Precious Metal Production in Mexico With two long life mines, including a producing copper-zinc mine and brand new gold-silver mine, moving forward to commercial production at a time when metal prices are rising LUCA Mining (LUCA.v LUCMF) is taking advantage of its unhedged gold, silver and copper production.
Precious Metal Production in Mexico
Spanning 7,492 hectares and boasting 24k M&I ounces of gold, 9.5M M&I ounces of silver and 535k M&I ounces of AuEq, Tahuehueto covers at least 12 mineralized zones hosted within a structurally controlled epithermal system that has been traced for more than 6km.
As LUCA's flagship asset, over $30M has been invested into the project between exploration, prefeasibility study and mine development.
With a goal of commencing commercial production in 2024, Tahuehueto's 100tpd processing plant is currently under construction
Milestone Achievement of Positive Operating Earnings
Significantly, LUCA recently announced its financial results for the three months ended March 31, 2024, reporting a strong Q1 with C$7.3M of net income.
Highlights:
- Production of 14,148 tory oz of gold equivalent up 20% from Q4 2023
- Total Net Revenue of C$22.04M, a 21% increase from Q4 2023
- Milestone Achievement of Positive Operating Earnings: Generated C$4.8M in operating income and C$7.3M in net income
- Cash Flow: C$4.04M in positive operating cash flow before working capital changes
- Operating Costs: All-in sustaining costs per AuEq oz produced (AISC) was US $1,325 at Campo Morado and US$1,690 at Tahuehueto for consolidated AISC of US$1,549
- Operating costs expected to decrease as mines continue to ramp up production in 2H 2024
Anticipating Q1 2024's positive trajectory to persist throughout the second quarter and remainder of the 2024 year amid continued development, LUCA has a strong path ahead.
Full News Release: https://lucamining.com/press-release/?qmodStoryID=4527755977412632
Posted on Behalf of Luca Mining Corp.