Santacruz Silver Reports Third Quarter 2018 Production Results

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following two offers if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
JOIN THE CLUB
Canadian Insider Ad-Free
$49/ year*
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
GO AD-FREE

* Price is subject to applicable taxes. Money back guarantee: For bona fide Ad-Free or Canadian Insider Club subscribers, if you downgrade to Basic or cancel with-in 10 days of first subscribing, we will refund your payment upon request. Immediately after downgrading or cancelling, using the same email that is associated with your account, request a refund via our Contact Us form at the bottom of the page. We will only consider one refund request per household or organization. We cannot accommodate refund requests where an account holder has not provided verifiable address and billing information.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Santacruz Silver Reports Third Quarter 2018 Production Results

PR Newswire

TSX.V: SCZ
FSE: 1SZ 

VANCOUVER, Nov. 8, 2018 /PRNewswire/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") reports on the operating results from the Veta Grande Project in Zacatecas, Mexico and the Rosario Project in San Luis Potosi, Mexico for the third quarter of 2018.

During Q3 2018 the Company produced a total of 249,431 silver equivalent ounces, a 43% increase over Q2 2018 production (174,175 silver equivalent ounces) and an 8% increase over Q3 2017 production (231,162 silver equivalent ounces). When compared to Q2 2018 the increased production primarily reflects a 15% increase in tonnes milled and a 45% increase in silver equivalent head grade at the Veta Grande Project offset by a 26% decrease in silver equivalent head grade at the Rosario Project. When compared to Q3 2017 the increased production reflects 24% increase in tonnes milled and a 34% increase in silver equivalent head grade at the Veta Grande Project offset by a 16% decrease in tonnes milled and a 35% decrease in silver equivalent head grade at the Rosario Project.

Mr. Carlos Silva, Chief Operating Officer, stated "I am pleased to report that we are on track to reach our objective of increasing production and efficiencies at Veta Grande as indicated by our quarter over quarter results. At the same time our exploration activities are delineating a solid path forward for the development of Veta Grande into a significant silver producer. As for the Rosario Project, development work at the Membrillo Prospect is well on its way to reach the targeted mineralized area and preparation of production stopes is underway with the aim of being in full production in Q4 2018 as originally planned."

2018 Third Quarter Consolidated Production Results

 

Summary of Production Results

2018 Q3

2018 Q2

2017 Q3

Material Processed (tonnes milled)

57,976

52,025

46,940

Silver eqv. ounce production(1)

249,431

174,175

231,162

Silver production (ounces)

80,611

56,122

88,234

Gold production (ounces)

225

143

394

Lead production (tonnes)

301

142

148

Zinc production (tonnes)

644

507

595

Average Head Grade (g/t Ag Eqv.)

213

176

201

 

2018 Third Quarter Veta Grande Project Production Results

 

Summary of Production Results

2018 Q3

2018 Q2

2017 Q3

Material Processed (tonnes milled)

42,011

36,622

27,984

Silver eqv. ounce production(1)

183,198

84,271

103,473

Silver production (ounces)

62,250

36,741

61,960

Silver head grade (g/t)

77

70

107

Gold head grade (g/t)

0.26

0.17

0.17

Lead had grade (%/t)

.80

.41

0.51

Zinc head grade (%/t)

1.94

1.14

0.77

Silver recovery (%)

60

45

65

Gold production (ounces)

140

59

66

Lead production (tonnes)

268

111

99

Zinc production (tonnes)

432

164

146

Average Head Grade (g/t Ag Eqv.)

234

161

174

 

2018 Third Quarter Rosario Project Production Results

 

Summary of Production Results

2018 Q3

2018 Q2

2017 Q3

Material Processed (tonnes milled)

15,965

15,403

18,956

Silver eqv. ounce production(1)

66,233

89,904

127,689

Silver production (ounces)

18,361

19,381

26,274

Silver head grade (g/t)

41

44

51

Gold head grade (g/t)

0.26

0.26

0.67

Lead head grade (%/t)

0.23

0.23

0.31

Zinc head grade (%/t)

1.58

2.54

2.61

Silver recovery (%)

87

89

85

Gold production (ounces)

85

84

328

Lead production (tonnes)

33

31

49

Zinc production (tonnes)

212

344

449

Average Head Grade (g/t Ag Eqv.)

156

212

241

 


(1    AgEqvOz = (Au*Pau)+(Ag*Pag)+(Pb*Ppb*2205)+(Zn*Pzn*2205)
                                                           (Pag)


Metal Prices 2018: Ag $17.00, Au $1,295, Pb $1.00, Zn $1.35
Metal Prices 2017: Ag $16.00, Au $1,150, Pb $1.00, Zn $1.15

 

Share Issuance

Pursuant to an amended financial advisory agreement between the Company and Haywood Securities Inc. ("Haywood"), the Company intends to issue 250,000 of its common shares (the "Advisory Fee Shares") and provide a cash payment of $1,063 to Haywood in satisfaction of general financial advisory services provided to the Company by Haywood, including services relating to the Company's disposition of its interest in the Gavilanes Project in August 2017. The Advisory Fee Shares will be issued at a deemed share price of $0.085 (gross value: $21,250). The Advisory Fee Shares will be subject to a four-month hold period. The issuance of the Advisory Fee Shares is subject to TSX Venture Exchange acceptance.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with two producing silver projects, Veta Grande and Rosario, and two exploration properties, the Minillas property and Zacatecas properties. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

'signed'

Arturo Préstamo Elizondo,
President, Chief Executive Officer and Director

Neither the 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 release.

Forward looking information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions as to the continuation of payments under the Agreement, the expansion of the Vita Grande Project, the Company's financial condition and development plans do not change as a result of unforeseen events, third party mineralized material to be milled by the Company will have properties consistent with management's expectations, that the Company will receive all required regulatory approvals, and that future metal prices and the demand and market outlook for metals will remain stable or improve. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in lower revenue, higher cost, or lower production levels; delays and/or cessation in planned work; changes in the Company's financial condition and development plans; delays in regulatory approval; risks associated with the interpretation of data (including in respect of the third party mineralized material) regarding the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Rosario Project

The decisions to commence production at the Rosario Mine, Cinco Estrellas Property and Membrillo Prospect were not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a more preliminary estimate of inferred mineral resources. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.

Veta Grande Project

The decision to commence production at Veta Grande Project was not based on a feasibility study on mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/santacruz-silver-reports-third-quarter-2018-production-results-300746659.html

SOURCE Santacruz Silver Mining Ltd.

Copyright CNW Group 2018

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).