Endeavour Silver Announces Strong Silver ProductionBy Karin Dilge | Tue, 04/12/2022 - 11:53
The Canadian Endeavour Silver reported a 25 percent increase in its silver production during 1Q22, partly driven by excellent results at its Guanaceví and Bolañitos mines. It announced a production of 1,314,955 oz of silver and 8,695 oz of gold.
According to the company, its production increase was primarily driven by a 23 percent increase in silver production at the Guanacevi mine and a 70 percent increase in silver production at the Bolañitos mine, somewhat offset by zero production at El Compas, which the company put on care and maintenance last August.
“The year is off to a strong start,” stated Dan Dickson, CEO, Endeavour Silver. “Operationally, Guanacevi continues to outperform production expectations and Bolañitos remains steady. Strategically, we made a significant move in January, signing a definitive agreement to acquire the Pitarrilla Project, one of the world’s largest undeveloped silver deposits. The addition of Pitarrilla, which is expected to close in the second quarter, significantly enhances our already attractive pipeline of growth projects, which also includes Terronera and Parral,” he continued.
Moreover, the company notified that silver and gold production at Guanacevi outperformed the plan due to the higher grades it encountered. At Bolañitos, production remained steady: strong silver production, higher silver grades and increased throughput were offset by the impact of a lower than anticipated gold production and lower gold grades.
Regarding metal sales and inventories, the company sold 1,717,768 oz of silver and 8,381 oz of gold during the quarter. In addition, it held 608,788 oz silver and 1,911 oz gold of bullion inventory, as well as 59,594 oz silver and 1,931 oz gold in concentrate inventory at the quarter’s end.
Furthermore, the Canadian mining company is advancing in its Terronera Project and announced the definitive agreement to acquire the Pitarrilla Project, one of the largest underdeveloped silver deposits in the world, from SSR Mining Inc. Endeavour Silver intends to make a formal construction decision on Terronera, subject to completion of a financing package and receipt of additional amended permits in the coming months. On the other hand, the transaction on the Pitarrilla Project is expected close in 2Q22. Pitarrilla, like Guanacevi, is located in Durango, a mining-friendly jurisdiction.
The state of Durango has traditionally been a mining state, where mining activities first took place in the year 1552, at a time when the iron deposit of Cerro de Mercado was discovered by Spanish Captain Ginés Vázquez de Mercado. This landmark event marked the founding of the city of Durango, where mining production has been relevant for metallic minerals. Today, Durango boasts prominent mineral deposits still in production today. They represent one of the best alternatives for development in places where the possibility of establishing any other industry is out of the question, explained Gustavo Kientzle, Secretary of Economic Development of Durango at the Mexico Mining Forum.