Northair Silver Corp.
TSX VENTURE : INM

Northair Silver Corp.

March 02, 2015 08:00 ET

Northair Silver Corp. Files NI 43-101 Technical Report on SEDAR for Updated Resource Calculation of La Cigarra Silver Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 2, 2015) - Northair Silver Corp. (TSX VENTURE:INM) (the "Company" or "Northair") is pleased to announce that, in compliance with National Instrument ("NI") 43-101, it has filed on SEDAR the Technical Report for the updated resource estimate, as released on January 14, 2015, for its La Cigarra silver project located in Chihuahua State Mexico.

The Independent Technical Report was completed by Allan Armitage, PhD, P. Geo. and Joe Campbell, B.Sc., P. Geo., of GeoVector Management Inc. ("GeoVector") following the guidelines of the Canadian Securities Administrators National Instrument 43-101 and Form 43-101F1. The report titled "Updated Mineral Resource Estimate on the San Gregorio/Las Carolinas Zones, La Cigarra Silver Project, Chihuahua, Mexcio" is filed on SEDAR and can be viewed on the SEDAR website at www.sedar.com as well as the Northair website at: www.northairsilver.com.

Highlights of the La Cigarra Mineral Resource Estimate are as follows:

  • Measured and Indicated mineral resources of 51,470,000 ounces of silver within 18,540,000 tonnes at an average grade of 86.3 g/t silver and an Inferred mineral resource of 11,460,000 ounces silver within 4,450,000 tonnes at an average grade of 80.0 g/t silver;
  • The deposit remains open along the 6 kilometre strike length and at depth with further potential to expand near surface mineralization along the outer perimeter of the currently defined deposit.

A summary of the mineral resource estimate contained within a resource pit shell utilizing a $22 per ounce ("oz") silver price and reported at a 35 g/t silver cut-off grade is tabulated below:

Resource
Category*
Tonnes In-Situ Grade Contained Metal
Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Pb (lbs) Zn (lbs)
Measured 3,620,000 88.9 0.074 0.14 0.19 10,340,000 9,000 10,920,000 15,510,000
Indicated 14,930,000 85.7 0.068 0.13 0.18 41,130,000 33,000 42,950,000 59,260,000
Meas + Ind 18,540,000 86.3 0.069 0.13 0.18 51,470,000 41,000 53,870,000 74,770,000
Inferred 4,450,000 80.0 0.058 0.13 0.16 11,460,000 8,000 12,680,000 15,610,000
Note:* Mineral resources are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off grade and a $22/oz silver price. Mineral resources that are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add up due to rounding.

Mr. David Ernst, a professional geologist and VP Exploration of Northair, is a Qualified Person as defined by NI 43-101. Mr. Ernst has reviewed the technical information in this news release and approves the disclosure herein.

Northair also announces that subject to an assignment agreement dated February 23, 2015, it has agreed to assign and transfer to Starcore International Mines Ltd. ("Starcore") its right, title and interest (50% interest) in the mineral concessions comprising the Sierra Rosario Project. In consideration of the Sierra Rosario Assignment, Starcore has agreed to pay Northair the sum of C$25,000; make an additional payment of $7,138.72 associated to the outstanding joint venture costs; and grant Northair a one percent (1%) net smelter royalty from any future production on the Project. Starcore retains the right to buy-back the full net smelter royalty by paying to Northair C$1,000,000.

About Northair Silver Corp.

Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, Mexico, 26 kilometres from the historic silver mining city of Parral. The 32,000 hectare property boasts nearby power, good road access, gentle topography, established infrastructure and currently hosts a robust NI 43-101 Mineral Resource Estimate that contains appreciable amounts of silver, lead, zinc and gold.

ON BEHALF OF THE BOARD,

NORTHAIR SILVER CORP.

Andrea Zaradic, P. Eng., President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Caution Concerning Forward-Looking Statements

This news release may contain forward looking statements which are statements that are not statements of historical fact, such as statements regarding the mineral resource estimates, results of the sensitivity analysis, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, mineral reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.

Cautionary Note Concerning Estimates of Measured, Indicated and Inferred Mineral Resources

This news release uses the terms "Measured and Indicated Resources" and "Inferred Resources", which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Northair advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.

Contact Information

  • Northair Silver Corp.
    Andrea Zaradic
    President & CEO
    604-687-7545 or 1-888-338-2200

    Northair Silver Corp.
    Chris Curran
    Manager of Corporate Communications
    604-687-7545 or 1-888-338-2200
    info@northair.com
    www.northairsilver.com