Americas Gold and Silver Corporation (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing North American
precious metals producer, is pleased to provide its Q4-2023 and
full year 2023 production results as well as an update to Galena
Complex exploration results.
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the full release here:
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Figure 1: Drilling between 4600 and 4900
Level (Graphic: Americas Gold and Silver Corporation)
- Q4-2023 was the Company’s strongest production quarter of the
year as consolidated attributable silver production rose over 50%
totalling approximately 0.58 million ounces compared with
approximately 0.38 million ounces in Q4-2022 and approximately 0.39
million ounces in Q3-2023.
- 2023 consolidated attributable silver production increased by
over 55% totalling approximately 2.04 million ounces compared with
approximately 1.31 million ounces in 2022. Despite the strong
production in Q4-2023, the Company was 7% below it’s original
silver guidance for the year. Additional silver production was
expected from the Galena Complex at the end of the Q4-2023, that
was delayed by sand-fill cycle issues. This delayed silver
production was delivered to the mill in early January 2024, which
will have a positive impact on Q1-2024 silver production.
- The Company is making significant progress with interested
metal traders to provide concentrate prepayment financing for the
capital requirements at its 100%-owned El Cajón and Zone 120
silver-copper project (“EC120 Project”) at the Cosalá Operations.
The Company expects to close on this financing in Q1-2024 with the
goal to be producing higher-grade silver-copper concentrates by the
end of 2024.
- Following the successful drilling campaign of the Caladay Lead
Zone from the eastern extent of the 4900 Level, the Galena Complex
exploration team has successfully defined exciting new veins and
extended known mineralization from drilling platforms on 4600L,
4300L and 5200L. New reportable, high-grade silver intercepts
continue to highlight the exploration potential at the Galena
Complex and the results are expected to add mineable resources with
additional infill drilling that could be additive to planned 2024
silver production totals. Some notable intercepts are:
- Hole 49-664: 3,172 g/t silver, 3.8% copper and 2.6% lead
(3,674 g/t silver equivalent[1]) over 1.4 m[2] and: 412 g/t silver,
0.1% copper and 0.2% lead (430 g/t silver equivalent) over 2.3
m
- Hole 49-668: 5,665 g/t silver, 1.1% copper and 0.2% lead
(5,787 g/t silver equivalent) over 0.9 m and: 1,012 g/t silver and
0.6% copper (1,082 g/t silver equivalent) over 1,2 m and: 5,598 g/t
silver, 2.3% copper and 4.0% lead (5,983 g/t silver equivalent)
over 1.2 m
- Hole 52-507: 6,444 g/t silver and 1.8% copper (6,640 g/t
silver equivalent) over 0.7 m
“The Company had its strongest quarter of the year in Q4-2023
and delivered an impressive 56% increase in silver production
year-over-year. Despite the Company falling just short of its
guidance, I’m proud of how the operational teams performed given
the 45 days lost in the calendar year from unforeseen issues that
are now behind us.” stated Americas President and CEO Darren
Blasutti. “Not only is attributable silver production expected to
grow significantly again in 2024, but the Galena Complex
exploration program continues to generate impressive results which
the Company is confident will yield near term mining targets. We
are excited by the scale of some of the targets that could generate
new production areas that can be exploited by bulk mining methods
as well as areas of exceptional grade.”
Consolidated Attributable Production*
2023
2022
% Increase (Decrease)
(Y-over-Y)
Silver Production (ounces)
2.04 Moz
1.31 Moz
56%
Zinc Production (pounds)
34.1 Mlbs
39.3 Mlbs
(13%)
Lead Production (pounds)
20.5 Mlbs
24.6 Mlbs
(17%)
Silver Equivalent Production
(ounces)
4.6 Moz
5.3 Moz
(13%)
* Silver equivalent ounces for 2023 and 2022 were calculated
based on silver, zinc and lead realized prices during each
respective period throughout this press release.
Attributable production from the 60% owned Galena Complex was
approximately 262,000 ounces of silver and 1.8 million pounds of
lead in Q4-2023, compared to approximately 182,000 ounces of silver
and 2.2 million pounds of lead in Q4-2022. For the year,
attributable production from the 60% owned Galena Complex was
approximately 944,000 ounces of silver and 9.1 million pounds of
lead, compared to approximately 672,000 ounces of silver and 9.3
million pounds of lead in 2022.
Despite the challenges encountered in with the Galena Shaft
Repair project and the associated lower than planned ore and waste
hoisting capacity, the operation was able to produce over 40% more
attributable silver ounces in 2023 compared to 2022. The increase
in production was driven by the successful mining of high-grade
silver-copper stopes. The Galena Shaft Repair project is expected
to recommence in Q3-2024 and will be completed by Moran Mining
& Tunneling. In Q4-2023, the Galena Complex undertook some
critical shaft rehab work on the Coeur Shaft to increase total
skipping capacity and ensure that critical waste development above
3700 Level is possible which will open up new high grade stope
areas. During H1-2024, the Galena Complex anticipates bringing two
new stope areas online which will increase the mine’s mining rate
and result in providing critical incremental cash flow which will
be directed to the Galena Shaft Repair project.
Diamond drilling on the property has continued since the last
mineral resource update of June 30, 2022 and the Company has
initiated the process of updating the mineral resources and
reserves for the Galena Complex as at December 31, 2023 and is
expected to publish the results in Q1-2024. Based on the drilling
success, the Company expects to add additional mineral resources as
well as increase confidence of the mineral resource compared with
previously reported mineral resources.
The Cosalá Operations produced approximately 321,000 ounces of
silver, 2.7 million pounds of lead and 8.3 million pounds of zinc
in Q4-2023, compared with approximately 196,000 ounces of silver,
3.8 million pounds of lead and 10.4 million pounds of zinc in
Q4-2022. Silver production in the quarter was up almost 64%
benefitting from higher-grade silver areas in the Upper Zone of the
San Rafael mine and stockpiled production from Zone 120 deposit.
For 2023, the Cosalá Operations produced approximately 1.1 million
ounces of silver, 11.5 million pounds of lead and 34.1 million
pounds of zinc, compared with approximately 636,000 ounces of
silver, 15.3 million pounds of lead and 39.3 million pounds of zinc
in 2022. Silver production for the year increased 73% as the
Company focused on higher grade silver areas given the increase in
silver prices and lower zinc prices.
With the current higher silver price and lower zinc price, the
Company decided to expedite the development of its 100%-owned EC120
Project at the Cosalá Operations. Initial access to the Zone 120
deposit occurred in Q3-2023 from the San Rafael Upper Zone
development.
The Company commenced discussions in Q4-2023 with interested
metal traders to provide concentrate prepayment financing options
for the capital requirements at the EC120 Project. The Company
expects to close on this financing in Q1-2024 with the goal to be
producing higher-grade silver-copper concentrates by the end of
2024.
Consolidated attributable silver equivalent3 production in
Q4-2023 was approximately 1.2 million ounces compared with
approximately 1.3 million ounces in Q4-2022. For 2023, consolidated
attributable silver equivalent production was approximately 4.6
million ounces compared with approximately 5.3 million ounces in
2022. Silver equivalent production continued to be impacted by
higher silver prices and lower zinc prices throughout the year as
the Company uses realized quarterly prices in its calculations.
Using budgeting pricing that was expected for silver equivalent
production – the Company would have produced approximately the same
amount of silver equivalent ounces as in 2022.
Galena Exploration Update
The Galena Complex has been actively drilling near mine
exploration targets with exciting results including an area between
the 4600 Level and 4900 Level which had previously been a gap in
drilling and has been consistently returning high-grade intercepts
of attractive Ag-Cu veins. A drill campaign was completed from the
4600 Level to infill a gap in the 360 Complex and this program was
successful in proving the continuity of the 360 Complex
mineralization between 4600 and 4900 Level. Active drilling on the
4300 level has been critical to defining the upper extents of the
360 Complex and has also led to the eastward extension of the 360
Complex which contains several intercepts of wide veins contained
within a larger package of disseminated mineralization. Recent
drilling from the 5200 Level targeting the 55 Vein has uncovered
high-grade intercepts of previously unknown veins which are close
to existing infrastructure.
Two programs were active in the period from a drill platform
near the 4600 Level. The first infill drill program above the 4600
Level targeting the Lower Country Lead Zone has been completed and
added confidence to near-term mine plans of this area. The second
program, which remains active, has intercepted impressive grades of
Ag-Cu veins in the Central Zone in an area that currently contains
no mineral resources. This drilling has shown down dip extensions
of veins previously mined above the 4600 Level and the proximity to
existing infrastructure on 4600 and 4900 Levels gives these early
results a high potential to add near-term mineable resources to the
Galena Complex with additional infill drilling.
- Hole 49-641: 307 g/t silver and 15.5% lead (770 g/t
silver equivalent) over 2.2 m and: 1,407 g/t silver, 0.2% copper
and 43.4% lead (2,712 g/t silver equivalent) over 1.1 m
- Hole 49-658: 435 g/t silver and 20.4% lead (1,042 g/t
silver equivalent) over 1.4 m and: 270 g/t silver and 11.1% lead
(601 g/t silver equivalent) over 3.0 m and: 905 g/t silver, 0.7%
copper and 0.5% lead (1,000 g/t silver equivalent) over 1.1 m
- Hole 49-661: 295 g/t silver, 0.1% copper and 4.1% lead
(433 g/t silver equivalent) over 2.3 m and: 920 g/t silver, 0.1%
copper and 42.8% lead (2,200 g/t silver equivalent) over 0.6 m and:
526 g/t silver, 0.1% copper and 26.3% lead (1,313 g/t silver
equivalent) over 0.7 m and: 453 g/t silver, 0.1% copper and 13.3%
lead (856 g/t silver equivalent) over 3.4 m
- Hole 49-662: 304 g/t silver and 12.4% lead (673 g/t
silver equivalent) over 1.1 m and: 323 g/t silver, 0.1% copper and
6.8% lead (538 g/t silver equivalent) over 3.7 m including: 1,235
g/t silver, 0.8% copper and 6.8% lead (1,533 g/t silver equivalent)
over 0.4 m including: 631 g/t silver, 0.0% copper and 20.1% lead
(1,231 g/t silver equivalent) over 0.4 m including: 343 g/t silver,
0.1% copper and 14.5% lead (784 g/t silver equivalent) over 0.4
m
- Hole 49-664: 3,172 g/t silver, 3.8% copper and 2.6% lead
(3,692 g/t silver equivalent) over 1.4 m and: 410 g/t silver, 0.1%
copper and 0.2% lead (430 g/t silver equivalent) over 2.3 m
- Hole 49-666: 858 g/t silver, 0.5% copper and 0.2% lead
(922 g/t silver equivalent) over 1.2 m and: 754 g/t silver, 0.7%
copper and 0.1% lead (840 g/t silver equivalent) over 1.1 m
- Hole 49-667: 1,317 g/t silver, 1.0% copper and 0.1% lead
(1,436 g/t silver equivalent) over 0.8 m
- Hole 49-668: 5,663 g/t silver, 1.1% copper and 0.2% lead
(5,793 g/t silver equivalent) over 0.8 m and: 1,012 g/t silver and
0.6% copper (1,087 g/t silver equivalent) over 1.1 m and: 5,598 g/t
silver, 2.3% copper and 4.0% lead (5,982 g/t silver equivalent)
over 1.2 m
- Hole 49-670: 1,499 g/t silver, 1.83% copper & 0.65%
lead (1,732 g/t silver equivalent) over 1.9 m
Drilling from the 4300 level has targeted the upper levels of
the 360 Complex and recent drilling to the east has encountered
several promising thick intercepts of veins within a larger package
of stacked veins and disseminated mineralization beyond the known
mineral resource in the area. The wide intercepts of economic
grades create the potential of extraction via more productive bulk
mining methods if future infill drilling programs are successful in
defining this area as a mineral resource. Due to limitations of the
Termite drill and the existing drilling platform, this new vein
package is open along strike to the east and plans are being
developed to add additional drilling with a Hagby drill from
platforms from the 4300 Level and 4600 Level to build upon current
understanding of this zone and define the lateral and vertical
extents of the mineralization.
- Hole 43-278: 154 g/t silver and 10.0% lead (450 g/t
silver equivalent) over 37.3 m including: 288 g/t silver and 16.3%
lead (772 g/t silver equivalent) over 1.5 m including: 302 g/t
silver and 19.7% lead (888 g/t silver equivalent) over 2.6 m
including: 176 g/t silver and 12.2% lead (538 g/t silver
equivalent) over 2.1 m including: 230 g/t silver and 18.7% lead
(786 g/t silver equivalent) over 5.2 m
- Hole 43-280: 130 g/t silver and 8.4% lead (380 g/t
silver equivalent) over 10.7 m and: 230 g/t silver and 14.1% lead
(654 g/t silver equivalent) over 32.8 m including: 246 g/t silver
and 14.8% lead (684 g/t silver equivalent) over 2.4 m including:
455 g/t silver and 38.6% lead (1,603 g/t silver equivalent) over
2.1 m including: 294 g/t silver and 27.0% lead (1,094 g/t silver
equivalent) over 5.2 m including: 812 g/t silver, 0.4% copper and
31.3% lead (1,785 g/t silver equivalent) over 2.2 m
- Hole 43-281: 155 g/t silver and 10.9% lead (480 g/t
silver equivalent) over 18.6 m and: 206 g/t silver and 17.4% lead
(722 g/t silver equivalent) over 1.5 m and: 446 g/t silver and
11.6% lead (793 g/t silver equivalent) over 0.9 m and: 274 g/t
silver and 6.9% lead (480 g/t silver equivalent) over 1.5 m and:
213 g/t silver and 7.5% lead (436 g/t silver equivalent) over 1.2
m
- Hole 43-283: 133 g/t silver and 10.2% lead (437 g/t
silver equivalent) over 53.3 m including: 324 g/t silver and 23.8%
lead (1,033 g/t silver equivalent) over 0.9 m including: 222 g/t
silver and 17.9% lead (753 g/t silver equivalent) over 5.2 m
including: 247 g/t silver and 19.0% lead (812 g/t silver
equivalent) over 4.5 m including: 227 g/t silver and 17.4% lead
(747 g/t silver equivalent) over 1.1 m including: 226 g/t silver
and 14.7% lead (663 g/t silver equivalent) over 7.8 m
Drilling from the 4600 level and targeting the 360 Complex
successfully infilled an area that lacked drilling and mineral
resources and provided critical data required to model and estimate
mineral resources in the 360 Complex between 4600 and 4900 Levels.
The results of this drilling campaign are critical to near term
extraction of the 360 Complex.
- Hole 46-328: 631 g/t silver and 20.5% lead (1,243 g/t
silver equivalent) over 1.5 m
- Hole 46-334: 1,294 g/t silver, 1.4% copper and 1.9% lead
(1,508 g/t silver equivalent) over 1.3 m
- Hole 46-335: 3,841 g/t silver, 4.0% copper and 14.5%
lead (4,741 g/t silver equivalent) over 1.3 m
- Hole 46-340: 532 g/t silver, 0.2% copper and 8.1% lead
(796 g/t silver equivalent) over 4.6 m including: 1,303 g/t silver,
0.5% copper and 1.4% lead (1,403 g/t silver equivalent) over 0.7 m
including: 453 g/t silver, 0.2% copper and 8.4% lead (720 g/t
silver equivalent) over 0.5 m including: 1,094 g/t silver, 1.2%
copper and 34.6% lead (2,260 g/t silver equivalent) over 0.1 m
- Hole 46-350: 256 g/t silver and 9.4% lead (535 g/t
silver equivalent) over 1.6 m and: 211 g/t silver and 6.5% lead
(406 g/t silver equivalent) over 2.6 m and: 214 g/t silver and 6.0%
lead (394 g/t silver equivalent) over 1.8 m
- Hole 46-352: 361 g/t silver and 10.1% lead (662 g/t
silver equivalent) over 1.6 m
The Hagby #1 drill was recently moved from the 4600 Level 360
Complex to the 5200 Level to target the 055 Vein which lies between
the 058 Vein and the Galena shaft. This area is close to existing
infrastructure and in addition to the 055 vein, there is potential
to define high grade Ag-Cu veins. Initial drilling from the 5200
Level has yielded some impressive intercepts and high grades.
- Hole 52-503: 4,389 g/t silver and 0.4% copper (4,443 g/t
silver equivalent) over 0.2 m
- Hole 52-504: 959 g/t silver, 0.3% copper and 0.2% lead
(1,002 g/t silver equivalent) over 1.5 m and: 1,292 g/t silver,
0.4% copper and 0.2% lead (1,340 g/t silver equivalent) over 1.0
m
- Hole 52-507: 6,442 g/t silver and 1.8% copper (6,652 g/t
silver equivalent) over 0.7 m
A full table of drill results can be found at:
https://americas-gold.com/site/assets/files/5838/dr20240123.pdf
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious
metals mining company with multiple assets in North America. The
Company owns and operates the Cosalá Operations in Sinaloa, Mexico,
manages the 60%-owned Galena Complex in Idaho, USA, and is
re-evaluating the Relief Canyon mine in Nevada, USA. The Company
also owns the San Felipe development project in Sonora, Mexico. For
further information, please see SEDAR or www.americas-gold.com.
Technical Information and Qualified Persons
The scientific and technical information relating to the
operation of the Company’s material operating mining properties
contained herein has been reviewed and approved by Chris McCann,
P.Eng., VP Technical Services of the Company. The Company’s current
Annual Information Form and the NI 43-101 Technical Reports for its
other material mineral properties, all of which are available on
SEDAR+ at www.sedarplus.com, and EDGAR at www.sec.gov, contain
further details regarding mineral reserve and mineral resource
estimates, classification and reporting parameters, key assumptions
and associated risks for each of the Company’s material mineral
properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”), as required by Canadian securities
regulatory authorities. These standards differ from the
requirements of the SEC that are applicable to domestic United
States reporting companies. Any mineral reserves and mineral
resources reported by the Company in accordance with NI 43-101 may
not qualify as such under SEC standards. Accordingly, information
contained in this news release may not be comparable to similar
information made public by companies subject to the SEC’s reporting
and disclosure requirements.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” within
the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, Americas’
expectations, intentions, plans, assumptions and beliefs with
respect to, among other things, estimated and targeted production
rates and results for gold, silver and other metals, the expected
prices of gold, silver and other metals, as well as the related
costs, expenses and capital expenditures; production from the
Galena Complex, including the expected number of producing stopes
and production levels; the expected timing and completion of the
Galena Shaft Repair project and the expected operational and
production results therefrom, including the anticipated
improvements to the cash costs per silver ounce and all-in
sustaining costs per silver ounce at the Galena Complex following
completion; and statements relating to Americas’ EC120 Project,
including expected approvals, prepayment financing availability and
capital expenditures required to develop such project and reach
production thereat, and expectations regarding its ability to rely
in existing infrastructure, facilities, and equipment. Guidance and
outlook references contained in this press release were prepared
based on current mine plan assumptions with respect to production,
development, costs and capital expenditures, the metal price
assumptions disclosed herein, and assumes no further adverse
impacts to the Cosalá Operations from blockades or work stoppages,
and completion of the shaft repair and shaft rehab work at the
Galena Complex on its expected schedule and budget, the realization
of the anticipated benefits therefrom, and is subject to the risks
and uncertainties outlined below. The ability to maintain cash flow
positive production at the Cosalá Operations, which includes the
EC120 Project, through meeting production targets and at the Galena
Complex through implementing the Galena Recapitalization Plan,
including the completion of the Galena shaft repair and shaft rehab
work on its expected schedule and budget, allowing the Company to
generate sufficient operating cash flows while facing market
fluctuations in commodity prices and inflationary pressures, are
significant judgments in the consolidated financial statements with
respect to the Company’s liquidity. Should the Company experience
negative operating cash flows in future periods, the Company may
need to raise additional funds through the issuance of equity or
debt securities. Often, but not always, forward-looking information
can be identified by forward-looking words such as “anticipate”,
“believe”, “expect”, “goal”, “plan”, “intend”, “potential’,
“estimate”, “may”, “assume” and “will” or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or
performance. Forward-looking information is based on the opinions
and estimates of Americas as of the date such information is
provided and is subject to known and unknown risks, uncertainties,
and other factors that may cause the actual results, level of
activity, performance, or achievements of Americas to be materially
different from those expressed or implied by such forward-looking
information. With respect to the business of Americas, these risks
and uncertainties include risks relating to widespread epidemics or
pandemic outbreak, actions that have been and may be taken by
governmental authorities to contain such epidemic or pandemic or to
treat its impact and/or the availability, effectiveness and use of
treatments and vaccines (including the effectiveness of boosters);
interpretations or reinterpretations of geologic information;
unfavorable exploration results; inability to obtain permits
required for future exploration, development or production; general
economic conditions and conditions affecting the industries in
which the Company operates; the uncertainty of regulatory
requirements and approvals; potential litigation; fluctuating
mineral and commodity prices; the ability to obtain necessary
future financing on acceptable terms or at all; the ability to
operate the Company’s projects; and risks associated with the
mining industry such as economic factors (including future
commodity prices, currency fluctuations and energy prices), ground
conditions, illegal blockades and other factors limiting mine
access or regular operations without interruption, failure of
plant, equipment, processes and transportation services to operate
as anticipated, environmental risks, government regulation, actual
results of current exploration and production activities, possible
variations in ore grade or recovery rates, permitting timelines,
capital and construction expenditures, reclamation activities,
labor relations or disruptions, social and political developments,
risks associated with generally elevated inflation and inflationary
pressures, risks related to changing global economic conditions,
and market volatility, risks relating to geopolitical instability,
political unrest, war, and other global conflicts may result in
adverse effects on macroeconomic conditions including volatility in
financial markets, adverse changes in trade policies, inflation,
supply chain disruptions and other risks of the mining industry.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. Additional information regarding the factors that may
cause actual results to differ materially from this forward‐looking
information is available in Americas’ filings with the Canadian
Securities Administrators on SEDAR+ and with the SEC. Americas does
not undertake any obligation to update publicly or otherwise revise
any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law. Americas does not give any
assurance (1) that Americas will achieve its expectations, or (2)
concerning the result or timing thereof. All subsequent written and
oral forward‐looking information concerning Americas are expressly
qualified in their entirety by the cautionary statements above.
1 Silver equivalent grade for drill intercepts were calculated
using metal prices of $22.00/oz silver, $3.75/lb copper and
$0.95/lb lead and equivalent metallurgical recoveries were assumed
for all metals (silver, lead and copper). 2 Meters represent “True
Width” which is calculated for significant intercepts only and is
based on orientation axis of core across the estimated dip of the
vein. 3 Silver equivalent ounces for production in Q4-2023,
Q4-2022, 2023 and 2022 were calculated based on silver, zinc and
lead realized prices during the period throughout this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240123718885/en/
Stefan Axell VP, Corporate Development & Communications
Americas Gold and Silver Corporation 416-874-1708
Darren Blasutti President and CEO Americas Gold and Silver
Corporation 416‐848‐9503
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