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  • Caylloma Mine, Peru

OPERATING HIGHLIGHTS

 

20201

2021E2

Tonnes milled (000)

510

530

Average milled (tpd)

1,433

1,500

Silver production (Moz)

1.0

1.0 - 1.1

Gold production (koz)

4.1

4 - 5

Lead production (Mlbs)

30

29 - 32

Zinc production (Mlbs)

46

44 - 49

AISC3,4 (US$/oz Ag Eq)

$17.8

$19.4 - $23.0

Notes

Commodities
Silver, zinc, lead
Ownership
100%
Operation
1,430
tonnes per day
Claim block area
36,000
hectares
Deposit type
Intermediate sulphidation
epithermal deposit
Mining method
Underground
cut-and-fill

Mineral Reserves and Resources

 Contained Metal
PropertyClassificationTonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
 Ag
(Moz)
Au
(koz)
Mineral Reserves - Proven and Probable
Caylloma Mine, Peru
Silver VeinsProven224171.170.520.57 0.30.8
 Probable775781.300.230.24 1.43.2
 Proven + Probable985421.270.290.31 1.74.0
Polymetallic VeinsProven109970.442.622.61 0.31.6
 Probable1,455800.212.803.83 3.79.7
 Proven + Probable1,564810.222.783.75 4.111.2
Combined-All VeinsProven1311500.562.272.28 0.62.4
 Probable1,5321050.262.673.65 5.212.9
 Proven + Probable1,6621080.282.643.54 5.815.2
Mineral Resources - Measured and Indicated
Caylloma Mine, PeruMeasured5291060.371.923.37 1.86.3
 Indicated1,611960.261.743.36 5.013.5
 Measured + Indicated2,140990.291.783.36 6.819.8
Mineral Resources - Inferred
Caylloma Mine, PeruInferred3,7511220.402.704.08 14.748.5
  • Notes:
    • Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
    • Mineral Resources are exclusive of Mineral Reserves
    • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
    • Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
    • Caylloma Mineral Resources and Reserves are estimated as of June 30, 2020 and reported as of December 31, 2020 taking into account production-related depletion for the period through December 31, 2020
    • Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$ 83.37/t; mechanized (enhanced) at US$ 81.66/t; semi-mechanized at US$ 90.19/t; and a conventional method at US$173.74/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,000/t Pb and US$2,270/t Zn; metallurgical recovery rates of 83% for Ag, 42% for Au, 91% for Pb and 90% for Zn with the exception of the Ramal Piso Carolina vein that uses a metallurgical recovery rate of 75% for Au. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2019 through June 2020. Mining recovery is estimated to average 95% with average mining dilution ranging from 13% to 32% depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of US$65/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$135/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices
    • Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for Mineral Resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for Mineral Reserves, both being employees of Fortuna Silver Mines Inc.
    • Totals may not add due to rounding procedures

       

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