Confirmed and possible reserves for the underground mine are roughly 6.4 million tonnes at 1.02% copper, 1.83% zinc, 34.43 g/t silver, 0.36 g/t gold and 0.43% lead, for 142.7 million lb. of copper, 255.7 million lb. zinc, 7.03 million oz. silver, 70,000 oz. gold and 59.9 million lb. lead.
Useful resource totals for Bolivar amounted to 18.4 million tonnes grading 0.76% copper, 15.29 g/t silver and 0.25 g/t gold within the M+I portion, and 12.1 million tonnes grading 0.72% copper, 12.21 g/t silver and 0.19 g/t gold inferred.
Bolivar’s complete reserves are roughly 5.6 million tonnes at 0.77% copper, 16.83 g/t silver and 0.28 g/t gold, containing 94.7 million lb. copper, 3.02 million oz. silver and 50,000 oz. gold.
In keeping with Ernesto Balarezo, Sierra Metals’ CEO, these up to date NI 43-101-compliant mineral reserves and sources verify the lengthy manufacturing historical past of each property. “We have now a transparent path ahead and the muse in place to boost and to maximise the returns of the expansion initiatives that we have now deliberate at our mines,” he stated.
Lifetime of mine (LOM) is estimated at 5 years for Yauricocha and three for Bolivar from the brand new reserve base. LOM would increase to eight and 10 years respectively if M+I sources are used, and 10 and 7 years respectively when utilizing inferred sources.
Constant useful resource substitute
At Bolivar, the corporate changed and elevated mineral sources mined in 2023, and with over 8,000 metres of mine improvement deliberate in 2024, it expects to proceed to interchange mineral sources mined by way of exploration actions.
At Yauricocha, mine improvement is presently underway under the 1120 degree, with full manufacturing focused by the fourth quarter of 2024. Sierra expects to interchange and enhance mineral sources as soon as it begins mining actions in that portion of the ore physique with systematic infill drilling efforts.
Acquired in 2011, Yauricocha represents Sierra Metals’ flagship operation, with over 70 years of steady manufacturing. Bolivar is a a lot newer operation, recording its first full yr of business manufacturing in 2012.
Shares of Sierra Metals had been down 1.1% at C$0.85 apiece by 11:00 a.m. ET Tuesday, giving the Toronto-based copper miner a market capitalization of C$177.9 million ($130m).
