moz AgEq in the 2023 Mineral Resource Statement to 16.3 Moz AgEq.
Approximately 90% of the Indicated and 85% of the Inferred Mineral Resource tonnage is sulphide mineralization; 10% of the Indicated and 15% of the Inferred Mineral Resource tonnage is oxide mineralization.
Silver dominant: 66% of the Indicated and 69% of the Inferred Updated Mineral Resource gross metal value is derived from silver; 23 additional mineralized structures have been modelled, including several that were previously mined by the former operator, with significant upside potential.
Total all-in exploration cost of US$0.22/oz Ag.Eq discovered.
The company also entered into a debt settlement letter agreement with a drilling service provider (the Creditor) to settle the xompany’s outstanding debt for past services performed by the Creditor in the amount of $578,200 by issuing 4,818,333 common shares in the capital of the company at a deemed price of $0.12 per Common Share. Closing of the Shares-for-Debt Transaction is subject to regulatory approval.
Silver Storm Mining holds advanced-stage silver projects located in Durango, Mexico. In August 2023 Silver Storm completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico.