Magna Gold’s San Francisco Mine Ramps Up Gold ProductionBy Lorenzo Núñez | Thu, 04/15/2021 - 16:21
Magna Gold announces successful ramp-up for their San Francisco mine located in Sonora. The stripping program has accelerated improving gold production levels.
Magna Gold has seen a successful performance from both their La Lima project located in Sonora and their San Francisco mine. As reported by MBN, La Lima project is located in the center of the Sonora Megashear and has several gold and silver mines. La Pima project is located 24km northwest of Magna Gold’s San Francisco gold mine. In September the company provided the operational results of this mine. Since it was purchased in May 2020, the company has sought to unlock the inherent value of San Francisco by implementing an aggressive drilling program and mine optimization. Magna said the company aims to use its mine profits in the re-investment of the property, which will accelerate its growth.
The San Francisco mine began operations in 2010 and has already produced over 820,000 ounces of gold. The mine is located in the north central portion of the state of Sonora, Mexico, approximately 150 kilometers (km) north of the state capital Hermosillo. Mine operations restarted on 3Q2020.
For 1Q2021 , their gold production was reported to be on the rise. According to Magna gold’s press release, month-to-month gold production has been progressively growing with an increase of 3,085 ounces in January, 2,670 ounces in February and 4,030 ounces in March. Compared to the last three months of 2020, this represents a material increase of 31 percent and 76 percent in gold and silver production, respectively, as reported by Magna Gold. Once the mine returns to a full-scale commercial production in June of 2021, production is expected to have a monthly rate of 6,000 ounces and exiting the year with over 7,500 ounces per month. Magna has also stated that they are on track to reach their 2021 production goal of 55,000 to 65,000 ounces of gold.
Mr. Arturo Bonillas, President & CEO of Magna Gold stated, “We are extremely proud of our progress at San Francisco – our team has made considerable progress during ramp-up and we are well on our way to establishing San Francisco as a stable free cash flow generator. We will remain focused on realizing further operational efficiencies, expanding mineral reserves and resources and seeking growth opportunities externally and within our significant pipeline of projects.” The company expects to give an update of the San Francisco mine operations by the end of the 3rd quarter of 2021.