LUCA Completes Construction of Tahuehueto Gold MineToday, LUCA Mining (LUCA.v, LUCMF) announced the completion of its Tahuehueto Gold mine in Mexico's Durango State!
With a processing capacity of 1,000 tonnes per day (tpd), the fully permitted underground mine has been producing on a pre-production basis and is set to reach commercial production by September 2024, targeting an average of 800 tpd (25,000tonnes per month).
Set to become a second cornerstone asset for LUCA, the largely unexplored, 121 square km property hosts an extensive epithermal gold vein system.
Expressing satisfaction with LUCA's progress as processing rates are currently averaging 450 tpd and are expected to steadily increase over the coming weeks to reach commercial production, CEO Dan Barnholden commented:
"We are ultimately targeting at least 50,000 oz Au Eq* annual production from this mine. We are also excited about encountering new high-grade gold zones with significant mineable widths, as recently announced, through our normal course development work. We expect to start exploring these zones from underground in the upcoming months. This is a tremendous achievement, and it reinforces the strength of our team, which is underpinned by the high geological prospectivity of our asset and the favorable operating environment in Mexico."
Further, LUCA installed a third filter press, enhancing production capacity and promoting environmentally friendly practices.
Planning to commence underground resource drilling to explore new zones with significant mining widths, LUCA is aiming to increase the resource base at Tahuehueto. This combination of production increase, resource development, and exploration investment is expected to drive sustained growth and profitability for the company.
Providing significant diversification to a range of vital metals in our current economy, LUCA is on track to hit revenue growth expectations $150 million this year and $250 million the next year from both Tahuehueto and its primary asset, Campo Morado, with only a $95M market cap.
Full News Release:
https://lucamining.com/press-release/?qmodStoryID=6292244422164983 Posted on Behalf of Luca Mining Corp.