"This was a landmark quarter for MAG," President and CEO George Paspalas said in the release.
During Q2/19, which ended June 30, 2019, MAG and joint venture partner Fresnillo agreed to proceed with developing the Juanicipio processing plant, the last pre-production stage. Since then, 22 kilometers, or 13.7 miles, have been developed underground, and construction remains on schedule for commissioning in H2/20.
At the end of Q2/19, MAG was well funded, with cash and cash equivalents of $113,833. Minera Juanicipio had working capital of $26,315. After the quarter ended, MAG advanced to Minera Juanicipio $17,820, its 44% share of a $40,500 cash call.
In terms of exploration at Juanicipio, 18 holes were drilled there in H1/19, 11 of them being infill and seven, exploration. Results for all are pending.
Also, during Q2/19, MAG discovered the north to south trending Venadas vein and expanded the existing Valdecañas Deep zone. Now, four rigs are drilling the deeper areas of the Valdecañas vein suite, and a fifth rig is drilling the Venadas vein. "Juanicipio remains a property with remarkable exploration potential," Paspalas added.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: MAG Silver. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.