Defiance Closes Final Tranche of Private Placement
May 6, 2019
With the closing of the private placement, Defiance has commenced designing a drill program to test its San Acacio Silver project.
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With the closing of the private placement, Defiance has commenced designing a drill program to test its San Acacio Silver project.
United States Antimony Corporation reported a doubling of its Madero, Coahuila, Mexican smelter capacity with the startup of the No. 2 long rotary furnace (LRF). This is expected to double Mexican production by the end of Q2 due to the increased output of the Wadley and Guadalupe Mines. During Q1 of 2019, the Mexican production per month was approximately 69,000 pounds. For future production increases, there are four more LRFs at Madero, and construction has begun on the No. 3 LRF.
Bradford Cooke, CEO of Endeavour, stated, We experienced a challenging start to the year in operations, with no improvement of the systemic issues at Guanacevi and unexpected events such as the seven-week shut-down at El Compas due to a mill failure. However, Endeavour management has dealt with similar issues before, we successfully cut costs across the board to address similar operational and economic challenges in 2008 and 2013. The Company emerged financially stronger and more profitable as a result.
Mexus Gold US announced that it has begun blast hole drilling on the Julio vein system and the adjacent shear zone in preparation for blasting. This initial drilling should be completed the week of May 13th with the resulting blast producing the ore necessary to start steady production. The material being drilled has been sampled and is averaging 4 grams per ton Au and 12 grams per ton Ag.
The overall copper grades contained within the broad intersections are of low to moderate grade, in the range of 0.15% to 0.30% Cu, however, the presence of extensive mineralization over several square kilometers and the broad intercepts of disseminated chalcopyrite and porphyry-style veining supports the concept of a large mineralized system.
La petición para replantear fechas en torno al Proyecto de Explotación y Beneficio de Minerales Ixtaca, informó la dependencia, surgió de la propia autoridad municipal, con miras a que la reunión informativa no se considere como un acto proselitista en el marco de la elección extraordinaria.
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.
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