Silver Hammer Mining Corp. (CSE: HAMR) (the "Company" or "Silver Hammer") is pleased to announce that it has entered into a definitive share purchase agreement dated September 27, 2023 (the "Purchase Agreement") to acquire a 100% interest in the Shafter silver deposit (the "Shafter Project" or the "Project"), a previously producing high-grade silver mine located in Presidio County in Southwest Texas, from Aurcana Silver Corporation ("Aurcana") (the "Transaction"). The consideration to be paid by Silver Hammer for the Shafter Project includes cash of US$800,000 (less certain exclusivity fees and prepaid expenses), 23,000,000 shares, certain contingent payments (detailed below), and for the settlement of existing debt, the issuance of $4,000,000 in secured convertible debentures and 8,000,000 units (each comprising of a common share and ½ warrant at $0.33 for 2 years).
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![Silver Hammer Provides Update on Drill Targets, Permitting and AGM Details](https://investingnews.com/media-library/image.png?id=29788233&width=1200&height=801)
Silver Hammer Provides Update on Drill Targets, Permitting and AGM Details
Silver Hammer Mining Corp. (CSE: HAMR/OTCQB:HAMRF) (“Silver Hammer” or the “Company”) is pleased to provide an update on ongoing targeting and permitting work at the Company’s Silver Strand and Silverton Projects, respectively.
The Company has updated and refined its 3D model at its flagship Silver Strand Project with a series of proposed drillholes for a Phase II drill campaign that is designed to test continuity up to 220 metres below the existing mine workings and a further 165 metres down dip from Phase I drilling (see Figure 1).
The Company also continues to assess shallow targets along Silver Hammer’s 5.5 kilometre strike, where significant gold and silver surface samples were obtained during successful 2021 field work. The Company is in active discussions with local contractors and expects to commence its Phase II program during Q2/2022.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/334667ae-ada0-405b-a6d5-94390c392a9c
*Proposed holes shown in figure correspond to up to 17 drill holes totalling 2200 metres. Silver Hammer will drill a subset of the proposed hotels during the Phase II program.
Finally, the Company has applied for several drill permits at its Silverton Project in Nevada and expects to have permits in place by the end of Q2/2022. Recent sampling and mapping highlighted an interpreted extension of known surface mineralization to the SW under shallow cover, which prompted additional staking to expand the property. (See press release dated February 16, 2022 for more information).
Annual General Meeting
The Company also announces that its annual general meeting (the “AGM”) of shareholders has been scheduled for Thursday, March 31, 2022 at the offices of McMillan LLP located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia. The proxy materials for the AGM have been filed on SEDAR and include, among other general matters, the election of the directors. Effective March 3, 2022, Mr. Dake resigned as a director of the Company to pursue other interests and will no longer be slated for election at the AGM.
The Company wishes to thank Mr. Dake for his contribution to the Company as one of the original members of the Company’s board of directors.
Silver Hammer President and CEO, Morgan Lekstrom, stated: “We are very pleased with how quickly and cost-effectively we have moved from the project acquisition stage to field work, targeting, permitting, and drilling during 2021. We look forward to building on our successful 2021 and are actively progressing towards a Phase II program at Silver Strand while concurrently advancing our targeting and permitting at Silverton.”
Lekstrom continued, “We’d also like to thank Michael Dake, who served as an initial board member of Lakewood Exploration before our recent progress and transition to Silver Hammer Mining and wish him all the best in his future endeavors.”
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multi-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
(Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.)
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For investor relations inquiries, contact:
Kristina Pillon, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com
For media inquiries, contact:
Adam Bello, Primoris Group Inc.
T: 416.489.0092
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Silver Hammer Reaches Definitive Agreement to Acquire the Permitted Shafter Silver Mine Project and Announces Proposed Reorganization
Highlights of the Shafter Project and Transaction:
- All material operational permits remain in place at the past-producing high-grade silver mine, which is located in western Texas, USA.
- Past producer most recently in production from 2012-13 when operated by Aurcana. Approximately US$50 million was spent historically by Aurcana; in addition, Aurcana purchased the Shafter Project in 2008 for US$25 million. An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Updated NI 43-101 Mineral Resource technical report with an Effective Date of September 15, 2023, including Measured and Indicated resources of 10.8 million ounces ("oz") of silver ("Ag") in 1.152 million tons grading 9.38 oz/ton Ag, and Inferred resources of 6.3 million oz of silver in 0.823 million tons grading 7.67 oz/ton Ag.
- The silver deposit at the Shafter Project is classified as a carbonate replacement deposit ("CRD") and the geology at the project is similar to some the world's largest CRDs located just to the southwest in northern Mexico, including the Santa Eulalia Mine and Cinco de Mayo Project. Additional exploration upside was identified at regional priority targets from previous step-out drill holes to the southwest, which identified silver and gold mineralization.
- There are opportunities to expand the current mineral resource within the project boundaries, as the Project has not been systematically explored, and the source of the Shafter CRD has never been identified.
- Benefits from extensive site infrastructure including full access through portal/decline and extensive underground workings, ventilation and access shaft/hoist, and full processing plant including a 3,000 ton per day ball mill.
- Project controls existing water rights, with an available local labor force, power grid located at site, a low royalty burden, and strong community relations and support.
- Team of seasoned mining, metallurgical and exploration executives assembled to assist Silver Hammer as advisors and internal consultants.
"The acquisition of the high-grade silver Shafter complex and permitted mine is a transformational point in Silver Hammer's transition and goal to become North America's next silver producer. Shafter contains an established mineral resource of approximately 10.8 million ounces of silver in the measured and indicated category and an additional inferred silver resource of approximately 6.3 million ounces. To ensure the project is advanced towards the development and production stages, Silver Hammer has attracted key senior level technical geological and mining advisors including previous VP Exploration and VP/COO Mining experts that held executive roles with Hudbay Minerals, Coeur Mining, Silver Standard, Centerra, Mag Silver, Probe Mines, Hecla, and Royal Oak Mines,"commented Peter A. Ball, President and CEO of Silver Hammer Mining."In addition to containing a significant silver resource, the Shafter Project is located in a politically safe jurisdiction in Texas, USA, is located adjacent to a paved highway with significant infrastructure including power grid through the middle of the Project, full control of water rights, a local work force and supportive community."
Appointment of New Board Member
The Company is pleased to announce the appointment of Donald J. Birak as a newly appointed Director of Silver Hammer, replacing Joness Lang, who has stepped down from the Director role but will remain as a strategic advisor to assist the Company in ongoing corporate development initiatives. The Company appreciates Mr. Lang's significant contribution to the Company since its inception and agreeing to remain with the Company as a strategic advisor during this exciting phase of growth for the Company.
Mr. Birak joined the Company as a senior technical advisor earlier in 2023, and brings more than 45 years of experience in mineral exploration and operations, including the roles of Senior Vice-President of Exploration with Coeur Mining (2004 to 2013) responsible for global Greenfields and Brownfields exploration, Vice President of Exploration for AngloGold North America (1998 to 2004), Independence Mining Company (1995 to 1998), and Hudson Bay Mining & Smelting Ltd. (1992 to 1995) and Chief Geologist & Exploration Geologist for Freeport-McMoRan Gold Company (1978 to 1991), Mr. Birak brings a wealth of knowledge and expertise to the Silver Hammer team, and specifically to the advancement of the Shafter Silver Project.
Newly Formed Executive Technical Team and Strategic Advisors
Silver Hammer has recently assembled a highly experience technical team to complete due diligence to fully evaluate and to assist in advancing the Shafter Project through an accelerated strategy to complete a mineral resource expansion, initiate mine development towards future production by 2027. The team is made up of the following seasoned executives:
- Lawrence Roulston, Director - 40+ years in project evaluation and experience mining executive. Currently President and CEO of MTB Metals Corp. and Chairman of Metalla Royalties.
- Ron Burk, Director - 40+ years in senior level precious metals exploration roles including VP Exploration for Silver Standard and Centerra. Silver Standard previously owned the Shafter deposit until 2008.
- Don Birak, newly appointed Director - 45+ years in senior level precious metals exploration roles including Sr. VP Exploration for Coeur Mining, and VP Exploration for AngloGold North America and Hudson Bay Mining Smelting.
- Dr. Peter Megaw, Geological Advisor - 45+ years in senior level precious metals exploration roles and recognized Carbonate Replacement Deposit ("CRD") systems. A co-founder of MAG Silver. Dr. Megaw's PhD work focused on the Santa Eulalia Ag-Pb-Zn District in Mexico, and he is credited with numerous discoveries in Mexico including Platosa (Excellon), Juanicipio-Fresnillo (Fresnillo/MAG Silver), and Pozo-Seco/Cinco de Mayo (MAG Silver).
- Damir Cukor, Geological Advisor - 35+ years in resource development, project management, resource modelling and advisory roles.
- Michael Willett, Mining Advisor - Seasoned mining executive with 35+ years in mine engineering, development, and operations including senior level project evaluation and advisory roles for project re-starts with various mining companies across North America. Most recently Mr. Willett held the position of Vice President of Operations and Projects for Battle North Gold and was part of that team which successfully sold the company to Evolution Mining for $343 Million in 2021.
- Adrian McNutt, Mining and Metallurgical Advisor - Experienced mining executive and metallurgical consultant with 35+ years in the evaluation and precious metals operations across the Americas including executive positions as COO of Royal Oak Mines, and Century Mining.
- Mike Petrina, P. Eng, Mining Advisor - 35+ years in the mining sector including senior level executive roles of VP Mining MAG Silver, VP Operations Probe Mining, VP Mining Hawthorne Gold, and multiple mine engineering advisory roles.
- Mike Gross, Mining Advisor - 45+ years with experience as a mine operator, operations executive and exploration executive in the Americas including VP Mining for Hecla Mining.
The Company has engaged Echelon Capital Markets as its financial advisor with respect to the Transaction.
The Shafter Project
The Shafter silver mine has all material permits in place with extensive surface infrastructure and underground workings including portal/decline and shaft access and a processing facility rated at approximately 1,500 tons per day. The project is located in west Texas and is fully accessible via paved highway from El Paso, Texas. Shafter has estimated measured and indicated resources of 10,803,000 ounces of silver and an inferred resource of 6,315,000 ounces of silver as summarized in Table 1. This estimate has been prepared for Silver Hammer Mining Inc. by RESPEC and is dated effective September 15, 2023 (the "Updated Mineral Resource Estimate") and an NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of the date hereof.
Table 1: Mineral Resource Table effective September 15, 2023
Estimated Resources* | Tons | oz/ton Ag | Tonnes | g/tonne Ag | Contained Ag Ounces |
Measured | 97,000 | 8.95 | 88,000 | 306.9 | 868,000 |
Indicated | 1,055,000 | 9.42 | 957,000 | 323.0 | 9,935,000 |
Measured & Indicated | 1,152,000 | 9.38 | 1,045,000 | 321.3 | 10,803,000 |
Inferred | 823,000 | 7.67 | 747,000 | 263.0 | 6,315,000 |
*Updated Mineral Resource by RESPEC has effective date of September 15, 2023.
- The Updated Mineral Resource Estimate is reported by Mr. Michael S. Lindholm, Principal Geologist for RESPEC in short tons.
- The Updated Mineral Resource Estimate was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards - For Mineral Resources and Mineral Reserves adopted May 10, 2014, and in accordance with National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI43-101").
- Mineral Resources are comprised of model blocks greater than or equal to the 4.2 oz Ag/ton cutoff.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources potentially amenable to underground mining methods are reported using a silver price of US$23.50/oz, a throughput rate of 800 tons/day, assumed metallurgical recoveries of 84% for Ag, mining costs of US$60/ton mined, processing costs of US$19.88/ton processed, refining costs of US$0.50/oz Ag produced, and general and administrative costs of US$6.94/ton processed. Silver commodity price selected based on analysis of the three-year running average at the end of August 2023.
- Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
- The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing or other relevant issues, however, none are apparent at this time.
Shafter History:
- The Shafter district was first discovered in 1880 or 1881, and the Presidio Mining Company was formed in 1881. Silver was produced from the Presidio mine from 1883 to 1926, when the American Metal Co. acquired the Shafter property and continued production (American Metal Co. subsequently merged with Climax Molybdenum Company to form American Metal Climax, Inc. ("AMAX").
- From 1883 to 1942, when the Presidio mine was closed, total recorded production was 2.307 million tons of ore containing 35.153 million ounces of silver at an average grade of 15.24oz Ag/ton.
- AMAX, Gold Fields Mining Corporation ("Gold Fields"), and Rio Grande Mining Company ("RGMC") successively held the Shafter property and conducted extensive exploration programs from 1926 to 1999. Gold Fields identified the northeastern, down-dip extension of the Shafter deposit, extending more than 5,000ft from the deepest development workings in the Presidio mine, through a systematic surface-drilling program. During the 1970s, Gold Fields constructed a 1,052ft deep shaft to access and explore the northeastern extension.
- Aurcana purchased RGMC and the Shafter property in July 2008 for US$25 million. RGMC is now a wholly owned subsidiary of Aurcana. Aurcana began exploration at Shafter in 2011 and has conducted geophysical surveying, drilling, mapping, and geochemical sampling since that time. Aurcana drilled 65 surface and 101 underground holes from 2011 through October 2013.
- A total of 1,694 drill holes are included in the resource database for the Shafter Project, of which 1,048 were drilled by AMAX, 403 were drilled by Gold Fields, 88 were drilled by RGMC prior to their acquisition by Aurcana, and 155 holes were drilled by RGMC since their acquisition by Aurcana.
- These holes include 435 surface core holes, 1,171 underground core holes, and 88 reverse circulation holes. An additional eleven underground core holes were drilled by Aurcana in late 2013 after the database was finalized for use, but before the current resource estimate was completed. Aurcana also drilled five exploration holes in 2017 outside of the current resource area. These 2013 and 2017 holes do not impact the current resource estimate and are not included within the current drill database.
- Aurcana reopened access into the Presidio mine on June 1, 2012, and production commenced on December 14, 2012, after spending approximately US$50 million including a portal/decline access, mill, and operations modifications. In conjunction with its underground operations, Aurcana began open-pit mining of lower-grade mineralization from the Mina Grande pit at the Presidio mine on April 23, 2012.
- Mining was discontinued after the plant commissioning and testing phase were complete, due mostly in part to lower silver prices reaching close to US$17/oz and rushed production start-up issues. The mine was put on care and maintenance in December 2013.
- An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Significant opportunity exists regionally noting the geological setting of the Shafter Silver Deposit is on the eastern margin of the Chihuahua Trough, which is host to several world-class CRD (Carbonate Replacement Deposits) including the Santa Eulalia Mine (Grupo Mexico), Cinco de Mayo project (MAG Silver), and the Plomosas Property, a polymetallic deposit (GR Silver Mining).
Transaction Details
In connection with the Purchase Agreement, the Company will first complete a reorganization (the "Reorganization") whereby all of the Company's outstanding shares will be acquired by a newly incorporated company, Silver Hammer Metals Corp. ("Newco"), and shareholders of the Company will receive common shares of Newco ("NewcoShares") in exchange for their Company shares. Newco will then acquire all of the outstanding shares in the capital of Rio Grande Mining Corporation ("Rio Grande"), a subsidiary of Aurcana that owns the assets, property, rights and undertakings of and relating to the Shafter Project (the "Shafter Acquisition"). The Reorganization is expected to be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement"), which will result in the Company becoming a wholly-owned subsidiary of Newco. Under the Plan of Arrangement, each common share of the Company will be exchanged for one Newco Share and the convertible securities of the Company will become exercisable for securities of Newco on an equivalent basis. The Reorganization is subject to approval of the Supreme Court of British Columbia and the shareholders of Silver Hammer.
On closing of the Transaction, in consideration for the shares of Rio Grande, Aurcana will receive a cash payment of US$800,000 (less certain exclusivity fees and prepaid expenses) and 23,000,000 Newco Shares at a deemed price of $0.25 per Newco Share. In addition, upon the completion of the next equity financing completed by Newco following the closing, Aurcana will receive an additional cash payment of US$375,000. Aurcana may also receive additional post-closing payments, payable in cash or shares, subject to the achievement of certain milestones within 48 months of closing of the Shafter Acquisition in the aggregate amount of up to US$3,000,0000, as follows: (a) up to US$1,000,000 will be payable in connection with the first public announcement of a new mineral resource estimate on the Shafter Project which includes measured and indicated mineral resources of at least 18 million ounces, (b) US$1,000,000 will be payable upon the Shafter Project entering commercial production, (c) US$500,000 will be payable if the spot price of silver is equal to or greater than US$30 per ounce for a period of 60 consecutive days, and (d) an additional US$500,000 will be payable if both (b) and (c), above, are met.
Newco has also entered into an agreement with noteholders of Rio Grande to settle certain outstanding debt of Rio Grande in connection with the Shafter Acquisition (the "Debt Settlement"). Pursuant to the Debt Settlement, Newco will acquire all of the outstanding notes of Rio Grande in the aggregate principal amount of $6,517,662 (the "Rio Grande Notes") in consideration for (a) an aggregate of 4,000 debenture units of Newco, each consisting of one $1,000 principal amount secured convertible debenture of Newco, representing $4,000,000 in total (the "Debentures"), and 2,000 common share purchase warrants of Newco (the "Warrants"), (b) an aggregate of 8,000,000 units of Newco, each consisting of one Newco Share and one-half of a Warrant, and (c) additional securities of Newco on the same terms as the Concurrent Financing (as described below) in settlement of all interest accrued on the Rio Grande Notes from August 31, 2023 to closing. The Debentures will be convertible into Newco Shares at the conversion price of $0.25 per Newco Share and each Warrant will entitle the holder thereof to purchase one Newco Share at the exercise price of $0.33 per Newco Share for a period of 24 months from closing.
On closing of the Transaction, Newco and Aurcana will enter into an investor rights agreement (the "Investor Rights Agreement") pursuant to which Newco and Aurcana will agree to certain investor rights and restrictions relating to the Newco Shares to be issued to Aurcana pursuant to the Shafter Acquisition. Under the Investor Rights Agreement, Aurcana will have the right to nominate one member of the Board of Directors of Newco, increasing to two directors if at any time Aurcana holds greater than 35% of the outstanding Newco Shares. Aurcana will agree to certain standstill restrictions and to vote its Newco Shares in accordance with recommendations of management and for a period of 24 months. In addition, the Newco Shares issued to Aurcana will be subject to voluntary resale restrictions with 25% of the Newco Shares being locked-up for 4 months from closing, 25% of the Newco Shares being locked-up for 8 months and the remaining 50% of the Newco Shares being locked up for a period of 12 months.
In connection with the Shafter Acquisition and pursuant to the terms of the Purchase Agreement, Silver Hammer will arrange a concurrent equity financing for minimum gross proceeds of CAN$3,000,000 (the "Concurrent Financing"). The terms of the Concurrent Financing will be disclosed in a subsequent news release once finalized.
Completion of the Shafter Acquisition is subject to a number of conditions, including: (i) the receipt of all required approvals of the shareholders of Aurcana and the Company; (ii) the receipt of all necessary regulatory and third party consents, approvals and authorizations, including all necessary stock exchange approvals; (iii) the Completion of the Concurrent Financing for minimum gross proceeds of CAN$3,000,000, (iv) the completion of the Reorganization and the Debt Settlement, (v) conditional approval of the CSE for the listing of the Newco Shares, including the Newco Shares to be issued in connection with the Shafter Acquisition, the Reorganization and the Debt Settlement, and (vi) other standard closing conditions for a transaction of this nature. The Transaction is an arm's length transaction. Upon completion of the Transaction, the Reorganization and the Debt Settlement, Silver Hammer shareholders are expected to own approximately 63% of the Newco Shares on a non-diluted basis (excluding securities to be issued pursuant to the Concurrent Financing).
Trading Halt
Trading of the Company's common Shares has been halted as a result of the announcement of the proposed Transaction and the Company expects that trading will remain halted pending closing of the Transaction, subject to earlier resumption upon CSE acceptance of the proposed Transaction and the filing of required materials in accordance with the policies of the CSE, if and as applicable.
Additional information concerning the proposed Shafter Acquisition, the Reorganization, the Debt Settlement, the Shafter Project, and Newco will be provided in the management proxy circular of the Company to be prepared and delivered to shareholders of Silver Hammer, which will be available in due course under the Company's SEDAR+ profile.
Qualified Person
All scientific and technical information in this press release has been prepared or reviewed and approved by Damir Cukor, P. Geo, an independent geological consultant of the Company, Linda Dufour, P.Eng, an independent metallurgical consultant of the Company, and Michael S. Lindholm, CPG of RESPEC. Each of Mr. Cukor, Ms. Dufour, and Mr. Lindholm are "qualified persons" for the purposes of NI 43-101. Mr. Cukor is the Qualified Person for all technical information in this news release, excluding the Updated Mineral Resource Estimate.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100% of the Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company's portfolio also provides exposure to copper and gold discoveries.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the completion of the Shafter Acquisition, the completion of the Concurrent Financing, the completion of the Debt Settlement and the Reorganization. Completion of the Shafter Acquisition, the Reorganization and the Debt Settlement are subject to a number of conditions, as described elsewhere in this news release. There can be no assurance that these transactions will be completed as proposed or at all. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects, of the resulting issuer, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Company and Aurcana may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although each of the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182163
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Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
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Battery & Precious Metals Virtual Investor Conference: Presentations Now Available for Online Viewing
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The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 1, 2023.
July 26 th
Presentation | Ticker(s) |
Socialsuite Keynote Presentation – ESG for Small Caps: Why Get Started Now? Athena Catsoules, Account Executive | |
Century Lithium Corp. | OTCQX: CYDVF | TSXV: LCE |
WallBridge Mining Company Ltd. | OTCQX: WLBMF | TSX: WM |
Karora Resources Inc. | OTCQX: KRRGF | TSX: KRR |
American Rare Earths Ltd. | OTCQB: ARRNF | ASX: ARR |
Guanajuato Silver Company Ltd. | OTCQX: GSVRF | TSXV: GSVR |
Canterra Minerals Corp. | OTCQB: CTMCF | TSXV: CTM |
Sabre Gold Mines Corp. | OTCQB: SGLDF | TSX: SGLD |
First Tellurium Corp. | OTCQB: FSTTF | CSE: FTEL |
Clean Air Metals Inc. | OTCQB: CLRMF | TSXV: AIR |
Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
Silver Hammer Mining Corp. | OTCQB: HAMRF | CSE: HAMR |
July 27 th
Presentation | Ticker(s) |
Pan African Resources PLC | OTCQX: PAFRY | AIM: PAF |
Galantas Gold Corp. | OTCQX: GALKF | TSXV: GAL |
Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
Novo Resources Corp. | OTCQX: NSRPF | TSX: NVO |
Minera Alamos, Inc. | OTCQX: MAIFF | TSXV: MAI |
G2 Goldfields Inc. | OTCQX: GUYGF | TSXV: GTWO |
Kodiak Copper Corp. | OTCQB: KDKCF | TSXV: KDK |
Archer Exploration Corp. | OTCQB: RCHRF | CSE: RCHR |
Chilean Cobalt Corp. | Pink: COBA |
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Silver Hammer Mining Reports Positive Preliminary Results of Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announce it has recently completed a property-wide aerial magnetic-radiometric survey at its Eliza Silver Project near Ely, Nevada. The preliminary results are encouraging and identify extensions to existing targets and highlight multiple new priority exploration targets. The final results are currently being processed by Condor North Consulting ULC.
"We are pleased to highlight the positive results of the property-wide airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project,"commented President & CEO Peter A. Ball."The Company continues to push forward with its 'Plan of Operations' permitting and evaluation of the Eliza Project. Current observations highlight strong correlation between historical and recent surface sampling, mapping and structural analysis and the June 2023 preliminary geophysical surveys. With the addition of new potential drill targets being identified, we look forward to the final technical analysis of the raw data to assist in the next steps at Eliza."
Eliza Project Survey Technical Highlights
The geodetic system used for the Eliza geophysical survey was WGS 84 in UTM Zone 11N. A total of 360-line km were flown with a helicopter over the property. The survey was flown at 25 m line spacing on a heading of 090°/270°, while tie lines were flown at 250 m line spacing on a heading of 000°/180°.
Preliminary radiometric modeling shows strong correlation with field observations including the placement of the Eberhardt Fault, a major truncating (290° azimuth) fault that dissects the Hamilton Vein systems. The Belmont and Passynak zones are seen as radiometric highs that extend along a (010°) structural orientation (refer to Figure 1 Airborne Radiometric Survey Results). Other anomalous radiometric highs have been identified along the same (010°) orientation indicating potential off-sets and extensions of mineralization south of the Eberhardt Fault.
In total, the mineralized systems identified to date exhibit strong silver and base metal mineralization, visual structural control (010°) and now magnetic and radiometric anomalies which will assist the Company design new drill targets.
Figure 1. Eliza Radiometric Survey Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_figure1.jpg
About Eliza Project
The Eliza Silver Project is a 5.52 square kilometer land package, which includes the past-producing California Mine patented US lode claim and is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district, which produced 40 million ounces silver with grades up to 20,000 g/t between 1876-1890.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
District scale folding of local sedimentary rocks appears to have provided structural open space fault and fracture zones, (010° azimuth) which allowed mineralizing fluids to migrate through receptive host rocks, resulting in replacement deposits hosted by Devonian-aged Nevada (Guilmette) Limestone and late Devonian to early Mississippian-aged Pilot Shale and Joana Limestone. Historically, these zones were mined in the adjacent Hamilton Mining District (1870's) reporting high grade Pb-Ag-Zn-Cu hosted in dolomite-limestone replacement zones of the Nevada (Guilmette) Limestone with reported grades up to 2,177 g/t Ag, (Humphrey, 1960). Igneous rocks have not been identified on the property; however, two Cretaceous-aged granitic intrusions are exposed at the Mount Hamilton Mine, 7.5 km to the northwest.
Geologic mapping, rock and soil sampling efforts have defined three main zones of interest: Passynak, Belmont and California. All three zones show evidence of historic mine development and production. The highest-grade samples collected by the Company were from the Passynak and Belmont mines. Samples represent dolomitic micro-breccia replacements within the Joana Limestone. The replacement zones exhibit micro brecciation textures, stockwork or sheeted calcite veinlets, magnetite, limonite stain, and commonly show copper oxides.
Assay results from 2021 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
Follow up sampling in 2022 revealed that the replacement zones in limestone are penetrating along axial planar faults and fracture zones and commonly weather into resistant ridges. A total of 25 samples were collected as follow up samples, 17 of which focused on the dolomitic-limestone replacements found exposed in a variety of historic mine shafts and prospect pits. An especially pertinent aspect of the results from this round of sampling is the presence of high-grade Cu, Pb and Zn, in addition to Ag.
Assay results from 2021-22 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in Cu, Pb and Zn, typical of skarn-hosted base and precious metals and perhaps suggesting the potential for a porphyry at depth.
Table 1. Eliza Notable Rock Samples*
*Please refer to the news release dated May 11, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table1.jpg
Several outlying soil anomalies indicate extension to known mineral systems or new zones. Notable soil sample results are shown in Table 2.
Table 2. Eliza Notable Soil Sample**
**Please refer to the news release dated October 25, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 2.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table2.jpg
Qualified Person
Scientific and technical data herein have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Mulholland recently visited the property again in June 2023 and supervised the previous sampling referenced herein from 2022.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173772
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Silver Hammer Mining Commences Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announced that it has commenced a property-wide airborne magnetic and radiometric survey at its 100%-owned high-grade Eliza Project in Nevada. The geophysical survey that commenced at the Silverton Project is now complete and awaiting analysis. The Company has engaged Precision GeoSurveys to complete surveys at both its Silverton and Eliza projects in Nevada.
"We are pleased to commence an airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project ahead of schedule,"commented, President & CEO, Peter A. Ball."With the completion of a survey at our Silverton Project a few days ago, we continue to accelerate exploration efforts at our projects in Nevada, as we prepare for a busy season at our three projects located in Idaho and Nevada. Eliza continues to be of high interest to explore noting the significant silver and copper grades sampled in 2022. After the Eliza geophysical survey, the Company will be onsite in June in Idaho at our Silver Strand Project completing a property review based on the 15 priority exploration targets identified from the spring data compilation of the last 20 plus years of geophysical surveys."
Eliza Project Survey Highlights
The helicopter supported surveys will use magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration, with gamma sensors internal to the aircraft away from variable fuel cell attenuation, to allow for reduced terrain clearance minimizing noise and improving resolution and accuracy.
Eliza Project (refer to Figure 1):
- 269 total line kilometres
- 50 metre line spacing
- 12.1 square kilometres coverage
Figure 1. Eliza Project Airborne Survey Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/9597/168597_1e81edc1a4f319fe_001full.jpg
About Eliza Project
The Eliza Silver Project is a 5.52 square kilometre land package, which includes the past-producing California Mine Patent claim, is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district. It has been noted by the USGS mineral resource data system (MRDS), that the district produced over 30 million ounces silver ("Ag") with grades up to 20,000 grams per tonne (g/t) between 1865-1888.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
Assay results from a 2022 sampling program confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
2022 samples include:
- PN662703: 1290 g/t Ag
- PN662717: 1180 g/t Ag; 7.70% Cu; 11.00% Pb; 13.40% Zn
- PN662715: 632 g/t silver; 2.2% Cu; 1.49% Pb; 0.55% Zn
The Company significantly expanded mineralized footprint through 2022 soil sampling, identifying four primary target areas and plans to further evaluate the project in 2023.
About Precision
Precision GeoSurveys is a full-service airborne geophysical contractor and industry leader in providing high resolution surveys in mountainous and remote terrain having acquired and processed high resolution multi-sensor airborne geophysical data in mountainous terrain on over 700 surveys since 2007. The company utilizes state-of-the-art geophysical instrumentation attached directly to the helicopter. The magnetic sensors are flown in a non-magnetic and non-conductive nose stinger configuration, and the gamma sensors are flown internal to the aircraft away from variable fuel cell attenuation. Compared to conventional slung bird-type survey systems, this innovative design allows the survey to be safely flown at reduced terrain clearance to minimize noise, improve resolution, and reduce the need for complex corrections to the data. The geophysical data and maps will be prepared using industry standard Geosoft algorithms and mapping software to show the geomagnetic and radiometric properties of the survey area.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168597
News Provided by Newsfile via QuoteMedia
Joe Mazumdar: Silver and Rare Earths Stocks, Plus Low-risk Gold Exposure
Speaking to the Investing News Network, Joe Mazumdar, editor of Exploration Insights, explained how he's getting low-risk exposure to the gold sector as the metal's price continues to move.
Given that inflation remains an issue for miners, he's focusing on small gold royalty companies. "That's what I've been trying to do to invest in a rising gold price and some growth, but without the creep of costs," he said.
Mazumdar also discussed two recent site visits, one of which was to see AbraSilver Resource's (TSXV:ABRA,OTCQX:ABBRF) Diablillos silver-gold project in Argentina. He is optimistic about the country's recent change in government, which has made it a better environment for foreign direct investment in the mining sector.
He's also been to see rare earths-focused Aclara Resources (TSX:ARA,OTC Pink:ARAAF).
"They had a plant where they were producing the concentrate — the carbonates — as a product. Their idea is to get to oxide, and now they've just done a deal with a company that could convert it potentially to metal," he said.
Watch the interview above for more from Mazumdar on those and other topics.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Eastern Metals Granted $910,750 in Junior Minerals Exploration Incentive Tax Credits
Refundable tax offsets / franking credits available for potential distribution to eligible shareholders for the 2024-25 financial year
Eastern Metals Ltd (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to advise that it has been successful in its application to participate in the Australian Government’s Junior Minerals Exploration Incentive (“JMEI”) for the 2024-25 income tax year, and has been awarded an allocation of $910,750 in exploration credits.
- Eastern Metals has been successful in its application for the Australian Government's Junior Minerals Exploration Incentive scheme for the 2024-25 income tax year.
- Eastern Metals has received an allocation of $910,750 in refundable tax offsets and franking credits, available for potential distribution to Eligible Shareholders for the 2024-25 income tax year.
The JMEI scheme encourages investment in small, Australian exploration companies that carry out greenfields mineral exploration and allows those companies to convert a portion of their tax losses into credits (franking or offset) to be passed on to “Eligible Shareholders”.
Eligible Shareholders are entitled to receive JMEI credits and must be Australian resident shareholders who invest, for cash, in newly issued Eastern Metals shares (for example, in a Placement Offer, Entitlement Offer or Share Purchase Plan) between 1 July 2024 and 30 June 2025.
Individual shareholders, trusts or superannuation funds will be entitled to refundable tax offsets, and in the case of corporate investors, franking credits. JMEI credits are distributed to all Eligible Shareholders on a pro-rata basis.
Should an Eligible Shareholder receive newly issued EMS shares in the 2024-25 tax year, Eastern Metals encourages individuals and entities to seek their own tax advice. Further information can be found on the Australian Taxation Office’s (“ATO”) webpage ‘What to do if you receive exploration credits’, here.
The maximum amount of exploration credits for an income year, is the lesser of the following:
- The Company’s actual greenfields exploration expenditure for the income year, multiplied by the Company’s corporate tax rate for the income year.
- The Company’s actual tax loss for the income year, multiplied by the Company’s corporate tax rate.
- The amount of credits the ATO allocated to the Company ($910,750 for the Company during the year ended 30 June 2025), plus any unused portion of the Company’s exploration credits allocation relating to the preceding income year (currently $nil for Eastern Metals).
Further information about the Federal Government's JMEI scheme can be found here.
Eastern Metals would like to thank the Australian Government for its support, and the Association of Mining and Exploration Companies for its advocacy on behalf of junior exploration companies in relation to the JMEI scheme.
Click here for the full ASX Release
This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lobo Tiggre: Shopping for Silver Stocks, Watching "Powerful" Gold Mover
Lobo Tiggre, CEO of IndependentSpeculator.com, shared his updated thoughts on gold, silver and uranium.
When it comes to gold, he pointed to a "powerful mover" that he thinks could be in play — a change in global portfolio allocations to the yellow metal. Historically the allocation has been 2 percent, but more recently it's been 0.5 percent.
"I think that what we're seeing is that changing. And maybe it doesn't go back to 2 percent, but if it just goes back to 1 percent, that doubles the investment demand for gold from where we are now," he said.
Looking at silver, he said lately it's correlated more closely to copper than to gold; however, that dynamic now seems to be changing. "I think it's fantastic — not just good — I think it's fantastic news for silver ... that it's acting as a monetary metal should," he said at the Rule Symposium, held last week in Boca Raton, Florida.
With that in mind, Tiggre and his team are on the lookout for stocks that meet his criteria. One of those is jurisdiction — while he's seen strong discoveries in places like Mexico, the political risk is too high for him to be interested.
Watch the interview above for more from Tiggre on gold and silver, as well uranium.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Silver Crown Royalties Receives Conditional Approval to Trade on Cboe
Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) is pleased to announce that the Cboe Canada Inc. stock exchange (“Cboe Canada”) has granted conditional approval of the Company's listing application and that the common shares of the Company will be listed and commence trading on Cboe Canada at the open of the market on Thursday, July 25, 2024.
Peter Bures, Silver Crown’s Chief Executive Officer, commented: “We are thrilled to announce our conditional approval to list on Cboe Canada. Having a target listing date of July 25 for a pure silver equity vehicle is truly special and the culmination of several years of hard work for our team. This milestone marks a significant step forward for Silver Crown and should provide us with increased visibility as well as access to a broader investor base. The listing should also lower our cost of equity capital, enabling us to accelerate growth, expand our market presence, and deliver greater value to our shareholders with less dilution.”
ABOUT CBOE CANADA
Cboe Canada is Canada's Tier 1 stock exchange for the purpose-driven Innovation Economy, providing a best-in-class listing experience for issuers that are shaping the economies of tomorrow. Fully operational since 2015, Cboe Canada lists investment products and companies seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
Cboe Canada is part of the Cboe Global Markets network, leveraging deep international expertise, industry-leading market intelligence and technology, and unparalleled service to deliver what stakeholders and the world need now, and for the future.
ABOUT SILVER CROWN ROYALTIES INC.
Founded by industry veterans, SCRi is a pre-IPO stage revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenues and continues to build on this foundation, targeting additional operational silver-producing projects.
For further information, please contact:
Silver Crown Royalties Inc.Peter BuresChairman and CEO Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to, statements with respect to the listing of the Common Shares on Cboe and the completion of the Subsequent Offering. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
First Majestic Produces 5.3 Million AgEq Oz in Q2 2024 Consisting of 2.1 Million Silver Ounces and 39,339 Gold Ounces; Announces Updated 2024 Production and Cost Guidance and Conference Call Details
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the second quarter of 2024 from the Company's three producing mines in Mexico, the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine, reached 5.3 million silver equivalent ("AgEq") ounces, consisting of 2.1 million silver ounces and 39,339 gold ounces. The Company's financial results for the second quarter of 2024 are scheduled to be released on Thursday, August 1, 2024.
Q2 2024 HIGHLIGHTS
Increased Production: Total production in Q2 2024 consisted of 2,104,181 silver ounces and 39,339 gold ounces, representing a 7% and 9% increase, respectively, when compared to Q1 2024. Silver equivalent production for the quarter was 5.3 million ounces, representing a 2% increase compared to Q1. The silver equivalent (Silver:Gold) ratio in Q2 2024 decreased 10% to 81:1 compared to 88:1 in Q1 2024 due to the silver price outperforming the gold price. While higher silver prices positively impact revenue, the reported silver equivalent production is impacted when silver outperforms gold.
La Encantada Increased Production: Since successfully identifying a water source in Q1 2024, water inventory and processing rates at La Encantada have increased significantly leading to a 28% increase in silver production through the second quarter. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day ("tpd") in Q3 2024.
Santa Elena's Robust Production Continues: Production during the second quarter at Santa Elena totaled 2.6 million AgEq ounces, representing a 13% increase compared to Q1 and is on track to exceed the Company's original annual production guidance plan (see updated guidance section below).
Conversion to Liquefied Natural Gas ("LNG") at San Dimas: To provide an additional, more reliable and lower carbon emission power option at San Dimas, management has launched a process at San Dimas to replace the diesel backup power generation plant with LNG. The main source of power at San Dimas remains cost efficient hydroelectricity sourced from Las Truchas, the Company's 100%-owned and operated hydroelectric power generation facility.
Safety Performance: In Q2 2024, the consolidated Total Reportable Incident Frequency Rate ("TRIFR") remained strong at 0.48, well below the Company's target key performance indicator ("KPI") of
2023 Sustainability Report: The Company released its third Sustainability Report, accompanied by the Company's first analyst-focused Sustainability Data Download containing detailed quantitative data, allowing investors to easily compare First Majestic's key sustainability metrics across time periods.
Sustainability: Continued improvement in the Company's ESG ratings with ISS ESG, achieving performance in the top 40% of the industry in both Environmental and Social categories, reflecting our carbon footprint reduction and community involvement initiatives.
Up to 22 Active Drill Rigs: The Company completed a total of 47,447 metres ("m") of drilling across its mines in Mexico during the second quarter, representing a 31% increase compared to the previous quarter. Throughout the second quarter, up to 22 drill rigs were active consisting of 13 rigs at San Dimas, eight rigs at Santa Elena and one rig at La Encantada.
"Consistent with our plans, our operations delivered a robust quarter, and we are well-positioned for a strong second half of 2024", said Keith Neumeyer, First Majestic's President & CEO. "We are extremely pleased with the production trajectory at Santa Elena, allowing us to revise our guidance upwards on the back of increased throughput and significantly higher gold grades. Additionally, production ramp up at La Encantada demonstrated that the water issues are now behind us with production in H2 expected to return to historical levels."
Production Details Table:
Q2 2024 | Q2 2023 | Y/Y Change | Consolidated Production Results | Q1 2024 | Q/Q Change |
674,570 | 733,170 | (8)% | Ore processed/tonnes milled | 588,651 | 15% |
5,289,439 | 6,320,971 | (16)% | Total production - Silver equivalent ounces | 5,162,283 | 2% |
2,104,181 | 2,633,411 | (20)% | Silver ounces produced | 1,975,176 | 7% |
39,339 | 45,022 | (13)% | Gold ounces produced | 35,936 | 9% |
Quarterly Mine-by-Mine Production Table:
Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced | |
Santa Elena | 256,427 | 2,818 | 69 | 3.52 | 66% | 94% | 376,947 | 27,176 | 2,580,497 | |
San Dimas | 183,188 | 2,013 | 210 | 2.15 | 92% | 95% | 1,141,906 | 12,043 | 2,114,072 | |
La Encantada | 234,955 | 2,582 | 129 | 0.01 | 60% | 90% | 585,329 | 46 | 589,060 |
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
- The Ag:Au ratio used in the calculation of silver equivalent ounces was 81:1.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2.6 million AgEq ounces, consisting of 376,947 silver ounces and 27,176 gold ounces, representing an increase of 6% and 25%, respectively, when compared to the previous quarter. The strong increase in production is primarily due to an increase in ore processed rates and higher gold grades.
The mill processed a total of 256,427 tonnes of ore, a 14% increase compared to the previous quarter, containing average silver and gold head grades of 69 g/t and 3.52 g/t, respectively.
Silver and gold recoveries averaged 66% and 94%, respectively, during the quarter. Metallurgical recoveries remained strong due to the continuous operational optimization of the new dual-circuit plant, enabling higher throughput in the mill while maintaining strong metal recoveries.
During the quarter, a total of eight drill rigs consisting of six surface rigs and two underground rigs completed 15,591 metres of drilling on the property, representing a 57% increase when compared to the prior quarter (9,911 metres).
San Dimas Silver/Gold Mine:
San Dimas produced 2.1 million AgEq ounces during the quarter, consisting of 1,141,906 silver ounces and 12,043 gold ounces, representing a decrease of 2% and 11%, respectively, when compared to Q1 2024. The decrease in production is primarily due to a decrease in fresh ore processed largely as a result of the ongoing labour relations negotiations that the Company is actively conducting with the unionized workers. Management is optimistic about reaching an agreement in the near-term and expects production at San Dimas to increase once that agreement has been reached.
The mill processed a total of 183,188 tonnes of ore with average silver head grades of 210 g/t and gold head grades of 2.15 g/t, representing a decrease of 5% and 12%, respectively, when compared to the previous quarter.
Silver and gold recoveries during the second quarter averaged 92% and 95%, respectively, consistent with the prior quarter.
The Central Block and Sinaloa Graben areas contributed approximately 78% and 22%, respectively, of the total production during the quarter.
During the quarter, a total of 13 drill rigs, consisting of three surface rigs and 10 underground rigs, completed 31,249 metres of drilling on the property, representing a 19% increase when compared to Q1 2024 (26,363 metres).
The results of resource conversion and expansion drilling at San Dimas, published in Q2 2024, continued to delineate and further define known mineralization, and highlight the presence of new silver and gold mineralization (see the Company's News Release dated June 13, 2024).
La Encantada Silver Mine:
During the quarter, La Encantada produced 585,329 silver ounces, representing a 28% increase compared to Q1 2024, primarily due to the identification of a new, reliable water source leading to an increase in ore processed for the quarter.
The mill processed a total of 234,955 tonnes of ore with an average silver grade of 129 g/t, an increase of 27% and 5%, respectively, compared to Q1 2024.
Silver recovery for the quarter achieved 60%, slightly lower from 62% in Q1 2024.
Stope production from the new Beca Zone contributed 26,910 tonnes with average silver grades of 106 g/t.
During the quarter, the 2024 exploration program commenced after securing the new water source with one surface drill rig completing 607 metres of drilling on the property.
OUTLOOK
The Company is updating its full year 2024 guidance to reflect the following changes:
Improved metal price environment: the revised silver and gold price assumptions for the second half of 2024 are $28.00 and $2,300 per ounce.
Strong production forecast at Santa Elena: management is increasing the Santa Elena production forecast to 9.2 to 9.6 million silver equivalent ounces, an increase of 14% (mid-point) compared to the original guidance.
New water source at La Encantada: increased production forecast at La Encantada, with H2 production guidance forecasted to be 38% higher than H1 actuals, based on the mid-point of the updated guidance.
Labour negotiations at San Dimas: management is assuming labour inefficiencies to continue throughout Q3 while negotiations are ongoing with the unionized workers and is planning for normalized production rates at San Dimas in Q4 2024.
As a result of these adjustments, our 2024 consolidated production guidance remains relatively unchanged at 21.4 to 22.6 (mid-point: 22.0) million AgEq ounces compared to the prior guidance of 21.1 to 23.5 (mid-point: 22.3) million AgEq ounces, with a slight increase in silver production offset by a slight decrease in gold production on a consolidated basis.
The Company is also providing updated guidance on a mine-by-mine basis for the second half of 2024.
GUIDANCE FOR SECOND HALF 2024
Silver Oz (M) | Gold Oz (k) | Ag/Eq Oz (M) | Cash Cost | AISC | |
Operation: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Santa Elena, Mexico | 0.6 - 0.7 | 45 - 50 | 4.3 - 4.8 | 12.71 - 13.33 | 15.55 - 16.42 |
San Dimas, Mexico | 2.9 - 3.2 | 30 - 34 | 5.3 - 6.0 | 12.46 - 13.21 | 16.35 - 17.47 |
La Encantada, Mexico | 1.4 - 1.5 | - | 1.4 - 1.5 | 19.54 - 20.62 | 23.83 - 25.36 |
Operations Total: | 4.8 - 5.4 | 75 - 84 | 11.0 - 12.2 | 13.41 - 14.15 | 18.54 - 19.79 |
Corporate: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Corporate Charges | - | - | - | - | 0.51 - 0.58 |
Total: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Consolidated | 4.8 - 5.4 | 75 - 84 | 11.0 - 12.2 | 13.41 - 14.15 | 19.05 - 20.35 |
GUIDANCE FOR FULL YEAR 2024
Silver Oz (M) | Gold Oz (k) | Ag/Eq Oz (M) | Cash Cost | AISC | |
Operation: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Santa Elena, Mexico | 1.3 - 1.4 | 94 - 99 | 9.2 - 9.6 | 12.45 - 12.73 | 15.25 - 15.64 |
San Dimas, Mexico | 5.2 - 5.5 | 56 - 59 | 9.8 - 10.4 | 14.17 - 14.69 | 18.69 - 19.45 |
La Encantada, Mexico | 2.4 - 2.5 | - | 2.4 - 2.5 | 21.52 - 22.26 | 26.17 - 27.18 |
Operations Total: | 8.9 - 9.5 | 150 - 158 | 21.4 - 22.6 | 14.25 - 14.68 | 19.73 - 20.45 |
Corporate: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Corporate Charges | - | - | - | - | 0.63 - 0.67 |
Total: | ($ per AgEq Oz) | ($ per AgEq Oz) | |||
Consolidated | 8.9 - 9.5 | 150 - 158 | 21.4 - 22.6 | 14.25 - 14.68 | 20.36 - 21.12 |
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
- Cash Costs and AISC are non-GAAP measures and are not standardized financial measures under the Company's financial reporting framework. The Company calculates cash costs and consolidated AISC in the manner set out in the table below. These measures have been calculated on a basis consistent with historical periods (see "Non-GAAP Financial Measures" below).
For the full year of 2024, the Company now estimates silver production will range between 8.9 to 9.5 million ounces compared to the prior guidance of 8.6 to 9.6 million ounces, a 1% increase on the mid-point average. Additionally, gold production is estimated to range between 150,000 to 158,000 ounces compared to the prior guidance of 150,000 to 167,000, a 3% decrease based on the mid-point average.
Annual cash costs are now expected to be within the range of $14.25 to $14.68 per ounce, slightly higher than the previous guidance of $13.69 to $14.46 per ounce, primarily due to a stronger than budgeted Mexican Peso in H1 combined with lower production from San Dimas.
The Company is projecting its consolidated 2024 AISC to be within a range of $20.36 to $21.12 on a per consolidated payable AgEq ounce basis, slightly higher than the original guidance range of $19.25 to $20.57 due to higher cash costs. Excluding non-cash items, the Company anticipates its 2024 AISC to be within a range of $19.57 to $20.27 per payable AgEq ounce. An itemized AISC cost table is provided below:
All-In Sustaining Cost Calculation | FY 2024 ($ per AgEq Oz) | ||||
Total Cash Costs per Payable Equivalent Silver Ounce | 14.25 - 14.68 | ||||
General and Administrative Costs | 1.58 - 1.67 | ||||
Sustaining Development Costs | 1.38 - 1.42 | ||||
Sustaining Property, Plant and Equipment Costs | 0.81 - 0.85 | ||||
Profit Sharing | 0.87 - 0.92 | ||||
Lease Payments | 0.68 - 0.72 | ||||
Share-based Payments (non-cash) | 0.63 - 0.68 | ||||
Accretion of Reclamation Costs (non-cash) | 0.16 - 0.17 | ||||
All-In Sustaining Costs: (AgEq Oz) | 20.36 - 21.12 | ||||
All-In Sustaining Costs: (AgEq Oz excluding non-cash items) | 19.57 - 20.27 |
- AISC is a non-GAAP measure and is calculated based on the Company's consolidated operating performance. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles, the definition of "sustaining costs" and the distinction between sustaining and expansionary capital costs.
- For further details of these measures, including equivalent historical information, please see "Non-GAAP Measures" on pages 36-43 of the Company's Management's Discussion and Analysis for the first quarter of 2024, available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
UPDATED CAPITAL BUDGET
In 2024, the Company now plans to invest a total of $136.4 million on capital expenditures consisting of $49.5 million for sustaining activities and $87.1 million for expansionary projects. This represents a 9% increase compared to the original 2024 capital expenditures guidance and is aligned with the Company's future growth strategy of increasing exploration and development activities at Santa Elena, San Dimas and Jerritt Canyon.
2024 Capital Guidance ($ Millions) | Sustaining | Expansionary | Total |
Underground Development | 31.2 | 43.3 | 74.5 |
Exploration | - | 37.6 | 37.6 |
Property, Plant and Equipment | 17.7 | 4.1 | 21.8 |
Corporate Projects | 0.6 | 2.1 | 2.7 |
Total | 49.5 | 87.1 | 136.4 |
- Certain amounts shown may not add exactly to the total amount due to rounding differences.
Under the updated 2024 budget, the Company is planning to complete a total of approximately 34,304 metres of lateral underground development, representing an 11% increase on the original guidance. In addition, the Company is now planning to complete a total of approximately 211,600 metres of exploration drilling in 2024, representing a 12% increase compared to the original guidance. In the first half of 2024, the Company completed 14,836 metres of underground development drilling and 83,721 metres of exploration drilling.
CONFERENCE CALL DETAILS
The Company will host a conference call and webcast on Thursday, July 18, 2024, at 8:00 a.m. (PT) / 11:00 a.m. (ET) to provide investors and analysts with a business update and to discuss its second quarter production results and updated 2024 guidance.
To participate in the conference call, please use the following dial-in numbers:
Canada & USA Toll-Free: +1-844-763-8274
Outside of Canada & USA: +1-647-484-8814
Toll-Free Germany: +49-69-17415718
Toll-Free UK: +44-20-3795-9972
Participants should dial in at least 10 minutes prior to the start of the call to ensure placement into the conference on time.
A live webcast of the call will be accessible through the "July 18, 2024 Webcast Link" on the First Majestic home page at www.firstmajestic.com. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.
A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling:
USA Toll-Free: +1-877-344-7529
Canada Toll-Free: +1-855-669-9658
Outside of Canada & USA: +1-412-317-0088
Access Code: 5667555#
The telephone audio replay will be available for seven days following the end of the event.
Q2 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company is planning to release its second quarter 2024 unaudited financial results, and announce the second quarter dividend payment, shareholder record, and payable dates on August 1, 2024.
ABOUT THE COMPANY
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, visit our website at www.firstmajestic.com. You can contact us by e-mail at info@firstmajestic.com, or by telephone at 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce and all-in sustaining cost (or "AISC") per silver equivalent ounce. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and which is incorporated by reference herein.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the assumptions used by the Company for its updated 2024 production guidance; timing for the release of the Company's Q2 2024 unaudited financial results; timing for the announcement of the Company's second quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment; future planning processes; commercial mining operations; budgets; the timing and amount of estimated future production, AISC and cash costs; costs and timing of development at the Company's projects; and; capital projects and exploration activities for 2024 and their possible results. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2023 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216951
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Avino Boosts Q2 Silver Production; Gold Output Holds Steady and Copper Slips
Mexico-focused mining company Avino Silver & Gold (TSX:ASM,NYSEAMERICAN:ASM) reported a year-on-year increase in silver production in its second quarter results for 2024.
In a Tuesday (July 16) press release, the company reported total production of 616,571 silver equivalent ounces from its Avino and La Preciosa mines in Mexico, marking a 5 percent increase compared to the same quarter in 2023.
Its silver production saw a 26 percent hike year-on-year to reach 292,946 ounces of the white metal.
In contrast, Avino's copper production was down 10 percent year-on-year, with 1.3 million pounds produced. Its gold production remained steady at 1,514 ounces, while mill throughput decreased by 10 percent to 140,934 dry metric tons.
The Avino mine processed 130,983 dry metric tons of material, from which it produced 262,861 ounces of silver, 1,456 ounces of gold and 1.3 million pounds of copper. Meanwhile, the company’s La Preciosa mine processed 9,951 dry metric tons, yielding 30,085 ounces of silver and 58 ounces of gold in comparison.
The quarterly comparison also showed improvements in several areas. Feed grades for silver and gold increased by 42 and 9 percent respectively, along with a slight 4 percent uptick for copper.
Avino's recovery rate for silver remained consistent at 87 percent, while gold and copper recovery rates improved, with gold up by 3 percent to reach the 70 percent mark and copper up 4 percent to 88 percent recovery.
David Wolfin, president and CEO of Avino, said processing surface stockpile material from La Preciosa was a factor in the company's significant increase in silver production during the second quarter.
He also highlighted the anticipation of receiving environmental permits for La Preciosa. “La Preciosa is an integral piece of our 5-year plan and will deliver economic growth and benefit to the local communities in Durango. With the price of silver gaining momentum, we remain focused on delivering organic growth for all stakeholders,” he commented.
Avino is on track to meet its full-year production target of 2.5 million to 2.8 million silver equivalent ounces.
The company faced some production challenges in the latter part of Q2 due to repairs on a cone crusher. However, a smaller crusher was used to minimize downtime, and full mill capacity is expected to be restored soon.
Avino's Q2 earnings call is scheduled for August 10. During that time, the company will provide detailed analysis of its quarterly production and financial performance.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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