Endeavour Silver Announces Filing of NI 43-101 Technical Reports for Guanacevi and Bolañitos Mines
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Endeavour Silver Announces Filing of NI 43-101 Technical Reports
for Guanacevi and Bolañitos Mines
Vancouver, Canada – January 26, 2023 – Endeavour Silver Corp. (“Endeavour” or the “Company”)
(TSX: EDR, NYSE: EXK) announces today it has filed technical reports (the “ Technical Reports ”)
prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The Technical Reports are entitled “NI 43-101 Technical Report: Updated Mineral Resource and Reserve
Estimates for the Guanaceví Project, Durango State, Mexico” (the “ 2022 Guanacevi Report ”) with an
effective date of November 5, 2022, and “NI 43-1 01 Technical Report: Updated Mineral Resource and
Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico” (the “ 2022 Bolañitos Report ”)
with an effective date of November 9, 2022 and are co-authored by the Company and by Hard Rock
Consulting, LLC (“Hard Rock”), a full-service geologic and mine engineering firm.
Below is a summary of material information from the 2022 Guanacevi Report
Mineral Resource Estimate:
Classification
Tonnes Grade Contained Metal
Mass
(kt)
Silver
(g/t)
Gold
(g/t)
AgEq
(g/t)
Silver
(koz)
Gold
(koz)
AgEq
(koz)
Measured 138.8 569 1.4 670 2,538 6.1 2,992
Indicated 575.6 443 1.1 528 8,197 21.0 9,770
Measured and
Indicated 714.4 467 1.2 556 10,735 27.0 12,762
Inferred 838.7 416 0.9 487 11,225 25.0 13,132
Notes:
1. The effective date of the Mineral Resource estimate is Ma y 31, 2022. The QP for the estimate, Mr. Richard A. Schwering,
SME-RM of Hard Rock, is independent of Endeavour Silver.
2. Inferred Mineral Resources are that part of a Mineral Res ource for which the grade or quality are estimated on the basis
of limited geological evidence and sampling. Inferred Mineral Resources do not have demonstrated economic viability and
may not be converted to a Mineral Reserve. It is reasonably expected, though not guaranteed, that the majority of Inferred
Mineral Resources could be upgraded to Indicated mineral resources with continued exploration.
3. Measured, Indicated and Inferred resource silver equivalent cut-off grades were 252 g/t for veins inside the El Curso and
Porvenir Frisco Concession, 212 g/t for the Santa Cruz Sur Vein System, and 219 g/t for the remaining Mineral Resources
including those veins estimated using VLP methods at Guanaceví.
4. Metallurgical recoveries were 86. 4% for silver and 90.1% for gold.
5. Silver equivalents are based on a 79. 6:1 silver to gold price ratio.
6. Price assumptions are $US21.80 per troy ounce for s ilver and $US1,735.00 per troy ounce for gold for the Mineral
Resource cut-off calculations. These prices are based on the 36-month moving average as of the effective date.
7. Mineral Resources are reported exclusive of Mineral Reserves.
8. Rounding may result in apparent differences when su mming tonnes, grade and contained metal content. Tonnage and
grade measurements are in metric units. Grades are reported in grams per tonne (g/t). Contained metal is reported as troy
ounces (t. oz).
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Mineral Reserve Estimate:
Classification
Tonnes Grade Contained Metal
Mass
(kt)
Silver
(g/t)
Gold
(g/t)
AgEq
(g/t)
Silver
(koz)
Gold
(koz)
AgEq
(koz)
Proven 162.7 543 1.31 648 2,841 6.9 3,390
Probable 1,096.7 466 1.11 555 16,445 39 19,579
Proven and
Probable 1,259.4 476 1.14 567 19,287 46.0 22,969
Notes:
1. Cutoff Grades: 219 g/t AgEq for Milache; 212 g/t AgEq for Santa Cruz Sur and 252 g/t AgEq for El Curso and El Porvenir
including the royalties payable.
2. Minimum Mining Width: 0.8m.
3. External Dilution Long Hole: 35% (Milache 40%)
4. Silver Equivalent: 79.6:1 silver to gold
5. Gold Price: US $1,735/oz.
6. Silver Price: US $21.80/oz.
7. Gold Recovery: 91.0%
8. Silver Recovery: 86.4%
9. Mineral resources are estimated exclusiv e of and in addition to mineral reserves.
10. Figures in table are rounded to reflec t estimate precision; small differences generated by rounding are not material to
estimates.
Below is a summary of material information from the 2022 Bolañitos Report
Mineral Resource Estimate:
Classification
Tonnes Grade Contained Metal
Mass
(kt)
Silver
(g/t)
Gold
(g/t)
AgEq
(g/t)
Silver
(koz)
Gold
(koz)
AgEq
(koz)
Measured 42.0 97 3.0 322 131 4.0 435
Indicated 411.5 111 2.3 279 1,470 30.0 3,697
Measured and
Indicated 453.5 110 2.3 283 1,601 34.0 4,132
Inferred 1,656.6 141 2.5 331 7,494 132.2 17,608
Notes:
1. The effective date of the Mineral Resource estimate is Ma y 31, 2022. The QP for the estimate, Mr. Richard A. Schwering,
SME-RM of Hard Rock, is independent of Endeavour.
2. Inferred Mineral Resources are that part of a Mineral Res ource for which the grade or quality are estimated on the basis
of limited geological evidence and sampling. Inferred Mineral Resources do not have demonstrated economic viability and
may not be converted to a Mineral Reserve. It is reasonably expected, though not guaranteed, that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. Measured, Indicated, and Inferred resour ce silver equivalent cut-off grades were 149 g/t for veins located in the La Luz
and San Miguel production areas and veins estimated using VLP methods at Bolañitos, 157 g/t for the Belen vein system,
and 151 g/t for veins located in the Lucero production area.
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4. Metallurgical recoveries were 85. 7% for silver and 90.1% for gold.
5. Silver equivalents are based on a 79. 6:1 silver to gold price ratio.
6. Price assumptions are $US21.80 per troy ounce for silver and $US1,735.00 per troy ounce for gold for resource cut-off
calculations. These prices are based on the 36-month moving average as of the effective date.
7. Mineral Resources are reported exclusive of Mineral Reserves.
8. Rounding may result in apparent differences when su mming tonnes, grade and contained metal content. Tonnage and
grade measurements are in metric units. Grades are reported in grams per tonne (g/t). Contained metal is reported as troy
ounces (t. oz).
Mineral Reserve Estimate:
Classification
Tonnes Grade Contained Metal
Mass
(kt)
Silver
(g/t)
Gold
(g/t)
AgEq
(g/t)
Silver
(koz)
Gold
(koz)
AgEq
(koz)
Proven 158 57 2.63 266 290 13.4 1,357
Probable 376 73 2.41 265 878 29.2 3,199
Proven +
Probable
534 101 2.8 326 1,168 42.6 4,556
Notes:
1. Cut-Off Grades: 149 g/t silver equival ent for San Miguel, 149 g/t silver equivalent for La Luz, 151 g/t silver equivalent
for Lucero and 157 g/t silver equivalent for Belen
2. Minimum Mining Width: 0.8 m.
3. Cut and Fill Stope Size: 7m W x 4m H
4. Long Hole Stope Size: 7m W x 20m H
5. External Dilution Cut and Fill: 24%
6. External Dilution Long Hole: 40%
7. Gold Price: US $1,735 /oz
8. Silver Price: US $21.80 /oz
9. Gold Recovery: 90.1%
10. Silver Recovery: 85.7%
11. Dilution factors averaged 37.14%. Dilution factors are calculated based on internal stope dilution calculations and
external dilution factors of 24% for cut and fill and 40% for long hole.
12. Silver equivalents are based on a 79.6:1 silver:gold ratio.
13. Figures in table are rounded to reflec t estimate precision; small differences generated by rounding are not material to
estimates.
Reconciliation to Previously Disclosed Mineral Resource and Mineral Reserve Estimates
The following table compares the current mineral resource and mineral reserve estimates to those
previously disclosed by the Company (see news release dated February 3, 2021). The changes in mineral
resource and mineral reserve estimates resulted from a combination of depletion through mining and
production, increases in gold price to $1735/oz (2022) from $1465/oz (2020) and silver price to $21.80/oz
(2022) from $16.51/oz (2020) which affected cut-off grades, re-classification of vertical longitudinal
projection Mineral Resources from Indicated and Inferred to Inferred only, and mineral resource and mineral
reserve expansion through drilling and mine development.
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Silver-Gold Proven and Probable Reserves
Tonnes
(000s)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
Ag
(koz)
Au
(koz)
Ag Eq
(koz)
Proven
Guanaceví (Dec 2020) 141 319 0.82 385 1,445 3.7 1,742
Guanaceví (May 2022) 163 543 1.31 648 2,841 6.9 3,390
Difference (%) 16% 70% 60% 68% 97% 86% 95%
Bolañitos (Dec 2020) 76 34 2.62 243 83 6.4 596
Bolañitos (May 2022) 158 57 2.63 266 290 13.4 1,357
Difference (%) 107% 68% 1% 9% 249% 109% 128%
Probable
Guanaceví (Dec 2020) 948 346 0.95 422 10,554 28.8 12,859
Guanaceví (May 2022) 1,097 466 1.11 555 16,445 39.0 19,579
Difference (%) 16% 35% 17% 32% 56% 35% 52%
Bolañitos (Dec 2020) 237 53 2.51 254 405 19.1 1,930
Bolañitos (May 2022) 376 73 2.41 265 878 29.2 3,199
Difference (%) 59% 37% -4% 4% 117% 53% 66%
Silver-Gold Measured and Indicated Resources
Tonnes
(000s)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
Ag
(koz)
Au
(koz)
Ag Eq
(koz)
Measured
Guanaceví (Dec 2020) 95 405 0.88 475 1,240 2.7 1,456
Guanaceví (May 2022) 139 569 1 670 2,538 6 2,992
Difference (%) 46% 41% 59% 41% 105% 127% 106%
Bolañitos (Dec 2020) 35 76 2.37 265 85 2.6 296
Bolañitos (May 2022) 42 97 3 322 131 4 435
Difference (%) 21% 28% 27% 21% 55% 51% 47%
Indicated
Guanaceví (Dec 2020) 566 363 0.82 428 6,603 14.9 7,797
Guanaceví (May 2022) 576 443 1 528 8,197 21 9,770
Difference (%) 2% 22% 34% 23% 24% 41% 25%
Bolañitos (Dec 2020) 193 105 2.67 319 654 16.5 1,976
Bolañitos (May 2022) 412 111 2 279 1,470 30 3,697
Difference (%) 113% 5% -14% -12% 125% 82% 87%
Silver-Gold Inferred Resources
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Tonnes
(000s)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
Ag
(koz)
Au
(koz)
Ag Eq
(koz)
Inferred
Guanaceví (Dec 2020) 866 495 1.18 589 13,765 32.7 16,384
Guanaceví (May 2022) 839 416 1 487 11,225 25 13,132
Difference (%) -3% -16% -23% -17% -18% -24% -20%
Bolañitos (Dec 2020) 311 80 2.82 305 798 28.2 3,054
Bolañitos (May 2022) 1,657 141 3 331 7,494 132 17,608
Difference (%) 433% 77% -11% 8% 839% 369% 477%
National Instrument 43-101 Disclosure
The 2022 Guanacevi Report and the 2022 Bolañitos Report were co-authored by Dale Mah, P.Geo., Vice
President, Corporate Development of Endeavour, D on Gray, SME-RM, Chief Operations Officer of
Endeavour and Richard A. Schwering, SME-RM of Hard Rock Consulting LLC. Mr. Schwering is
independent of Endeavour. These authors are Qualified Persons as defined by NI 43-101 and are
responsible for all sections of the Technical Reports. These Qualified Persons have prepared the scientific
and technical information in the Guanacevi and Bolañitos reports and have reviewed and approved the
technical information contained in this news release.
The Technical Reports are available for download under the Company's profile on SEDAR at
www.sedar.com and on the Company's website at www.edrsilver.com, and will be filed on EDGAR as soon
as practicable at www.sec.gov. There are no differenc es in the Technical Reports from the information
disclosed in this News Release.
About Endeavour Silver
Endeavour is a mid-tier precious metals mining company that operates two high-grade, underground silver-
gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development
decision, pending financing and final permits and explor ing its portfolio of exploration and development
projects in Mexico, Chile and the United States to fac ilitate its goal to become a premier senior silver
producer. The Company’s philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (604) 685-9775
Email: [email protected]
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-l ooking statements” within the meaning of the United States private securities
litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities
legislation. Such forward-looking statements and information herein include but are not limited to estimates of mineral
resources and mineral reserves contained in the Technica l Reports, statements regardi ng Endeavour’s anticipated
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performance in 2022 and the timing and results of various o perations and activities. The Company does not intend to
and does not assume any obligation to update such forward-looking statements or information, other than as required
by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its
operations to be materially different from those expressed or implied by such statements. Such factors include but are
not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and
costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic
developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in
mineral exploration, development and mining activities; ri sks and hazards of mineral expl oration, development and
mining; the speculative nature of mi neral exploration and development, risks in obtaining necessary licenses and
permits, and challenges to the Company’s title to properties ; as well as those factors described in the section “risk
factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian
securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price
of commodities, mining operations will operate and t he mining products will be completed in accordance with
management’s expectations and achieve their stated production outcomes, and such other assumptions and factors
as set out herein. Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements or information, there may be other factors that
cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information will prove to be accurate as actual results and
future events could differ materially from those anticipated in such statements or inform ation. Accordingly, readers
should not place undue reliance on forward-looking statements or information.