Blende Silver Corp. Updates its NI 43-101 Resource Estimate: Increase in Indicated metals are Zn +15%, AG +7%, Pb +6%
Blende Silver Corp.
804 –750 WEST PENDER STREET
VANCOUVER, B.C. CANADA V6C 2T7
TELEPHONE: 604-682-2928
FAX: 604-685-6905
Blende Silver Corp. Updates its NI 43-101 Resource Estimate: Increase in Indicated metals
are Zn +15%, AG +7%, Pb +6%
May 20, 2021
Vancouver, Canada – Blende Silver Corp . (the “Company”) (TSX.V: BAG) announced today Moose Mountain Technical
Services (“Moose Mountain”) has completed an updated NI43 -101 Resource Estimate for the Company’s 100% owned
Blende Deposit in north-central Yukon.
The updated resource estimate was prepared to reflect current metal prices and cos ts which were used to calculate the
cut-off grade of 1.5% ZnEq. This resulted in an increase of 15% Zinc, 7% Silver and 6% Lead. No additional drilling was
completed or used to prepare the updated resource estimate.
Source Class
In situ In situ Grades In situ Metal Content
Tonnage ZnEq1 Zn Pb Ag NSR OXRAT Zn Pb Ag
(ktonnes) (%) (%) (%) (gpt) ($CDN/t) (Mlbs) (Mlbs) (koz)
2021 Indicated 4,643 4.60 1.82 1.63 30.32 101.85 0.08 187 167 4,526
Inferred 42,243 4.49 1.83 1.62 27.48 99.41 0.21 1706 1505 37,320
Company director Andrew H. Rees commented “The Company is encouraged with the increase to both the Indicated and
Inferred resources at the Blende Project. Our technical team has reviewed the data provided with the updated resource
estimate and is finalizing a drill program for our 2021 field season as we prepare for the larger objective which will be to
commission a Preliminary Economic assessment.”
The following factors, among others, could affect the Mineral Resource estimate: commodity price and exchange rate
assumptions; pit slope angles; assumptions used in generating the LG pit shell, including metal recoveries, and mining and
process cost assumptions. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic,
marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
Resource Estimate from both the West and East pits - Effective March 15, 2021
Class Cutoff
In situ In situ Grades In situ Metal Content
Tonnage ZnEq1 Zn Pb Ag NSR OXRAT Zn Pb Ag
(ktonnes) (%) (%) (%) (gpt) ($CDN/t) (Mlbs) (Mlbs) (koz)
Indicated
1.0 5,304 4.18 1.69 1.47 27.22 92.60 0.07 198 171 4,642
1.5 4,643 4.60 1.82 1.63 30.32 101.85 0.08 187 167 4,526
2.0 3,996 5.06 1.95 1.83 34.00 112.06 0.08 172 161 4,368
2.5 3,351 5.60 2.08 2.07 38.72 124.04 0.08 153 153 4,172
3.0 2,780 6.19 2.19 2.33 44.29 137.05 0.09 134 143 3,959
3.5 2,284 6.83 2.30 2.63 50.60 151.26 0.09 116 132 3,715
4.0 1,905 7.44 2.40 2.90 57.06 164.87 0.09 101 122 3,495
5.0 1,375 8.59 2.56 3.41 69.92 190.18 0.10 78 103 3,090
Inferred
1.0 47,692 4.12 1.70 1.47 25.00 91.22 0.21 1,785 1,550 38,331
1.5 42,243 4.49 1.83 1.62 27.48 99.41 0.21 1,706 1,505 37,320
2.0 36,734 4.90 1.97 1.78 30.44 108.53 0.21 1,596 1,439 35,956
2.5 31,833 5.31 2.10 1.94 33.58 117.58 0.21 1,473 1,362 34,368
3.0 26,816 5.79 2.23 2.14 37.56 128.20 0.21 1,315 1,268 32,380
3.5 22,423 6.29 2.35 2.36 41.86 139.23 0.21 1,160 1,166 30,177
4.0 18,448 6.83 2.46 2.60 46.95 151.35 0.21 1,000 1,059 27,848
5.0 12,559 7.95 2.66 3.11 57.80 176.03 0.21 736 862 23,339
Notes to Table
1. The Mineral Resource estimate has been prepared by Sue Bird, P.Eng., an independent Qualified Person.
2. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best
Practices Guidelines.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using
the following assumptions: US $1.3/lb zn, US $1.0/lb Pb and US$26/oz Ag at a currency exchange rate of 0.77
US$ per $CDN; Recoveries of 70% Zn, 85% Pb and 90% Ag, a 3% NSR royalty and Payable of 88% payable Zn, 83%
payable Pb, 73% payable .
5. The resulting ZnEq is:
ZnEq = Zn% + (PB% ∗ $1.0 ∗ 0.85 ∗ 0.95)/(ZN% ∗ $1.3 ∗ 0.70 ∗ 0.85) + AGgpt/31.1034 ∗ $26 ∗ 0.90 ∗ 0.80)/(ZN%
∗ 1.3 ∗ 0.70 ∗ 0.85 ∗ 22.0462)
6. The specific gravity of the deposit has been determined by correlation with Zn and b grades. sg=
(ZN%+PB%)*0.015+2.8
7. Pit slope angles are assumed at 45º
8. Numbers may not add due to rounding.
The figure below illustrates the current 2021 west and east resource pits.
View Looking NW of the West Pit (yellow) and the East Pit (light blue)
Assumptions
The price, recovery and payable metal assumptions are summarized in the table below. Values used are based on
comparable zinc projects and preliminary metallurgical testing. A blended sulfide/oxide mix is assumed. These values
are used to calculate the Zn Equivalent grade, and in defining the “reasonable prospects for economic extraction” pit
shape.
Summary of Price Assumptions for Zn Eqv. And NSR Calculations
Metal Price Recovery (%) Payable (%) (including 3%
royalty)
Zn 1.3 $/lb 70 85
Pb $1.00 $/lb 85 95
Ag $26 $/troy oz 90 80
Reasonable Prospects Pit Assumptions
The resource pit shape was defined by Lerchs-Grossman pit for the 160% base case prices, and the following cost
assumptions as summarized in the table below. A cutoff grade of 1.5% ZnEq is considered appropriate assuming the
costs below. The Processing and G&A costs have been assumed based on a comparable Canadian project (Osisko. 2021).
Summary of LG Input Parameters
Cost Item $CDN / tonne
Mining Cost – all material 1.50
Process 15.00
G&A 5.72
Surface Service 6.25
Tailing Construction 6.25
Total 33.22
Foreign Exchange Rate $US:$CDN = 0.77
Comparison with 2018 Resource
The table below compares the tonnage, grade and metal content at a 2% ZnEq cutoff for 2018 and 1.5% for the 2021
resource. This shows that at these cutoffs there is 15% additional Zn metal, 6% more Pb metal and 7% more Ag metal in
the Indicated category. These changes are due to the change in Ag price, Zn price and cutoff grade.
Comparison with the 2018 Resource Estimate
Source Class
In situ In situ Grades In situ Metal Content
Tonnage ZnEq1 Zn Pb Ag NSR OXRAT Zn Pb Ag
(ktonnes) (%) (%) (%) (gpt) ($CDN/t) (Mlbs) (Mlbs) (koz)
2021 Indicated 4,643 4.60 1.82 1.63 30.32 101.85 0.08 187 167 4,526
Inferred 42,243 4.49 1.83 1.62 27.48 99.41 0.21 1706 1505 37,320
2018 Indicated 3,650 5.18 1.98 1.95 35.7 101.87 0.08 159 157 4,192
Inferred 32,980 5.03 2.01 1.88 32 98.91 0.22 1461 1367 33,980
Difference (%) Indicated 21.4% -12.6% -8.5% -19.5% -17.7% 0.0% -4.5% 14.7% 6.1% 7.4%
Inferred 21.9% -12.1% -9.7% -16.3% -16.5% 0.5% -3.1% 14.4% 9.2% 8.9%
The technical information in this news release was reviewed by Sue Bird, P. Eng., a qualified person with respect to NI
43-101.
About Blende Silver Corp.
Blende Silver Corp. is a Vancouver-based junior resource company focused on silver -zinc-lead exploration and
development at the company’s flagship Blende Deposit in north -central Yukon. The 100% owned property is the largest
carbonate-hosted Ag-Zn-Pb deposit in Yukon and one of th e largest undeveloped Ag-Zn-Pb deposits in Western Canada .
It is winter-road accessible, 5,345 ha and situated 63 km northeast of Keno Hill, Yukon. The property has had more than
$9.2M in past exploration ($5.2M by Blende Silver); including 25,195 meters of drilling in 132 drillholes.
For further information please contact:
Blende Silver Corp.
“Andrew H. Rees”
Andrew H. Rees, Director
Tel: 604-505-3739
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements which involve known and unknown risks, delays, and
uncertainties not under the control of Blende Silver Corp. which may cause actual results, performance or achievements
of Blende Silver Corp. to be materially different from the results, perfor mance or expectation implied by these forward-
looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general
economic factors.