Luca Sets up for a Strong 2H 2024 with Production Guidance of 60,000 - 70,000 AuEq Ounces for the Full Year
Today, LUCA Mining (LUCA.v LUCMF) announced is 2024 guidance and outlook for its 100% owned Campo Morado and Tahuehueto mines in Mexico, setting up for a strong 2H 2024 with production guidance of 60,000-70,000 AuEq ounces for the full year!
2024 Full Year Consolidated Production and Financial Guidance:
- Consolidated Production & Sales between 60,000-70,000 ounces of gold equivalent
- Consolidated Revenue of US$90M - US$105M
- Consolidated Total Cash Costs between $1,200 and $1,334 per ounce of gold equivalent produced
- Consolidated All-in Sustaining Costs between $1,320 and $1,500 per ounce of gold equivalent produced
- 2024 near-mine and regional exploration program planned
Key 2024 Milestones:
- Throughput expansion at both mills
- Declaration of commercial production at Tahuehueto
- Additional of separate copper concentrate at Campo Morado
- Commencement of a major exploration programs at both properties
In Q1, LUCA produced 14.1K oz of gold equivalent with the two mines, operating on average at 35-40% and 55-60% of their potential capacities.
Focused on increasing the capacity of both mines, LUCA is approaching its full production targets.
At the Tahuehueto Gold Mine, LUCA is 97% complete in the construction of the new mill, which has a capacity of 1,000 tpd. Currently, production is averaging 450tpd. Once the main component is fully installed, LUCA will be able to increase production to +800 tpd in a very short timeframe.
Given the current spot gold price, this is a timely achievement and LUCA will see the benefits of this ramp up in Q3 and 4 of 2024.
High-Grade Gold Zones at Tahuehueto
Furthermore, LUCA recently announced the high-grade gold zones with significant mining widths at the Tahuehueto Gold Mine where drilling is expected to start from underground soon.
This investment in exploration has excellent potential as it's located on the main Creston vein at underground Level 23. If successful, this presents an opportunity for expanding resources and leveraging the processing capacity of the mill.
Campo Morado Production
Having achieved an average throughput of ~1,390ptd in Q1 of 2024, LUCA is ramping back up to 2,000tpd at Campo Morado and has reached 1,800tpd over the past two consecutive weeks.
LUCA is expected to achieve this target in early Q3.
Additionally, LUCA is aiming to increase cash flow by producing three high-quality concentrates of copper, zinc and lead. Having successfully completed metallurgical test work on the copper-lead separation process, LUCA is currently implementing the flowsheet at minimal cost with completion expected in Q3.
Continuing to integrate responsible and sustainable mining practices throughout its operations, LUCA is on track to see a significant improvement in cashflows, continuing it's strong track record over the last 6-12 months of delivery, production growth, high-grade gold discoveries and positive cash flow.
Full News Release: https://lucamining.com/press-release/?qmodStoryID=7271273589895875
Posted on Behalf of Luca Mining Corp.