Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) has released new mineral resource and reserve estimates for its three producing assets in Bolivia.
The estimates cover the Bolivar mine, Porco mine, and Caballo Blanco Group of mines, as well as the Soracaya exploration project.
According to a release from Santacruz, the Bolivian-producing mines hold proven and probable mineral reserves of 54 million silver equivalent ounces, including 19 million ounces of silver and 259 thousand tons of zinc.
Total measured and indicated resources stand at 102 million silver equivalent ounces, with Inferred Resources at 189 million silver equivalent ounces.
Furthermore, the initial inferred resource estimate for the Soracaya exploration project stands at 35 million ounces of silver.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, emphasized the importance of these estimates, noting that they use actual operating data and reflect current exploitation conditions.
"This marks a noteworthy milestone for Santacruz as we continue to build a mid-tier silver and base metals company,” Préstamo told shareholders.
“The verified Mineral Resources and Reserves underscore our solid asset base. It is important to note that our Bolivian producing mines are open along strike and at depth, and with our ongoing exploration program, we believe there is potential to grow the current Mineral Resources and Reserves."
He also highlighted the growth potential of the Bolivian mines and the quality of the initial Inferred Resource estimate for Soracaya, which Préstamo called “another high-quality silver project.”
Shares of Santacruz were up 2.8% in early Toronto trading on Wednesday.