#Mining #Stock News: Aurcana Silver (TSXV: $AUN.V)
(OTC: $AUNFF) Provides Update on the Restart Progress of Its Revenue Virginius
Mine, With First Ore Through the Mill; @AurcanaC
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VANCOUVER, British Columbia - August 30, 2021 (Investorideas.com Newswire) AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to provide an update on the restart activities of the Company's wholly owned Revenue Virginius Mine in Ouray, Colorado.
Read this news
featuring AUN in full at https://www.investorideas.com/CO/AUN/news/2021/08301Restart-Progress.asp
The
Company is pleased to report that the processing plant initiated commissioning
with development ore on Friday August 27, 2021. This is an important milestone
in the restart of full operations, with stope ore to be processed in the near
future. The Company plans to continue to ramp up to the full production rate of
270 short tons per day over the month of September.
The
Company is also pleased to report that initial assay results from the 1800
drift level show an average undiluted grade over 78 feet of drift of 54.0 (33.9
diluted to a minimum mining width of 1.5 ft) ounces per ton silver equivalent
(AgEq)1 per short ton (ST). The actual measured vein width in this area is 1.19ft
as compared to the modeled vein width for the same 78 feet of 0.23 feet and an
undiluted grade of 26.9 (4.2 diluted to a minimum mining width of 1.5 ft)
AgEq1/ST over for the same drift section. Assay data lags actual development
and the Company looks forward to reporting more assay results in the near
future, but visual inspections each shift indicate that this strong
mineralization continues.
Concentrate
shipments are anticipated to begin in the first half of September. 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.
Kevin
Drover commented, "These additional assay results – 15 feet below the
first mining stope – which confirm the mineralization is as we expected is the
key data validation point we needed to confirm that we can be successful.
Mining productivity at the face has been strong and we have some of the best
miners in the business working for us. While some logistics issues related to
movement of ore and waste in the same underground area slowed our initial
development in opening up the production stopes, these short term delays are
resolvable as the stope is opened to its full length. With this grade
confirmation in hand, the processing plant now moving into commissioning, and
with logistics improving rapidly as the first production stope expands both
north and south, we are very confident of a successful restart."
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; includes
payability and payment timing of the Trafigura offtake contract.
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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