#ExploringMining
#Podcast–President of Aurcana Silver
Corporation (TSXV: $AUN.V) (OTCQX: $AUNFF) Discusses
Flagship
Revenue-Virginius polymetallic Mine; @AurcanaC
Point Roberts WA, Delta BC, September 9, 2021 Investorideas.com, a global investor news source covering
mining and metals stocks releases today’s edition of Exploring Mining Podcast, featuring an exclusive interview with Kevin
Drover, President, Chairman and CEO of Aurcana Silver Corporation (TSXV:AUN) (OTCQX:AUNFF).
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2021/090721-Mining-AUN.mp3
Read this in full at https://www.investorideas.com/news/2021/exploring-mining/09091Interview-AUN.asp
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Investorideas.com spoke with Kevin Drover,
President, Chairman and CEO of Aurcana Silver Corporation (TSXV:AUN) (OTCQX:AUNFF), who said that
the resumption of activity at the company’s flagship Revenue-Virginius polymetallic
mine in Ouray, Colorado-which initiated commissioning with development ore on
August 27, 2021-puts Aurcana on track for success.
“This brings us back into the group of
“producer” again and this is something that we’ve been wanting to do since I
took over Aurcana in mid 2014,” Drover said.
A recent press release
reported initial assay results from the mine’s 1800 drift level, which showed
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 vein’s actual width turned out to be 1.19ft, higher than
the modeled width of 0.23 feet, on which Drover commented:
“It bodes very well for what we can expect
to mine when we’re in the stope itself.”
The aforementioned vein is the Virginius
vein which currently commands most of the company’s attention, but Drover went
on to discuss the other veins at Revenue-Virginius.
“We have nine major veins on our property,”
he said. “We’re going to be mining [the Virginius vein] for the next seven
years for sure, and probably a lot longer than that. We do have the Terrible
vein, the Yellow Rose, the Wheel of Fortune – and all of these veins have all
been in production at one time in the past, but we just haven’t had the chance
to get to them to do a large amount of exploration at this stage. We are doing
some work on the Wheel of Fortune, and we hope to be able to get a drilling
program completed on that sometime in the not too distant future. But right now
our focus is on the Virginius vein, of course, and getting ourselves positioned
so that we can get up to full production from that vein.”
Drover explained that while Aurcana’s
original intention to become cash flow positive by September has been delayed,
the company is still on track to ramp up production.
“We had originally anticipated being cash
flow positive in September, but of course we’ve been delayed a month,” he said.
“That delay was caused by congestion on the 1800 level.”
“We’re looking at October now before we’re
going to be hitting cash flow positive, but we’re pretty certain that October
is going to be the month when we will hit our numbers,” he said. “We’ll get up
to 270 tons per day, and be cash flow positive. Over the course of September
we’re going to be ramping up from about 130 tons per day to about 270 in
October.
In the future, in 2022-23, we’ll be looking
to expand that 270 up toward the 500 tons a day, and get up toward the 6-6.5
million ounce production number.”
With activities resumed on the property,
Aurcana foresees the possibility of mine life extending past feasibility study
projections.
“The Revenue-Virginius mine, as per the
feasibility study, has a seven year mine life,” Drover said. “We certainly
anticipate decades. We still have to do the homework, but we intend to be
developing toward the north on our 1800, 1500, and 1200 levels, and we
anticipate that the Virginius vein runs another 8,000 feet of strike length. We
think we’re going to be mining there in excess of 20 years.”
Though the company’s recent news has been
focused on the Revenue-Virginius property, Drover also discussed the status of
the company’s Shafter-Presidio Silver Project in Texas.
“We are doing some work on the Shafter
project,” he said. “It’s going to be a mine again, it’s pure silver. We are
doing a new resource estimate on that that we hope to have out soon. We are
looking to possibly do a drill program later in this year to expand the
resource somewhat, and to get samples for metallurgical testing. Sometime in
the first half of 2022 we anticipate initiating a feasibility study, and,
pending a positive feasibility study, we would probably be in a position to
make a production decision sometime in the mid 2022 to third quarter of
2022."
ABOUT AURCANA SILVER CORPORATION http://www.aurcana.com/
Aurcana Silver Corporation owns the Revenue Mine in
Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary
mineral resource at both the Shafter-Presidio Project and the Revenue Mine is
silver. Both are fully permitted for production.
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