Mr. Pavlich stated, “We are particularly excited about these results because they represent recoverable values, not in-place grades. Recoverable grades typically represent 90% or less of in-place grades; indicating an interesting upside potential for in-place grades. Recoverable values are also necessary to convert mineral resources into the much more valuable mineral reserves classification. Including silver on a gold equivalent basis, the two composite samples represent a recoverable gold equivalent grade of 0.024 opt and 0.041 opt.”
The company’s current resource report on the El Capitan deposit, located in southwestern New Mexico, is based upon almost 13,000 feet of core and reverse circulation drilling within a 200 acre area. In-place gold and silver grade estimates in that report were obtained using over 2,300 caustic fusion fire assay determinations. The gold and silver in-place resource based upon that information represents over 3.3 million gold equivalent ounces, exclusive of any PGMs.
The following table compares the Alfred H Knight recoverable gold and silver grade results to the caustic fusion in-ground grade estimates for the same composites:
|
In-Place Grade Estimate, |
Recoverable Grade, |
|||
| Phase 1 Composite |
|
|
||
| Gold (opt) |
|
0.029 |
|
0.022 |
| Silver (opt) |
|
0.175 |
|
0.097 |
| Gold Equivalent (opt) |
|
0.033 |
|
0.024 |
|
|
|
|||
|
Phase 2/3 Composite |
|
|
||
| Gold (opt) |
|
0.024 |
|
0.021 |
| Silver (opt) |
|
0.238 |
|
1.003 |
| Gold Equivalent (opt) |
|
0.029 |
|
0.041 |
The Company believes that this milestone represents a solid basis for investors and prospective partners to begin assessment of the intrinsic value of the current 141 million ton deposit, as well as the exploration potential of the Company’s surrounding 7,000 acre land package.
About El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc. is a U.S. based mineral exploration company whose primary asset is a 40% interest in the El Capitan precious metals project, located in Lincoln County, New Mexico. The Company’s stock trades on the Over-the-Counter Bulletin Board under the symbol ECPN.
Forward-Looking Statements
Statements herein which are not historical facts, such as estimates of the volume and grade of mineral deposits, future production levels, exploration results and plans, costs, and prices are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price and production volatility, exploration risks and results, discrepancies between different types of testing methods, some or all of which may not be industry standard, political risks, permitting risks, project development risks and ability to raise financing. For a more detailed discussion of risks and other factors that may impact these forward looking statements please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-QSB and 10-KSB on file with the SEC. The Company undertakes no obligation and has no intention of updating forward-looking statements.
For further information, please visit the company’s website at www.ElCapitanPMi.com.
El Capitan Precious Metals, Inc.
Ken Pavlich, President and CEO
775-201-0168
info@ElCapitanPMi.com
www.ElCapitanPMi.com