One World Lithium Inc. is pleased to announce that the Mexican Federal Government has announced in response to COVID-19 that they are planning and expect that work on mining and mineral exploration programs may be in a position to proceed as early as June 2020.
“The results we’re seeing at the San Juan area of Los Ricos South are very promising, as this is at the northern end of that project. As we continue to see strong results from Los Ricos South, we are encouraged that these are only the first results of the many targets which we plan to explore along the 35km trend in the Los Ricos District. We look forward to testing these in the near future, which bodes well for the continuing prospects of this exciting district and our shareholders,” said Brad Langille, President and CEO.
“We are encouraged by the financial results for the quarter as they were impacted by the 2-week suspension at Rainy River in the latter part of March, and the enhanced COVID-19 safety protocols put in place at both operations.
The resource estimate, independently completed by Ashmore Advisory Pty Ltd in accordance with the JORC (2012) reporting guidelines, contains 964,000 tonnes @ 13.2% Zn and 3.5% Pb for 161,000 tonnes of contained metal in Indicated and Inferred categories.
“Operationally, quarterly silver production was in line with expectations, down slightly against the previous quarter mainly due to lower grades at San Julián DOB. Gold production was also in line with expectations, down against the previous quarter due to lower volumes of ore processed at Herradura. We expect production to be back-end-weighted this year. Our development pipeline progressed as expected with good advances in the construction of Juanicipio and the new Pyrites Plant at Fresnillo.”
“We were well positioned to face the abrupt economic downturn during Q1 2020, having cut nearly $30 million in annual costs from the business last year,” said Raman Randhawa, SVP & CFO of Capstone.
Minerales de Occidente, S.A. de C.V., the Company’s subsidiary which owns the surface and mineral rights of the San Andres Mine, initially obtained authorization to continue leaching activities, but has since suspended such activities in response to the initial extension of the Government Orders.
The temporary suspension of mining activities at the Company’s Los Filos Mine in Guerrero State, Mexico has been extended in compliance with an order by the Federal Government of Mexico extending the suspension of non-essential activities until May 30, 2020, with the potential for earlier start-up on May 18, 2020 in areas with low or no cases of COVID-19. The Company has continued processing solution from the Los Filos heap leach pads and producing gold at a reduced level during the temporary suspension.
On March 18, 2020, the Canadian Securities Administrators (CSA) announced a blanket provision which provided issuers with a 45-day filing extension for filings required on or before June 1, 2020. This extension was to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID- 19 pandemic.
Kootenay is well financed with $6.7 million in cash, no debt and possesses quality silver assets that will continue to strongly position the Company once the markets emerge from this crisis.
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