Monarca Minerals Inc. is pleased to announce that Mr. Paul Ténière had been appointed as a director of the Company. Mr. Paul Ténière replaces Allan Folk, who stepped down from the board to focus on other activities. The Board of Directors would like to thank Mr. Folk for his contributions to the Company.
We had strong first quarter production, averaging 223 tpd for the quarter and 256 tpd for March, in particular, with improved head grades, stated Brendan Cahill, President and Chief Executive Officer. The initial mill upgrades completed by late March showed promising results with record recoveries at higher processing rates, with lead at 82-85%, zinc at 84-87% and silver at 91-93% at a rate of 400+ tpd. Further modifications are expected to be completed in Q2. As milling operations were paused for these upgrades, we had a significant stockpile at quarter-end of over 2,800 tonnes of high-grade ore, which was processed early in Q2. Additionally, delivery of 1,000 tonnes of concentrate slipped into early Q2. Both of these factors will be reflected in our financial results, but the operation has improved dramatically and were set for a strong Q2.
Revenue of (approximately US) $1.9 million and a net operating margin (oxide plant lease revenue less lease costs) of $1.3 million related to the lease of the Companys oxide plant in the first quarter 2019, compared to a $1.1 million net operating margin realized in the first quarter 2018.
This past year was a period of both challenges and successes. During 2018 the Company accelerated development work at Veta Grande as evidenced by completing 1,700 metres more of development work as compared with 2017. With the development work ongoing the Company continued to rely on lower grade mill feed for the first half of the year with improving head grades over the second half. This combination of these factors led to sub-optimal performance in 2018. The development work undertaken during the year is now providing us with access to new production stopes and our expectations are for a higher head grade in 2019 than 2018. Continued development expenses are expected in 2019 as the Company ramps down towards higher grade feed as indicated by drilling thereby providing access to higher grade stopes in future months. said Arturo Préstamo, President and CEO.
Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.
Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.
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