Mike Fagan,
Editor
July 1, 2021
Magna Gold Corp. (TSX-V: MGR)(OTC: MGLQF) — currently trading around C$0.90 per share — has attained full-scale and steady state commercial gold production at its 100%-owned flagship San Francisco Mine, Sonora, Mexico.
The company reached this important milestone on schedule and has now reiterated its earlier stated guidance of 55,000 to 65,000 ounces of gold production for 2021, or approximately 7,500 ounces per month by year-end.
Magna has also dramatically improved mining efficiencies by successfully lowering the mine’s strip ratio from ~8:1 to ~3:1 while achieving over 3.5 million man hours with zero lost-time incidents.
Magna president & CEO, Arturo Bonillas — whom you’ll be hearing more from in a moment — commented via press release:
|
"We are all extremely proud of the Magna team for achieving this tremendous milestone on schedule. Achieving full-scale commercial production in such a short period of time is a testament to the hard work and quality of our
Mexico-based operations team and as a company, we have demonstrated our ability to execute on all our target deliverables. Production numbers are trending upwards month-to-month, and we anticipate exiting the year producing ~7,500 Au oz/month. We are continuing our systematic exploration efforts as we look to grow the Company into a mid-tier producer."
|
As part of that strategy, Magna is making preparations for ~10,000 meters of core drilling at its high-grade Margarita Silver Project in Chihuahua State, Mexico, where exploration activities are underway. Drilling will target the Margarita vein system at-depth and will include infill resource definition drilling along strike.
Additionally, Magna is continuing with resource expansion activities in and around the San Francisco Mine, which includes plans for follow-up drilling at a potential satellite open-pit deposit approximately four kilometers north of the mine.
|
 |
Led by CEO Arturo Bonillas, Magna Gold continues to deliver on its stated objectives and offers speculators exposure to gold-silver as an active producer with multiple exploration projects at varying stages of development in Mexico.
Our own Gerardo Del Real of Junior Resource Monthly caught up with Magna CEO, Arturo Bonillas, to discuss the milestone achievements at the San Francisco Mine plus a whole lot more. CLICK HERE TO LISTEN. Transcript is also available.
|
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.