Guanajuato produces over 941K Oz in Q2

Jul 15, 2023

Guanajuato Silver Company Ltd announces consolidated production results for the three months ended June 30, 2023. Production results are generated from the Company’s wholly owned El Cubo Mines Complex, Valenciana Mines Complex, and San Ignacio Mine in Guanajuato, Mexico, and the Topia Mine in Durango, Mexico.

Q2 2023 record production during the quarter of 941,338 silver-equivalent ounces (AgEq) derived from 477,650 ounces of silver; 4,719 ounces of gold. The development of the El Condor Tunnel Project at the Topia mine has accessed the Argentina vein in an area that previous operators had not reached; the new tunnel opens up the potential for additional mineralized material that would sit in close proximity to the mill.

The Argentina vein is the most important producing vein system in the district and has been the primary structure mined at Topia for the past 40 years. The nearby Santa Cruz vein was also accessed with the El Condor tunnel, and both veins are currently being drilled with results being collected and analyzed.

James Anderson, Chairman & CEO, said, “We are proud to announce our sixth consecutive quarter of increased precious metals production; we expect this trend to continue as we head into the second half of the year. During Q1 and Q2, we have implemented a number of efficiency upgrades that are now poised to generate significant improvements to production grades and volumes, as we look to optimize mine production at all four of our producing silver mines.

Furthermore, we continue to pursue additional opportunities to grow our production portfolio as we move towards becoming Mexico’s next mid-tier silver producer.”

Q2 2023 mine operations continues trend of overall quarter over quarter production increases! Consolidated mine production increased 2.5% in Q2 2023 to 166,171 tonnes mined, as compared to 162,116 tonnes mined in Q1 2023.

Consolidated silver production increased 4% to 477,650 ounces in Q2 2023 compared to 458,803 ounces in Q1 2023; similarly, consolidated gold production increased by 7% to 4,719 ounces over the same period; respectively, in Q2 2023 from Q1 2023 primarily due to a shift to targeting mineralized material that contained higher grades of silver and gold versus base metals.

Consolidated silver-equivalent production in Q2 2023 was higher by 3,291 ounces over the previous quarter; this increase reflects the continuing ramp-up of operations at all of Guanajuato Silver’s mining assets.

Average recoveries for silver & gold increased to 84.9%, 83.1% respectively in Q2 2023 from Q1 2023.

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