MAG Silver Corp (MAG) Announces Juanicipio Ships First Commercial Concentrates
MAG Silver (NYSE:) Corp. (NYSE American: MAG) is pleased to announce that it has been informed by Fresnillo Plc (“Fresnillo”), the operator of the Juanicipio Mine (“Juanicipio”) (56% Fresnillo / 44% MAG), that concentrate production at the high-grade Juanicipio Mine has commenced with the shipment of its first commercial lead and zinc concentrates in late March 2023. Regular concentrate shipments have commenced and are planned going forward.
Construction activities are now substantially complete, commissioning and start-up of the process plant has gone well, and we look forward to ramping up to design rates over the next few months. During March 2023, milling rates were around 60% of design, delivering an average of 2,476 tonnes per day with rates periodically reaching up to 3,900 tonnes per day. Current mill feed is a combination of mineralized material from underground stopes and lower grade stockpiles that were earmarked for commissioning activities. Mining operations continue to perform as planned and will ramp up high grade feed as the plant approaches commercial production and recovery rates are in line with design.
Over the course of March 2023, lower grade commissioning material was processed with recovery rates averaging 84% for silver, slightly above expectations at this stage of the commissioning. We expect the recovery rates to increase steadily and reach design as throughput rates and feed grade increase.
“With first concentrate production ushering in the next chapter for Juanicipio, we are extremely proud of the progress that has been achieved as it graduates to a high-quality, low-cost, tier-1 silver producer,” said George Paspalas, President and CEO of MAG. “We are delighted with the high silver recoveries we are seeing so early in the commissioning process and look forward to the operation progressing into a significant cash flow generator for the Company and a substantial contributor to the local and regional economy.”
Qualified Person: All scientific or technical information in this press release including assay results referred to, and Mineral Resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., C.P.G., a Certified Professional Geologist who is a “Qualified Person” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“National Instrument 43-101” or “NI 43-101”). Dr. Megaw is not independent as he is an officer and a paid consultant of MAG.