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Operations

Reserves and Resources

Mineral Reserve and Mineral Resource Estimates

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Americas Silver's reserves and resources have been calculated as at June 30, 2018 in accordance with definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum and incorporated into National Instrument 43-101.

For further detail regarding the extent to which estimates of Mineral Resources and Reserves may be materially affected by external factors, including metallurgical, environmental, permitting, title and other risks and relevant issues, please refer to the Company's Annual Information Form.

Proven and Probable Mineral Reserves 2018

June 30, 2018

Proven and Probable Mineral Reserves June 30, 2018
  GradeContained Metal
 TonnesSilverCopperLeadZincSilverCopper LeadZinc
 000sg/t%%%kozMlbsMlbsMlbs
Cosalá         
  San Rafael         
     Proven1,155127--1.803.974,722--45.9101.1
     Probable1,75798--1.593.995,563--61.8154.7
  San Rafael P&P2,912110--1.683.9810,285--107.7255.7
Total Cosalá P&P2,9121100.001.683.9810,2850.0107.7255.7
Galena         
  Silver-Copper         
     Proven1945590.54----3,4852.3----
     Probable2335920.54----4,4402.8----
  Silver-Copper P&P4275770.54----7,9255.1----
  Silver-Lead         
     Proven371301--7.94--3,595--65.0--
     Probable465257--7.52--3,836--77.1--
  Silver-Lead P&P836276--7.70--7,432--142.0--
Total Galena P&P1,2643780.185.10--15,3575.1142.0--
Total P&P4,1761910.062.712.7825,6425.1249.7255.7

 

Measured and Indicated Mineral Resources (Exclusive of Mineral Reserves) 2018

June 30, 2018

Measured and Indicated Mineral Resources (Exclusive of Mineral Reserves) June 30, 2018
  GradeContained Metal
 TonnesSilverCopperLeadZincSilverCopper LeadZinc
 000sg/t%%%kozMlbsMlbsMlbs
Cosalá         
  Nuestra Señora         
     Measured257850.160.841.767000.94.810.0
     Indicated1,879890.200.821.745,3798.233.971.9
  Nuestra Señora M&I2,136890.190.821.746,0799.238.781.9
  San Rafael         
     Measured1,310100--0.982.304,207--28.466.3
     Indicated1,77482--0.912.124,692--35.783.0
  San Rafael M&I3,08490--0.942.208,899--64.1149.3
  Zone 120         
     Measured0----------------
     Indicated2,7101860.46----16,23127.6----
  Zone 120 M&I2,7101860.46----16,23127.6----
  El Cajón         
     Measured 0-- -- -- -- -- -- -- -- 
     Indicated1,0031770.55----5,71912.2----
  El Cajón M&I1,0031770.55----5,71912.2----
Total Cosalá M&I8,9331290.250.521.1736,92849.0102.8231.2
San Felipe         
     Measured0----------------
     Indicated4,68561--2.485.429,125--255.9559.7
Total San Felipe M&I4,68561--2.485.429,125--255.9559.7
Galena         
  Silver-Copper         
     Measured2625700.68----4,8093.9----
     Indicated5316020.60----10,2747.1----
  Silver-Copper M&I7935910.63----15,08311.0----
  Silver-Lead         
     Measured432284--8.66--3,942--82.6--
     Indicated570276--8.55--5,051--107.4--
  Silver-Lead M&I1,002279--8.60--8,993--190.0--
Total Galena M&I1,7954170.284.80 24,07611.0190.0 
Total M&I15,4141420.181.612.3370,13060.0548.7790.9

 

Inferred Mineral Resources 2018

June 30, 2018

Inferred Mineral Resources June 30, 2018
  GradeContained Metal
 TonnesSilverCopperLeadZincSilverCopper LeadZinc
 000sg/t%%%kozMlbsMlbsMlbs
Cosalá         
     Nuestra Señora2,0091010.260.831.906,53911.337.084.3
     San Rafael452167--2.230.392,421--22.23.8
     Zone 1202161260.33----8761.6----
     El Cajón2781030.18----9231.1----
Total Cosalá Inferred2,9551130.210.911.3510,75914.059.188.1
Total San Felipe Inferred2,00848--1.433.573,110--63.2157.8
Galena         
     Silver-Copper3816540.86----8,0057.2----
     Silver-Lead713282--9.63--6,453--151.4--
Total Galena Inferred1,0934110.306.280.0014,4587.2151.40.0
Total Inferred6,0571450.162.051.8428,32721.2273.7246.0

 

Notes for Mineral Reserve and Mineral Resource Estimates

CIM Definitions and Standards were followed for Mineral Reserve and Mineral Resource Estimates.

Mineral Reserves are estimated at a NSR cut-off value of US$40/tonne at Nuestra Señora, US$50/tonne at San Rafael and US$198/tonne at Galena.  The NSR cut-off is calculated using recent operating results for recoveries, off-site concentrate costs, and on-site operating costs.

Mineral Resources are estimated at a NSR cut-off value of US$34/tonne at San Rafael, US$40/tonne at Zone 120, US$30/tonne at El Cajón and US$198/tonne at Galena.  Mineral Resources at Nuestra Señora are estimated at a 90g/tonne silver equivalent cut-off grade.  Mineral Resources at San Felipe are estimated at a 2.5% zinc equivalent cut-off grade.  NSR and equivalent cut-offs were calculated using recent or expected operating results for recoveries, off-site concentrate costs, and on-site operating costs.

Mineral Reserves are estimated using metal prices of US$16.00/oz Ag, $2.50/lb Cu, $0.90/lb Pb and $0.90/lb Zn.

Mineral Resources are estimated using metal prices of US$18.00/oz Ag, $3.00/lb Cu, $1.05/lb Pb and $1.05/lb Zn.

Mineral Resources are exclusive of Mineral Reserves and as such the Mineral Resources do not have demonstrated economic viability

A minimum mining width of 4.5 feet was used for estimating Galena Reserves, with a minimum additional dilution of 0.5 feet from both the hangingwall and footwall.  A mining recovery of 95% was used to reflect the selective nature of the mining methods used at the operation.

A mining recovery of 80% and 5% dilution factor at zero grade were used for estimating Mineral Reserves at San Rafael to reflect the mining methods (post-pillar cut and fill) used at the operation.

Numbers may not add or multiply accurately due to rounding.

The Mineral Resource estimate for the Cosalá Operations is based on block models prepared by independent mineral resource consultants. The Nuestra Señora Mineral Reserve and Resource estimate was prepared by Company personnel under the supervision of James Stonehouse, a Qualified Person for the purpose of NI 43-101.  The San Rafael, Zone 120, El Cajón and San Felipe Mineral Resource estimates were prepared by  Paul Tietz, C.P.G.  who is an independent consultant and Qualified Person for the purpose of NI 43-101.  The San Rafael Mineral Reserve estimate was prepared by company personnel under the supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43-101.

The Mineral Resource estimate for the Galena Complex was prepared using a combination of block modelling and the accumulation method.  The Mineral Resource estimate was prepared by Company personnel under the supervision of Aaron Gross, C.P.G., a Qualified Person for the purpose of NI 43-101.  The Mineral Reserve estimate was prepared by Company personnel under the supervision of Shawn Wilson, a Qualified Person for the purpose of NI 43-101.

Americas Silver holds an option agreement on the San Felipe Project with the owner Minera Hochschild Mexico S.A.  Details regarding the option agreement are outlined in the respective NI 43-101 Technical Report which are available on www.sedar.com.

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