The Company's exploration drilling programs in
Mexico met with continued success in 2011, highlighted by the discovery of
several new, high-grade silver-gold veins at Endeavour's two silver mining
operations, the Guanacevi Mine in Durango State, and the Guanajuato Mine
in Guanajuato State. Several new, moderate grade, silver-gold
mineralized veins were also discovered at the San Sebastian property in
Jalisco State, Mexico.
Barry Devlin, Vice President of
Exploration, commented, "Last year, our talented exploration team
once again delivered some exciting new silver-gold vein discoveries which
will be included in our next NI 43-101 reserve/resource estimate expected
in a few weeks' time. Endeavour drilled 71,440 meters (234,000 feet)
in 315 drill holes testing multiple exploration targets in four separate
mining districts in order to make new discoveries and expand silver
resources."
Guanajuato District
Endeavour currently holds 100% interests in
2,538 hectares (6,273 acres) within the historic silver district of
Guanajuato which produced over 1.2 billion ounces (oz) according to the
Servicios Geologico de Mexico (SGM). Since acquiring Guanajuato in 2007,
Endeavour has discovered multiple, high-grade, silver-gold ore-bodies in
the La Luz sub-district southeast of the Lucero/Bolanitos mine and along
the Veta Madre ore-bearing structure northwest of the Cebada mine (see
Guanajuato maps on website: http://media3.marketwire.com/r/EDR_maps).
In 2011, Endeavour drilled 32,000 meters in
115 holes at Guanajuato, mainly in the Bolanitos mine area, to
successfully extend the high grade silver-gold mineralized zones within
each of the Lucero, Karina, Fernanda and Daniela veins (latest drill
results below) to several hundred meters long by 200 meters deep. All
four veins are higher grade than the current reserves and resources at
Guanajuato and the Daniela vein in particular appears to be thicker, has
higher gold grades and is still open along strike to the
northwest.
Recent drilling highlights at Daniela include
187 grams per tonne (gpt) silver and 6.89 gpt gold over 3.25 meters (m)
true width (15.5 ounces per ton (opT) silver equivalent over 10.7 feet
(ft) based on a silver: gold ratio of 50:1) in hole DN-36.
Daniela Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
(m) |
(m) |
(g/t) |
(g/t) |
DN-33 |
HW
Daniela |
180.60 |
2.98 |
185 |
0.62 |
Incl |
182.00 |
0.37 |
781 |
1.20 |
DN-34 |
HW
Daniela |
214.40 |
4.24 |
103 |
9.80 |
Incl |
219.95 |
0.67 |
79 |
43.10 |
DN-36 |
HW
Daniela |
224.55 |
3.25 |
187 |
6.89 |
Incl |
227.95 |
0.68 |
316 |
17.25 |
DN-37 |
HW
Daniela |
246.40 |
1.87 |
207 |
4.69 |
Incl |
248.65 |
0.39 |
403 |
15.40 |
The Lucero vein has been in production for
more than two years and thanks to the opening of new Lucero South mine
access ramp in 2011, underground development of the Karina, Fernanda and
Daniela veins is now being fast tracked for production in 2012. As a
result, Endeavour plans to expand the current 1000 tonnes per day (tpd)
Guanajuato mine output to 1600 tpd throughout the year in order to fill
the recently expanded plant to its capacity.
High grade silver-gold mineralized zones were
also discovered in two new veins, La Joya (new drill results below) and
Belen, which are sub-parallel to and east of the Daniela vein. Two
drill rigs are working full time to extend these mineralized zones and
several compelling new vein targets will be drilled elsewhere on the
Guanajuato properties this year.
Recent drilling highlights at La Joya include
195 gpt silver and 1.11 gpt gold over 4.88 m true width (7.3 opT silver
equivalent over 16.0 ft based on a silver:gold ratio of 50:1) in hole
LJ11.5-2.
La Joya Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
(m) |
(m) |
(g/t) |
(g/t) |
LJ4-3 |
HW
La Joya |
153.35 |
5.63 |
80 |
1.13 |
LJ11.5-1 |
HW
La Joya |
291.8 |
4.92 |
148 |
1.19 |
LJ11.5-2 |
HW
La Joya |
310.35 |
4.88 |
195 |
1.11 |
LJ12.5-1 |
Vein |
167.05 |
0.87 |
1,074 |
1.39 |
Guanacevi District
Endeavour currently holds 100% interests in
4,076 hectares (10,071 acres) within the historic silver district of
Guanacevi which produced over 450 million oz of silver according to the
SGM. Since acquiring Guanacevi in 2004, Endeavour has found multiple
high-grade silver ore-bodies along a five kilometer (3 mile) length of the
prolific Santa Cruz silver vein (see Guanacevi maps on website: http://media3.marketwire.com/r/EDR_mapsB).
In 2011, Endeavour drilled 16,000 meters in 56
holes at Guanacevi, mainly in the San Pedro area, and made a new discovery
in the Milache area (new drill results below) along the Santa Cruz vein to
the northwest of the Company's Porvenir Cuatro mine. The nature and
grade of mineralization at Milache is very similar to the other five
discoveries along the Santa Cruz vein that Endeavour has developed into
mines at Guanacevi since 2004. Underground drilling also continued to
expand the mineralization at depth in the Porvenir Norte mine, Endeavour's
largest operating mine in the Guanacevi district.
Recent drilling highlights at Milache include
775 gpt silver and 2.75 gpt gold over 6.75 m true width (26.6 opT silver
equivalent over 22.1 ft based on a silver:gold ratio of 50:1) in hole
MCH1.5-1.
Milache Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
(m) |
(m) |
(g/t) |
(g/t) |
MCH1-2 |
HW
Santa Cruz |
321.70 |
1.62 |
241 |
0.59 |
Incl |
323.30 |
0.22 |
1,235 |
3.03 |
Santa
Cruz |
325.85 |
1.53 |
193 |
0.29 |
Incl |
327.30 |
0.26 |
997 |
1.14 |
MCH1.5-1 |
Santa
Cruz |
355.70 |
6.75 |
775 |
2.75 |
Incl |
363.90 |
0.57 |
1,380 |
4.13 |
MCH1.5-2 |
Santa
Cruz |
457.75 |
1.78 |
155 |
0.40 |
Incl |
460.25 |
0.34 |
472 |
1.49 |
MCH-10 |
Santa
Cruz |
386.35 |
1.53 |
169 |
0.69 |
Incl |
387.50 |
0.46 |
260 |
1.04 |
FW
Santa Cruz |
406.40 |
1.65 |
440 |
0.83 |
Incl |
407.85 |
0.28 |
680 |
0.78 |
Exploration drilling in the San Pedro area at
the north end of the Guanacevi district continued to return encouraging
drill results from a number of recently discovered mineralized zones on
historic mine properties such as Santa Isabel and El Soto.
Recent drilling highlights at San Pedro
include 2,435 gpt silver and 2.18 gpt gold over 0.88 m true width (74.2
opT silver equivalent over 2.9 ft based on a silver:gold ratio of 50:1) in
hole EPS1-4B.
San Pedro Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
Pb |
Zn |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
(%) |
SI07S-1 |
Vein |
177.60 |
0.28 |
979 |
1.51 |
0.84 |
17.25 |
SI01-2 |
Vein |
207.95 |
1.02 |
272 |
0.03 |
1.04 |
3.39 |
SI02-3 |
Vein |
223.15 |
1.07 |
483 |
0.25 |
0.56 |
0.84 |
SI02-4 |
Vein |
267.85 |
1.51 |
103 |
0.05 |
0.09 |
0.16 |
SI09-1 |
Santa
Isabel |
75.25 |
1.69 |
204 |
0.07 |
0.01 |
0.03 |
Incl |
77.50 |
0.19 |
1,755 |
0.22 |
0.06 |
0.17 |
JQ00-1 |
Vein |
269.60 |
1.19 |
1,005 |
0.14 |
1.73 |
3.25 |
Stockwork |
344.75 |
0.97 |
108 |
0.03 |
1.51 |
2.72 |
Vein |
357.2 |
1.50 |
53 |
0.05 |
2.76 |
6.13 |
San
Joaquin |
415.80 |
0.54 |
150 |
0.13 |
0.03 |
1.75 |
Vein |
431.00 |
0.25 |
73 |
0.10 |
0.11 |
12.00 |
Vein |
469.50 |
1.00 |
55 |
0.08 |
0.29 |
5.27 |
Stockwork |
507.25 |
0.95 |
33 |
0.10 |
0.58 |
7.27 |
JQ09-2 |
San
Joaquin |
92.40 |
2.76 |
213 |
0.05 |
1.40 |
2.82 |
Incl |
92.40 |
0.22 |
466 |
0.05 |
3.95 |
7.57 |
|
|
|
|
|
|
|
|
San Pedro Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
Pb |
Zn |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
(%) |
EPS1-4B |
Vein |
221.95 |
0.88 |
2,435 |
2.18 |
0.19 |
0.45 |
Incl |
221.95 |
0.36 |
5,320 |
4.57 |
0.43 |
1.09 |
ST0-1 |
Manto
Zone |
287.55 |
1.23 |
364 |
0.79 |
0.19 |
0.28 |
San Sebastian Property
Endeavour currently holds an option to acquire
a 100% interest in 5,466 hectares (13,507 acres) within the historic
silver district of San Sebastian which was discovered in 1542, and
produced silver on a small scale from multiple historic mines on more than
20 different veins until the Mexican Revolution of 1910. Since
optioning San Sebastian in 2010, Endeavour has focused on mapping and
sampling six veins in a five kilometer (3 mile) area in the southern half
of the property (see San Sebastian maps on website: http://media3.marketwire.com/r/EDR_mapsC).
In 2011, Endeavour drilled 7,700 meters in 36
holes at San Sebastian to test the Los Negros, Animas, Tajo, Real and
Quiteria veins (new drill results below) for their ore
potential. Five new, moderate grade silver-gold mineralized zones
were outlined, many remain open for continued exploration, and there are
several veins yet to be drilled.
Recent drilling highlights at San Sebastian
include 580 gpt silver and 0.03 gpt gold over 2.20 m true width (16.9 opT
silver equivalent over 7.2 ft based on a silver:gold ratio of 50:1) in
hole TA04-1.
San Sebastian Drill Results |
Hole |
Vein |
From |
True
Width |
Ag |
Au |
(m) |
(m) |
(g/t) |
(g/t) |
LN02-1 |
Los
Negros |
25.45 |
1.53 |
222 |
0.74 |
LN04-1 |
Los
Negros |
116.65 |
1.54 |
120 |
0.25 |
LN07-1 |
Los
Negros |
75.85 |
2.10 |
132 |
1.02 |
LN08-1 |
Los
Negros |
53.50 |
3.64 |
144 |
1.21 |
LN09-1 |
Los
Negros |
74.65 |
2.58 |
258 |
0.61 |
LN10-1 |
Los
Negros |
100.70 |
1.51 |
165 |
0.51 |
AN13-1 |
Animas |
85.10 |
2.12 |
159 |
0.37 |
AN13-2 |
Animas |
131.85 |
1.61 |
114 |
0.30 |
TA03-1 |
HW
Tajo |
246.00 |
2.71 |
265 |
0.05 |
Tajo |
255.95 |
1.52 |
105 |
0.10 |
TA04-1 |
HW
Tajo |
194.45 |
2.96 |
176 |
0.66 |
Incl |
194.45 |
0.48 |
524 |
1.74 |
Tajo |
207.00 |
2.20 |
580 |
0.03 |
TA04-2 |
HW
Tajo |
235.00 |
1.60 |
282 |
1.88 |
RE04-1 |
Real |
86.70 |
1.79 |
320 |
0.74 |
RE17-1 |
Vein |
43.50 |
0.95 |
253 |
0.37 |
Real |
196.50 |
0.97 |
41 |
0.11 |
Copiapo Chile Properties
In 2011, Endeavour optioned 100% interests in
the 7,900 hectare (19,518 acre) La Presidenta and 407 hectare (1005 acre)
Lomas Bayas properties within the historic Copiapo district of northern
Chile. Both properties had 150 year histories of small scale high
grade silver-gold mine production from multiple narrow veins but neither
property had ever been systematically explored or drilled.
Endeavour drilled 15,000 meters in 103 reverse
circulation holes at La Presidenta and Lomas Bayas to test the historic
mines and veins for their bulk tonnage, low grade, open pit ore
potential. The results were disappointing at La Presidenta, with most
drill intercepts returning less than 30 gpt silver equivalents over less
than 10 meters. Given the higher grade sampling results around the
old mine, there appears to be a supergene enrichment effect on
surface.
Drill results from Lomas Bayas were more
positive, confirming some small bulk tonnage ore potential, but once again
there appears to be a supergene enrichment effect on surface so the upside
potential at Lomas Bayas is limited. As a result, Endeavour plans to drop
the property options on La Presidenta and Lomas Bayas and focus on
generating new silver opportunities in Chile.
Parral Properties
Endeavour currently holds 100% interests in
32.7 hectares (80.8 acres) within the historic silver district of Parral
which produced over 250 million ounces (oz) of silver according to the
SGM. Since acquiring Parral in 2006, Endeavour has found by drilling a
large, poly-metallic mineralized zone along the Cometa vein along strike
from the historic Esmeralda mine (see Parral maps on website: http://media3.marketwire.com/r/EDR_mapsD).
In 2011, a revised resource was estimated that
included an indicated 1.631 million tonnes grading 49 gpt silver, 0.9 gpt
gold, 2.87% lead and 2.86% zinc, and an inferred 1.303 million tonnes
grading 63 gpt silver, 0.9 gpt gold, 2.55% lead and 2.28% zinc (see Parral
resource estimate on website: http://media3.marketwire.com/r/EDR_mapsE).
2012 Exploration Plans
In 2012, Endeavour plans an aggressive $15.0
million, 70,000 meter, 250 hole surface exploration drill program to test
multiple exploration targets within three of the mining districts where
Endeavour is currently active plus any new districts the
Company may acquire during the year.
The first priorities will be to follow up the
new discoveries made near Endeavour's two mining operations at Guanacevi
and Guanajuato as highlighted above and to continue the search for new
prospective targets within those two districts. Management is
confident that the potential to discover and develop new silver-gold
resources at both Guanacevi and Guanajuato remains high.
Endeavour will also continue surface
exploration drilling on the San Sebastian properties to try and extend the
known mineralized zones and test new targets. Several new properties
were evaluated in Mexico last year and the Company anticipates the
acquisition of some new, district scale exploration projects in both
Mexico and Chile in 2012.
Barry Devlin, M.Sc., P.Geo., Vice President,
Exploration is the Qualified Person who reviewed this news release and
supervised the surface drilling and sampling programs at the Parral, La
Presidenta, Lomas Bayas, San Sebastian, Guanacevi and Guanajuato
Projects. A Quality Control sampling program of reference standards,
blanks and duplicates has been instituted to monitor the integrity of all
assay results. All core samples are split at the respective field
offices and shipped to ALS-Chemex Labs, where they are dried, crushed,
split and 250 gram pulp samples are prepared for analysis. Gold and
silver are determined by fire assay with an atomic absorption (AA) finish
and lead, zinc and copper are determined by AA.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
About Endeavour Silver Corp.
- Endeavour Silver is a mid-cap silver mining company focused on the
growth of its silver production, reserves and resources in Mexico. Since
start-up in 2004, Endeavour has posted seven consecutive years of growing
silver production, reserves and resources. The organic expansion programs
now underway at Endeavour's two operating silver mines in Mexico combined
with its strategic acquisition and exploration programs should facilitate
Endeavour's goal to become the next premier mid-tier silver mining
company.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains "forward-looking
statements" within the meaning of the United States private securities
litigation reform act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Such
forward-looking statements and information herein include but are not
limited to statements regarding Endeavour's anticipated performance in
2012 and the timing and results of exploration drill programs. The Company
does not intend to, and does not assume any obligation to update such
forward-looking statements or information, other than as required by
applicable law.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements
of Endeavour and its operations to be materially different from those
expressed or implied by such statements. Such factors include, among
others, changes in national and local governments, legislation, taxation,
controls, regulations and political or economic developments in Canada and
Mexico; operating or technical difficulties in mineral exploration,
development and mining activities; risks and hazards of mineral
exploration, development and mining; the speculative nature of mineral
exploration and development, risks in obtaining necessary licenses and
permits, and challenges to the Company's title to properties; as well as
those factors described in the section "risk factors" contained in the
Company's most recent form 40F/Annual Information Form filed with the
S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company's mining operations, no
material adverse change in the market price of commodities, mining
operations will operate and the mining products will be completed in
accordance with management's expectations and achieve their stated
production outcomes, and such other assumptions and factors as set out
herein.
Although the Company has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking statements or information, there
may be other factors that cause results to be materially different from
those anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements or information.
Accordingly, readers should not place undue reliance on forward-looking
statements or information.