Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) said in the third quarter of 2023 silver equivalent production totalled 5,669,905 ounces from its Bolivar mine, Porco mine, Caballo Blanco Group of mines, and the San Lucas feed sourcing business all located in Bolivia and the Zimapan mine located in Mexico.
The company said its quarterly metals production included 1,728,863 ounces of silver, 3,370 tonnes of lead, 23,095 tonnes of zinc, and 252 tonnes of copper.
The Bolivar mine processed 77,298 tonnes of material and produced 1,343 silver equivalent ounces during the quarter, a 16% and 40% increase, respectively, over the previous quarter.
Additionally, the Zimapan mine processed 192,158 tonnes of material and produced 1,183,606 silver equivalent ounces, up 12% and 35%, respectively, sequentially.
The upgraded water handling infrastructure servicing the higher-grade Central Zone of the Bolivar mine, installed during the second quarter, helped stabilize production from this area, while the Zimapan mine is seeing benefits from a strategic shift to higher-grade areas, Santacruz noted.
"Our multi-asset portfolio has been able to deliver consistent production so far this year, and in total we have produced almost 17 million silver equivalent ounces, including just over 5 million ounces of silver,” Santacruz CEO Arturo Préstamo said in a statement.
“While we do expect operations to vary by asset quarter to quarter, our objective is to deliver stable production throughout the year, while at the same time reviewing and streamlining operations to achieve efficiencies and reduce costs.”
The company also updated investors on the construction of an integration ramp connecting Tres Amigos and Colquechaquita mines at the Caballo Blanco Group of mines, which is designed to facilitate increased productivity from Colquechaquita and total production from the Caballo Blanco Group of mines.
It said the construction is progressing well and is now 73% complete. The project is expected to be completed by the end of the first quarter of 2024.
Santacruz is engaged in the operation, acquisition, exploration and development of mineral properties in Latin America.
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