Exploring Mining Podcast - Investor Ideas Talks to Kevin Drover; President, CEO and Chairman of Aurcana Silver Corporation
Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - September 9, 2021) - Investorideas.com, a global investor news source covering mining and metals stocks releases today's edition of Exploring Mining Podcast, featuring an exclusive interview with Kevin Drover, President, Chairman and CEO of Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF).
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Investorideas.com spoke with Kevin Drover, President, Chairman and CEO of Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF), who said that the resumption of activity at the company's flagship Revenue-Virginius polymetallic mine in Ouray, Colorado - which initiated commissioning with development ore on August 27, 2021 - puts Aurcana on track for success.
"This brings us back into the group of "producer" again and this is something that we've been wanting to do since I took over Aurcana in mid 2014," Drover said.
A recent press release reported initial assay results from the mine's 1800 drift level, which showed 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 vein's actual width turned out to be 1.19ft, higher than the modeled width of 0.23 feet, on which Drover commented:
"It bodes very well for what we can expect to mine when we're in the stope itself."
The aforementioned vein is the Virginius vein which currently commands most of the company's attention, but Drover went on to discuss the other veins at Revenue-Virginius.
"We have nine major veins on our property," he said. "We're going to be mining [the Virginius vein] for the next seven years for sure, and probably a lot longer than that. We do have the Terrible vein, the Yellow Rose, the Wheel of Fortune - and all of these veins have all been in production at one time in the past, but we just haven't had the chance to get to them to do a large amount of exploration at this stage. We are doing some work on the Wheel of Fortune, and we hope to be able to get a drilling program completed on that sometime in the not too distant future. But right now our focus is on the Virginius vein, of course, and getting ourselves positioned so that we can get up to full production from that vein."
Drover explained that while Aurcana's original intention to become cash flow positive by September has been delayed, the company is still on track to ramp up production.
"We had originally anticipated being cash flow positive in September, but of course we've been delayed a month," he said. "That delay was caused by congestion on the 1800 level."
"We're looking at October now before we're going to be hitting cash flow positive, but we're pretty certain that October is going to be the month when we will hit our numbers," he said. "We'll get up to 270 tons per day, and be cash flow positive. Over the course of September we're going to be ramping up from about 130 tons per day to about 270 in October.
In the future, in 2022-23, we'll be looking to expand that 270 up toward the 500 tons a day, and get up toward the 6-6.5 million ounce production number."
With activities resumed on the property, Aurcana foresees the possibility of mine life extending past feasibility study projections.
"The Revenue-Virginius mine, as per the feasibility study, has a seven year mine life," Drover said. "We certainly anticipate decades. We still have to do the homework, but we intend to be developing toward the north on our 1800, 1500, and 1200 levels, and we anticipate that the Virginius vein runs another 8,000 feet of strike length. We think we're going to be mining there in excess of 20 years."
Though the company's recent news has been focused on the Revenue-Virginius property, Drover also discussed the status of the company's Shafter-Presidio Silver Project in Texas.
"We are doing some work on the Shafter project," he said. "It's going to be a mine again, it's pure silver. We are doing a new resource estimate on that that we hope to have out soon. We are looking to possibly do a drill program later in this year to expand the resource somewhat, and to get samples for metallurgical testing. Sometime in the first half of 2022 we anticipate initiating a feasibility study, and, pending a positive feasibility study, we would probably be in a position to make a production decision sometime in the mid 2022 to third quarter of 2022."
ABOUT AURCANA SILVER CORPORATION http://www.aurcana.com/
Aurcana Silver Corporation owns the Revenue Mine in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at both the Shafter-Presidio Project and the Revenue Mine is silver. Both are fully permitted for production.
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