Northair Silver (INM-V) March 2nd 2015 is pleased to announce that, in compliance with National Instrument (“NI”) 43-101, it has filed on SEDAR the Technical Report for the updated resource estimate, as released on January 14, 2015, for its La Cigarra silver project located in Chihuahua State Mexico.
The Independent Technical Report was completed by Allan Armitage, PhD, P. Geo. and Joe Campbell, B.Sc., P. Geo., of GeoVector Management Inc. ("GeoVector") following the guidelines of the Canadian Securities Administrators National Instrument 43-101 and Form 43-101F1. The report titled “Updated Mineral Resource Estimate on the San Gregorio/Las Carolinas Zones, La Cigarra Silver Project, Chihuahua, Mexcio” is filed on SEDAR and can be viewed on the SEDAR website at www.sedar.com as well as the Northair website at: www.northairsilver.com.
Highlights of the La Cigarra Mineral Resource Estimate are as follows:
Measured and Indicated mineral resources of 51,470,000 ounces of silver within 18,540,000 tonnes at an average grade of 86.3 g/t silver and an Inferred mineral resource of 11,460,000 ounces silver within 4,450,000 tonnes at an average grade of 80.0 g/t silver;
The deposit remains open along the 6 kilometre strike length and at depth with further potential to expand near surface mineralization along the outer perimeter of the currently defined deposit.
A summary of the mineral resource estimate contained within a resource pit shell utilizing a $22 per ounce (“oz”) silver price and reported at a 35 g/t silver cut-off grade is tabulated below:
Resource
Category*
| Tonnes
| In-Situ Grade
| Contained Metal
| Ag (g/t)
| Au (g/t)
| Pb (%)
| Zn (%)
| Ag (oz)
| Au (oz)
| Pb (lbs)
| Zn (lbs)
| Measured
| 3,620,000
| 88.9
| 0.074
| 0.14
| 0.19
| 10,340,000
| 9,000
| 10,920,000
| 15,510,000
| Indicated
| 14,930,000
| 85.7
| 0.068
| 0.13
| 0.18
| 41,130,000
| 33,000
| 42,950,000
| 59,260,000
| Meas + Ind
| 18,540,000
| 86.3
| 0.069
| 0.13
| 0.18
| 51,470,000
| 41,000
| 53,870,000
| 74,770,000
| Inferred
| 4,450,000
| 80.0
| 0.058
| 0.13
| 0.16
| 11,460,000
| 8,000
| 12,680,000
| 15,610,000
|
Note:* Mineral resources are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off grade and a $22/oz silver price. Mineral resources that are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add up due to rounding.
Mr. David Ernst, a professional geologist and VP Exploration of Northair, is a Qualified Person as defined by NI 43-101. Mr. Ernst has reviewed the technical information in this news release and approves the disclosure herein.
Northair also announces that subject to an assignment agreement dated February 23, 2015, it has agreed to assign and transfer to Starcore International Mines Ltd. (“Starcore”) its right, title and interest (50% interest) in the mineral concessions comprising the Sierra Rosario Project. In consideration of the Sierra Rosario Assignment, Starcore has agreed to pay Northair the sum of C$25,000; make an additional payment of $7,138.72 associated to the outstanding joint venture costs; and grant Northair a one percent (1%) net smelter royalty from any future production on the Project. Starcore retains the right to buy-back the full net smelter royalty by paying to Northair C$1,000,000.
About Northair Silver Corp.
Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, Mexico, 26 kilometres from the historic silver mining city of Parral. The 32,000 hectare property boasts nearby power, good road access, gentle topography, established infrastructure and currently hosts a robust NI 43-101 Mineral Resource Estimate that contains appreciable amounts of silver, lead, zinc and gold.
ON BEHALF OF THE BOARD,
NORTHAIR SILVER CORP.
“Andrea Zaradic”
____________________________________
Andrea Zaradic, P. Eng.
President & CEO
For further information please contact Andrea Zaradic, President & CEO or
Chris Curran, Manager of Corporate Communications at 604-687-7545 or 1-888-338-2200
Website: www.northairsilver.com Email: info@northair.com |
