Vancouver, British Columbia–(Newsfile Corp. – August 31, 2021) – Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF) (FSE: UHY0) provided an update on the restart activities at its Revenue-Virginius Mine in Colorado with initial development ore being processed. The 100% owned Revenue-Virginius Mine, located in southwestern Colorado about 5.5 miles southwest of the town of Ouray, is one of the company’s two projects, the other being the 100% owned Shafter-Presidio Silver Project, located 21 miles northeast of Presidio, Texas. Both projects are fully permitted for production, with silver being the primary resource.
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On August 27th, the processing plant initiated commissioning with development ore, an important milestone in the restart of full operations, with stope ore to be processed in the near future. The company plans to continue to ramp up to the full production rate of 270 short tons per day during the month of September.
The company also reported that initial assay results from the 1800 drift level show an average undiluted grade over 78 feet of drift of 54.0 (33.9 diluted to a minimum mining width of 1.5 ft) ounces per ton silver equivalent per short ton. The actual measured vein width in this area is 1.19 feet as compared to the modeled vein width for the same 78 feet of 0.23 feet and an undiluted grade of 26.9 ounces (4.2 diluted to a minimum mining width of 1.5 ft) silver equivalent per short ton over the same drift section.
Assay data lags actual development and the company anticipates reporting additional assay results in the near future, with visual inspections each shift indicating this strong mineralization continues.
Concentrate shipments are anticipated to begin in the first half of September with Trafigura Trading LLC off-taking 100% of the concentrates. Trafigura will pay 95% of the contained metals value based on the mine site concentrate assays at the time of shipment, with final settlement based on smelter returns.
Kevin Drover, President and CEO, stated: “These additional assay results – 15 feet below the first mining stope – which confirm the mineralization is as we expected is the key data validation point we needed to confirm that we can be successful. Mining productivity at the face has been strong and we have some of the best miners in the business working for us. While some logistics issues related to movement of ore and waste in the same underground area slowed our initial development in opening up the production stopes, these short term delays are resolvable as the stope is opened to its full length. With this grade confirmation in hand, the processing plant now moving into commissioning, and with logistics improving rapidly as the first production stope expands both north and south, we are very confident of a successful restart.”
The shares are trading at $0.80.
For more information, please visit the company’s website www.aurcana.com or contact Kevin Drover, President & CEO, at 604-331-9333. For Investor Relations contact Gary Lindsey at 720-273-6224 or by email at [email protected].
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