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(Kitco News) – Kuya Silver (CSE: KUYA) (OTCQB: KUYAF) today announced its first-ever mineral resource estimate on the Bethania silver project in Peru.
In a statement, the company said that initial indicated resources amounted to 5,858,521 oz silver equivalent at an average grade of 451 g/t silver equivalent, and
inferred resources amounted to 8,006,431 oz silver equivalent at an average grade of 356 g/t, for the total of 13,864,952 oz.
The company added that silver represents 74% of the gross metal value in the indicated resource (4,317,540 oz) and 70% of the gross metal value in the inferred resource (5,600,256 oz).
Importantly, Kuya noted that resource drilling focused on shallow mineralization proximal to Bethania mine workings and that 63% of indicated silver equivalent resource estimate located above historical production adit (4670 level).
The company also said that the mineral resource estimate is solely focused on the main Bethania mine area, with no mineral resource estimates for the newly identified and proximal Hilltop Zone.
President and CEO David Stein stated, “We are very excited to have our first-ever mineral resource estimate which has exceeded our expectations for the initial Phase One drilling program. The data collected to date will help guide the exploration strategy as well as the design for the underground development of Bethania. This is a great start to our growing silver project.”
The Bethania silver project is located in Central Peru, in the northwestern part of Huancavelica Department, approximately 316 km by road from Lima. The focus of the project is the Santa Elena concession, a mining concession where the Bethania silver mine is located. The project was in production until 2016, toll milling its ore at various concentrate plants in the region.
Historically, the mine has produced silver-lead and zinc concentrates from the run-of-mine material until being placed on care and maintenance due to market conditions and lack of working capital. The company indicated it has received approval from the regional government of Huancavelica for the semi-detailed environment impact study (EIA) for the Bethania processing plant project. The EIA approval covers a plant design for 350 tonne per day crushing, grinding and flotation circuits, as well as a tailings storage facility and ancillary infrastructure.
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