Breaking #Mining #Stocks
News: Aurcana (TSXV: $AUN.V) (OTC: $AUNFF) Provides Initial Assay Results and a Restart Progress
Update for Its Revenue Virginius Mine; @AurcanaC
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FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
VANCOUVER,
British Columbia, July 07, 2021 (Investorideas.com
Newswire) -- AURCANA SILVER
CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to provide the results of the first
assays after accessing the Virginius Vein on the 1800 level as well an update
on progress towards first production.
Read this news,
featuring AUN in full at https://www.investorideas.com/CO/AUN/news/2021/07071Virginius-Mine.asp
INITIAL ASSAY RESULTS
The
initial samples of the Virginius Vein intersection on the 1800 level assayed
38.611 ounces per ton (opt) (1,323.8 g/t) of silver equivalent1 over a vein
width of 2.5 feet, including 85.782 opt (2,941.1 g/t) of silver equivalent1
over 0.6 feet (see below Table 1 and Figure 1 for details). These results
compare favorably with the reserve grade in this location of 24.7 opt (846.8
g/t) silver equivalent1 over 1.4 feet as reported in the 2018 feasibility study
(the "2018 FS") prepared in accordance with National Instrument NI
43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
A copy of the 2018 FS is posted on the Company's website www.aurcana.com and
is also available on the Company's profile on SEDAR at www.sedar.com.
Assay Details
1 Silver equivalent is based on the 2Q 2021 average London prices of Ag US$26.6387/oz, Au US$1,805.04/oz, Pb US$0.9568/lb and Zn US$1.3206/lb
Figure
1 – Sample locations
RESTART
PROGRESS UPDATE
·
The
Revenue-Virginius project remains on track to reach full production (270 stpd)
by September 2021.
·
Development
ore to be delivered to the process plant in July 2021 for commissioning and
restart.
·
Ore
throughput will be ramped up to 110 short tons per day (stpd) during August,
and then to full production of 270 stpd during September.
·
Concentrate
shipments are anticipated to begin in early August. Trafigura Trading LLC is
the off-taker for 100% of the concentrates and will pay 95% of the contained
metals value based on the mine site concentrate assays at the time of shipment,
with final settlement based on smelter returns.
·
Payable
silver equivalent2 production for the period between August and December 2021
is forecast to be 1,300,000-1,600,000 ounces at an estimated cash operating
costs of between US$10.00 to US$12.00/oz silver after by-product credits3.
_____________________________
2
Silver equivalent is based on the 2Q 2021 average London prices of Ag
US$26.6387/oz, Au US$1,805.04/oz, Pb US$0.9568/lb and Zn US$1.3206/lb; includes
payability and payment timing of the Trafigura offtake contract.
3
By-product credit metal pricing is the same as Silver equivalent pricing
Qualified
Person Statement
The
scientific and technical content of this news release was reviewed and approved
by Michael Gross, P. Geo, a "qualified person" within the meaning of
NI 43-101
ABOUT AURCANA
SILVER CORPORATION
Aurcana
Corporation owns the Revenue-Virginius Mine, in Colorado, and the
Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter
and Revenue-Virginius is silver. Both are fully permitted for production.
ON
BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION
"Kevin Drover"
President & CEO
For
further information, visit the website at www.aurcana.com or
contact:
Aurcana
Corporation
850 - 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333
Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY
NOTES
This
press release contains forward looking statements within the meaning of
applicable securities laws. The use of any of the words "anticipate",
"plan", "continue", "expect",
"estimate", "objective", "may", "will",
"project", "should", "predict",
"potential" and similar expressions are intended to identify forward
looking statements. In particular, this press release contains forward looking
statements concerning, without limitation, statements relating to the Private
Placement (including with respect to the timing of closing of the Private
Placement). Although the Company believes that the expectations and assumptions
on which the forward looking statements are based are reasonable, undue
reliance should not be placed on the forward looking statements because the
Company cannot give any assurance that they will prove correct. Since forward
looking statements address future events and conditions, they involve inherent
assumptions, risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not limited to, assumptions
and risks associated with the receipt of regulatory or shareholder approvals,
and risks related to the state of financial markets or future metals prices.
Management
has provided the above summary of risks and assumptions related to forward looking
statements in this press release in order to provide readers with a more
comprehensive perspective on the Company's future operations. The Company's
actual results, performance or achievement could differ materially from those
expressed in, or implied by, these forward looking statements and, accordingly,
no assurance can be given that any of the events anticipated by the forward
looking statements will transpire or occur, or if any of them do so, what
benefits the Company will derive from them. These forward looking statements
are made as of the date of this press release, and, other than as required by
applicable securities laws, the Company disclaims any intent or obligation to
update publicly any forward looking statements, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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