South American Silver Corp TSX:SAC announced the first NI 43-101 mineral resource estimate for its Escalones project in central Chile. At a 0.2% copper-equivalent cut-off grade, the Escalones project has inferred resources of 3.8 billion pounds copper, 56.9 million pounds molybdenum, 610,000 ounces gold and 16.8 million ounces silver.
President/CEO Greg Johnson commented, “Escalones is the second major resource developed by South American Silver since the company’s IPO in 2007, and was originally discovered by Ralph Fitch, Executive Chairman, and Felipe Malbran, Vice President of Exploration. This resource estimate gives shareholders and other investors a tangible way to begin to value this outstanding second project in the company’s portfolio. With 4.5 billion pounds of copper-equivalent metal, this resource is already larger and higher grade than many much better known copper-gold projects in North and South America. To put this new discovery in context, the resource here is already approximately equivalent in value, size and scale to South American Silver’s more advanced Malku Khota silver-indium project, effectively doubling the company’s in-ground resources. With the scale of this first resource, along with the excellent infrastructure at Escalones and its similarity to the nearby giant porphyry system at El Teniente, we believe that the Escalones project will begin to attract market attention. Our team is committed to adding significant new value for shareholders in coming months as we demonstrate potential for further resource expansion at Escalones and advance Malku Khota to the prefeasibility level.”
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South American Silver Corp
by Ted Niles