Leagold Mining Corporation reports Q1 2019 consolidated gold production of 105,949 ounces. These results establish a strong start toward meeting full-year 2019 production guidance of 380,000 to 420,000 oz.
Premier Gold Mines Limited is pleased to announce that it has entered into an option acquisition agreement with Americas Silver Corporation to acquire an option to purchase a 100% interest in the San Felipe Property, located 55 kilometres from the Companys Mercedes Mine in Sonora State, Mexico. Hochschild plc is the underlying owner of the San Felipe Property.
Discovery Metals Corp. is pleased to announce significant steps towards the re-designation of its Puerto Rico Project claims to allow for mining activities as a result of a meeting of the members of the Board of the Maderas del Carmen Reserve held on March 28, 2019. The MDC Board is comprised of 18 members representing stakeholders from all levels of government (federal, state, municipal), local ejidos, leading public companies from various industries currently operating in the area, as well as non-governmental organizations. Each of the Members is entitled to a vote concerning matters related to the Maderas del Carmen Reserve.
The EC120 Project is a significant addition to our precious metals growth pipeline, said Darren Blasutti, President & CEO of Americas Silver. Having a 2.5 million ounce per year silver project ready for immediate development fits into our strategy of preparing for the inevitable positive correction in the silver price. It provides a solid five-year production base as we continue to further explore the El Cajón and Zone 120 deposits and our other silver-rich exploration target areas in Cosalá later in 2019.
Following the success of our Phase One drill program at the Cerro Caliche gold project in Sonora, Mexico, we immediately proceeded with Phase Two, said Kenneth MacLeod, President and CEO of Sonoro. The proceeds of the financing will be applied toward the continuation of the Phase Two drill program, with assay results from the first fifteen holes due before the end of April.
We have placed a high priority on achieving production at El Dorado, said Pierce Carson, Magellan’s CEO. In addition to progress on permitting, we also have initiated work on mine design, project economics and formulation of a development schedule and budget. The drilled resource has an attractive grade approximating 7.0 grams gold per tonne and appears to be sufficient to support an underground mining operation for several years at a mining rate of 100 tons per day. At current metal prices, revenues are anticipated to be on the order of $7.0 million annually.
The Mulatos operation has been an incredible success story. It started producing gold in 2005 with approximately a seven-year mine life and 14 years later, the mine still has six years of reserves ahead of it. We would like to acknowledge all our employees, the local communities, and elected officials for their continued support in helping us achieve this significant milestone. The Mulatos District still holds great potential and we look forward to many more years of profitable production, said John A. McCluskey, President and Chief Executive Officer.
Alonso Lujan, Vice President of Exploration, stated: The areas tested in the Titan 24 survey demonstrated an excellent relationship between chargeability and the structures. Based on those results, the Company continued to test these areas with drilling programs. This has resulted in the definition of a new structure which demonstrates the continuity of previously defined wide, high-grade, copper structures. The Company plans to drill an additional six to seven holes, approximately 2,500 meters, within this area in 2019. Depending on success further holes and drilling could be added. Further to the success at the West Extension, the potential for further extensions to the North of this zone remains open.
Fred Stanford, President & CEO of Torex stated: After so many years in concept development, machine design, and more recently machine manufacturing, it was truly rewarding to see this first part of the innovative Muckahi mining system come to life and perform the way it was expected to perform. This outcome is a credit to all of the people over the years that believed a different way to mine was possible and contributed ideas and support to transform that possibility into a reality. In recent years, this includes our Board of Directors, Robert Rennie and team from Medatech, and many from within Torex, including Bernie Loyer for machine design and project management, Dawson Proudfoot, Danny Lavigne, and Brian Truman for process design and leadership in the field trials. The team is looking forward to completing the field trials in 2019. The goal is to demonstrate the Muckahi mining system capabilities over the full development cycle for tunneling, including on a minus 30-degree gradient, and to demonstrate the capability of the system to lower costs in long hole open stope mining. Exciting times!
The increased resource at Ermitano adds further value and longevity to Evrims royalty in the event the deposit is placed into commercial production, commented Paddy Nicol, Evrims President and CEO. According to First Majestic, Ermitaño could add several years of mine life to the Santa Elena Mine. Moreover, 16,000 metres of drilling is underway that could expand the deposit at depth and along strike. Environmental permitting is in its final stages.
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