Including 1,761,686 ounces of silver and
23,357 tonnes of zinc
VANCOUVER, BC, Jan. 30,
2025 /CNW/ - Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQB: SCZMF) (FSE: 1SZ) ("Santacruz" or "the
Company") reports its Q4 2024 production results from its
Bolivar mine, Porco mine, Caballo Blanco Group of mines ("Caballo
Blanco") and the San Lucas ore
sourcing business ("San Lucas"), all located in Bolivia, and the Zimapan mine located in Mexico.
Q4 2024 Production Highlights:
Silver Equivalent Production: 4,710,013 silver equivalent
ounces
Silver Production: 1,761,686 ounces
Zinc Production: 23,357 tonnes
Lead Production: 2,932 tonnes
Copper Production: 248 tonnes
Underground Development: 11,168 meters
Arturo Préstamo, Executive Chairman and CEO of Santacruz,
commented, "During the fourth quarter of 2024, Santacruz continued
to deliver steady operational performance, processing 493,141
tonnes of ore and producing 4,710,013 silver equivalent ounces.
Silver production rose by 3% compared to the previous quarter,
reaching 1,761,686 ounces. This growth in silver output and
favorable market dynamics in silver prices have significantly
strengthened our revenue-generating ability. These results
underscore Santacruz's unwavering focus on optimizing our
processes and mining operations across all our producing assets, a
testament to our commitment to operational excellence." Mr.
Préstamo continued; "Looking ahead, we believe that these solid
production levels will provide a strong platform for continued
value creation as we move into 2025".
Production Summary – Total
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(1)
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Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
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Bolivar Mine
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(1)
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Bolivar is presented at
100% whereas the Company records 45% of revenues and expenses in
its consolidated financial statements.
|
|
(2)
|
Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
|
In Q4 2024, Bolivar processed 69,411 tonnes of ore, yielding
1,033,933 silver equivalent ounces, comprised of 491,377 ounces of
silver and 4,611 tonnes of zinc. Compared to Q3 2024, the ore
processed decreased marginally by 1%, while silver production
increased by 2%, driven by improved silver head grades and slightly
higher recovery rates at the mill. This improvement is particularly
notable considering strong silver prices and favorable market
conditions. Zinc production also increased by 1%, contributing to
an overall 2% increase in silver equivalent production compared to
the previous quarter.
When comparing Q4 2024 to Q4 2023, ore processed decreased by
7%, primarily due to fewer working days caused by specific
logistical challenges. These issues were addressed effectively,
ensuring a positive operational outcome despite the reduced
processing volume.
Porco Mine
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(1)
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Porco is presented at
100% whereas the Company records 45% of revenues and expenses in
its consolidated financial statements.
|
|
(2)
|
Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
|
In Q4 2024, Porco processed 53,702 tonnes of ore, yielding 496,735
silver equivalent ounces, which included 145,585 ounces of silver
and 2,983 tonnes of zinc. Compared to Q3 2024, the volume of ore
processed increased significantly by 10%, driving a 3% increase in
silver-equivalent production. However, this quarter's silver output
decreased by 15% due to lower silver head grades. Despite this
decline, the overall increase in processed material highlights
Porco's ability to sustain strong operational performance and adapt
to changing ore characteristics.
When comparing Q4 2024 to Q4 2023, ore processed increased by
14%, demonstrating operational improvements. Silver production
increased by 2%. With current silver prices, this increase in
silver production positions Porco to leverage on today's favorable
market conditions.
Caballo Blanco Group
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(1)
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The Caballo Blanco
Group consists of the Colquechaquita and Tres Amigos
mines.
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|
(2)
|
Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
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In Q4 2024, the Caballo Blanco Group processed 60,776
tonnes of ore, achieving a production of 913,243 silver equivalent
ounces, comprised of 368,822 ounces of silver and 4,455 tonnes of
zinc. Compared to Q3 2024, ore processing increased by 3%, while
silver production significantly increased by 48%, driven by higher
silver head grades and improved recovery rates at the mill. Zinc
production also grew by 8%, resulting in an overall 21% increase in
silver equivalent production compared to the previous quarter.
These results highlight the substantial impact of the operational
enhancements implemented during Q3 2024. These improvements in
production metrics underscore Santacruz's ability to optimize
quality processes across its mines and milling facilities. This
progress reflects our commitment to continuous improvement
initiatives implemented across all our assets.
When comparing Q4 2024 to Q4 2023, ore processed at Caballo
Blanco decreased by 24%. However, this reduction is not directly
comparable, as Caballo Blanco processed ore from three mines in Q4
2023, whereas in Q4 2024, it only processed ore from two mines
(Colquechaquita and Tres Amigos). Reserva now supplies its ore to
San Lucas's ore source business.
This operational adjustment has proven to be a positive strategic
decision, improving mill performance and overall operational
efficiency.
San Lucas Feed Sourcing
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(1)
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Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
|
In Q4 2024, San Lucas
experienced a 4% decrease in ore processed volume compared to Q3
2024. This reduction is attributed to the increased ore processing
activities from the Porco and Caballo Blanco mines, which
utilized more capacity at the milling facilities. Consequently,
less processing capacity was allocated to San Lucas. This highlights the effectiveness
of San Lucas's role in ensuring
that milling facilities operate at full capacity and adapt to the
specific needs of the Bolivian assets. By prioritizing the
processing of ore from other operations, San Lucas has demonstrated its flexibility and
alignment with the Company's broader commercial strategies, which
include supporting the optimization of resources.
When comparing Q4 2024 to Q4 2023, the ore processed as
San Lucas increased by 11%. This
increase is primarily attributed to including ore from
the Reserva mine into San
Lucas, starting in Q3 2024, as part of the ongoing
optimization initiatives.
Zimapan Mine
|
(1)
|
Silver Equivalent
Produced (ounces) have been calculated using prices of $23.85/oz,
$1.21/lb, $0.94/lb and $3.91/lb for silver, zinc, lead and copper
respectively applied to the metal production divided by the silver
price as stated here.
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In Q4 2024, Zimapán processed 216,883 tonnes of mineralized
material, producing 1,097,919 silver equivalent ounces. This
included 426,141 ounces of silver and 4,219 tonnes of zinc.
Compared to Q3 2024, the volume of processed material remained
consistent; however, silver equivalent production decreased by 5%.
This decline was primarily driven by a 4% reduction in silver
production, attributed to lower recovery rates, and a 2% decrease
in zinc production, resulting from lower head grades. Zimapán
continues with steady processing levels, underscoring its
operational reliability and ability to maintain consistent
performance.
When comparing Q4 2024 to Q4 2023, mineralized material and
silver production increased by 6% and 10%, respectively. With
current silver prices, this increase in silver production positions
Zimapán to leverage on today's favorable market conditions.
Qualified Person
Garth Kirkham
P.Geo. an independent consultant to the Company, is a
qualified person under NI 43-101 and has approved the scientific
and technical information contained within this news
release.
About Santacruz Silver Mining Ltd.
Santacruz Silver is engaged in the operation,
acquisition, exploration, and development of mineral properties in
Latin America. The Bolivian
operations are comprised of the Bolivar, Porco and the Caballo
Blanco Group, which consists of the Tres Amigos, Reserva and
Colquechaquita mines. The Soracaya exploration project and
San Lucas ore sourcing and trading
business are also in Bolivia. The
Zimapan mine is in Mexico.
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Risks Factors: include the fluctuations in
silver, zinc, lead and copper prices; fluctuations in prices for
energy inputs; fluctuations in currency markets (such as the MXN,
BOL and CAD versus the USD); risks related to the technological and
operational nature of the Company's business; required regulatory
approvals; changes in national and local government, legislation,
taxation, controls or regulations and political, legal or economic
developments in Canada,
the United States, Mexico and Bolivia.
Forward-Looking Information
This news release includes certain statements and information
that may constitute forward-looking information within the meaning
of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the
expectations or beliefs of management of the Company regarding
future events. Generally, forward-looking statements and
information can be identified by the use of forward-looking
terminology such as "intends", "expects" or "anticipates", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "should", "would" or
will "potentially" or "likely" occur.
These forward‐looking statements involve numerous risks and
uncertainties and actual results might differ materially from
results suggested in any forward-looking statements. These risks
and uncertainties include, among other things, risks that future
quarterly production result will be in line with past quarterly
production results, mining and processing rates at Caballo Blanco
will be consistent for the rest of the year, the improved
dewatering system upgrades will provide dry working areas for the
rest of the year at the Bolivar mine, the reconfigured mine plan
will enable better productivity at the Porco mine, mining will
occur in areas with similar silver grades mined in the first half
of 2024 for the remainder of the year at the Caballo Blanco Group
of mines, risks related to changes in general economic, business
and political conditions, including changes in the financial
markets, changes in applicable laws, and compliance with extensive
government regulation, as well as those risk factors discussed or
referred to in the Company's disclosure documents filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedarplus.ca.
There can be no assurance that any forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader should not place any undue
reliance on forward-looking information or statements. The Company
undertakes no obligation to update forward-looking information or
statements, other than as required by applicable law.
SOURCE Santacruz Silver Mining Ltd.
