TORONTO (http://www.cementprocesscrusher.com) – Gold bull McEwen Mining on Thursday said it had discovered a new gold vein system, the Emilia vein, at its 49%-owned San Jose mine, in Mexico.
The new vein was located within the known mineralised San Jose area, and had been traced over a strike length of more than 1 km and it was open to the east and at depth.
The Emilia drilling had also identified sub-parallel veins called the Estela and Esperanza veins, and the system represented an eastward extension of the east-west Micaela system.
McEwen said the discovery of this new vein system was “encouraging” and illustrated the prospective nature of the San Jose mine and the surrounding land package.
The company reported that he San Jose mine had a solid third-quarter production performance, while its fully owned El Gallo Phase 1 project, also in Mexico, had achieved its first gold pour.
Attributable gold production for the quarter ended August 31, totalled 10 572 oz and 760 670 oz of silver, which translated to 25 200 gold-equivalent ounces.
The company said it remained on track to produce about 105 000 gold-equivalent ounces this year.
The average grade mined at San Jose during the quarter was 5.24 g/t gold and 402 g/t silver, slightly lower than previous quarters, but in line with the company's expectations. The decrease in grade was offset by higher throughput at the process plant.
San Jose sold 29 126 oz of gold in the period, which was higher than previous quarters, owing to the sale of accumulated concentrate inventory from the second quarter.
The San Jose silver/gold mine, located in southern Argentina, in the province of Santa Cruz, is owned and operated by Minera Santa Cruz, a joint venture between Hochschild Mining and McEwen.
Operations starterd at San Jose in June 2007, and in the second half of 2008 its processing capacity was increased from 750 t/d to 1 500 t/d.
The mine produced 81 000 oz gold and 5.9-million ounces silver in 2011.
The company’s Toronto-listed stock traded at C$4.61 apiece on Thursday morning.
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