Reserves & Resources
Bilbao Project
The Company has completed over 22,000 metres of diamond drilling (91 holes) at Bilbao. An independent resource estimate was prepared by Southampton Associates in November 2008 and by R.T.G. Parker, an independent Consulting Mine Geologist, in February 2010 and in May 2011, all in compliance with NI 43-101.
The Resource Estimate as at May 16, 2011 (3% zinc equivalent cut-off) is:
| Resource Category | Tonnage (T) |
Zinc (%) |
Lead (%) |
Copper (%) |
Silver (g/t) |
| Indicated Resources | 10,620,000 |
2.13 |
2.00 |
0.19 |
53.81 |
| Inferred Resources | 430,000 |
1.44 |
1.73 |
0.18 |
46.39 |
The Company continues drilling the limits of the mineralization at Bilbao to the south and northwest through a programme of step-out drilling as well as to search for additional, replacement lenses at greater depth.
Metallurgical test work is being conducted on the oxide and sulphide mineralization to optimize the process recoveries.
Laguna Project
The Resource Estimate for the mineralized zone as prepared by Micon International as at February, 2008 is:
| Resource Category | Tonnage (T) |
Silver (g/t) |
Gold (g/t) |
Mercury (g/t) |
| Proven | 529,000 |
55.12 |
0.29 |
351.04 |
| Probable | 6,270,000 |
58.16 |
0.31 |
327.05 |
| Proven + Probable | 6,799,000 |
57.92 |
0.31 |
328.92 |