Highlights:
Silver Bear's CEO,
Following the completion of a diamond core drilling and trenching program during 2013 and 2014 on the Mangazeisky prospects, Tetra Tech estimated a NI 43-101 compliant Maiden MRE for the deposits as detailed in Table 1 below.
Table 1 Mangazeisky Deposits Mineral Resource Summary
Inferred Resource | |||
Zone |
Tonnes (t) |
Grade Ag (g/t) |
Contained Metal Ag (Troy oz) |
Mangazeisky North | 490,000 | 468 | 7,400,000 |
Mangazeisky South | 60,000 | 246 | 500,000 |
Mangazeisky Deposits Total | 550,000 | 444 | 7,900,000 |
Tetra Tech has adopted the definition of Mineral
Resources as outlined within the CIM Definition Standards on Mineral
Resources and Mineral Reserves (CIM, 2010) in order to classify the
Resources. The effective date of the Mineral Resource Estimate is 3
rd
Resource Estimation Assumptions and Methods
Key assumptions used to estimate the Mineral Resources are:
Note:
(1)Assumes that the Mangazeisky deposits will be worked with Vertikalny and will therefore share general and administrative costs.
In order to maintain the Nizhny Endybal Resource as a
Current Resource, Tetra Tech has re-stated the Resource at a cut-off of
150 g/t Ag to be consistent with the Mangazeisky deposits. Previously
the Nizhny Endybal Resource was reported using a cut-off of 75 g/t,
based upon a
The revised Nizhny Endybal Mineral Resource is presented in Table 2, along with all other Current Mineral Resources within the property.
Table 2 Total Resources for the Mangazeisky Property
Indicated Resource | Inferred Resource | |||||||||
Zone | Resource Cut-off Grade (g/t) | Tonnes (t) | Grade Ag (g/t) |
Contained Metal Ag (Troy oz) |
Tonnes (t) | Grade Ag (g/t) |
Contained Metal Ag (Troy oz) |
|||
Vertikalny Central | 335 | 800,000 | 909 | 23,400,000 | 680,000 | 615 | 13,400,000 | |||
Vertikalny Northwest | 335 | - | - | - | 310,000 | 458 | 4,600,000 | |||
Nizhny Endybal | 150 | 710,000 | 316 | 7,200,000 | ||||||
Mangazeisky North | 150 | 490,000 | 468 | 7,400,000 | ||||||
Mangazeisky South | 150 | 60,000 | 246 | 500,000 | ||||||
Total | 800,000 | 909 | 23,400,000 | 2,250,000 | 457 | 33,100,000 |
Notes: The effective date of the Vertikalny Central and Northwest Resource is 10th
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Although Silver Bear and Tetra Tech are not aware of any material barrier to eventual economic extraction.
Geological and Sampling Procedures
A quality assurance/ quality control program is part
of the drilling program on the Mangazeisky deposits. This program
includes chain of custody protocols as well as systematic submittals of
standards, duplicates and blank samples into the flow of samples
produced by the drilling. Prior to 2011, analysis was carried out at
Russian certified laboratories in Yakutsk and Aldan,
Qualified Person
The updated Indicated and Inferred Mineral Resource estimate was prepared by Mr.
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About Silver Bear
Cautionary Notes
This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements, which reflect management's expectations. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Silver Bear cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Such risk factors include but are not limited to risk factors identified by Silver Bear in its continuous disclosure filings filed from time to time on SEDAR. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause Silver Bear's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although Silver Bear has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and Silver Bear assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.
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