Gatos Silver Reports Q3 2023 Production Results
11 Oktober 2023 - 12:22AM
Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the
“Company”) today announced production results for the quarter and
nine months ended September 30, 2023 at its 70%-owned Cerro Los
Gatos (“CLG”) mine in Mexico.
Dale Andres, CEO of Gatos Silver, commented:
“The CLG mine achieved strong production results in the third
quarter, with the mill equaling the record throughput rate achieved
last quarter. Consistent with the first half of the year, silver
equivalent production in the third quarter and nine months tracked
to the high end of our 2023 production guidance range. We are
continuing to progress further life extension opportunities beyond
2030 by advancing conversion drilling of the South-East Deeps
inferred resource and ramping up exploration efforts on near mine
targets in the Los Gatos district.”
Production Results (100%
basis)
CLG comparative production highlights are
summarized below:
|
Three Months Ended September
30, |
Nine Months EndedSeptember
30, |
CLG Production (100% Basis) |
2023 |
2022 |
2023 |
2022 |
Tonnes milled (dmt) |
268,312 |
263,331 |
794,082 |
709,666 |
Tonnes milled per day (dmt) |
2,916 |
2,862 |
2,909 |
2,600 |
Feed Grades |
|
|
|
|
Silver (g/t) |
285 |
356 |
293 |
361 |
Zinc (%) |
3.82 |
4.70 |
3.92 |
4.61 |
Lead (%) |
1.84 |
2.38 |
1.85 |
2.45 |
Gold (g/t) |
0.30 |
0.34 |
0.29 |
0.34 |
Contained Metal |
|
|
|
|
Silver ounces (millions) |
2.22 |
2.70 |
6.65 |
7.40 |
Zinc pounds - in zinc conc. (millions) |
13.8 |
17.8 |
42.7 |
47.1 |
Lead pounds - in lead conc. (millions) |
9.5 |
12.2 |
28.7 |
34.2 |
Gold ounces - in lead conc. (thousands) |
1.28 |
1.40 |
3.86 |
3.98 |
Silver Equivalent ounces (millions)1 |
3.46 |
4.29 |
10.45 |
11.68 |
Recoveries |
|
|
|
|
Silver - in both lead and zinc concentrates |
90.3% |
89.6% |
89.1% |
89.9% |
Zinc - in zinc concentrate |
61.1% |
65.4% |
62.3% |
65.4% |
Lead - in lead concentrate |
87.4% |
88.5% |
88.4% |
89.4% |
Gold - in lead concentrate |
49.2% |
48.9% |
52.7% |
51.3% |
1 Silver equivalent production is calculated using prices of
$22/oz silver, $1.20/lb zinc, $0.90/lb lead and $1,700/oz gold to
“convert” zinc, lead and gold production contained in concentrate
to “equivalent” silver ounces (contained metal, multiplied by
price, divided by silver price).
The mill throughput rate equaled the record
achieved last quarter averaging 2,916 tonnes per day during the
third quarter of 2023, an increase of 2% compared to the third
quarter of 2022. The fluorine leach plant for zinc concentrate was
fully commissioned during the quarter and is operating well.
Silver production was 2.22 million ounces in the
third quarter of 2023, 18% below the 2.70 million ounces in the
third quarter of 2022. The reduction is attributable to a 20%
decline in silver grades in Q3 2023, as expected in the mine plan,
and partially offset by the 2% increase in mill throughput and
improved recoveries. Zinc and lead production each decreased by 22%
and gold production decreased by 9%, compared with the third
quarter of 2022, primarily due to lower mill feed grades as
expected.
On September 6, 2023, the Company announced updated mineral
reserve and mineral resource estimates and new life of mine plan
for CLG with an extended mine life through to the end of 2030. The
Company expects to file updated technical reports later this month
that support these new estimates. Exploration and definition
drilling continued in the third quarter, with the focus on CLG mine
life extension. A seventh surface drill rig has been mobilized to
site, with five of these rigs continuing to be active on conversion
drilling of the South-East Deeps inferred resource. The other two
rigs will be focused on near mine exploration targets during the
fourth quarter.
About Gatos Silver
Gatos Silver is a silver dominant exploration,
development and production company that discovered a new silver and
zinc-rich mineral district in southern Chihuahua State, Mexico. As
a 70% owner of the Los Gatos Joint Venture (“LGJV”), the Company is
primarily focused on operating the Cerro Los Gatos mine and on
growth and development of the Los Gatos district. The LGJV consists
of approximately 103,000 hectares of mineral rights, representing a
highly prospective and under-explored district with numerous
silver-zinc-lead epithermal mineralized zones identified as
priority targets.
Qualified Person
Scientific and technical disclosure in this
press release was approved by Anthony (Tony) Scott, P.Geo., Senior
Vice President of Corporate Development and Technical Services of
Gatos Silver who is a “Qualified Person” as defined in S-K 1300 and
NI 43-101.
Forward-Looking Statements
This press release contains statements that
constitute “forward looking information” and “forward-looking
statements” within the meaning of U.S. and Canadian securities
laws. All statements other than statements of historical facts
contained in this press release, including statements regarding
mine sequencing, expected production, future conversion and
exploration drilling, further life extension opportunities, and
timing of filing updated technical reports are forward-looking
statements. Forward-looking statements are based on management’s
beliefs and assumptions and on information currently available to
management. Such statements are subject to risks and uncertainties,
and actual results may differ materially from those expressed or
implied in the forward-looking statements, and such other risks and
uncertainties described in our filings with the U.S. Securities and
Exchange Commission and Canadian securities commissions. Gatos
Silver expressly disclaims any obligation or undertaking to update
the forward-looking statements contained in this press release to
reflect any change in its expectations or any change in events,
conditions, or circumstances on which such statements are based
unless required to do so by applicable law. No assurance can be
given that such future results will be achieved. Forward-looking
statements speak only as of the date of this press release.
Investors and Media Contact
André van NiekerkChief Financial
Officerinvestors@gatossilver.com(604) 424-0984
Gatos Silver (NYSE:GATO)
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