Wildcat Silver Corporation (TSX-V: WS) ("Wildcat”) released an updated mineral resource estimate for its 80%-owned Hardshell property in southern Arizona. Hardshell is a polymetallic mineral property that is completely oxidized.
The overall indicated and inferred resource increased substantially to 80.4 million ounces of silver, 1.742 million tonnes of manganese, 225,000 tonnes of zinc, 14,100 tonnes of copper and 162,000 tonnes of lead. The silver resource increased by 50% while all the other metals increased by at least 140%.
7.43 million tonnes of ore now sits in the indicated category grading approximately 178 grams per tonne (g/t) silver, 8% manganese, 0.1% copper, 1% zinc and 1% lead, with a further 13.3 million tonnes in the inferred category grading approximately 88 g/t silver, 8.6% manganese, 1% zinc and 0.6% lead.
The resource estimate used a $55 per ton cut-off grade and assumed metals prices of $14/ounce silver, 61 cents/pound manganese, 75 cents/pound lead, 61 cents/pound zinc and $2.00/pound copper.
"This updated resource estimate delivered an impressive increase in the size and confidence of the Hardshell deposit even without the additional exploration drilling,” Wildcat President and CEO Chris Jones said, “We fully expect that once the next round of drilling is incorporated it will continue to grow and improve in terms of size, confidence, and economic potential. Our next steps will be to incorporate the new drill results and update the mine plan and economic model."
Additional drilling completed at Hardshell in October 2009 is not included in the resource.