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Reserves and Resources

 
 
Mineral Reserve and Mineral Resource Estimates


Americas Silver's reserves and resources have been calculated as at December 31, 2015 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 - December 31, 2015

    Grade Contained Metal
Tonnes Silver Copper Lead Zinc Silver Copper Lead Zinc
000's g/t % % % koz Mlbs Mlbs Mlbs
Cosalá                  
Nuestra Señora                  
Proven 86 81 0.12 0.68 1.44 223 0.2 1.3 2.7
Probable 507 100 0.20 0.83 1.73 1,639 2.3 9.3 19.3
Nuestra Señora P&P 593 98 0.19 0.81 1.69 1,862 2.5 10.6 22.1
San Rafael                  
Proven 1,284 123 - 1.94 4.32 5,062 - 55.0 122.4
Probable 1,944 102 - 1.69 4.22 6,386 - 72.2 180.8
San Rafael P&P 3,229 110 - 1.79 4.26 11,448 - 127.2 303.2
Total Cosalá P&P 3,822 108 0.03 1.64 3.86 13,310 2.5 137.8 325.3
Galena                  
Silver-Copper                  
Proven 231 494 0.43 - - 3,660 2.2 - -
Probable 407 545 0.48 - - 7,127 4.3 - -
Silver-Copper P&P 637 526 0.46 - - 10,787 6.4 - -
Silver-Lead                  
Proven 244 288 - 9.82 - 2,254 - 52.7 -
Probable 522 284 - 9.21 - 4,765 - 105.9 -
Silver-Lead P&P 765 285 - 9.40 - 7,019 - 158.6 -
Total Galena P&P 1,402 395 0.21 5.13 - 17,806 6.4 158.6 -
TOTAL P&P 5,224 185 0.08 2.57 2.82 31,116 9.0 296.5 325.3
Notes:
  1. Metal price assumptions of $16.00/oz silver, $2.40/lb copper, $0.85/lb lead and $0.85/lb zinc. Reserve calculations include current and/or expected mine plans and cost levels at each property.
  2. Totals may not add or multiply accurately due to rounding.

Measured and Indicated Mineral Resources - December 31, 2015

    Grade Contained Metal
Tonnes Silver Copper Lead Zinc Silver Copper Lead Zinc
000's g/t % % % koz Mlbs Mlbs Mlbs
Cosalá                  
Nuestra Señora                  
Measured 267 85 0.17 0.84 1.77 729 1.0 5.0 10.5
Indicated 1,851 92 0.20 0.83 1.75 5,453 8.2 33.9 71.5
Nuestra Señora M&I 2,118 91 0.20 0.83 1.75 6,182 9.2 38.8 81.9
San Rafael                  
Measured 1,918 87 - 0.81 1.85 5,362 - 34.3 78.2
Indicated 2,952 69 - 0.80 1.82 6,568 - 52.4 118.3
San Rafael M&I 4,870 76 - 0.81 1.83 11,930 - 86.7 196.6
Zone 120                  
Measured - - - - - - - - -
Indicated 1,784 128 0.35 0.15 0.45 7,329 13.7 6.1 17.6
Zone 120 M&I 1,784 128 0.35 0.15 0.45 7,329 13.7 6.1 17.6
Total Cosalá M&I 8,772 90 0.12 0.68 1.53 25,441 22.9 131.6 296.1
Galena                  
Silver-Copper                  
Measured 319 415 0.65 - - 4,250 4.6 - -
Indicated 782 455 0.57 - - 11,456 9.8 - -
Silver-Copper M&I 1,101 444 0.59 - - 15,706 14.4 - -
Silver-Lead                  
Measured 72 321 - 8.70 - 744 - 13.8 -
Indicated 1,455 176 - 5.44 - 8,219 - 174.5 -
Silver-Lead M&I 1,527 183 - 5.59 - 8,964 - 188.3 -
Total Galena M&I 2,628 292 0.25 3.25 - 24,670 14.4 188.3 -
TOTAL M&I 11,401 137 0.15 1.27 1.18 50,111 37.3 319.9 296.1
Notes:
  1. Cosalá Mineral Resources for Nuestra Señora are based on a 90g/t Ag Equivalent cut off while San Rafael and Zone 120 are based on a 2.5% Zn Equivalent cut off. For calculating the equivalent grade, metal price assumptions are $16.00/oz Ag, $2.40/lb Cu, $0.85/lb Pb and $0.85/lb Zn.
  2. Galena Mineral Resources are based on a cut off of 310g/t Ag Equivalent for vein-style mineralization and 100g/t Ag for disseminated mineralization. For calculating the silver equivalent grade, metal price assumptions are $16.00/oz Ag, $2.40/lb Cu and $0.85/lb Pb.
  3. Mineral Resources are reported exclusive of Mineral Reserves and as such the Mineral Resources do not have demonstrated economic viability.
  4. Totals may not add or multiply accurately due to rounding.

Inferred Mineral Resources - December 31, 2015

    Grade Contained Metal
Tonnes Silver Copper Lead Zinc Silver Copper Lead Zinc
000's g/t % % % koz Mlbs Mlbs Mlbs
Cosalá                  
Nuestra Señora 2,025 101 0.26 0.83 1.90 6,585 11.4 37.3 84.9
San Rafael 849 111   1.52 0.31 3,028 - 28.4 5.7
Zone 120 196 109 0.26 0.05 0.13 690 1.1 0.2 0.6
Total Cosalá Inferred 3,070 104 0.19 0.97 1.35 10,303 12.6 65.9 91.2
Galena                  
Inferred Silver-Copper 460 459 0.83 - - 6,783 8.4 - -
Inferred Silver-Lead 2,080 145 - 4.53 - 9,685 - 207.8 -
Total Galena Inferred 2,539 202 0.15 3.71 - 16,468 8.4 207.8 -
TOTAL INFERRED 5,610 148 0.17 2.21 0.74 26,771 21.0 273.6 91.2
Notes:
  1. Cosalá Mineral Resources for Nuestra Señora are based on a 90g/t Ag Equivalent cut off while San Rafael and Zone 120 are based on a 2.5% Zn Equivalent cut off. For calculating the equivalent grade, metal price assumptions are $16.00/oz Ag, $2.40/lb Cu, $0.85/lb Pb and $0.85/lb Zn.
  2. Galena Mineral Resources are based on a cut off of 310g/t Ag Equivalent for vein-style mineralization and 100g/t Ag for disseminated mineralization. For calculating the silver equivalent grade, metal price assumptions are $16.00/oz Ag, $2.40/lb Cu and $0.85/lb Pb.
  3. Mineral Resources are reported exclusive of Mineral Reserves and as such the Mineral Resources do not have demonstrated economic viability.
  4. Totals may not add or multiply accurately due to rounding.
 
 
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