Magna Gold Corp. (TSXV: MGR) today released production results for the month of June 2021, as well as for the full second quarter. The company has reported the achievement of record numbers for gold production and strip ratio statistics on a monthly basis.
Magna saw the production of 5,398 ounces of gold during the final month of the quarter, while also reporting a strip ratio of 2.9. Gold production at the company’s San Francisco Mine in Sonora, Mexico, meanwhile for the full fiscal quarter amounted to 11,713 ounces, at an average strip ratio of 3.96.
Silver production meanwhile saw a 4% decrease to 7,742 ounces of silver produced, compared to the 8,093 ounces produced for 3 months ended March 21, 2021. A total of 8,422 silver ounces were sold, a 21% increase from the 6,961 ounces sold in the 3 months ended March 21, 2021.
Sponsored · Cambria Gold Mines
11,777 ounces of gold were sold during the quarter at an average realized price of $1,752 per ounce. 21,498 ounces of gold were produced through Q2, and full scale commercial production was achieved on June 1, 2021.
Magna Gold has also reiterated their annual gold production guidance of 55,000 – 65,000 ounces of gold.
Magna Gold Corp. last traded on the TSX Venture at $1.03.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The Greats: Canada’s Notable Mining Financiers
Mining exploration, besides being a high-risk, high-reward endeavour, is a very capital intensive business. It...