Reserves and Resources

Reserve and Resource Estimates updated April 17, 2017

Mineral Reserve and Resource Estimates at December 31, 2016

Silver-Gold Proven and Probable Reserves
  Tonnes
(000s)
Ag g/t Au g/t Ag Eq g/t Ag oz
(000s)
Au oz
(000s)
Ag Eq oz
(000s)
Proven
Guanaceví 87 247 0.49 284 691 1.4 794
Bolañitos 157 90 2.84 311 454 14.3 1,570
El Cubo 409 154 1.99 295 2,025 26.2 3,879
Total Proven 653 151 1.99 297 3,170 41.9 6,243
Probable
Guanaceví 508 262 0.64 311 4,279 10.5 5,079
Bolañitos 238 104 1.81 245 796 13.8 1,875
El Cubo 453 159 1.71 280 2,316 24.9 4,078
Terronera 4,061 207 1.95 353 27,027 254.6 46,122
Total Probable 5,260 204 1.80 338 34,417 303.8 57,154
Total P+P 5,913 198 1.82 333 37,588 345.7 63,397

 

Silver-Gold Measured and Indicated Resources
  Tonnes
(000s)
Ag g/t Au g/t Ag Eq g/t Ag oz
(000s)
Au oz
(000s)
Ag Eq oz
(000s)
Measured
Guanaceví 69 248 0.47 284 550 1.0 630
Bolañitos 89 150 2.29 329 429 6.6 941
El Cubo 213 192 3.13 414 1,315 21.4 2,835
Total Measured 371 192 2.43 369 2,294 29.0 4,407
Indicated
Guanaceví 2,271 296 0.72 351 21,612 52.6 25,628
Bolañitos 698 162 2.04 325 3,635 45.8 7,293
El Cubo 732 194 2.44 366 4,566 57.4 8,614
Guadalupe y Calvo 1,861 119 2.38 295 7,120 142.4 17,651
El Compas 148 104 7.31 652 496 34.9 3,112
Total Indicated 5,710 204 1.81 339 37,430 333.1 62,298
Total M+I 6,081 203 1.85 341 39,724 362.1 66,704

 

Silver-Gold Inferred Resources
  Tonnes
(000s)
Ag g/t Au g/t Ag Eq g/t Ag oz
(000s)
Au oz
(000s)
Ag Eq oz
(000s)
Inferred
Guanaceví 638 379 0.82 441 7,774 16.8 9,046
Bolañitos 1,150 153 2.29 330 5,657 84.7 12,201
El Cubo 1,453 214 2.78 411 9,997 129.9 19,200
Guadalupe y Calvo 154 94 2.14 255 465 10.6 1,263
Terronera 618 486 2.82 698 9,656 56.0 13,859
El Compas 217 76 5.38 480 530 37.5 3,342
Total Inferred 4,230 251 2.47 433 34,080 335.5 58,910

 

Silver-Gold-Lead-Zinc Resources
  Tonnes
(000s)
Ag g/t Au g/t Ag Eq g/t Ag oz
(000s)
Au oz
(000s)
Ag Eq oz
(000s)
Pb% Zn%
Indicated
Guanacevi 363 208 0.26 302 2,428 3.0 3,525 0.78 1.32
Parral 1,631 49 0.90 117 2,569 47.0 6,135 2.87 2.86
Total Indicated 1,994 78 0.78 151 4,997 50.0 9,660 2.49 2.58
Inferred
Guanacevi 488 132 0.16 293 2,071 3.0 4,597 1.36 2.54
Parral 1,303 63 0.88 129 2,639 37.0 5,404 2.55 2.28
Total Inferred 1,791 82 0.68 174 4,710 39.0 10,001 2.23 2.35
  1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any or all part of the mineral resources will be converted into mineral reserves.
  2. Mineral resources are exclusive of and in addition to mineral reserves.
  3. Mineral resource and reserve cut-off grades are based on a 198 g/t silver equivalent for Guanaceví, 162 g/t silver equivalent for Bolañitos, 177 g/t silver equivalent for El Cubo, and 150g/t silver equivalent for El Compas and Terronera.
  4. Metallurgical recoveries were 82.5% silver and 85.4% gold for Guanaceví, 79.6% silver and 84.5% gold for Bolañitos, and 87.8% silver and 84.7% gold for El Cubo.
  5. Mining recoveries of 95% were applied for mineral reserve estimate calculations.
  6. Minimum mining widths were 0.8 metres for mineral reserve estimate calculations.
  7. Dilution factors for mineral reserve estimate calculations averaged 29% for Guanaceví, 21% for Bolañitos, and 30% for El Cubo. Dilution factors are calculated based on internal stope dilution calculations and external dilution factors of 15% for cut and fill mining and 30% for long hole mining.
  8. Silver equivalent grades are based on a 75:1 silver:gold ratio.
  9. Price assumptions for Guanaceví, Bolañitos and El Cubo are US$16.29/oz for silver, US$1,195/oz for gold, US$0.82/lb for lead and US$0.90/lb for zinc.  Price assumptions for Terronera and El Compas are $18/oz for silver and $1,225/oz for gold.
  10. Figures in the tables are rounded to reflect estimate precision; small differences generated by rounding are not material to the estimates.

The mineral resource estimates for Guanaceví, Bolañitos, and El Cubo were undertaken by Independent Qualified Persons Zachary Black, SME-RM, and Jeffery Choquette, P.E., MMSA, of Hard Rock Consulting. Godfrey Walton, M.Sc., P.Geo., President and COO of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in these mineral resource estimates.

The mineral resource estimates for Terronera and El Compas were undertaken by Independent Qualified Persons Eugene Puritch, P.Eng., and Richard Routledge, P.Geo., of P&E Mining Consultants Inc. Mr. Puritch has reviewed and approved the technical content of this information with respect to Terronera and El Compas.

These mineral reserve and mineral resource estimates were classified following the definitions and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum CIM standards and definitions of mineral resource estimates and mineral reserve estimates as referenced in National Instrument 43-101.

Technical reports for Guanaceví, Bolañitos, and El Cubo were completed and filed on SEDAR in March 2017. Technical reports for Terronera and El Compas will be completed and filed on SEDAR in May 2017.

Copyright © Endeavour Silver
Designed by and Powered by Blender Media