“At La Colorada, the ventilation restrictions impacted exploration activities, however, recent improvements to the ventilation circuit will allow us to ramp up exploration drilling at this long-life mine where we have over 100 million ounces of silver mineral reserves and 192 million ounces of inferred resources, including the large skarn deposit.”
Magna Gold Corp. is pleased to provide an update to its previously announced non-brokered private placement of C$10,000,000 convertible debentures.
“Drilling on the eastern side of El Refugio extends the high-grade gold and silver 80 metres east. The broad, high-grade intercepts provide a significant boost to the resource potential in this part of El Refugio. Additionally, a program of deep holes proximal to the bonanza grade intercept of hole CDH-077 has commenced consisting of 6 holes to fill the area up and down dip of the intercept and to the west. The first of these holes is complete, with gold and silver sulphide mineralisation observations consistent with previous El Refugio structure intercepts.”
“Strong mine operating earnings of $103 million and strong operating cash flow in Q2 have further improved our financial position. Together with the sale of non-core assets, our cash and short-term investments increased by $34 million in Q2,” said Michael Steinmann, President and Chief Executive Officer.
Pete Dougherty, President and CEO stated: “It was a tremendous operational and financial quarter for Argonaut Gold. We set new quarterly records for GEO production and revenue and provided strong cash flow and earnings. We also continued to advance the construction of the Magino project, which is tracking on schedule for first gold pour during the first quarter of 2023.”
N. Eric Fier, CPG, P.Eng, and CEO, stated, “Las Chispas mine construction is currently on time and budget based on several activities including our early decision to implement strict company-wide COVID-19 protocols and build a confined construction camp, which has reduced risks and benefited the Project’s overall schedule. This approach has allowed us to see better productivity than anticipated and limited disruption in our work schedules and supply chains.”
“These court decisions are the product of rank corruption and are a black mark on the judicial system of Mexico,” stated Brendan Cahill, President and CEO. “The value ascribed in the judgment is impossible based on evidence, facts or law. Simply put, the maximum value realizable by the plaintiff from the agreement on La Antigua was US$500,000 in the best-case scenario, yet the Miguel Auza Mine was shut down in 2008 almost immediately after operations commenced.”
The 27,000-meter CLG definition drilling campaign continues to define further mineralization both on the southeast and northwest extensions of the deposit beyond the present reserve blocks. Since the definition drilling program began in late 2020, 36 and 14 holes have been completed in the SE and NW zones, respectively.
“We are pleased to enter the second half of the year with a robust cash balance of $125 million and a clean balance sheet ahead of a potential construction decision for Terronera later this year. We will be completing the Feasibility Study during Q3 with a construction decision anticipated shortly thereafter.”
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