Santacruz Silver Reports Q3 2022 Production of 4,850,964 Silver Equivalent Ounces
TSX.V: SCZ
FSE: 1SZ
October 17, 2022
Santacruz Silver Reports Q3 2022 Production of 4,850,964 Silver Equivalent Ounces
Vancouver, B.C. - Santacruz Silver Mining Ltd . (TSXV:SCZ) (“Santacruz” or “the Company”) reports production of 4,850,964 silver
equivalent ounces from the Zimapan Mine in Mexico (“the Mexican Operations”) and its Sinchi Wayra, Illapa and San Lucas companies
(“the Bolivian Operations”) which consists of a 45% interest in the Bolivar and Porco Mine s, a 100% interest in the Tres Amigos,
Reserva and Colquechaquita Mines (together “the Caballo Blanco Mines”), in addition to a 100% interest in the San Lucas ore sourcing
and trading company.
Consolidated Third Quarter 2022 Production Highlights:
• Silver equivalent produced of 4,850,964 ounces (+19.8% vs Q2 2022 and +455.7% vs Q3 2021)
• Silver Production of 1,924,983 ounces (+36.5% vs Q2 2022 and +509.1% vs Q3 2021);
• Lead production of 3,509 tonnes (+5.7% vs Q2 2022 and +246.7% vs Q3 2021);
• Zinc production of 23,441 tonnes (+12.0% vs Q2 2022 and +522.3% vs Q3 2021);
• Copper production of 609 tonnes (+7.2% vs Q2 2022 and +22.5% vs Q3 2021);
• Average head grade (silver equivalent) 351 g/t (+5.4% vs Q2 2022 and +86.7% vs Q3 2021).
Wayne Corso, Santacruz´s COO stated, “During the third quarter we saw strong performance from the Zimapan and Bolivar mines, as
well as our S an Lucas trading Company. The Zimapan mine has continued to increase total ore production while maintaining head
grade, whilst at our Bolivian operations , the Bolivar mine impacted total silver production with significantly increased production from
lower levels of the high grade Pomabamba and Bolivar Norte veins. It is also important to note that the commercial strategy intended to
increase the silver grades implemented at our San Lucas trading Company is starting to show positive results.”
Carlos Silva, Santacruz´s CEO stated, “This positive production tren d confirms a successful transition process and solidifies our path
forward to become a significant player in our i ndustry.” Mr. Silva continue d, “Over recent quarters the Zimapan mine has seen
continued production growth arising from improved mine planning and operating efficiencies. The same approach is being implemented
at our Bolivian operations.”
Consolidated Production Results – (Mexican and Bolivian Operations)
Q3 2022 Q2 2022 Q3 2021
Material Processed (tonnes milled) 500,956 435,119 188,947
Silver equivalent production (oz) (1) 4,850,964 4,046,327 872,913
Silver production (oz) 1,924,983 1,410,485 316,024
Gold production (oz) - - 8
Lead production (tonnes) 3,509 3,321 1,012
Zinc production (tonnes) 23,441 20,928 3,767
Copper production (tonnes) 609 568 497
Average Head Grade (g/t Ag Eqv.) 351 333 188
Development (metres) 10,423 9,807 2,347
Q2 2022 Mine by Mine Production Table
Mine Tonnes
Milled
Head Grade Recovery
(%)
Ounces
Produced Tonnes Produced
AgEq Oz
Produced
(1) g/t %
Ag Zn Pb Cu Ag Ag Zn Pb Cu
Zimapan 215,765 79 1.99 0.66 0.39 67.1 368,663 3,044 1,157 609 988,622
Bolivar 78,461 253 6.47 0.63 n/a 89.8 572,205 4,752 440 n/a 1,100,652
Porco 47,717 114 6.68 0.59 n/a 85.5 484,921 3,036 245 n/a 484,921
Caballo Blanco* 64,307 175 6.41 1.46 n/a 90.7 328,859 3,806 836 n/a 791,464
San Lucas 94,706 198 9.96 1.06 n/a 83.7 505,043 8,803 831 n/a 1,485,304
Total 4,850,964
* The Caballo Blanco Mines consist of the Tres Amigos, Reserva and Colquechaquita Mines
(1)2022 Ag Eq was calculated using metal prices of: Ag $25.60/oz, Au $1,792/oz, Pb $0.94/lb, Zn $1.20/lb and Cu $4.01/lb.
2021 Ag Eq was calculated using metal prices of: Ag $25.00/oz, Au $1,925/oz, Pb $0.85/lb, Zn $1.05/lb and Cu $3.00/lb.
Qualified Person
Wayne Corso, Chief Operating Officer of the Company, holds a B.Sc., Mining Engineering, from the Colorado School of Mines at
Golden Colorado with over 35 years of experience in the industry. Scientific and technical information in this news release related to
production results from Santacruz managed assets has been reviewed and approved by Wayne Corso, a Qualified Person as defined
by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Santacruz Silver Mining Ltd.
The Company is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America, with a
primary focus on silver and zinc, but also including lead and copper. The Company currently has six producing projects, the Zimapan
Bolivar, Porco, Tres Amigos, Reserva and Colquechaquita Mines and holds two exploration properties in its mineral property portfolio,
the La Pechuga Property and the Santa Gorgonia Prospect, and one development project, the Soracaya Project in addition to the San
Lucas ore sourcing and trading business.
‘signed’
Arturo Préstamo Elizondo,
Executive Chairman
For further information please contact:
Arturo Prestamo
Santacruz Silver Mining Ltd.
Email: [email protected]
Telephone: (528) 183 785707
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Zimapan Mine
Production at the Zimapan Mine is not supported by a feasibility study on mineral reserves demonstrating economic or technical viability
or any ot her independent economic study under NI 43-101. Accordingly, there is increased uncertainty and higher economic and
technical risks of failure associated with production operations at the Zimapan Mi ne. Production and economic variables may vary
considerably due to the absence of a complete and detailed site analysis according to and in accordance with NI 43- 101. Project failure
may adversely impact the Company’s future profitability.
Bolivian Operations
Production with respect to the Bolivian Operations is not supported by a feasibility study on mineral reserves demonstrating economic
or technical viability or any other independent economic study under NI 43-101. Accordingly, there is increased uncer tainty and higher
economic and technical risks of failure associated with production operations at the Bolivian Operations. Production and economic
variables may vary considerably due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-
101. Project failures may adversely impact the Company’s future profitability.
Forward looking information
Certain statements contained in this news release constitute "forward- looking information" as such term is used in applicable Canadian
securities laws, including statements relating to production at the Zimapan Mine, the Bolivian Operations and the Company's plans
relating to such properties.
Forward-looking information is based on plans, expectations and estimates of manageme nt at the date the information is provided and
is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company
has applied several material assumptions, including, but not limited to, that the Company's financial condition and development plans
do not change as a result of unforeseen events, that the Company will receive all required regulatory approvals and that futur e metal
prices and the demand and market outlook for metals will remain s table or improve. Forward-looking information is subject to a variety
of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected
in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be
inaccurate include, but are not limited to: the risk that any of the assumptions referred to above prove not to be valid or r eliable; market
conditions and volatility and global economic conditions, including increased volatil ity and potentially negative capital raising conditions
resulting from the continued, or escalation of the COVID -19 pandemic and risks relating to the extent and duration of such pandemic
and its im pact on global markets; controls or regulations and politi cal or economic developments in Mexico and Bolivia; risk of delay
and/or cessation in planned work or changes in the Company's financial condition and development plans; risks associated with the
Company’s plan to undertake certain post -closing reorganization steps in respect of the target entities; the uncertainty of the geology,
grade and continuity of mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recover y rates; risks
related to gold, silver, base metal and other commodity price fluctuations; employee relations; relationships with and claims by local
communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development, including the risks of obtaining necessary licences and permits and the presence of
laws and regulations that may impose restrictions on mining; risks relating to environmental regulation and liability; the possibility that
results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral
exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the
Company's profile at www.sedar.com.
There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statement s. Accordingly, the reader should not place any undue reliance on forward-
looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other
than as required by applicable law.