Sailfish Provides Update on Gavilanes Silver Property TORTOLA, British Virgin Islands ,
Sailfish Provides Update on Gavilanes Silver
Property
TORTOLA,
British Virgin Islands
,
Aug. 4, 2020
/CNW/ - Sailfish Royalty Corp. (TSX-V: FISH)
(the "Company" or "Sailfish") would like to remind its shareholders that on
November 9, 2018
, the
Company was granted the option to acquire the
Gavilanes
silver property located in
Durango,
Mexico
("Gavilanes") as part of the restructuring of the original gold stream on San Albino. The
option to acquire
Gavilanes
was exercised on
August 1, 2019
.
In light of the recent silver price appreciation, Sailfish is evaluating all options for
Gavilanes
to
maximize value for shareholders.
About
Gavilanes
Gavilanes
is a low-sulphidation epithermal deposit located in the
San Dimas
mining district of
Durango, Mexico
, approximately 25 km east of the
San Dimas
mine owned and operated by First
Majestic Silver Corp. The district-scale land package covers a total of 13,594 hectares. The
historical indicated and inferred resource of
Gavilanes
is as follows:
Historical Indicated Resources (75 g/t AgEq cut-off)
(1)
Tonnes >
Cut-off
(1)
Grade > Cut-off
(1)
(tonnes)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AgEq
(1)
(g/t)
AgEq
(1)
(oz)
953,000
164.6
0.09
0.06
0.42
0.41
200.5
6,143,000
Historical Inferred Resources (75 g/t AgEq cut-off)
(1)
Tonnes >
Cut-off
(1)
Grade > Cut-off
(1)
(tonnes)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AgEq
(1)
(g/t)
AgEq
(1)
(oz)
5,399,000
124.6
0.12
0.09
0.4
0.34
163
28,294,000
(1) Based on information in the technical report of Santacruz Silver Mining Ltd. ("Santacruz") entitled
"2013 Mineral Resource Estimate, Gavilanes Project,
Durango, Mexico
", prepared by
Fletcher
Bourke
, M.Sc., P.Geo.,
Hans Smit
, B.Sc., P.Geo.,
Gary H. Giroux
, M.A.Sc., P.Eng., with an
effective date of
November 13, 2013
and a signature date of
January 20, 2014
, prepared pursuant
to NI 43-101 (the "Gavilanes Technical Report") and in such other documents as may be referenced
on Sailfish's financials statements, website and marketing materials. The Gavilanes Technical Report
is posted under Santacruz's profile on SEDAR at
www.sedar.com
.
The equation to establish AgEq is: (Cu% x 71.65) + (Pb% x 21.38) + (Auppm x 42.37) + (Agppm x
0.69) + (Zn% x 19.18) / 0.69. 100% recovery has been assumed for all metals in this silver
equivalent estimate. At this stage of the project no metallurgy has been completed and the reader is
cautioned that 100% recoveries are never achieved. The resource estimate was calculated based
on 9,623.9 meters of HQ diamond drilling in 47 drill holes over approximately 750 meters of strike
length and a total of 3,362 assays. The resources were defined to a maximum depth of
approximately 300 meters below surface with a total of 198 down hole surveys utilized for control.
Joe Hinzer
, P.Geo., the President and Director of Watts, Griffis and McOuat Limited is independent
of Sailfish and a "Qualified Person" under NI 43-101 has reviewed and approved the written scientific
and technical disclosure contained in this news release.
Sailfish is treating this estimate as an historical estimate, not a current mineral resource or mineral
reserve, as a qualified person has not done sufficient work to classify it as current mineral resources
or mineral reserves. Sailfish considers this historical estimate to be relevant and reliable, although
the estimate may no longer be current given the date of the Gavilanes Technical Report.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are two
cornerstone assets on advanced stage projects in the Americas: a gold stream equivalent to a 3%
NSR on the San Albino gold project (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq.
km) surrounding San Albino in northern
Nicaragua
; and an up to 3.5% NSR on the Tocantinzinho gold
project in the prolific Tapajos district of northern
Brazil
. The acquisition of Terraco Gold Corp. adds a
potential cornerstone asset: an up to 3% NSR on the multi-million ounce
Spring Valley
gold project in
Pershing County, Nevada
.
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under
the symbol "SROYF". Please visit the Company's website at
www.sailfishroyalty.com
for additional
information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE
Sailfish Royalty Corp.
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For further information:
Akiba Leisman, CEO, tel. 203-862-7059 or Cesar Gonzalez, Director and
Vice President of Corporate Development, tel. 203-862-7009.
CO: Sailfish Royalty Corp.
CNW 08:30e 04-AUG-20