Aurcana Silver Provides Update on the Restart Progress of Its Revenue Virginius Mine, With First Ore Through the Mill
August 30 2021 - 9:00AM
AURCANA SILVER CORPORATION ("
Aurcana" or the
"
Company") (TSXV: AUN) is pleased to provide
an update on the restart activities of the Company’s wholly owned
Revenue Virginius Mine in Ouray, Colorado.
The Company is pleased to report that the processing plant
initiated commissioning with development ore on Friday August 27,
2021. This is 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 over the month of
September.
The Company is also pleased to report 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 (AgEq)1 per short ton
(ST). The actual measured vein width in this area is 1.19ft as
compared to the modeled vein width for the same 78 feet of 0.23
feet and an undiluted grade of 26.9 (4.2 diluted to a minimum
mining width of 1.5 ft) AgEq1/ST over for the same drift section.
Assay data lags actual development and the Company looks forward to
reporting more assay results in the near future, but visual
inspections each shift indicate that this strong mineralization
continues.
Concentrate shipments are anticipated to begin in the first half
of September. Trafigura Trading LLC is the off-taker for 100% of
the concentrates and 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 commented, “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.”
________________________________1 Silver equivalent is based on
the 2Q 2021 average London prices of Ag US$26.6387/oz, Au
US$1,805.04/oz, Pb US$0.9568/lb and Zn US$1.3206/lb; includes
payability and payment timing of the Trafigura offtake
contract.
Qualified Person Statement
The scientific and technical content of this
news release was reviewed and approved by Michael Gross, P. Geo, a
“qualified person” within the meaning of NI 43-101
ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius
Mine, in Colorado, and the Shafter-Presidio Silver Project in
Texas, US. The primary resource at Shafter and Revenue-Virginius is
silver. Both are fully permitted for production.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”President & CEO
For further information, visit the website at www.aurcana.com or
contact:
Aurcana Corporation850 – 789 West Pender StreetVancouver, BC V6C
1H2Phone: (604) 331-9333
Gary Lindsey, Corporate CommunicationsPhone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY NOTES
This press release contains forward looking
statements within the meaning of applicable securities laws. The
use of any of the words “anticipate”, “plan”, “continue”, “expect”,
“estimate”, “objective”, “may”, “will”, “project”, “should”,
“predict”, “potential” and similar expressions are intended to
identify forward looking statements. In particular, this press
release contains forward looking statements concerning, without
limitation, statements relating to the Private Placement (including
with respect to the timing of closing of the Private Placement).
Although the Company believes that the expectations and assumptions
on which the forward looking statements are based are reasonable,
undue reliance should not be placed on the forward looking
statements because the Company cannot give any assurance that they
will prove correct. Since forward looking statements address future
events and conditions, they involve inherent assumptions, risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not limited to,
assumptions and risks associated with the receipt of regulatory or
shareholder approvals, and risks related to the state of financial
markets or future metals prices.
Management has provided the above summary of
risks and assumptions related to forward looking statements in this
press release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward looking statements are
made as of the date of this press release, and, other than as
required by applicable securities laws, the Company disclaims any
intent or obligation to update publicly any forward looking
statements, whether as a result of new information, future events
or results or otherwise.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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