Fabled Silver Gold Corp. announces the results of surface diamond drilling from the upgraded 14,400 -meter drill program on the “Santa Maria” Property in Parral, Mexico.
“The discovery of wide zones of high grade silver mineralization in the Black Shale unit of the Flat Formation surrounding the high grade quartz silver veins in the Sooy Vein, the Seitz Kelly Vein and now the Benjamin Vein located kilometers from each other is a game changing development at El Tigre.”
Carlos Silva, CEO of Santacruz, stated; “We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million.”
Taj Singh, President and CEO, states: “With annual AgEq production averaging more than 26 Moz over a +15-year mine life we believe this PEA clearly positions Cordero as a Tier 1 silver asset. This impressive scale of production is achieved through modest development capex of $368 M and returns excellent margins with AISC averaging less than $12.50/AgEq oz over the life of the mine.”
“This transaction is in-line with our strategic vision of growing a multi-asset and sustainable copper business in the Americas. The combination of these two companies provides transformational near-term growth and further deepens our bench strength, particularly with respect to mine building, operational and leadership experience.”
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