MAG Announces Third Quarter 2024 Production from Juanicipio
23 Octubre 2024 - 5:50AM
MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”
or “MAG Silver”) reports production from Juanicipio (56% / 44%
Fresnillo plc (“Fresnillo”) and MAG, respectively) for the third
quarter (“Q3”) ended September 30, 2024.
Q3 Highlights
- Consistent
throughput: The Juanicipio plant maintained steady
production with 332,290 tonnes of ore processed in Q3, consistent
with Q2, marking the third consecutive quarter of 100% ore
processing through the Juanicipio plant.
- Continued
grade overperformance: Silver head grade averaged 481
grams per tonne (“g/t”) during the quarter, contributing to a
year-to-date average of 485g/t. This continues to outperform
expectations and underscores the high-grade nature of the
Juanicipio deposit.
- Improved
metal recovery: Metal recovery rates continue to improve,
highlighting the success of ongoing operational enhancements and
circuit optimizations at the Juanicipio plant.
- Robust
production: Juanicipio achieved strong preliminary
production estimates of 4.9 million silver ounces and 10,801 gold
ounces, exceeding quarterly expectations and demonstrating the
strength of the asset.
- Guidance
on-track: With continued operational outperformance,
silver grades are expected to be at the top end of revised guidance
(420g/t to 460g/t) for 2024, reinforcing confidence in Juanicipio’s
long-term potential. Comprehensive financial and operational
results are expected to be released on November 8, 2024.
Comparative production highlights (100%
basis):
|
|
Q3 2024 |
Q2 2024 |
% Chg |
Q3 2023* |
% Chg |
YTD 2024 |
YTD 2023* |
% Chg |
Milling |
t |
332,290 |
336,593 |
-1.3% |
322,249 |
3.1% |
994,566 |
921,990 |
7.9% |
Head grade |
|
|
|
|
|
|
|
|
|
Silver |
g/t |
481 |
498 |
-3.4% |
523 |
-8.0% |
485 |
474 |
2.3% |
Gold |
g/t |
1.32 |
1.20 |
10.0% |
1.32 |
0.0% |
1.28 |
1.23 |
4.1% |
Lead |
% |
1.58 |
1.56 |
1.3% |
1.33 |
18.8% |
1.50 |
1.07 |
40.2% |
Zinc |
% |
2.83 |
2.99 |
-5.4% |
2.25 |
25.8% |
2.77 |
1.92 |
44.3% |
Production |
|
|
|
|
|
|
|
|
|
Silver |
koz |
4,886 |
4,984 |
-2.0% |
4,781 |
2.2% |
14,315 |
12,306 |
16.3% |
Gold |
oz |
10,801 |
9,259 |
16.7% |
9,434 |
14.5% |
29,987 |
26,137 |
14.7% |
Lead1 |
klb |
10,656 |
9,956 |
7.0% |
8,467 |
25.9% |
29,319 |
19,164 |
53.0% |
Zinc2 |
klb |
16,757 |
18,850 |
-11.1% |
12,704 |
31.9% |
50,260 |
29,667 |
69.4% |
* Includes material processed at the Fresnillo,
Saucito and Juanicipio beneficiation plants.1 Lead recovered to
lead concentrate.2 Zinc recovered to zinc concentrate.
“The third quarter continued to validate the
strength and quality of the operations at Juanicipio,” said George
Paspalas, MAG Silver’s President and CEO. “We are delighted to
report another quarter of exceptional production results from
Juanicipio. Strong production numbers, coupled with consistent
operational improvements validate the quality of this world-class
asset and we are excited about the growth and long-term success
that lies ahead.”
Qualified Person: All
scientific or technical information in this press release is based
upon information prepared by or under the supervision of, or has
been approved by Gary Methven, P.Eng., who is a “Qualified Person”
for purposes of National Instrument 43-101, Standards of Disclosure
for Mineral Projects (“National Instrument 43-101” or “NI 43-101”).
Mr. Methven is not independent as he is Vice President, Technical
Services of MAG.
About MAG Silver Corp.
(www.magsilver.com)
MAG Silver Corp. is a growth-oriented Canadian
mining and exploration company focused on advancing high-grade,
district scale precious metals projects in the Americas. MAG is
emerging as a top-tier primary silver mining company through its
(44%) joint venture interest in the 4,000 tonnes per day Juanicipio
Mine, operated by Fresnillo plc (56%). The mine is located in the
Fresnillo Silver Trend in Mexico, the world's premier silver mining
camp, where in addition to underground mine production and
processing of high-grade mineralised material, an expanded
exploration program is in place targeting multiple highly
prospective targets. MAG is also executing multi-phase exploration
programs at the 100% earn-in Deer Trail Project in Utah and the
100% owned Larder Project, located in the historically prolific
Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE
American has reviewed or accepted responsibility for the accuracy
or adequacy of this press release, which has been prepared by
management.
This release includes certain statements that
may be deemed to be “forward-looking statements” within the meaning
of the US Private Securities Litigation Reform Act of 1995 or
“forward-looking information” within the meaning of applicable
Canadian securities legislation (collectively, “forward-looking
statements”). All statements in this release, other than statements
of historical facts are forward looking statements, including
statements that address our expectations with respect to the timing
and success of the full-scale ramp up of milling activities,
provisional estimates relating to production at Juanicipio for Q3
2024, processing rates of development materials, future mineral
production, and events or developments. Forward-looking statements
are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Although MAG believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
the forward-looking statements identified herein include, but are
not limited to, a subsequent change in the Company’s approach to
executive compensation from that approach approved by Shareholders,
failure of the Company to receive approval from the Toronto Stock
Exchange of the renewal of the unallocated entitlements under the
Plans, changes in applicable laws, continued availability of
capital and financing, and general economic, market or business
conditions, political risk, currency risk and capital cost
inflation. In addition, forward-looking statements are subject
to various risks, including those risks disclosed in MAG Silver’s
filings with the Securities Exchange Commission (the “SEC”) and
Canadian securities regulators. All forward-looking statements
contained herein are made as at the date hereof and MAG Silver
undertakes no obligation to update the forward-looking statements
contained herein. There is no certainty that any forward-looking
statement will come to pass, and investors should not place undue
reliance upon forward-looking statements.
Please Note: Investors are urged to consider
closely the disclosures in MAG's annual and
quarterly reports and other public filings, accessible through
the internet at www.sedar.com and www.sec.gov.
For further information on behalf of MAG Silver Corp.
Contact Fausto Di Trapani, Chief Financial Officer
Phone: (604) 630-1399
Toll Free: (866) 630-1399
Website: www.magsilver.com
Email: info@magsilver.com
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