Maiden drilling program starts with 5 holes planned for 450m. High priority drill targets include old mine workings and outcrop containing high grade gold and cobalt mineralisation.
Coeur Mining, Inc. today announced third quarter production of 9.5 million silver equivalent ounces, comprised of 4.0 million silver ounces and 93,293 gold ounces. Third quarter silver equivalent production increased 7% quarter-over-quarter and 10% year-over-year. Higher quarter-over-quarter silver equivalent production was driven by a 13% increase in gold production while higher year-over-year silver equivalent production was due to a 10% increase in gold production and an 11% increase in silver production. Metal sales of 3.8 million ounces of silver and 89,972 ounces of gold, or 9.2 million silver equivalent ounces, were in-line with third quarter production.
The changes made at Parral in late 2016 and the first half of 2017 have now taken effect and we expect to see continued increases in production through fiscal 2018 said Brad Langille, CEO.
“Great Panther delivered good production results in the third quarter. The results are consistent with the previous quarter and fall in line with the Company’s annual guidance”, stated James Bannantine, President & CEO. “The increase in gold production compared to the second quarter 2017 is a direct result of the improved gold grades and recoveries.”
Discovery Metals President and CEO, Taj Singh commented: This is a significant step for us. Our company came into existence in August, so we are very pleased to have received these permits in such a short time. Our newly-formed team has been working diligently to develop a detailed exploration plan and has prioritized a number of high-impact targets. We expect to be drilling on at least one project before the end of the year.
Tim Barry, President, CEO and director of Silver Bull states, We are very pleased with the first two holes of our program which confirm what we are seeing underground with our mapping. With these first drill holes we have extended the first of the three high grade structures we plan to drill, another 25 meters to the east and it almost certainly continues as the hole was ended in high grade mineralization due to hitting an unmapped void. This structure remains open along strike and down dip. It is also important to note that we appear to be below the oxide zone and expect to continue hitting sulphide mineralization in this area.
“Operationally we delivered a strong third quarter with record production and significant milestones achieved at both our key operations. This included the completion of the MCM waste pass at Young- Davidson, contributing to higher underground mining rates in September, and initial production from our La Yaqui mine in the Mulatos district. We expect both will be key drivers of strong free cash flow growth in the fourth quarter and we remain well positioned to achieve full year guidance,” said John A. McCluskey, President and Chief Executive Officer.
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