Breaking #Mining #Stocks
News: Aurcana Silver (TSXV: $AUN.V) (OTC: $AUNFF) Provides Construction Update and Production Outlook for
Its Revenue Virginius Mine for the Remainder of 2021; @AurcanaC
NOT
FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Figure 1: Revenue-Virginius
Mine Development Progress
VANCOUVER,
British Columbia, May 04, 2021 (Investorideas.com Newswire) - AURCANA SILVER
CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to provide a
construction update and a production outlook for the remainder of 2021 for its
Revenue Virginius Mine, (RV) located near Ouray, Colorado.
Read this news,
featuring AUN in full at https://www.investorideas.com/CO/AUN/news/2021/05041Revenue-Virginius-Mine.asp
Mine Development
·
Underground
mine development is proceeding on schedule with three raises being driven
vertically from the 2000 main haulage level 800 feet to the 1200 level (See
Figure 1 below).
·
The
#1 Alimak raise is advancing vertically at an average rate exceeding 16 feet
per day and is scheduled to be complete by late May, after which the hoist and
shaft timber will be installed for permanent men and material access.
·
The
#2 Alimak raise has progressed up to the 1500 level and is temporarily being used
for men and materials transport from the 2000 level to the 1800 and 1500 level
pending completion of #1 Alimak raise.
·
The
#3 Alimak raise vertical development began in May and is scheduled to reach the
1800 level by the third week of May.
·
On
completion of #1 Alimak raise, the #2 and #3 Alimak raises will be dedicated
ore and waste raises.
·
Level
(horizontal) development has commenced on the 1800 level to intersect the
Virginius vein, which is scheduled to occur during the third week of May.
Following this, development will continue by driving drifts both north and
south on vein for over 1000 feet to prepare for stope development.
·
Stope
development on the 1800 level is estimated to begin in late June with first ore
to the mill in early July.
·
Ore
development on 1800 level is on schedule to deliver initial ore to the
processing plant in July. Two stopes (mining blocks) on the 1800 level will
provide the initial ore supply while stopes on the 1500 level are developed.
·
It
is anticipated that four stopes will be available by year end 2021 (two stopes
per level) to supply the processing plant. However only two stopes are required
to provide the 270 tons per day as specified 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.
Processing Plant
Preparation
·
All
processing plant upgrades including installing additional flotation capacity,
replacing cyclones with sizing screens, installing a rod mill, installing
crushers and conveyors along with a new instrument control system will be
completed by mid-June. Processing plant commissioning with water is scheduled
for the last week of June with first ore through the processing plant in the
second week of July.
·
Final
work on the transition chute from the coarse ore bin to the new primary pan
feeder is scheduled to be completed by July 10th, 2021 and will enable full
processing plant operation.
·
Throughput
will be ramped up over the course of July to reach 111 tons per day (tpd)
during August, and then to the full production level of 270 tpd during
September.
·
Concentrate
shipments will be in 100 ton lots and are anticipated to begin in early August.
Trafigura Trading LLC is the off-taker for 100% of the concentrates and will
pay the value of 95% of the contained metals based on the mine site concentrate
assays at the time of shipment, with final settlement based on smelter returns.
·
Payable
silver equivalent1 production for the period between August to December 2021 is
anticipated to be 1,300,000-1,600,000 ounces at an estimated cash operating
costs of between USD10.00 to USD12.00/oz silver after by-product credits2.
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
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 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.
1
Silver equivalent is based on the April 2021 average COMEX prices of Ag
USD25.6534/oz, Au USD1,759.47/oz, Cu USD4.2281/lb, Pb USD0.9152/lb and Zn
SDU1.2849/lb; includes payability and payment timing of the Trafigura offtake
contract.
2
By-product credit metal pricing is the same as Silver equivalent pricing
Disclaimer/Disclosure: Investorideas.com is a digital
publisher of third party sourced news, articles and equity research as well as
creates original content, including video, interviews and articles. Original
content created by investorideas is protected by copyright laws other than
syndication rights. Our site does not make recommendations for purchases or
sale of stocks, services or products. Nothing on our sites should be construed
as an offer or solicitation to buy or sell products or securities. All
investment involves risk and possible loss of investment. This site is
currently compensated for news publication and distribution, social media and
marketing, content creation and more. Contact each company directly regarding
content and press release questions. Disclosure is posted for each compensated
news release, content published /created if required but otherwise the news was
not compensated for and was published for the sole interest of our readers and
followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more
about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Aurcana Silver
Corporation is a featured mining company on InvestorIdeas. Please read our full
disclaimer and disclosure regarding specific compensation Additional info
regarding BC Residents: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors
must adhere to regulations of each country. Please read Investorideas.com
privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Aurcana
Silver Corporation (TSXV: AUN) (OTC: AUNFF) is a featured Mining stock on
Investorideas.com
Get more mining stock investor ideas- news, articles, podcasts and stock directories
