Top-News of the Week:
Endeavour Silver reports top-class drill results!
Endeavour Silver recently announced, that exploration drilling on the Terronera property in Jalisco State, Mexico continues to intersect high-grade, gold-silver mineralization at shallow depths within the La Luz vein.
Drilling highlights include two vein splays in Hole LL23 which assayed as follows:
- La Luz vein - 45 grams per tonne (gpt) silver and 16.2 gpt gold (1,180 gpt AgEq) over 1.7 m true width (34.4 opT AgEq over 5.6 feet (ft)), with an internal interval assaying 171 gpt silver and 45.2 gpt gold (3,335 gpt AgEq) over 0.2 m true width (97.2 opT AgEq over 0.7 ft); and
- La Luz HW vein - 25 gpt silver and 20.9 gpt gold (1,485 gpt AgEq) over 1.3 m true width (43.3 opT AgEq over 4.3 ft), with an internal interval assaying 44 gpt silver and 31.6 gpt gold (2,256 gpt AgEq) over 0.3 m true width (65.8 opT AgEq over 1.0 ft);
Company News:
EnWave: Partnership with Multinational Food Company + Purchase Order for 100kW Radiant Energy Vacuum Machinery
A couple of days ago, EnWave announced that the Company has signed a Technology Evaluation and License Option Agreement with a major American multinational food company. The Partner is an international leader in the meat and prepared food industries. The Agreement enables the Partner to evaluate Radiant Energy Vacuum (“REV™”) technology as a viable option to process several of its current and potential commercial offerings. The Agreement between EnWave and the Partner allows for the rental of pilot-scale REV™ machinery for a period of up to six months. EnWave has granted the Partner an option to exclusively license this technology for specific products and territories should the outcome of the evaluation be successful.
Furthermore, the company announced, that it has signed an amendment with Agricola La Lydia Industrial to transfer the existing commercial license agreement to Pitalia S.A., a newly formed business entity owned by La Lydia. The Amendment will enable Pitalia, which has its facilities located in a tax-free zone in Costa Rica, to take advantage of several tax breaks regarding the export and production of dried food products using EnWave’s patented Radiant Energy Vacuum (“REV™”) technology. Subsequent to the Amendment, Pitalia has signed an equipment purchase agreement and paid a deposit to obtain a 100kW REV™ machine to expand their processing capacity. Pitalia has now purchased two 10kW REV™ machines and ordered one 100kW™ continuous REV™ production line.
News 1: EnWave Signs Technology Evaluation and License Option Agreement with American Multinational Food Company
News 2: EnWave Announces Transfer of License from Agricola La Lydia Industrial to Pitalia S.A. and Purchase Order for 100kW Radiant Energy Vacuum Machinery
Company presentation: ENW Company Presentation August 2017
MAG Silver reports quarterly results and development facts for Juanicipio
MAG Silver recently announced the Company’s unaudited financial results for the three and six months ended June 30, 2017.
2017 SECOND QUARTER HIGHLIGHTS:
- Fresnillo plc and the Company are considering alternate mine plans and other project enhancements to maximize the value of both the Bonanza Zone and the new Deep Zone.
- Processing plant nameplate capacity expected to be increased from 2,650 tons per day to 4,000 tons per day.
- Intensified underground development started to allow for the planned increase in mining rate and processing capacity.
- Permitting based on the upgraded design has already commenced according to the operator, Fresnillo.
- Sinking an internal shaft (or winze) being considered to access the deeper zone sooner.
- New resource estimate and the design upgrades to be incorporated into a revised mine plan and a new MAG technical report (third quarter of 2017).
- Independent feasibility study to be prepared by Minera Juanicipio by year end.
- Formal Minera Juanicipio and respective Joint Venture Partner Board approvals expected shortly thereafter.
- 2017 Minera Juanicipio 20,000 meter exploration drill program commenced in July.
- Company remains well funded (cash and cash equivalents totaling US$125 million as at June 30, 2017).
The Juanicipio project has grown dramatically in scope since the last PEA and this has prompted several positive design changes that the company is working on with its JV partner Fresnillo. MAG Silver has intensified underground development to enable higher mining rates to be achieved from the outset of the project.
News: MAG SILVER REPORTS SECOND QUARTER FINANCIAL RESULTS
Fission Uranium reports top-class drill results!
Fission Uranium recently announced the completion of the summer 2017 portion of the Pre-Feasibility Study “PFS” drilling, including three large diameter holes for metallurgical sample collection and three geotechnical core holes, to generate rock quality data including strength testing, related to the proposed open pit and underground mining areas of the Triple R deposit. Of particular note is hole PLS17-MET-C (line 660E), which intersected 153.5m total composite mineralization, including 61.09m total composite >10,000 cps. In addition, work related to long-term hydrogeology analysis and detailed baseline environmental studies is on-going.
News: Fission Hits 61.09m total composite >10,000 cps with Metallurgical Drilling at R780E Zone
Ascendant Resources: El Mochito Mine’s first month of positive adjusted EBITDA
Ascendant Resources recently reported, that July was the El Mochito Mine’s first month of positive adjusted EBITDA since Ascendant assumed ownership of the mine in December 2016.
Q2/17 Results Highlights were:
- Concentrate sales revenue of $9.9 million in Q2, up 25.5% from Q1/17
- Adjusted EBITDA of -$6.2 million
- Total cash position of $9.7 million
- Quarterly milled tons increased 7% to 1,733 tpd, up from 1,619 tpd in Q1/17
- Quarterly site operating cost reduced 9% to $93/t milled from $102/t in Q1/17
- Quarterly Payable zinc equivalent (ZnEq.) production increased 12% to 13.1 million lbs on the previous quarter with contained zinc, lead and silver production of 9.9 million lbs, 3.2 million lbs and 188,245 ozs. produced respectively
- Provisional realized commodity selling prices for Q2/17 sales was $1.25 per pound zinc, $0.98 per pound lead and $16.97 per ounce silver
Sierra Metals with positive quarterly results
Sierra Metals had a fourth consecutive quarter of solid performance in its operational and financial results, aided by stable metal prices and continued production improvements at the Yauricocha Mine. During the second quarter, the Company maintained the significant improvements revenue and adjusted EBITDA realized during the previous quarters.
Highlights were (all amounts in US$):
- Adjusted EBITDA of $17.6 million in Q2 2017 increased from $5.3 million in Q2 2016
- Operating cash flows before movements in working capital of $17.4 million in Q2 2017 increased from $6.2 million in Q2 2016
- Revenue from metals payable of $48.6 million in Q2 2017 increased by 32% from $36.9 million in Q2 2016
- Q2 2017 silver equivalent production of 2.7 million ounces or copper equivalent production of 23.1 million pounds; a 3% decrease from Q2 2016 and within production guidance
- $31.1 million of cash and cash equivalents as at June 30, 2017
- Net Debt of $34.6 million as at June 30, 2017
Rye Patch Gold increases truck fleet
Rye Patch Gold recently announced, that it has secured financing for the purchase of four additional Caterpillar 785C haul trucks for a total of US$3.67 million dollars, growing the Florida Canyon truck fleet to fifteen.
This purchase will enable the Company to increase its production by taking advantage of excess capacity at the crusher. The crusher is routinely operating at 20 to 40 percent over plan requirements and is permitted at 60 percent over plan at 1,600 tons per hour, effectively bringing the 2018 expansion forward.
News: RYE PATCH GOLD INCREASES HAULAGE CAPACITY AT FLORIDA CANYON
Video: Rye Patch Gold - Nevada's Latest Gold Producer
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