Category: Exploration and Development

Defiance Silver Corp. is pleased to announce a Mineral Resource Estimate prepared in accordance with the National Instrument 43-101 – Standard for Disclosure for Mineral Projects for the 100% owned Tepal Gold-Copper Project, located in the municipality of Tepalcatepec, Michoacán State, in south-western Mexico.

“Drilling is progressing well at the Target 1 resource area, the first of several targets at our district scale high-grade Copalquin silver and gold project. With ~1,500 metres completed since the recent restart, we have now completed 6,300 metres of the expanded 9,000 metre Target 1 resource update drill program, announced late June 2024. The recent drill core logging supports the ‘big picture’ geologic model for the widespread silver and gold mineralisation across this 10 km wide district.”

Greg McKenzie, President and CEO, commented: “We are really pleased with the drill results from Phase 1 & 2 within Central Rosarios. Three of the high-grade areas collectively reported today outline a terrific zone at depth with continuity over a strike length of 275 metres. Two of these areas were predicted to be blank within the existing resource model.”

“The success of our exploration program highlights the potential for long-term organic growth at many of our assets,” said Christopher Emerson, Vice President of Exploration and Geology at Pan American. “Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024. This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations.”

Scott Emerson, President commented: “There exists the potential of blind mineralization at Saddle. The identification of the Saddle target adds to its priority as a drill target. Other reported examples of significant blind mineralization are the Pensquito (Zacatecas) operated by Newmount and Cerro Las Minitas(Durango) project operated by Southern Silver in Mexico.”

“The third quarter was our first full quarter of production from the Nicho Main Deposit and efforts are focused on expanding working areas in the new pit to allow for increased mining and stacking rates which continue to accelerate and are now approaching 2022 levels. In addition, we have initiated the construction of the first phase of leach pad expansion at the project which will further assist in the operational efficiencies.”

President and CEO Frederick Davidson commented, “We are pleased with these new high-grade drill intersections on extensions of the Tres Amigos Zone adding mineralization for ongoing mining. We now have two drills testing extensions of near mine targets and plans to carry out exploration drilling on other targets along the under-explored six kilometre trend next year.”

Glenn Jessome, President & CEO stated “After the release of our robust PFS on the near-surface, low-capex open pit portion of the El Tigre Project, our next goal will be to complete a PEA on the underground component of the project in the first half of 2025. Our current underground drilling program is targeting the Veins, the Sulfide Zone and the Shale Zone from our 400-meter-long rehabilitated haulage-way.”

“Results from the ongoing drilling program at ELG Underground continue to demonstrate the long-term potential of the deposit following an impressive track record of success delivered over the last several years. The latest assay results highlight the ability to upgrade Inferred Resources to Indicated Resources and support our target of replacing most of the reserves mined year-to-date.”

Greg McKenzie, President and CEO, commented: “Our Phase 1 & 2 high-grade drill results demonstrate the Norte-Sur Zone extends at least 180 metres below the previous mined stopes, with excellent lateral continuity, and remains open at depth.”