Starcore Announces Second Quarter Production Results
Starcore International Mines Ltd. has announced its production results for Q2 2024. The San Martin Mine in Mexico, owned by the company, had operations suspended following a fatal incident. After meeting all safety standards set by the labor authority, the mine returned to regular operations in October. Starcore is currently testing to optimize the recovery of gold and silver from their reserves, which are estimated to be around 1 million tons. The industrial testing is set to begin in mid-December. Despite a decrease in ore milled and gold equivalent ounces, the company saw an increase in gold grade and a significant increase in silver recovery compared to the previous year.
Michael Chen
Senior Mining Analyst
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - Starcore International Mines Ltd. (TSX: SAM) (FSE: V4JA) ("Starcore" or "the Company") announces production results for the second fiscal quarter ended October 2024, at its San Martin Mine ("San Martin") in Queretaro, Mexico.
As announced in our August 21st, 2024 press release, operations at San Martin were suspended temporarily by the Mexican labor authority after the unfortunate fatality we had in the mine. In October, all of the safety standards required by the labor authority were completed and the mine resumed normal operations. The improvements made to our safety protocols are to the highest standards, underscoring our commitment to making San Martin Mine the best and safest workplace for our employees.
"As we announced last quarter, testing continues to obtain the optimum recovery of gold and silver from the carbonaceous ore that we have in reserves, which amounts to approximately 1 million tons with an average grade of 3.1 grams of gold and 20 grams of silver. Based on Kappes Cassiday's work thus far in its laboratories in Reno, Nevada, we have received good results and will begin the industrial testing in mid-December," stated Salvador Garcia, the Company's Chief Operating Officer.
| 3 Month YTD | ||||||||
| San Martin Production | Q2 2025 | Q1 2025 | Q/Q Change | 2025 | 2024 | Y/Y Change | ||
| Ore Milled (Tonnes) | 48,248 | 49,504 | -3% | 97,752 | 115,719 | -16% | ||
| Gold Equivalent Ounces | 1,466 | 2,841 | -48% | 4,307 | 4,338 | -1% | ||
| Gold Grade (Grams/Ton) | 1.10 | 1.92 | -43% | 1.52 | 1.27 | 20% | ||
| Silver Grade (Grams/Ton) | 9.81 | 20.03 | -51 % | 14.99 | 14.56 | 3% | ||
| Gold Recovery (%) | 80.25 | 85.24 | -6% | 83.45 | 84.68 | -1% | ||
| Silver Recovery (%) | 49.16 | 56.90 | -14% | 54.40 | 47.35 | 15% | ||
| Gold: Silver Ratio | 85.16 | 78.72 | 81.24 | 82.76 | ||||
Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets is complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Côte d'Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD
Signed "Robert Eadie"
Robert Eadie, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
NOT FOR DISTRIBUTION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230809
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Michael Chen
Michael has over 15 years of experience covering junior mining companies, with a focus on precious metals exploration and development.
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