Business
Starcore International Mines Announces First Quarter Production Results
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or "the Company") announces productio
About this update from Starcore International Mines Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Starcore International Mines Ltd. (TSX: SAM) (\"Starcore\" or \"the Company\") announces production results for the first fiscal quarter ended July 2023, at its San Martin Mine (\"San Martin\") in Queretaro, Mexico. \"The mine experienced a reduction in gold equivalent ounces and gold grades of approximately 20% this quarter over last quarter. The main source of San Martin Mine production comes from two primary areas; being the high grade area located in the north part of the mine and composed of the stopes contained within areas CUERPO 28, 29, 30, 31,32 and 33; and the other area being the main San Martin vein whereby stopes produce higher volume of ore at a lower, but economical, grade. In this quarter the new stopes being developed in the high grade area required over 160 meters of development, which was slowed by difficult ground conditions requiring extra support in the ramps to ensure proper safety to our workers and proper development. This delayed the development of higher grade ore resulting in processing more lower grade ore to meet the budgeted milled tonnes. In the second quarter we expect to complete the development to the higher grade zones and will target the recovery of the ounces missed in the 1st Quarter while continuing to produce profitable ounces overall, stated Salvador García COO of the Company. \"As stated last quarter, we have been investigating small mines near San Martin to utilize additional unused capacity of our plant. We have identified a potential property for exploration and are currently negotiating terms with the owner.\" 12 Month YTD San Martin Production Q1 2023 Q4 2023 Q/Q Change 2023 2022 Y/Y Change Ore Milled (Tonnes) 57,700 56,821 2% 57,700 55,263 4% Gold Equivalent Ounces 1,918 2,409 -20% 1,918 2,925 -34% Gold Grade (Grams/Ton) 1.13 1.46 -22% 1.13 1.7 -34% Silver Grade (Grams/Ton) 14.24 11.35 25% 14.24 21.29 -33 Gold Recovery (%) 83.99 86.12 -2% 83.99 89.43 -6% Silver Recovery (%) 45.82 ...