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Endeavour Silver Corp. (TSX:EDR
- News; NYSE Amex:EXK)(DBFrankfurt:EJD)
released today its review of exploration results in 2010 and its exploration
plans for 2011. The Company's exploration drilling programs in Mexico met
with continued success in 2010, highlighted by the discovery of new, high
grade silver-gold mineralized zones near Endeavour's two silver mining
operations, Guanacevi Mines in Durango State, and
Guanajuato Mines in Guanajuato State.
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 approximately 41,400 meters (136,000 feet) in 148 drill
holes testing multiple exploration targets in five separate mining districts
in order to make new discoveries and expand silver resources."
"At Guanacevi,
our focus last year moved north into the San Pedro area, where we received
encouraging sample and drill results from a number of recently discovered
mineralized zones on historic mine properties. Two exciting new finds,
Epsilon and La Blanca, are in the vicinity of historic high grade silver
mines along the western side of San Pedro, and two more, San Joachin and Santa Isabel, lie along strike to the north
of historic high grade silver mines that occupy the east-bounding faults of
the Guanacevi horst block (Endeavour's Santa Cruz, Porvenir Norte, Porvenir Dos
and Porvenir Cuatro mines
are all located along the west-bounding fault of the Guanacevi
horst block)."
"At Guanajuato, we enjoyed
significant exploration success in 2010 extending high grade silver-gold
mineralization within the Lucero vein for more than 800 meters along strike
and more importantly, Endeavour discovered three new mineralized veins
parallel to and in the footwall of Lucero, the Karina, Fernanda and Daniela veins. Two drill rigs are
working full time to extend these mineralized zones and several compelling
new vein targets will also be drilled this year. As a result, Endeavour has
commenced a major expansion of the Guanajuato plant to 1000 tonnes per day in the 3rd Quarter, 2011."
Guanacevi District
Endeavour currently holds 100% interests
in 1,072 hectares (2,649 acres) within the historic silver district of Guanacevi which produced over 450 million ounces (oz) of
silver according to SGM, the Mexican Geological Service. Since acquiring Guanacevi in 2004, Endeavour has found five 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://www.edrsilver.com/s/Guanacevi.asp).
In 2010, Endeavour drilled 7,000 meters
in 23 holes in the San Pedro area resulting in two exciting new finds,
Epsilon and La Blanca. Recent drill results not previously announced include
3,319 grams per tonne (gpt)
silver and 7.1 gpt gold over a 2.0 meter (m) true
width in the Epsilon area (hole EPS1-2), and 3,000 gpt
silver and 7.7 gpt gold over a 2.1 m true width in
the La Blanca area (hole BC-03).
Endeavour continued to expand its land
position at Guanacevi in 2010 with the addition of
the 3 properties totaling 25 hectares. Many of the old silver mining
properties in Guanacevi had histories of small high
grade mine production but very few of them were ever systematically explored
and drilled.
Previously unreleased highlights of the
2010 drilling programs at Guanacevi were as
follows:
--------------------------------------------------------------------------
San Pedro (Epsilon-Soto)
--------------------------------------------------------------------------
Core True
From Length Width Silver Gold
Hole Vein (m) (m) (m) (gpt) (gpt)
--------------------------------------------------------------------------
EPS1-2 Manto 223.90 2.50 1.96 3,319 7.06
--------------------------------------------------------------
Including 223.90 0.35 0.27 greater 31.80
than
10,000
--------------------------------------------------------------------------
EPS2-2 Soto 235.45 1.35 1.33 214 0.41
--------------------------------------------------------------
Including 235.45 0.30 0.30 917 1.67
--------------------------------------------------------------------------
EPS3-1 Epsilon 249.50 1.15 0.58 6,680 11.17
--------------------------------------------------------------
Soto 280.60 1.05 0.86 351 0.70
--------------------------------------------------------------------------
EPS3-3 Soto 296.25 4.10 3.72 406 0.64
--------------------------------------------------------------
Including 297.55 0.55 0.50 937 1.57
--------------------------------------------------------------------------
--------------------------------------------------------------------------
San Pedro (La Blanca-Mi Nina)
--------------------------------------------------------------------------
Core True
From Length Width Silver Gold
Hole Vein (m) (m) (m) (gpt) (gpt)
--------------------------------------------------------------------------
BC-01 Blanca 45.9 5.55 1.87 348 0.28
--------------------------------------------------------------
Including 48.8 0.35 0.12 1,165 less
than
0.05
--------------------------------------------------------------------------
BC-03 Blanca 33.95 3.50 2.11 3,000 7.66
--------------------------------------------------------------
Including 36.15 0.65 0.39 greater 37.00
than
10,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Porvenir Norte
--------------------------------------------------------------------------
Core True
From Length Width Silver Gold
Hole Vein (m) (m) (m) (gpt) (gpt)
--------------------------------------------------------------------------
PS-618-01 Z1 433.5 11.90 10.69 274.7 0.75
--------------------------------------------------------------------------
PS-628-01 Z2 455.00 3.15 2.63 420.6 2.01
--------------------------------------------------------------------------
PS-636-01 Z2 438.50 1.81 1.62 330.4 0.47
--------------------------------------------------------------
Z1 482.35 4.15 2.28 316.8 0.46
--------------------------------------------------------------------------
PS-636-03 Z2N 429.69 2.61 2.49 1,919.3 6.43
--------------------------------------------------------------
Z1 435.28 2.41 2.29 597.1 0.92
--------------------------------------------------------------------------
Guanajuato District
Endeavour currently holds 100% interests
in 2,314 hectares (5,719 acres) within the historic silver district of
Guanajuato which produced over 1.2 billion oz silver according to the SGM.
Since acquiring Guanajuato in 2007, Endeavour has discovered three high-grade
silver-gold ore-bodies, one along the Veta Madre
ore-bearing structure northwest of the Cebada mine
and two along the La Luz mineralized veins southeast of the Lucero/Bolanitos mine (see Guanajuato maps on website, http://www.edrsilver.com/s/BolanitosMine.asp).
In 2010, Endeavour drilled 18,000 meters
in 61 holes in the Lucero area resulting in three exciting new finds, Karina,
Fernanda and Daniela. Recent drill results not
previously announced include 158 gpt silver and 6.7
gpt gold over an 8.1 m true width in the Daniela
vein (hole KA-27), and 367 gpt silver and 1.9 gpt gold over a 1.8 m true width in the Karina vein (hole
KA-29).
Like Guanacevi,
Endeavour continued to expand its land position at Guanajuato in 2010 with
the addition of the 4 properties totaling 243 hectares. Many of the old
silver mining properties in Guanajuato also had histories of small high grade
mine production but few of them were systematically explored and drilled.
Previously unreleased highlights of the
2010 drilling programs at Guanajuato were as follows:
--------------------------------------------------------------------------
Karina-Fernanda-Daniela Drill Results
--------------------------------------------------------------------------
Core True
From Length Width Silver Gold
Hole Vein (m) (m) (m) (gpt) (gpt)
--------------------------------------------------------------------------
KA-25 Karina 77.60 1.20 1.04 286 1.22
--------------------------------------------------------------
Fernanda 115.90 1.60 1.20 140 3.57
--------------------------------------------------------------
Vein 151.25 1.35 0.87 428 6.72
--------------------------------------------------------------------------
KA-26 Vein 126.45 0.75 0.57 287 0.80
--------------------------------------------------------------
Daniela 160.15 6.75 3.14 110 4.57
--------------------------------------------------------------
Vein 174.35 0.95 0.77 91 8.22
--------------------------------------------------------------------------
KA-27 Vein 133.30 0.60 0.49 204 5.00
--------------------------------------------------------------
Vein 205.80 0.90 0.69 313 5.00
--------------------------------------------------------------
Vein 210.05 0.50 0.43 383 5.50
--------------------------------------------------------------
Daniela 238.45 21.10 8.08 158 6.73
--------------------------------------------------------------
Including 256.75 2.80 1.05 471 11.98
--------------------------------------------------------------
Vein 267.55 3.40 1.34 64 7.98
--------------------------------------------------------------------------
KA-29 Karina 76.45 2.20 1.80 367 1.88
--------------------------------------------------------------
Vein 81.80 0.75 0.48 21 10.50
--------------------------------------------------------------
Fernanda 119.30 1.05 0.78 189 4.80
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Bolanitos, Cebada
--------------------------------------------------------------------------
Core True
From Length Width Silver Gold
Hole Vein (m) (m) (m) (gpt) (gpt)
--------------------------------------------------------------------------
BVU 11 Bolanitos 348.20 2.40 2.08 116 0.93
--------------------------------------------------------------------------
BVU 12 Bolanitos 421.87 1.63 1.15 519 0.51
--------------------------------------------------------------------------
CVU 01 Cecilia 80.20 0.85 0.80 165 1.7
--------------------------------------------------------------------------
CVU 03 Cecilia 87.25 1.75 1.64 191 2.16
--------------------------------------------------------------------------
CVU 04 Cecilia 72.10 0.80 0.75 372 0.83
--------------------------------------------------------------------------
SJU 11FW San Jose 283.20 0.20 0.18 1,195 1.41
--------------------------------------------------------------
San Jose 297.75 1.90 1.72 749 0.91
--------------------------------------------------------------------------
CU-18 Veta Madre 108.00 1.00 0.80 1,190 0.85
--------------------------------------------------------------------------
Parral and Arroyo Seco
Properties
In 2010, Endeavour drilled 10,000 meters
in 34 holes at the San Juanico property in order to
extend the known silver-gold-lead-zinc mineralization on Endeavour's adjacent
El Cometa property. Both properties are located
within the historic silver district of Parral,
Chihuahua, which produced more than 250 million oz silver according to the
SGM.
As of March 2009, Endeavour reported an
NI 43-101 indicated resource at Cometa of 1.5
million oz silver and inferred resources totaling 1.0 million oz plus
significant gold, lead and zinc resources (see Parral
maps on website, http://www.edrsilver.com/s/ParralMine.asp).
An updated combined resource estimate is anticipated for El Cometa and San Juanico shortly.
Recent drill results not previously
announced include 52 gpt silver, 0.7 gpt gold, 4.2% lead and 1.9% zinc over an 4.8 m true
width in the Cometa vein (hole SJ0-2), and 267 gpt silver, 1.2 gpt gold, 0.4%
lead and 0.4% zinc over a 2.0 m true width also in the Cometa
vein (hole SJ1-1). Once the resource estimate is completed, management will
review the economic mining potential of the Parral
project.
An additional 1200 meters of drilling in
12 holes was carried out at Endeavour's 1,215 hectare (3,002 acre) Arroyo Seco project in Michoacan to
try and extend the previously discovered manto-style
silver-lead-zinc mineralization along strike and down dip.
Recent drill results not previously
announced include 864 gpt silver and 0.82% lead
over an 1.1 m true width in hole AS-14, and 311 gpt
silver and 0.94% copper over a 2.0 m true width in hole AS-13. Management has
decided to seek a partner or buyer for the Arroyo Seco
properties as they do not have sufficient silver potential to be of interest
to Endeavour.
2011 Exploration Plans
In 2011, Endeavour plans an aggressive
$9.2 million, 47,000 meter, 175-hole exploration drill program to test
multiple exploration targets within three of the mining districts where
Endeavour is currently active in Mexico plus any new targets within 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 test
several 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 commence surface
exploration drilling on the San Sebastian properties acquired last year in
Jalisco state, Mexico. Surface sampling has identified numerous high-grade
silver and gold mineralized zones at San Sebastian that will be tested in
2011.
Significant sample results are as
follows:
SIGNIFICANT SAN SEBASTIAN SAMPLE RESULTS
----------------------------------------------------------------------
Width Ag Au Pb Zn
Sample ID Zone (m) (gpt) (gpt) (ppm) (ppm)
----------------------------------------------------------------------
ESA 10014 Los Pollos Grab 1,185 0.74 1,370 355
----------------------------------------------------------------------
ESA 10027 La Obra 1.15 1,120 1.06 547 124
----------------------------------------------------------------------
ESA 10037 Ocote Alto 0.80 821 0.69 371 98
----------------------------------------------------------------------
ESA 10045 San Martin 0.30 364 1.23 1,130 734
----------------------------------------------------------------------
ESA 10058 La Obra 0.40 370 0.13 71 86
----------------------------------------------------------------------
ESA 10060 Guadalupe 0.35 647 2.51 34 105
----------------------------------------------------------------------
ESA 10066 La Obra 1.00 548 0.38 631 281
----------------------------------------------------------------------
ESA 10069 La Obra 0.20 429 0.07 724 535
----------------------------------------------------------------------
ESA 10075 El Tajo Grab 1,295 2.82 11,150 500
----------------------------------------------------------------------
ESA 10076 El Porvenir Grab 5,040 18.80 4,920 4,610
----------------------------------------------------------------------
ESA 10089 El Culebro Grab 534 1.94 1,160 63
----------------------------------------------------------------------
ESA 10096 El Tajo 0.55 673 0.64 18,800 227
----------------------------------------------------------------------
ESA 10098 El Tajo 0.50 581 1.16 13,200 5,240
----------------------------------------------------------------------
ESA 10099 El Tajo 0.56 1,295 2.02 25,100 3,630
----------------------------------------------------------------------
ESA 10903 El Tajo 1.50 414 0.37 897 293
----------------------------------------------------------------------
ESA 10904 El Tajo 1.50 474 0.78 449 366
----------------------------------------------------------------------
ESA 10907 San Agustin 0.50 603 0.23 2,050 1,755
----------------------------------------------------------------------
ESA 10912 El Rosario 0.30 634 0.68 740 164
----------------------------------------------------------------------
ESA 10926La Carbonera Grab 4,010 14.75 11,800 743
----------------------------------------------------------------------
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, Guanacevi and
Guanajuato Projects. Godfrey Walton, M.Sc. P.Geo.
President and Chief Operating Officer is the Qualified Person who reviewed
this news release and supervised the mine surface and underground drilling
programs at the Guanacevi and Guanajuato Mines. 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 Parral,
Guanajuato, or Guanacevi field offices and shipped
to ALS-Chemex Labs, where they are dried, crushed,
split and 50 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. 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 six 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 help Endeavour achieve its goal to become the
next premier mid-tier silver mining company.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - 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 future performance, including silver and gold
production, timing and expenditures to develop new silver mines and
mineralized zones, silver and gold grades and recoveries, cash costs per
ounce, capital expenditures and sustaining capital and the use of proceeds
from the Company's recent financing. 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: fluctuations in the prices of silver and gold,
fluctuations in the currency markets (particularly the Mexican peso, Canadian
dollar and U.S. dollar); 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 (including environmental hazards,
industrial accidents, unusual or unexpected geological conditions, pressures,
cave-ins and flooding); inadequate insurance, or inability to obtain insurance;
availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and
development, diminishing quantities or grades of mineral reserves as
properties are mined; the ability to successfully integrate acquisitions;
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. 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.
The TSX Exchange has neither approved
nor disapproved the contents of this news release
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