Endeavour Silver Reports High-Grade Mineralization Intersection
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Endeavour Silver Reports High-Grade Mineralization Intersection

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Mon, 09/26/2022 - 16:30

Endeavour Silver Corporation announced positive drill results from its drill program at Guanacevi Mine in Durango, Mexico. Moreover, it reported that drilling will continue along the prolific Santa Cruz vein in two areas with the goal to expand and discover new resources. 

The company’s drill program focused on the El Curso property, establishing the lateral and vertical extent of the mineralized zone between the Porvenir Cuatro and Milache mines. 

“We are encouraged by the drill results at Guanacevi, as we continue to delineate high grades in areas which are proximal to the mill and historic working areas. The results announced today demonstrate both growth and steady improvement of the deposit and mine plan,” stated Dan Dickson, Chief Executive Officer, Endeavour Silver. He also said that the company remains focused on delineating mineralized extensions, mining horizons and resource growth.

Recently, the company reported its 2Q22 financial and operating results, highlighting that due to its positive performance, its 2022 production guidance has been increased. According to a press release, the company had a solid production of 1,359,207oz of silver during 2Q22, which represents an increase of 27 percent compared to 2Q21. In addition, the company produced 9,289oz of gold for 2.1Moz of silver equivalent. Endeavour highlighted that with the results of 2Q22, it is all but certain to reach strong production in 2022.

Considering the strong 2Q22 results, the company raised its production forecast from 6.7-7.6Moz to between 7.6 and 8Moz. Endeavour explained the increase in its 2022 production guidance is primarily due to higher-than-expected ore grades at Guanacevi. Meanwhile, production at Bolañitos remains strong due to high silver grades and increased production. However, these results were offset by lower gold grades and production.

Endeavour highlighted that it expects its operating cost guidance to remain unchanged through the remainder of 2022. Cash costs are expected to average between US$9 and US$10/oz. However, the company noted that as inflationary pressures continue to increase, the prices of key materials such as reagents, explosives, diesel and energy, as well as operating and development costs could grow. Nevertheless, the company plans to mitigate these costs in 2H22 through improved monitoring and tracking of operations, improved blasting, increased tons milled and waste reduction.

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