Month: January 2022

“2021 was a transformative year for Vizsla both at the project level and on the corporate side. At Panuco, approximately 100,000 meters of new diamond drilling led to the discovery of several new high-grade veins, ultimately advancing the newly consolidated project to the resource drilling stage. On the corporate side, Vizsla successfully raised over C$70M in equity financings to fund ongoing exploration and development at Panuco and exercised its property earn- in agreements to take 100% controlling ownership of the district.”

“Despite experiencing three months of delays at the labs processing our tailings assays and metallurgical work, we were still able to drill out the basin and complete our Magistral PEA and mineral resource estimate less than a year since acquiring the project.”

“When we began the year, a very aggressive production target of 55-65K ozs was set – aggressive considering we were in the process of re-establishing production and ramping up at San Francisco. I am proud of the team as they exceeded our production targets in what was a challenging year industry-wide.”

“Our prospect generation business generated a tremendous amount of exploration activity, and we are encouraged by the work completed by our partners. Orogen’s geologists have also assessed prospects in western United States, British Columbia and Mexico, providing a pipeline of future opportunities for exploration partnerships.”

“We are encouraged to see the increased throughput at the Fresnillo owned plants in the last quarter” said George Paspalas, MAG Silver’s President and CEO. “The ability to utilize capacity at their plants when available to process Juanicipio material, helps us minimize any impact on this year’s cashflow while we await the electrical tie-in.”

“Given the challenges presented by both the continued effect of the pandemic and more recent Government labour reform initiatives, as well as certain operational issues, we have delivered a creditable performance during the year, with silver production marginally short of guidance, but gold production exceeding expectations. This performance highlights the strength of our diversified portfolio and the capability of our people.”