Man6677
2 years ago
Golden Minerals Discovers Multiple New Veins at Yoquivo Gold-Silver Project
Source: Business Wire
Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) is pleased to report results from the first nine holes drilled in a third drill program conducted at its Yoquivo gold-silver project in northwest Chihuahua state, Mexico. Highlights from the drilling include:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220707005182/en/
Yoquivo completed drill holes and mapped veins. (Graphic: Business Wire)
Yoquivo completed drill holes and mapped veins. (Graphic: Business Wire)
2.2m @ 10.21 g/t Au and 138.8 g/t Ag
0.4m @ 30.80 g/t Au and 5260.0 g/t Ag
4.2m @ 0.16 g/t Au and 229.2 g/t Ag
80.1m @ 0.89 g/t Au and 64.5 g/t Ag
1.7m @ 0.13 g/t Au, 354.6 g/t Ag
The 2022 drill program commenced in May 2022 and 17 holes totaling 4,033m have been drilled to date. This drill program is designed to follow-up on high-grade intercepts reported from the Company’s 2021 drilling activity, as well as to drill several holes exploring other interesting vein systems on the property. 2021 drill program results were reported on January 27, 2022 [link], February 16, 2022 [link] and March 3, 2022 [link].
Significant results are summarized in the table below, with complete results available on the Company website.
Hole ID From (m) To (m) Interval (m) True Width (m) Au g/t Ag g/t
Target
YQ_022_001 No Significant results
YQ_022_002
49.3
50.3
1.0
0.8
1.82
297.0
Tajitos Vein
YQ_022_003
71.9
73.2
1.3
1.1
1.03
219.8
Tajitos Vein
YQ_022_004
154.9
155.2
0.3
0.3
0.59
131.0
Pertenencia Vein
YQ_022_004
163.4
163.7
0.3
0.2
0.91
112.0
Pertenencia Vein
YQ_022_005
9.0
10.3
1.3
1.1
0.09
214.0
SF Vein
YQ_022_005
232.5
233.3
0.8
0.69
180.3
SF_FW Vein # 1
YQ_022_006
6.6
10.8
4.2
3.7
0.16
229.2
SF Vein
YQ_022_006
199.0
200.3
1.3
0.55
189.0
SF_FW Vein # 1
YQ_022_007
69.1
70.8
1.7
2.09
10.0
New Vein
including
70.6
70.8
0.2
16.90
57.2
New Vein
YQ_022_008
47.2
47.9
0.8
0.6
0.20
128.0
San Francisco HW # 1
YQ_022_008
141.5
141.9
0.4
0.3
30.80
5260.0
San Francisco HW # 2
YQ_022_008
153.2
157.3
4.1
3.3
0.44
103.1
San Francisco HW # 3
YQ_022_009
128.7
130.4
1.7
1.4
0.13
354.6
Pertenencia Vein
including
128.7
129.0
0.3
0.2
0.51
1735.0
Pertenencia Vein
YQ_022_009
225.9
306.0
80.1
0.89
64.5
Vein Stockwork Zone
including
231.9
237.4
5.5
4.7
0.67
130.7
Pert FW Vein
including
281.3
290.7
9.5
8.2
3.93
120.0
Camila Vein
which also includes
284.6
286.8
2.2
2.0
10.21
138.8
Camila Vein
Drill hole collar location table:
Hole ID
Easting
Northing
Elevation (m)
Azimuth
Inclination
Length (m)
YQ_022_001
791250
3104845
1996
260
-45
180
YQ_022_002
791250
3104845
1996
232
-45
180
YQ_022_003
791300
3104848
2001
265
-46
261
YQ_022_004
791350
3104825
2007
259
-45
265
YQ_022_005
790538
3105230
2214
278
-46
261
YQ_022_006
790537
3105231
2214
318
-45
175
YQ_022_007
790641
3105023
2116
53
-44
162
YQ_022_008
790681
3105026
2122
118
-45
306
YQ_022_009
791422
3105230
2115
296
-46
143
Coordinates are in WGS84 datum, zone 12N
“This most recent drilling has focused on testing the Pertenencia vein system to extend the known mineralized strike length into previously untested areas. The Pertenencia vein has continued to return strong gold-silver grades, and the vein remains open to depth and to the north. The discovery of multiple, previously unknown, high-grade gold-silver structures, particularly the Camila vein, demonstrates that there is also significant potential at Yoquivo to discover additional high-grade structures on the property. The current drill program is expected to allow us to report an initial gold-silver resource on the property later this year,” said Warren Rehn, President and Chief Executive Officer of Golden Minerals.
About Yoquivo
Golden owns six concessions and holds an option to purchase one additional concession that comprise the Yoquivo property, totaling 1,974.8 hectares located in western Chihuahua State in northern Mexico. The remaining concession can be purchased for payments totaling $0.2 million over four years. The six concessions already owned by Golden are subject to a 2% net smelter return royalty on production capped at $3 million.
Review by Qualified Person and Quality Control
The technical contents of this press release have been reviewed by Matthew Booth, a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 18 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).
To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples.
Quality Assurance / Quality Control
Diamond drilling was conducted by Eco Drilling México S. de R.L. de C.V with a Coretech CSD 1300G rig. Drill holes were drilled to depths ranging from 143m to 306m and were drilled at azimuths of 53° to 318° and a dip ranging from -45° to -75°. No water was encountered during drilling. Holes were positioned with a hand-held GPS (accuracy +/- 5 meters) and later surveyed with a Differential GPS once the drilling campaign was completed.
Samples of the core were obtained using a diamond saw to cut the core in half, retaining one half for a permanent core record, and the other sent for analysis.
Drill-core samples were shipped to ALS Chemex sample preparation facility in Chihuahua, Chihuahua, Mexico for sample preparation and for analysis at the ALS laboratory in North Vancouver, British Columbia, Canada. The ALS Chihuahua and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. ALS Global in North Vancouver is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada.
Samples were crushed to 70% passing 2mm (PREP-31) with a split of up to 250 grams pulverized to 85% passing 75 micrometers (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global’s North Vancouver analytical facility for gold and multi-element analysis. Pulps (30 gram split) are submitted for Au analysis by fire assay with atomic absorption finish (Au-AA23) and silver samples were analyzed by atomic absorption (Ag-AA45).
Over-limit Au (>10.0 g/t Au) and Ag (>1500 g/t Ag) samples are analyzed by fire assay with gravimetric finish (Au-GRA22 and Ag-GRA21). Over-limit base metal samples (>10,000 ppm or 1%) are re-analyzed inductively coupled plasma atomic emission spectrometry using protocols for higher grade results (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).
In-house quality control samples (blanks, standards, duplicates, preparation duplicates) were inserted into the sample set by Golden Minerals. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results were provided with the Company sample certificates. The results of the ALS control samples were reviewed by Golden Minerals and the Company’s QP and evaluated for acceptable tolerances.
All sample and pulp rejects are stored at the Company’s secure warehouse in Velardeña, Durango pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, if required.
About Golden Minerals
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The Company is primarily focused on producing gold and silver from its Rodeo Mine and advancing its Velardeña Properties in Mexico and, through partner funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements regarding the potential discovery of additional high-grade structures on the Yoquivo property and the expectation regarding release of an initial gold-silver resource on the property later this year. These statements are subject to risks and uncertainties, including changes in interpretations of geological, geostatistical, metallurgical, mining or processing information, and interpretations of the information resulting from exploration, analysis or mining and processing experience. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
For additional information please visit http://www.goldenminerals.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220707005182/en/
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060
AUMN $$$$
Man6677
2 years ago
Golden Minerals Reports First Quarter 2022 Results
Source: Business Wire
Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE American: AUMN and TSX: AUMN) today provided financial results and a business summary for the quarter ending March 31, 2022.
First Quarter Financial Results – Highlights
(All currency expressed in approximate USD)
Revenue of $7.5 million yielding a net operating margin of $3.2 million in the first quarter 2022, vs. $1.8 million revenue and a net operating margin of $0.2 million in the first quarter 2021, both from mining operations at the Company’s Rodeo gold-silver mine in Mexico.
$11.7 million cash and cash equivalents balance as of March 31, 2022, compared to $12.2 million as of December 31, 2021.
Net loss of $0.00 per share or $0.3 million in the first quarter 2022, compared to a net loss of $0.02 per share or $3.2 million in the first quarter 2021.
First Quarter Business Summary
Produced 3,608 payable gold ounces and 13,944 payable silver ounces (3,787 gold equivalent (“AuEq”) ounces) with total cash costs, net of silver by-product credits, per payable ounce of gold of $1,164.1
Sold 4,040 AuEq oz. in doré, at average prices (before selling and refining costs) of $1,888/oz Au and $24.24/oz Ag. Doré inventory at March 31, 2022 consists of 375 payable oz. Au and 1,379 payable oz. Ag.
Reported grades processed of 3.1 grams per tonne (“g/t”) gold and 11.6 g/t silver during the quarter.
Processed at an average rate of 527 tonnes per day (“tpd”) during the quarter.
Continued limited scale test mining activities at Velardeña for use in final optimization of a bio-oxidation plant design and for use in additional flotation separation studies; also testing mining methods to determine whether the Company is able to control mining dilution. Results are expected in the next few months, after which time the Company anticipates making a decision on constructing the BIOX plant and restarting the operation.
1 Gold equivalents are based on actual gold and silver prices realized during the first quarter 2022: $1,888/oz Au and $24.24/oz Ag.
Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, “Rodeo continues to operate according to plan providing cash flow for our exploration and development projects at Yoquivo, Sarita Este, and of course, Velardeña. We are on track to recommend a start-up plan for Velardeña within the next few months. I am very pleased with our progress establishing Golden Minerals as a sustainable gold and silver producer.”
Quarterly Conference Call and Webcast
Management will be hosting a conference call and webcast on Wednesday, May 11, 2022 at 11:00 a.m. Eastern Daylight Time (“EDT”) to discuss first quarter 2022 financial results and recent project updates. You are invited to join the webcast at Golden Minerals Q1 2022 Earnings Call. Please plan to join 10 minutes prior to the start time.
The webcast will also be available for replay on the Golden Minerals website at http://www.goldenminerals.com after May 11, 2022.
First Quarter 2022 Financial Results
The Company reported revenue of $7.5 million from doré sales, $4.3 million costs of metals sold and $3.2 million in net operating margin in the first quarter 2022, all related to gold-silver production at the Rodeo mine. Exploration expenditures were $1.7 million during the quarter and included a 2,500-meter RC drill program at Rodeo that finished delineating the mineralized area on the south side of the current pit, as well as other general exploration and holding costs related to the Company’s portfolio of exploration projects. Velardeña care and maintenance expenses were $0.5 million in the quarter and include costs related to test mining in advance of a production decision. El Quevar project expense was $0.1 million and includes costs of exploration and evaluation activities, care and maintenance, and property holding costs, net of reimbursements from Barrick Gold under the terms of an Earn-In Agreement. Administrative expenses totaled $1.3 million and include costs associated with being a public company that are incurred primarily by the Company’s corporate activities in support of the Rodeo Property, the Velardeña Properties, the Yoquivo project and the balance of the Company’s exploration portfolio. The Company recorded a net loss of $0.3 million or $0.00 per share.
Twelve Month Financial Outlook
The Company ended the first quarter 2022 with a cash balance of $11.7 million and anticipates receiving approximately $7.0 to $9.0 million in net operating margin (defined as revenue from the sale of metals less costs of metals sold) from the Rodeo operation during the 12 months ending March 31, 2023, assuming average gold and silver prices during that period of $1,800 and $25.00 oz, respectively. The Company is also scheduled to receive the final installment of $2.0 million due from Fabled Silver Gold Corp. in December 2022 under the terms of an agreement for the sale of the Company’s Santa Maria project.
The Company’s currently forecasted expenditures during the 12 months ending March 31, 2023, apart from Rodeo costs of metals sold which are included in the net operating margin forecast, total approximately $10.0 million as follows:
$4.3 million on exploration activities and property holding costs associated with the Company’s portfolio of exploration properties located in Mexico, Argentina and Nevada, including project assessment and evaluation costs relating to additional exploration at Rodeo, Yoquivo and other properties;
$1.1 million at the Velardeña Properties for care and maintenance;
$0.4 million at the El Quevar project to fund care and maintenance and property holding costs, net of reimbursement from Barrick;
$3.7 million in general and administrative costs; and
$0.5 million due to an increase in working capital.
Additional information regarding first quarter 2022 financial results can be found in the Company’s 10-Q Quarterly Report which is available on the Golden Minerals website at www.goldenminerals.com.
About Golden Minerals
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The Company is primarily focused on producing gold and silver from its Rodeo Mine and advancing its Velardeña Properties in Mexico and, through partner funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(US Dollars, unaudited)
December 31,
March 31,
2021
2022
(Restated)
(in thousands, except share data)
Assets
Current assets
Cash and cash equivalents $
11,730
$
12,229
Short-term investments
91
67
Inventories, net
1,963
1,608
Value added tax receivable, net
1,475
1,290
Prepaid expenses and other assets
1,122
1,145
Total current assets
16,381
16,339
Property, plant and equipment, net
6,563
6,627
Other long-term assets
693
747
Total assets $
23,637
$
23,713
Liabilities and Equity
Current liabilities
Accounts payable and other accrued liabilities $
4,337
$
3,509
Deferred revenue
1,094
1,469
Other current liabilities
625
721
Total current liabilities
6,056
5,699
Asset retirement and reclamation liabilities
3,639
3,569
Other long-term liabilities
246
353
Total liabilities
9,941
9,621
Commitments and contingencies
Equity
Common stock, $.01 par value, 350,000,000 shares authorized; 163,927,992 and 162,804,612 shares issued and outstanding respectively
1,639
1,628
Additional paid in capital
540,427
540,518
Accumulated deficit
(528,370
)
(528,054
)
Shareholders' equity
13,696
14,092
Total liabilities and equity $
23,637
$
23,713
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(US dollars, unaudited)
Quarter Ended March 31,
2022
2021
(in thousands, except per share data)
Revenue:
Sale of metals $
7,506
$
1,778
Total revenue
7,506
1,778
Costs and expenses:
Cost of metals sold (exclusive of depreciation shown below)
(4,322
)
(1,536
)
Exploration expense
(1,666
)
(781
)
El Quevar project expense
(117
)
(106
)
Velardeña care and maintenance costs
(536
)
(199
)
Administrative expense
(1,272
)
(1,548
)
Stock based compensation
(150
)
(429
)
Reclamation expense
(69
)
(66
)
Other operating income (expense), net
388
199
Depreciation and amortization
(65
)
(155
)
Total costs and expenses
(7,809
)
(4,621
)
Loss from operations
(303
)
(2,843
)
Other income (expense):
Interest and other expense, net
(3
)
(360
)
Other income
25
52
Gain (loss) on foreign currency transactions
50
(79
)
Total other income (loss)
72
(387
)
Loss from operations before income taxes
(231
)
(3,230
)
Income taxes
(85
)
52
Net Loss $
(316
)
$
(3,178
)
Net income (loss) per common share — basic
Loss $
(0.00
)
$
(0.02
)
Weighted average Common Stock outstanding — basic (1)
162,511,278
160,442,137
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements regarding the results of limited scale test mining activities at Velardeña; the decision to construct the BIOX plant and restart the Velardeña operation; anticipated net operating margin from the Rodeo operation during the 12 months ending March 31, 2023; the receipt of expected final installment due to Golden Minerals from Fabled Silver Gold Corp.; and forecasted expenditures during the 12 months ending March 31, 2023. These statements are subject to risks and uncertainties, including the overall impact of the COVID-19 pandemic, including the potential future re-suspension of non-essential activities in Mexico, including mining; lower than anticipated revenue or higher than anticipated costs at the Rodeo mine, and mine testing activities at Velardeña; declines in general economic conditions; changes in political conditions, in tax, royalty, environmental and other laws in the United States, Mexico or Argentina and other market conditions; and fluctuations in silver and gold prices. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
For additional information please visit http://www.goldenminerals.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005543/en/
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060
GLTA !
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