Silver Bear Resources (TSX: T.SBR, Stock Forum) Thursday said it has received a National Instrument 43-101 compliant Inferred mineral resource estimate on its Nizhny Endybal prospect area, located roughly three kilometers from the current NI 43-101 resource area at Vertikalny on the Mangazeisky property in Russia.
The company said it has delineated a new and additional Inferred resource of 13.5 million ounces of silver at a grade of 133 g/t there. This brings Silver Bear's total NI 43-101 compliant resources on its Mangazeisky property to 1.1 million tonnes containing 17.9 million ounces silver at 518 g/t of Indicated mineralization and 4.3 million tonnes containing 43.5 million ounces silver at 282 g/t of Inferred mineralization, a 44% increase in Inferred resources over previous resource statements.
"We have only drilled about 5,500 meters on this prospect and have identified a substantial near surface resource, which is open along strike to the north and south. Also, we believe there is a high potential that most of the silver from this prospect can be mined using open pit methods. This new resource represents an addition to the resources used to calculate the project economics in our Preliminary Economic Assessment released last year in which the mine life was 8.4 years," said Silver Bear President and CEO Mark Trevisiol in a statement.