In the fourth resource estimate for the Velardena district properties in Mexico’s Durango state, ECU Silver Mining (ECU-T) has increased the measured and indicated resource by 6% to 40 million silver-equivalent oz. and the inferred resource by 118% to 391 million oz.
The increase is the largest in the company’s history and puts Velardena among the larger silver and gold projects in Mexico. Michel Roy, ECU Silver’s chairman and chief executive, said in a prepared statement.
ECU notes that several veins are still open laterally and at depth and believes that there is “substantial potential” to increase mineral resources at Velardena.
ECU Silver’s Velardena district is made up of three parts, the main Velardena property, the Chicago property and the San Diego property. The properties are near to each other and include five historical mines: Santa Juana, Terneras, San Mateo, San Juanes, and the San Diego mine.
According to ECU, the Velardena district has a mineral potential of 569.5 million to 930.4 million oz. silver equivalent. The mineral potential was estimated on a silver and gold basis and doesn’t include any silver-equivalent estimates from base-metal values. (The mineral potential is not included in the resource estimate, but its conceptual nature has been reviewed and approved by MICON.)
The most recent resource estimate was based on 46 veins and includes the sum of mineral resources from ECU’s main Velardena property, the Chicago property, and 50% of the joint-venture San Diego property.
A cut-off value of US$45 per tonne was used for the narrow veins. A cut-off value of US$25 per tonne was used for the bulk tonnage vein packages and was based on ECU’s previous bulk mining tests.
At mid-day in Toronto, ECU was trading at about 96¢ per share. It has a 52-week trading range of 53¢ to $2.36 per share and has 242.6 million shares outstanding.
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