Cerro de Pasco Resources Provides Maiden Resource Estimate for Excelsior Stockpile Containing an Inferred Mineral Resource of 31.48 Million Silver Ounces
CSE:CDPR
Cerro de Pasco Resources Provides Maiden Resource Estimate
for Excelsior Stockpile Containing an Inferred Mineral
Resource of 31.48 Million Silver Ounces
MONTRÉAL, CANADA — (February 2, 2021) Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF)
(Frankfurt: N8HP) (“CDPR” or the “Company”) is pleased to announce the results of a maiden Mineral
Resource estimate for the Excelsior Stockpile in Cerro de Pasco, Peru , prepared in accordance with
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources
and Mineral Reserves, adopted by the CIM Council on May 10, 2014.
The Excelsior Stockpile covers a surface area of 67.92 ha and conta ins approximately 70 Mt of material
mined from the open pit at the world-renowned Cerro de Pasco mine, approximately between the years
1952 and 1996. The polymetallic material was stockpiled as it was, at the time, considered to be low grade
and uneconomic.
This maiden Mineral Resource estimate accounts for the portion of the Excelsior Stockpile which falls
within CDPR´s 100% owned El Metalurgista mining concession as stated below:
Mineral Resource Estimate of the Excelsior Stockpile with the Effective Date of August 31, 2020
Classification
NSR
Cut-off Tonnes NSR
Grade Contained Metal
Ag Pb Zn Ag Pb Zn
(US$/t) (Kt) (US$/t) (g/t) (%) (%) Koz Kt Kt
Inferred 11 23,195 21 42 0.6 1.4 31,483 139 331
Notes:
1. The Mineral Resource estimate was prepared by Dr. Adrian Martínez Vargas, P.Geo., Senior Resource Geologist, and employee
of CSA Global Consultants Canada Limited, an ERM Group company , and an independent Qualified Person for the purposes of
NI 43-101.
2. Numbers have been rounded to reflect the precision of a Mineral Resource estimate, therefore numbers may not total.
3. The reporting cut-off is calculated as the marginal NSR that equals total estimated mining (1 US$/t for stockpiles), processing
(8 US$/t), and administration costs (2 US$/t), assumed metallurgical extraction by multiple stage flotation, and metal prices of
Zn 2,650 US$/t, Pb 2,125 US$/t, and Ag 16 US$/oz. Metallurgical processing recover ies were modelled using test work and
production data provided to CDPR by Volcan, operator of the Cerro de Pasco mine.
4. Block model grade interpolation was undertaken using ordinary kriging.
5. The average grade estimates reflect resources in -situ and do not include modifying factors such as external dilution, mining
losses and process recovery losses. However, resources were reported based on a regularized model that included dilution with
low-grade material.
6. The Mineral Resource estimate for the surface stockpile is constrained by the latera l limits of the El Metalurgista concession
boundaries and the limits of the stockpile surfaces within the concession.
7. Mineral Resources are estimated and classified in accordance with CIM Definition Standards for Mineral Resources and Mineral
Reserves, adopted by the CIM Council on May 10, 2014 using the Estimation of Mineral Resource and Mineral Reserves Best
Practice Guidelines, adopted by the CIM Council on November 29, 2019.
8. Mineral Resources are not Reserves and, as such, do not have demonstrated economic viability.
9. One troy ounce (oz) equals 31.10348 g
The Mineral Resource estimate was completed by independent Qualified Person, Dr. Adrian Martínez
Vargas, P.Geo., Senior Resource Geologist and employee of CSA Global Consultants Canada Limited (CSA
Global), an ERM Group company . CDPR provided the block model, the informing data used for
interpolation, relevant wireframes with geological interpretations and topographic surfaces, and the
accompanying reports with the assumptions and parameters used for interpolation. Validations were
completed by CSA Global on the model, informing data, geological interpretation and estimation domains,
and interpolation parameters and assumptions. CSA Global also updated the density, topography and NSR
cut-off used for reporting.
The maiden Resource Estimate incorporates six diamond drill-holes completed in 2008, sampled at 2 m
intervals, composites of approximately 6 m depth collected from 146 test pit (trenches) completed in
2008, and 74 Reverse Circulation (RC) drill-holes drilled in 2009, sampled at 2m interval. In addition, a set
of surface grab samples collected prior to 2009 was used only to inform geological modelling. A total of
2,555 samples were used for Mineral Resource estimation: 2,191 from RC drill -holes, 207 from diamond
drill-holes, and 146 from test pits. Samples were assayed for Cu, Pb, Zn, and Bi in percent, and Ag in g/t.
Surface rights to the Excelsior Stockpile are owned by Activos Mineros S.A.C. (AMSAC) a company created
in June 2006 and wholly owned by the Peruvian Government. CDPR has initiated certain procedures with
the Ministry of Energy and Mines (“MINEM”) with the intention of acquiring the surface rights fr om
AMSAC or obtaining their temporary permission to use them.
A technical report for the Excelsior Stockpile prepared by CSA Global in accordance with Canadian
Securities Administrator’s National Instrument 43 -101 ( NI 43 -101) will be filed under the Compan y’s
profile on SEDAR at www.sedar.com within 45 days of this news release.
Technical Information
The scientific and technical information contained in this news release has been reviewed and approved
by Dr. Adrian Martínez Vargas, P.Geo., Senior Resource Geologist with CSA Global, and an independent
Qualified Person with respect to the Company’s Excelsior Stockpile for the purposes of NI 43-101.
Shane Whitty, CGeol and V.P. of Exploration and Technical Services for CDPR, has reviewed and approved
the scientific and technical information regarding the technical information contained in this news
release. Mr. Whitty is a Qualified Person for the purposes of NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is a resource management company, with a focus on applying the latest
technology in the production of commodity metals through the treatment and reprocessing of all material
resources, dumps, tailings, mining waste etc. at Cerro de Pasco to secure long-term economic prosperity.
CDPR strives to meet to the highest level of environmental, social, and legal compliance. CDPR provides
extensive knowledge of Cerro de Pasco’s challenges and potential, based on first -hand experience and a
team of top experts.
About CSA Global
CSA Global, part of the ERM group of companies, is an international mining co nsultancy that has been
providing services to its clients across all mineral commodities and regions globally for over 35 years, with
offices located in Vancouver, Toronto, Perth, Brisbane, Jakarta, Singapore, Johannesburg, Horsham (UK),
and Dublin. CSA Global and ERM provide expert multidisciplinary advisory services across the mining life
cycle from exploration, resource estimation, development studies, and mining to closure, working with
large and small mining companies, investment banks, financial and l egal services groups and private
investors.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward -looking information” under Canadian
securities legislation. Generally, forward -looking information can be identified using forward-looking
terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”,
“might”, “likely” or variations of such words, or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar exp ressions.
Forward-looking statements, including the expectations of CDPR’s management regarding the completion
of the Transaction as well as the business and the expansion and growth of CDPR’s operations, are based
on CDPR’s estimates and are subject to kn own and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or achievements of CDPR to be materially
different from those expressed or implied by such forward -looking statements or forward -looking
information. Forward-looking statements are subject to business and economic factors and uncertainties
and other factors, such as Covid-19, that could cause actual results to differ materially from these forward-
looking statements, including the relevant assumptions and risks factors set out in CDPR’s public
documents, available on SEDAR at www.sedar.com. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ materially from those anticipated in
such statements. Although CDPR believes that the assumptions and factors used in preparing the forward-
looking statements are reasonable, undue reliance should not be placed on these statements and forward-
looking information. Except where required by applicable law, CDPR disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a result of new information, future events
or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000