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SilverCrest increases gold and silver doré bar sales in Mexico by 400%

SilverCrest Metals increased its sales of gold and silver doré bars at its Las Chispas mine in Mexico by 400% year-on-year in 2023.

On the one hand, its gold doré bar sales increased 411% to 58,200 ounces.

On the other hand, its sales of silver doré bars increased 402%, to 5.62 million ounces.

As for that mine, during July 2023, the company announced the results of the Technical Report which confirmed strong economics with estimated average annual production of 57,000 oz/y of gold and 5.5 million oz/y of silver, or 10.0 million oz/y AgEq, for the first seven full years. 

Using a 5% discount rate and average gold and silver prices of $1,800 and $23.00 per ounce, respectively, as the base case, Las Chispas generates an after-tax net present value of $549.9 million.

SilverCrest 

The doré bars produced at the Las Chispas operation have varying gold and silver contents and a variable gold to silver ratio, depending primarily on the corresponding gold and silver grades of the feed material being processed at any given time. 

The gold and silver doré produced at Las Chispas requires further refining by outside refineries before being marketed in bullion form. 

SilverCrest has engaged with buyers and refiners of gold and silver and has made arrangements to safely transport, refine and sell the doré. 

Gold and silver doré can be easily sold in many markets around the world and the market price can be determined by demand. 

Market prices for gold and silver are key drivers of the company’s profitability, can fluctuate widely and are affected by a number of macroeconomic factors, including global or regional consumption patterns, supply and demand for gold and silver, and political and economic conditions in major gold and silver producing and consuming countries around the world.

Company Profile

SilverCrest is a Vancouver, Canada-based precious metals producer with an ongoing initiative to grow its silver and gold assets by expanding current resources and reserves, acquiring, discovering, developing and operating high-value precious metals projects in the Americas. 

The company’s primary focus is to operate its Las Chispas silver-gold operation, which consists of 28 concessions of an estimated 1,401 hectares. 

The operation is located approximately 180 km northeast of Hermosillo, Sonora, Mexico. 

SilverCrest has a portfolio of three other mineral exploration properties in Sonora, Mexico, consisting of the El Picacho, Cruz de Mayo and Angel de Plata properties.

 

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