Starcore International Mines Ltd. (TSX: SAM) has just unveiled its revised NI 43-101 reserve and resource assessments for its San Martin Mine in Queretaro State, Mexico, valid until April 30, 2022. According to Salvador Garcia, Chief Operating Officer of Starcore, the updated report shows that their exploration efforts are helping to extend the life of the mine. The Board of Directors has also approved a $1 million investment toward 10,000 diamond drill meters in the specified targets near areas 28 and 33.
San Martin Mineral Reserve and Mineral Resource Update
Investigating San Martin is still yielding prominent asset expansion. The recent update includes 22,359 meters of drilling between April 2020 and April 2022. Early outcomes from 2020 and 2022 exploration are very hopeful, and it is anticipated to make it to the regions spotted with diamond drill holes in 2021 and by the halfway point of 2023. The concentration of efforts at San Martin is focused on asset growth in Area 28 and Area 33 ore bodies, as well as the transformation of Mineral Resources to Mineral Reserves with underground mining activities and through metallurgical test work research. These actions are expected to affirm a noteworthy extension in the San Martin mine life.
As of April 30, 2022, the estimated San Martin Proven and Probable Mineral Reserves amounted to 1,348,433 tonnes with a gold grade of 1.74 g/t and silver grade of 13 g/t, yielding a total of 82,559 oz of gold equivalent (Table 1). This figure reflects a 24% decrease from the previous estimate, due mainly to the depletion of 52,467 oz of gold equivalent between April 30, 2019, and April 30, 2022. Furthermore, the San Martin Indicated and Inferred Mineral Resources, exclusive of Mineral Reserves, also saw a reduction of 21% to 1,346,899 tonnes, with a gold grade of 1.81 g/t and silver grade of 14 g/t, amounting to 86,074 oz of contained gold equivalent.
Starcore recently changed their estimates for the San Martin mineral reserve and resource, resulting in a 13% decrease in tonnage and a 4% decrease in grade compared to the 2019 reserve/resource estimates. This is because Starcore used more conservative parameters to calculate the reserves/resources for the mine. Altogether, the Reserve and Resources totaled 175,652 ounces of gold equivalent, representing a 22% decline from the original figures. This is attributed to normal mining depletion and exploration, which reveals lesser mineral content than the initial blocks indicated.