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LUCA REPORTS STRONG PRODUCTION FOR Q1 2024
VANCOUVER, BC, April 22, 2024 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV:LUCA) (OTCQX:LUCMF) (Frankfurt: Z68) reports strong Q1 2024 production of 14,148 troy oz of gold equivalent as our Tahuehueto gold and silver mine ramps up towards its 1,000 ton per day commercial production target and the optimization program rapidly progresses at Campo Morado.
The Tahuehueto gold and silver mine in Durango state, produced approximately 3,657 troy oz of gold equivalent comprised of 43 tonnes of copper, 468 tonnes of zinc, 2,368 troy ounces of gold, 27,396 troy ounces of silver and 251 tonnes of lead in Q1 2024, an increase of 18% from Q4 2023.
The second mill at Tahuehueto has been installed and underwent a successful commissioning period. In March 2024, the site was achieving approximately 60% of total installed milling capacity and a record of over 14,000 dry metric tons (dmt) milled (approximately 46% increase over February 2024). At this rate Tahuehueto is expected to declare commercial production as a brand-new gold and silver mine and achieve positive operating cash flow in 2H 2024.
The Campo Morado copper-zinc mine in Guerrero state, produced approximately 10,491 troy ounces of gold equivalent comprised of 748 tonnes of copper, 2,600 tonnes of zinc, 1,929 troy ounces of gold, 180,108 troy ounces of silver and 410 tonnes of lead in Q1 2024. This is an increase of approximately 25% from the previous quarter.
These strong results do not reflect the full potential of the optimization program which continues to be implemented at Campo Morado. New blending and reagent protocols have yielded higher concentrate grades and recoveries, and the mine is already generating positive operating cash flow. Ongoing improvements to grade control, reagent dosing systems, process controls and metallurgical testing will provide more benefits through the production of three separate, higher value concentrates – copper, zinc, and lead, expected to take place in H2 2024 which will further increase revenue and operating cash flow.
Ramon Perez, President, and Interim CEO, commented, "We are pleased with the continued performance of the operations at both Campo Morado and Tahuehueto. Having returned from the Tahuehueto Mine, I am very encouraged with the speed and progress we are making at site. We have already achieved over 60% of the nameplate capacity. A third filter press is enroute to the plant, which following installation, will allow for the tonnage to reach full capacity of 1,000 tpd. We are in the final stages of commissioning and look forward to declaring commercial production in H2 2024.
At Campo Morado we are currently milling 1,600 tpd of our 2,400 tpd ...