Highlights:
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Zimapan mine continued to implement operational improvements and processed 204,507 tonnes of material in Q4 2023, a 6% increase from the previous quarter and the most on a quarterly basis this year.
Arturo Préstamo, Executive Chairman and Interim CEO of Santacruz, commented, "Our team's dedication enabled us to achieve steady quarterly operations, which resulted in 5.7 million silver equivalent ounces produced in the fourth quarter, and 22.6 million silver equivalent ounces produced in 2023. The improved production results in the fourth quarter at the
Mr. Préstamo continued, "Complementing our successes in
Mr. Préstamo concluded, "I would like to commend the dedicated and professional management teams in
Santacruz processed 489,417 tonnes of material in Q4 2023, a 5% increase from the previous quarter. Silver equivalent ounce production increased 2% to 5,757,228 including 1,719,737 ounces of silver, 23,777 tonnes of zinc, 3,129 tonnes of lead, and 290 tonnes of copper. While average throughputs, head grades and recoveries varied slightly across all operations, the increase in material processed at
At
In mid-October, the SAG mill motor at Porco was removed to be rebuilt. A 25-day period of approximately 50% grinding capacity followed as the Company was able to feed the ball mills directly with fine material until the rebuilt motor was reinstalled and full production was attained on
When compared to Q4 2022 material processed was in line with the previous year. This resulted in silver equivalent ounce and all metal production being in line quarter-over-quarter, with the exception of copper. Average copper head grades in Q4 2023 were 25% lower and as a result copper production decreased.
Annual 2023 production results benefitted from a full Q1 2023 production from the Bolivian operations. Annual 2022 figures are affected by the partial quarter of Bolivian production in Q1 2022. On
The Company continues to progress the National Instrument 43-101 technical reports for all its assets, and they are expected to be completed by the end of Q1 2024.
Fourth Quarter 2023 Production Summary – Consolidated
2023-Q4 | 2023-Q3 | Change Q4 vs Q3 | 2022-Q4 | Change Q4 vs Q4 (%) | 2023 YTD | 2022 | Change '23 vs '22 (%) | |
Material Processed (tonnes milled) | 489,417 | 467,563 | 5 | 482,626 | 1 | 1,883,446 | 1,646,271 | 14 |
Silver Equivalent Produced (AgEq ounces) (3) | 5,757,228 | 5,669,905 | 2 | 5,744,128 | - | 22,641,051 | 18,112,725 | 25 |
Silver Ounces Produced | 1,719,737 | 1,728,863 | (1) | 1,793,936 | (4) | 7,004,582 | 5,599,223 | 25 |
Zinc Tonnes Produced | 23,777 | 23,095 | 3 | 23,111 | 3 | 91,616 | 72,533 | 26 |
Lead Tonnes Produced | 3,129 | 3,370 | (7) | 2,900 | 8 | 12,366 | 10,065 | 23 |
Copper Tonnes Produced | 290 | 252 | 15 | 386 | (25) | 1,254 | 1,287 | (31) |
Development Metres | 10,573 | 10,838 | (3) | 10,653 | (1) | 42,906 | 34,455 | 25 |
Fourth Quarter 2023 Production Summary –
Bolivar (4) | Porco (4) | Caballo |
| ||
Material Processed (tonnes milled) | 74,742 | 47,057 | 79,768 | 83,343 | 204,507 |
Silver Equivalent Produced (AgEq ounces) (3) | 1,239,099 | 565,611 | 1,193,534 | 1,596,427 | 1,162,558 |
Silver Ounces Produced | 490,269 | 142,625 | 350,050 | 350,770 | 386,023 |
Zinc Tonnes Produced | 4,673 | 2,667 | 5,095 | 7,801 | 3,540 |
Lead Tonnes Produced | 357 | 157 | 685 | 548 | 1,383 |
Copper Tonnes Produced | N/A | N/A | N/A | N/A | 290 |
Average head grades per mine: | |||||
Silver (g/t) | 223 | 112 | 149 | 157 | 79 |
Zinc (%) | 6.86 | 6.01 | 6.87 | 10.16 | 2.29 |
Lead (%) | 0.67 | 0.46 | 1.11 | 0.99 | 0.83 |
Copper (%) | N/A | N/A | N/A | N/A | 0.30 |
Metal recovery per mine: | |||||
Silver (%) | 92 | 84 | 92 | 83 | 74 |
Zinc (%) | 91 | 94 | 93 | 92 | 75 |
Lead (%) | 72 | 73 | 77 | 66 | 82 |
Copper (%) | N/A | N/A | N/A | N/A | 47 |
Development Metres | 2,784 | 1,795 | 3,744 | N/A | 2,250 |
(1) | On |
(2) | Bolivian production from |
(3) | Silver Equivalent Produced (ounces) have been calculated using prices of |
(4) | Bolivar and Porco are presented at 100% production, whereas the Company records 45% of revenues and expenses in its consolidated financial statements. |
(5) | |
(6) |
Qualified Person
About
Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties in
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and Interim CEO
Neither the
Forward looking information
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the expected benefits of the integration ramp at Caballo Blanco.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks that the integration ramp at Caballo Blanco will not provide the benefits currently expected by management, risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will derive the expected benefits from the integration ramp.
There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
Supplemental Table: Full Year Quarterly Production Results
2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2023 | |
Material Processed (tonnes milled) | |||||
Bolivar (2) | 74,742 | 77,298 | 66,689 | 74,353 | 293,082 |
Porco (2) | 47,057 | 47,786 | 46,085 | 49,909 | 190,837 |
79,768 | 76,864 | 74,268 | 85,817 | 316,718 | |
83,343 | 73,456 | 85,258 | 71,448 | 313,506 | |
204,507 | 192,158 | 171,668 | 200,970 | 769,303 | |
Consolidated | 489,417 | 467,563 | 443,969 | 482,497 | 1,883,447 |
Silver Equivalent Produced (ounces) (1) | |||||
Bolivar (2) | 1,239,099 | 1,343,000 | 961,580 | 1,249,153 | 4,792,833 |
Porco (2) | 565,611 | 625,401 | 689,902 | 679,144 | 2,560,057 |
1,193,534 | 1,118,711 | 1,211,475 | 1,436,322 | 4,960,043 | |
1,596,427 | 1,399,187 | 1,827,724 | 1,195,164 | 6,018,502 | |
1,162,558 | 1,183,606 | 878,854 | 1,084,600 | 4,309,618 | |
Consolidated | 5,757,228 | 5,669,905 | 5,569,535 | 5,644,383 | 22,641,051 |
Silver Ounces Produced | |||||
Bolivar (2) | 490,269 | 502,931 | 424,664 | 555,914 | 1,973,779 |
Porco (2)) | 142,625 | 165,066 | 195,509 | 162,015 | 665,216 |
350,050 | 319,674 | 399,811 | 475,026 | 1,544,561 | |
350,770 | 362,443 | 495,344 | 255,623 | 1,464,180 | |
386,023 | 378,748 | 271,133 | 320,942 | 1,356,846 | |
Consolidated | 1,719,737 | 1,728,863 | 1,786,461 | 1,769,520 | 7,004,582 |
Zinc Tonnes Produced | |||||
Bolivar (2) | 4,673 | 5,214 | 3,323 | 4,313 | 17,523 |
Porco (2) | 2,667 | 2,891 | 3,098 | 3,245 | 11,901 |
5,095 | 4,805 | 4,804 | 5,650 | 20,355 | |
7,801 | 6,454 | 8,315 | 5,848 | 28,418 | |
3,540 | 3,731 | 2,741 | 3,407 | 13,419 | |
Consolidated | 23,777 | 23,095 | 22,281 | 22,463 | 91,616 |
Lead Tonnes Produced | |||||
Bolivar (2) | 357 | 449 | 302 | 353 | 1,461 |
Porco (2) | 157 | 190 | 214 | 217 | 777 |
685 | 684 | 825 | 1,043 | 3,237 | |
548 | 522 | 635 | 473 | 2,177 | |
1,383 | 1,526 | 849 | 957 | 4,714 | |
Consolidated | 3,129 | 3,370 | 2,824 | 3,043 | 12,366 |
Average Silver head grade per mine (g/t) | |||||
Bolivar (2) | 223 | 221 | 217 | 250 | 228 |
Porco (2) | 112 | 119 | 154 | 122 | 128 |
149 | 144 | 182 | 187 | 167 | |
157 | 183 | 216 | 125 | 171 | |
79 | 80 | 69 | 70 | 75 | |
Average Zinc head grade per mine (%) | |||||
Bolivar (2) | 6.86 | 7.41 | 5.57 | 6.40 | 6.64 |
Porco (2) | 6.01 | 6.40 | 7.15 | 6.89 | 6.65 |
6.87 | 6.80 | 6.98 | 7.01 | 6.92 | |
10.16 | 9.55 | 10.69 | 8.90 | 9.82 | |
2.29 | 2.49 | 2.25 | 2.20 | 2.31 | |
Average Lead head grade per mine (%) | |||||
Bolivar (2) | 0.67 | 0.79 | 0.62 | 0.65 | 0.69 |
Porco (2) | 0.46 | 0.52 | 0.58 | 0.58 | 0.54 |
1.11 | 1.22 | 1.44 | 1.50 | 1.33 | |
0.99 | 1.06 | 1.21 | 0.94 | 1.05 | |
0.83 | 0.97 | 0.67 | 0.63 | 0.78 | |
Average Silver recovery per mine (%) | |||||
Bolivar (2) | 92 | 92 | 91 | 93 | 92 |
Porco (2) | 84 | 90 | 86 | 83 | 86 |
92 | 90 | 92 | 92 | 91 | |
83 | 84 | 84 | 89 | 85 | |
74 | 76 | 71 | 71 | 73 | |
Average Zinc recovery per mine (%) | |||||
Bolivar (2) | 91 | 91 | 90 | 91 | 91 |
Porco (2) | 94 | 95 | 94 | 94 | 94 |
93 | 92 | 93 | 94 | 93 | |
92 | 92 | 91 | 92 | 92 | |
75 | 78 | 71 | 77 | 76 | |
Average Lead recovery per mine (%) | |||||
Bolivar (2) | 72 | 74 | 74 | 73 | 73 |
Porco (2) | 73 | 76 | 80 | 75 | 76 |
77 | 73 | 77 | 81 | 77 | |
66 | 67 | 62 | 70 | 66 | |
82 | 82 | 74 | 76 | 79 |
(1) | Silver Equivalent Produced (ounces) have been calculated using prices of |
(2) | Bolivar and Porco are presented at 100% whereas the Company records 45% of revenues and expenses in its consolidated financial statements. |
SOURCE
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