Gold and Silver

Mag Silver shares surge on Juanicipio mine’s mineral resource update

Mag Silver shares surge on Juanicipio mine’s mineral resource update
Shares of MAG Silver rose on Thursday following the release of a new mineral resource estimate for the Juanicipio silver-gold-zinc-lead mine in the state of Zacatecas, Mexico.

Compared to the 2017 preliminary economic assessment (PEA), the updated report indicates a 33% growth in measured and indicated resources, reaching 17 million tonnes at grades of 310 grams per tonne (g/t) silver, 1.86 g/t gold, 2.89% lead and 5.32% zinc.

Also reported was the mine’s first mineral reserve estimate, totalling 15.4 million tonnes proven and probable at grades of 248 g/t silver, 1.58 g/t gold, 2.64% lead and 4.80% zinc.

Juanicipio transitioned into commercial production in June 2023. For the calendar year, the mine yielded 16.8 million oz. of silver plus 36,700 oz. of gold, calculated on a 100% owned basis.

In addition to mining, an exploration program is in place at Juanicipio targeting multiple highly prospective targets, the company said.

“In addition to near-mine exploration potential, the overall 7,679-hectare Juanicipio property remains largely unexplored with high potential for the discovery of new mineralization,” it said in a press release.

In the heart of the Fresnillo silver trend of Mexico, the underground mine is jointly owned by MAG, holding a 44% stake, and Fresnillo plc, the world’s largest primary silver producer and its operator, who controls the majority 56%.

Shares of MAG Silver rose 9% by 9 a.m. EDT. The company has a market capitalization of C$1.3 billion ($960 million).

   Short Link:  
Related News
Esfahan Mobarakeh Steel co.
khuzestan steel
chadormalu Co.
ghadir neiriz co
sangan steel
ahan o fulad golgohar