The updated mineral resource is comprised of an indicated resource of 101.4 million tonnes of 53.18 grams per tonne (g/t) silver for 171.3 million ounces of silver and an inferred resource of 83.6 million tonnes of 36.42 (g/t) silver for 98.6 million ounces of silver.
Wildcat said that this represents a significant increase compared to the previous 2010 mineral resource estimate.
The company has also identified and included in the revised resource a new silver-only zone which is amenable to standard cyanidation and Merrill Crowe recovery.
Wildcat's president and CEO, Chris Jones, said: "We have been successful in increasing the total silver resource today by more than two times when compared to the previous 2010 resource at Hermosa, and by five times when compared to the initial resource in 2007.
"Further, through definition drilling we have significantly upgraded the quality of the resource. The new resource reflects a full 64% of the contained silver ounces in the indicated category, which is more than double the portion contained in the 2010 resource.
"While achieving this increase, our discovery cost per ounce of silver added in the 2012 resource was minimal at $0.056 per ounce."
The new silver-only zone lies above and adjacent to the Manto Zone in the overlying volcanic rocks. The new zone has been included in the resource as a result of recent metallurgical testing that indicates that it is amenable to standard cyanidation and Merrill Crowe recovery.
The previously disclosed drill results for this zone reported silver grades ranging from 3.5 grams per tonne up to 175 grams per tonne. Preliminary metallurgical testing indicates that recoveries for this material are expected to be in the 40 to 45 percent range, with low cost, direct cyanidation, the company said.
To date, the company has completed approximately 49,045 metres of a planned 51,850 metre drill program at the site. This latest 2012 mineral resource estimate includes drill and assay data up to mid-September 2011, which accounts for only 54 percent of the planned drill program.
Exploration on the Hermosa property continues with four drill rigs operating on site. Wildcat expects to provide a further update to the current mineral resource in order to incorporate all of the drilling later this year.
The company is on track to deliver an updated Preliminary Economic Assessment based on the current resource announced today in the first quarter of 2012, and expects to provide a further update based on the current drilling results later this year.
Wildcat is a Canadian mineral exploration company focused on development of Hermosa, its 80 percent-owned silver project located in Santa Cruz County, Arizona.