Silver Firm Reports Q4/20 Processing, Production Numbers from Mexico Project

MAG Silver's joint venture project Juanicipio produced 230,000 ounces of silver during the quarter ended Dec. 31, 2020.

In a news release, MAG Silver Corp. (MAG:TSX; MAG:NYSE A) announced that during Q4/20, 230,000 ounces (203 Koz) of silver and 443 ounces (oz) of gold were produced from development material at Juanicipio, its 44%/56% joint venture project with operator Fresnillo Plc (FRES:LSE). This amounts to 101 Koz of silver and 195 oz of gold attributable to MAG.

Total 2020 production from mineralized material from Juanicipio, which began in August, was 623 Koz of silver and 1,053 oz of gold. MAG's percentage amounted to 274 Koz of silver and 463 oz of gold.

As for the amount of material processed, it came to 30,397 tons in Q4/20. That took total processing in 2020 to 73,000 tons, all of which was done in Fresnillo's nearby plant. Commissioning of the Juanicipio processing plant is scheduled to start in Q4/21, the company stated. "Until the Juanicipio plant is commissioned in Q4-2021, Fresnillo continues to expect it will process 16,000 tonnes per month of mineralized material from the joint venture through its facility."

"We've now successfully milled close to 73,000 tonnes of development material at the Fresnillo plant since early August of 2020 generating cash-flow to help offset capex and gaining valuable metallurgical understanding at the same time," MAG President and CEO George Paspalas said in the release. "This processing will continue through the end of 2021 and will further derisk the project as it heads into commercial production."

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