Bear Creek Mining Q3 2024 Results: 10,751 Ounces of Gold and Record Silver Output
Bear Creek Mining Corporation (TSXV: BCM) has announced its third-quarter production results for 2024, revealing a significant increase in both gold and silver output from its Mercedes Mine, located in Sonora, Mexico.
Bear Creek’s Mercedes Mine produced a notable 10,751 ounces of gold, which represents a 15.5% increase from Q2 2024. Additionally, silver production saw a dramatic surge to 76,939 ounces—a substantial rise compared to the 40,893 ounces produced in Q2 2024. The silver output in Q3 nearly doubled that of previous quarters, signaling a positive trend for the company’s operations.
The production improvement is attributed to several factors. First, the gold recovery rate improved to 96% in Q3, compared to 93% in Q2. This increase came alongside a slight rise in the processed gold grade (3.40 grams per tonne, up from 3.23 gpt in the previous quarter).
More importantly, the silver recovery rate saw significant growth, rising from 30% in January 2024 to approximately 54% by September. This uptick in silver recovery reflects ongoing process optimizations and changes in the mineralogical composition of the ore.
“We have now initiated a transition to narrow vein mining techniques that will be required to further reduce dilution and improve profitability. That transition will continue through Q4 2024 as we prepare to move out of San Martin, and into Marianas and other areas, which will become the primary drivers of production for 2025,” said CEO Eric Caba.
Mercedes’ ore mining and processing volumes showed consistency throughout the quarter, with 103,889 tonnes of ore mined and 102,535 tonnes processed. This represented a recovery from Q2’s dip in volume and underlines the stability of the mine’s output. The steady mining of the San Martin deposit has been a key factor, contributing the bulk of tonnage.
However, the company is preparing for significant operational shifts as it phases out the San Martin deposit and transitions to other areas of the mine, notably Marianas. This move is critical for positioning the mine for 2025 and beyond. The introduction of narrow vein mining is an essential part of the company’s strategy to further reduce dilution and enhance profitability.
Bear Creek’s shift to narrow vein mining has required considerable workforce restructuring and reorganization of contracted services. These changes, expected to be completed by the end of Q4 2024, are aimed at supporting a more efficient and profitable mining operation in the coming year.
In addition to immediate operational improvements, Bear Creek has placed a strong emphasis on long-term growth through exploration and resource development. Throughout Q2 and Q3 of 2024, the company initiated a series of studies to identify new exploration targets within the Mercedes district.
The company is currently evaluating these targets for possible inclusion in its 2025 drilling program. The 69,284-hectare Mercedes property is situated in a highly prospective geological setting at the intersection of porphyry, epithermal, and orogenic belts. This region, while home to the Mercedes mine, remains largely unexplored, representing a significant opportunity for Bear Creek’s future development.
Bear Creek last traded at $0.57 on the TSX Venture.
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