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Northair Silver Corp.
Summary
| Project: | La Cigarra | |
|---|---|---|
| Deposit: | La Cigarra | |
| Location: | Mexico | |
| Commodities: | Silver-Gold-Lead-Zinc | |
| Date: | 1/14/2015 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-1-2015: Northair Silver Corp. announces a Resource Estimation report for its La Cigarra deposit at the La Cigarra project. Updated mineral resource estimate, 17% increase in total ounces. Northair Silver Corp. (TSXV: INM) (the “Company” or “Northair”) | |
| Resources: | (Resource, M+I): 18.54Mt @ 86.3g/t Ag, 0.069g/t Au, 0.13% Pb, 0.18% Zn | |
| CP/QP: | [Resources]: Allan Armitage, Joe Campbell (GeoVector Management Inc.) | |
| ABSTRACT: | Northair Silver Corp. (TSXV: INM) (the “Company” or “Northair”) is pleased to announce the results of its updated resource estimate prepared by Allan Armitage, PhD, P. Geo. and Joe Campbell, B.Sc., P. Geo., of GeoVector Management Inc. (“GeoVector”) for its flagship La Cigarra silver project (the “Project”) located in Chihuahua State, Mexico. Northair’s first resource estimate for the Project was included in a technical report entitled “San Gregorio/Las Carolinas Resources Technical Report, La Cigarra Project, Chihuahua, Mexico” dated effective February 20, 2013 (the “2013 Resource Estimate”). Commenting on the results, Andrea Zaradic, President & CEO of Northair said, “We are very pleased by the results of our updated mineral resource estimate for La Cigarra with a 14% increase in the average silver grade and a 17% increase in total ounces. As expected, the mineral resources of the Project are sensitive to the silver price and other parameters used to calculate the estimate. Our new resource estimate uses a $22/oz silver price which is consistent with estimates recently released by many of our peers and reflects our views on silver pricing. Additionally, we have also prepared a +/- 30% sensitivity analysis at a $17/oz silver price, which more closely reflects the spot price today and a $29/oz silver price which provides an upside and a comparison to the 2013 Resource Estimate. Results of this sensitivity analysis are very encouraging as we see a 20% increase in the average M&I grade at $17/oz with no loss of total ounces, while at the upside comparison of $29/oz we see a 30% increase in total contained silver ounces. While this sensitivity comparison is not representative of our current resource statement at $22/oz, we do feel that it is a valuable point of reference for our investors. With this resource update and the recently completed drilling, the San Gregorio and Las Carolinas zones have demonstrated the potential to host an economically viable mineral deposit and supports our vision of achieving a 5Moz/year production for a +10 year mine life. Northair is currently planning its next drill program that will focus on stepping out from the existing resource as well as testing multiple additional targets that are believed to be part of the broader La Cigarra system.” | |
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