Americas Silver Corporation Provides an Exploration Update at Its Galena Complex and Cosalá Operations
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AMERICAS SILVER CORPORATION PROVIDES AN EXPLORATION UPDATE
AT ITS GALENA COMPLEX AND COSALÁ OPERATIONS
TORONTO, ONTARIO — M ay 31, 2017 — A m e r ic as S i l ve r Cor p or at i on ( T SX : U S A) ( NY S E “MKT”: USAS)
(“Americas Silver” or the “Company”) today provided an exploration update for its Galena Complex
located in Idaho, USA and its Cosalá Operations located in Sinaloa, Mexico.
Exploration Highlights
Galena Complex
A new silver‐lead zone (366 FW Vein) was discovered within 30 meters of existing reserves in the
footwall of the 360 Vein on the 4900 Level. Significant interc epts include 2.8 meters at 347g/t
silver and 14.0% lead and 12.8 meters at 116g/t silver and 5.6% lead.
Drilling on the 3400 Level in a previously unexplored area encountered a new zone of strong silver‐
lead mineralization 135 meters south of existing workings.
Step out drilling on the 4000 Level extended known mineralizatio n 9 0 m e t e r s l a t e r a l l y a n d 5 0
meters vertically. Significant intercepts include 17.2 meters at 154g/t silver and 7.3% lead and
2.6 meters at 340g/t silver and 15.9% lead.
Cosalá Operations
Infill drilling at the southern part of San Rafael’s Main Zone confirmed the existing zinc‐silver‐lead
resource model in preparation for first ore production at the end of the third quarter.
San Rafael’s Zone 120 infill and extension drilling was complet ed. Assay results are pending but
core logging indicates that existing silver‐copper mineralization extends an additional 350 meters
to the southeast and remains open in that direction. The newly discovered mineralization is less
than 600 meters from the El Cajón silver‐copper mine.
Drilling at Los Manueles has started with initial results expec ted before the end of the second
quarter.
“The 2017 exploration program is off to a fantastic start,” sai d Americas Silver Chief Operating Officer
Daren Dell. “Only five months into the year and we have new di scoveries at the Galena Complex which
will positively impact the mine plan in the near term and provi de optimism for future resource growth.
At Cosalá, a significant extension of the San Rafael Zone 120 mineralization combined with our existing El
Cajón mine points toward a new development scenario where our silver‐copper resource could support a
production centre.”
Galena Exploration
On the 4900 Level, the 366 FW Vein was recently discovered foll owing drilling to extend the 360 Vein
above and to the west of known resources. Eighteen holes of a twenty‐hole drill program totaling 2,080
meters have been completed with significant intercepts shown in Table 1. The 366 FW Vein is located on
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the eastern side of the 4900 Level as shown in Figures 1 and 2. Current information indicates the 366 FW
Vein extends approximately 120 meters vertically and has a strike length of 180 meters. Width is variable
and may be suited for mechanized mining. This drilling also provided additional confidence on the existing
reserves for the 360 Vein. Results from this drilling will be included in the mid‐year Mineral Reserve and
Mineral Resource update to be published in the third quarter. Both veins are open in both vertical
directions and follow‐up drilling is anticipated to test their extent.
Figure 1 – Plan and Isometric View (looking north) of 366 FW and 360 Mineralization
Table 1 – Significant Intercept Results for the 366 FW Vein1
Hole Zone From
(m)
To
(m)
True Width
(m)
Ag
(g/t)
Pb
(%)
49‐438 366 FW 104.2 107.3 2.4 181 13.6
49‐444 366 FW 74.3 78.9 2.4 173 8.2
49‐445 366 FW 98.8 105.9 6.7 219 8.6
Including 366 FW 100.9 104.5 2.8 347 14.0
49‐456 366 FW 46.9 49.0 1.8 238 9.3
49‐458 366 FW 47.2 60.8 12.8 116 5.6
Including 366 FW 53.3 57.3 3.7 221 10.3
49‐459 366 FW 42.9 48.2 4.9 319 12.6
A 1,390 meter, three‐hole greenfield type exploration program w as completed on previously untested
ground along the Polaris Fault Zone (PFZ) and across several fa ult zones. Drilling is being done from the
3400 Level south of the main development with final assay resul ts expected in early June 2017. The first
hole, Hole 34‐204, intersected 19 meters of silver‐lead mineral ization approximately 135 meters down
1 True widths were determined by measuring the distance approximately perpendicular to the contacts. No top cut was applied.
All holes included in the table were drilled with BQ diameter d rill rod, except for the 4000‐116 Vein drilling which used AQTK
diameter drill rod. Typical recoveries range from 85‐100% for all drilling.
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the hole. Holes 34‐205 and 34‐206 did not intersect significant mineralization. Plans for follow‐up drilling
will be considered once all information from this program has been incorporated into the local geological
model.
Table 2 – Significant Intercepts Results for 3400 Level Drilling1
Hole Zone From
(m)
To
(m)
True Width
(m)
Ag
(g/t)
Pb
(%)
34‐204 3400‐Pb 133.5 152.1 18.6 81 5.2
Including 3400‐Pb 139.0 152.1 2.4 189 11.9
34‐204 3400‐Pb 155.6 162.6 7.0 120 6.2
Including 3400‐Pb 155.6 160.5 4.9 161 8.2
Typifying the ongoing work at the Galena Complex, resource expansion drilling is almost complete on the
116 Vein on the 4000 Level as shown in Figure 2. Thirteen hole s of a sixteen‐hole drill program totaling
765 meters have been completed. Drill results will be used to expand and upgrade the associated mineral
resource and generate preliminary production designs. The mine ralized zone remains open vertically in
both directions. Future drilling from the 3700 and 4300 Levels will test the vertical extents of the zone.
Figure 2 – Isometric View (looking southeast) of 4000 Level 116 Silver-Lead Mineralization
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Table 3 – Significant Intercepts Results for 4000‐116 Drilling1
Hole Zone From
(m)
To
(m)
True Width
(m)
Ag
(g/t)
Pb
(%)
40‐382 116 Vn 27.4 44.2 14.5 161 8.4
Including 116 Vn 27.4 30.5 2.6 340 15.9
40‐383 116 Vn 28.2 45.1 16.7 150 6.3
Including 116 Vn 29.1 40.8 11.6 190 8.0
40‐384 116 Vn 21.3 37.0 13.6 155 6.6
Including 116 Vn 27.4 31.5 3.5 326 11.7
40‐385 116 Vn 29.7 39.0 9.2 166 8.1
40‐387 116 Vn 20.4 28.6 8.2 139 8.1
40‐389 116 Vn 15.9 25.9 8.2 165 8.6
40‐392 116 Vn 14.8 32.0 17.2 154 7.3
Including 116 Vn 22.9 27.7 4.9 312 13.1
Cosalá Exploration
An infill drilling program targeting the south part of the zinc‐silver‐lead Main Zone at San Rafael was
recently completed. The program consisted of twenty holes tota ling 1,901 meters. Results support and
confirm the resource model and mine planning done in the Prefeasibility Study.
Drilling at the silver‐copper Zone 120 deposit at San Rafael was recently completed to upgrade and extend
the zone of mineralization. The program consisted of eight holes totaling 2,700 meters. Assay results are
pending and will be incorporated into the Company’s mid‐year Mi neral Reserve and Mineral Resource
update to be published late in the third quarter. Results from this program are expected to be released
before the end of second quarter. The mineralization extends the Zone 120 approximately 350 meters to
the southeast, bringing the deposit within 600 meters of the El Cajón mine where the Company has been
mining transitional ore prior to the commencement of San Rafael.
An eight‐hole exploration drill program totaling 1,200 meters has commenced at the Los Manueles
project. Los Manueles is adjacen t to San Rafael. Prospecting has traced Zn‐Pb‐Ag mineralization along
this trend for 2 kilometers. Results from this program are expected to be released at the end of June.
Method of Analysis
Measures were taken to ensure the integrity and validity of the sampling in the drill core at the Galena
Complex. The core was photographed, logged and sampled based o n lithologic and mineralogical
interpretations. Assays for the Galena Complex were completed by American Analytical Services (AAS) in
Osburn, Idaho. The AAS laboratory is an ISO‐17025 accredited laboratory. A percentage of samples were
sent to an external laboratory; ALS Global (accredited ISO‐1702 5 Laboratory) in Reno, Nevada for
independent check analysis. Sample preparation includes a 30‐g ram pulp sample analyzed primarily by
atomic absorption spectroscopy (AA) techniques to determine sil ver, copper, and lead, using aqua regia
for pulp digestion. Samples returning values over 514g/t Ag are re‐assayed using fire‐assay techniques for
silver. Additionally, samples returning values over 23% Pb are re‐assayed using titration techniques. A
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conventional atomic absorption spectroscopy technique was used for the analysis of all 3 elements at ALS
Global with the same industry standard procedures used for sample analysis as AAS.
Quality Control
The Company’s QA/QC protocol inc ludes internal certified standa rd pulps and laboratory certified
reference materials, blanks, duplicates and quarterly check assays in accordance with best practice
industry standards.
About Americas Silver Corporation
Americas Silver is a silver mining company focused on growth in precious metals from its existing asset
base and execution of targeted accretive acquisitions. It owns and operates the Cosalá Operations in
Sinaloa, Mexico and the Galena Complex in Idaho, USA. The Compa ny has acquired an option on the San
Felipe development project in Sonora, Mexico.
Daren Dell, Chief Operating Officer and a Qualified Person under Canadian Securities Administrators
guidelines, has approved the applicable contents of this news release. For further information please see
SEDAR or americassilvercorp.com.
Cautionary Statement on Forward‐Looking Information
This news release contains “forward‐looking information” within the meaning of applicable securities
laws. Forward‐looking information includes, but is not limited to, the Company’s expectations intentions,
plans, assumptions and beliefs with respect to, among other thi ngs, the realization of operational and
development plans (including completion of the San Rafael Proje ct), the Cosalá Operations and Galena
Complex as well as the Company’s financing efforts. Often, but not always, forward‐looking information
can be identified by forward‐looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”,
“intend”, “estimate”, “may”, “assume” and “will” or similar wor ds suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or
performance. Forward‐looking information is based on the opinio ns and estimates of the Company as of
the date such information is provided and is subject to known and unknown risks, uncertainties, and other
factors that may cause the actual results, level of activity, performance, or achievements of the Company
to be materially different from those expressed or implied by such forward looking information. This
includes the ability to develop and operate the Cosalá and Gale na properties, risks associated with the
mining industry such as economic factors (including future comm odity prices, currency fluctuations and
energy prices), ground conditions and factors other factors lim iting mine access, failure of plant,
equipment, processes and transportation services to operate as anticipated, environmental risks,
government regulation, actual results of current exploration and production activities, possible variations
in ore grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, social
and political developments and other risks of the mining industry. Although the Company has attempted
to identify important factors th at could cause actual results t o differ materially from those contained in
forward‐looking information, there may be other factors that cause results not to be as anticipated,
estimated, or intended. Readers are cautioned not to place undu e reliance on such information. By its
nature, forward‐looking information involves numerous assumptions, inherent risks and uncertainties,
both general and specific that contribute to the possibility that the predictions, forecasts, and projections
of various future events will not occur. The Company undertakes no obligation to update publicly or
otherwise revise any forward‐looking information whether as a r esult of new information, future events
or other such factors which affect this information, except as required by law.
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Cautionary Statement to Investors in the United States Regarding Resources and Reserves
Information concerning the mineral properties of the Company has been prepared in accordance with the
r e q u i r e m e n t s o f C a n a d i a n s e c u r i t i e s l a w s , w h i c h d i f f e r i n m a t e rial respects from the requirements of
U.S. securities laws applicable to U.S. companies subject to th e reporting and disclosure requirements of
the U.S. Securities Exchange Com mission (the “SEC”). Under SEC standards, mineralization may not be
classified as a “reserve” unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time of t he reserve determination, and the SEC
does not recognize the reporting of mineral deposits which do not meet the SEC Industry Guide definition
o f “ R e s e r v e ” . I n a c c o r d a n c e w i t h C a n a d i a n N a t i o n a l I n s t r u m e n t 43‐101 ‐ Standards of Disclosure for
Mineral Projects (“NI 43‐101”), the terms “mineral reserve”, “proven mineral reserve”, “probable mineral
reserve”, “mineral resource”, “measured mineral resource”, “ind icated mineral resource” and “inferred
mineral resource” used in this AIF are defined in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIM”) Definition Standards for Mineral Resource s and Mineral Reserves adopted by the
CIM Council on May 10, 2014. While the terms “mineral resource” , “measured mineral resource”,
“indicated mineral resource” and “inferred mineral resource” ar e recognized and required by the NI 43‐
101, the SEC does not recognize them. Shareholders who are U.S. persons are cautioned that, except for
that portion of the mineral resources classified as mineral reserves, mineral resources do not have
demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their
existence as to whether they can be economically or legally mined. Under Canadian securities laws,
estimates of inferred mineral resources may not form the basis of an economic analysis. It cannot be
assumed that all or any part of an inferred mineral resource wi ll ever be upgraded to a higher category.
Therefore, shareholders who are U.S. persons are cautioned not t o a s s u m e t h a t a l l o r a n y p a r t o f a n
inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be
upgraded to a higher category. Likewise, shareholders who are U.S. persons are cautioned not to assume
that all or any part of measured or indicated mineral resources will ever be upgraded to mineral reserves.
For more information:
Darren Blasutti
President and CEO
416‐848‐9503