I don't support it and want this management to work with what it has, it has never proven to me they deserve more capital and they mismanaged so much money in the past. I am still a sizable shareholder because properties are good with large upside potential but this gang has never been able to shoot straight and I am want them on a short leash.
Solaris drills 600 m of 1% CuEq at Warintza
2021-02-22 06:41 ET - News Release
Mr. Daniel Earle reports
SOLARIS REPORTS 600M OF 1.0% CUEQ AND 462M OF 1.0% CUEQ FROM SURFACE, CONTINUED EXPANSION OF WARINTZA CENTRAL
Solaris Resources Inc. has released assay results from a series of additional holes from the continuing diamond drilling program at its Warintza project in southeastern Ecuador.
Highlights from recent drilling are listed below and results are summarized in the associated table. An updated 3-D model will be posted on the company's website when available.
Four additional holes, as detailed below, have returned long intervals of high-grade mineralization starting from surface, extending the limits of mineralization to the west and northwest.
SLS-10 was an extensional hole collared at the western limit of drilling and drilled to the west, returning 600 m of 1.00 per cent copper equivalent (0.83 per cent copper, 0.02 per cent molybdenum and 0.12 gram per tonne gold), including 546 m of 1.06 per cent CuEq (0.88 per cent Cu, 0.03 per cent Mo and 0.12 g/t Au) from surface, significantly extending mineralization in this direction.
The high-grade interval of 600 m of 1.00 per cent CuEq reported in SLS-10 corresponds to a high-conductivity anomaly reflecting sulphide stockwork mineralization that continues to the west for a further 1.5 km at or near surface and is being targeted in follow-up extensional drilling that is now under way.
SLS-11 was an extensional hole collared in the southeastern portion of the current Warintza Central drill pattern and drilled to the northwest into an open area, returning 688 m of 0.57 per cent CuEq (0.39 per cent Cu, 0.04 per cent Mo and 0.05 g/t Au) from surface.
SLS-12 returned 736 m of 0.74 per cent CuEq (0.59 per cent Cu, 0.03 per cent Mo and 0.07 g/t Au) from near surface, extending mineralization into an undrilled, open area between the eastern and western drilling at Warintza Central.
SLS-13 stepped out approximately 100 m beyond the western limit of Warintza Central drilling and was drilled north into an open area, returning 462 m of 1.00 per cent CuEq (0.80 per cent Cu, 0.04 per cent Mo and 0.09 g/t Au) from surface, with the hole ending prematurely in strong mineralization.
To date, 17,400 metres have been drilled at Warintza Central in 21 holes of which results have been reported for 13; drilling is continuing with six rigs currently operating and six more being added by midyear, which will lead to a commensurate increase in the pace of results being reported.
Jorge Fierro, vice-president, exploration, commented, "Our drilling continues to demonstrate significant extensions of mineralization at Warintza Central with the latest results extending high-grade mineralization to the west, a direction in which the high-conductivity anomaly that correlates to high-grade mineralization at Warintza Central continues for a further 1.5 km at or near surface and is being targeted in ongoing and planned drilling."
WARINTZA CENTRAL ASSAY RESULTS
Hole ID Date reported From To Interval Cu Mo Au CuEq
(m) (m) (m) (%) (%) (g/t) (%)
SLS-13 Feb. 22, 2021 6 468 462 0.80 0.04 0.09 1.00
SLS-12 22 758 736 0.59 0.03 0.07 0.74
SLS-11 6 694 688 0.39 0.04 0.05 0.57
SLS-10 2 602 600 0.83 0.02 0.12 1.00
including 56 602 546 0.88 0.03 0.12 1.06
SLS-09 122 220 98 0.60 0.02 0.04 0.71
including 122 168 46 0.96 0.03 0.05 1.09
SLS-08 Jan. 14, 2021 134 588 454 0.51 0.03 0.03 0.62
SLS-07 0 1,067 1,067 0.49 0.02 0.04 0.60
SLS-06 Nov. 23, 2020 8 892 884 0.50 0.03 0.04 0.62
SLS-05 18 936 918 0.43 0.01 0.04 0.50
SLS-04 0 1,004 1,004 0.59 0.03 0.05 0.71
SLS-03 Sept. 28, 2020 4 1,014 1,010 0.59 0.02 0.10 0.71
SLS-02 0 660 660 0.79 0.03 0.10 0.97
SLS-01 Aug. 10, 2020 1 568 567 0.80 0.04 0.10 1.00
Grades are uncut and true widths have not been determined.
Technical information and quality assurance/quality control
Sample assay results have been independently monitored through a quality control/quality assurance program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru, and Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas's lab in Lima, Peru. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
The scientific and technical content of this press release and the sampling, analytical and test data underlying the scientific and technical content have been compiled, reviewed, approved and verified by Jorge Fierro, MSc, DIC, PG, vice-president, exploration, of Solaris, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The data were verified using data validation and quality assurance procedures under high industry standards. ZTEM data quality was validated by a qualified external professional.
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grassroots Tamarugo project in Chile and the Capricho and Paco Orco projects in Peru; exposure to $130-million (U.S.) spending over five years through a farmout agreement with Freeport-McMoRan on the Ricardo project in Chile; and significant leverage to increasing copper prices through the 60-per-cent interest in the development-stage La Verde joint venture project with Teck Resources in Mexico.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Solaris drills 798 m of 0.31% CuEq at Warintza West
Equinox Gold earns $22.3-million (U.S.) in 2020
2021-03-03 20:33 ET - News Release
Mr. Christian Milau reports
EQUINOX GOLD REPORTS OPERATING CASH FLOW OF $217 MILLION IN 2020
Equinox Gold Corp. has released its unaudited financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2020. These results are preliminary and could change based on final audited results. Equinox Gold's 2020 audited consolidated financial statements and accompanying management's discussion and analysis for the three months and year ended Dec. 31, 2020, will be released later this month. All financial figures are in United States dollars, unless otherwise indicated.
"Equinox Gold's 2020 results reflect delivery on the company's growth and diversification strategy. Our seven operating mines generated 477,200 ounces of gold and operating cash flow of $217-million in the year, compared to our 2019 production of 201,000 ounces of gold and $60-million in operating cash flow," said Christian Milau, chief executive officer. "Our acquisition of Premier Gold Mines will bring further scale and diversification with the addition of a producing mine in Mexico and a 60-per-cent interest in the construction-ready, world-class Hardrock project in Ontario, Canada. With strong cash flow from our operating mines and a healthy balance sheet, Equinox Gold is an excellent position to achieve ambitious goals in 2021 and beyond in terms of gold production and cash flow as we continue to develop our extraordinary pipeline of development and expansion projects."
Highlights for the full year 2020
Operational and financial
Completed more than 13 million work hours with nine lost-time injuries across all sites;
Implemented pro-active COVID-19 testing and safety protocols to keep the mines operating effectively while protecting the health, safety and economic well-being of the company's work force and local communities;
Exceeded revised production guidance with total production of 477,186 ounces of gold;
Mine cash costs of $849 per oz with mine all-in sustaining costs (AISC) of $1,027 per oz sold (1)(2);
Sold 471,786 oz of gold at average realized gold price of $1,783 per oz, generating revenue of $842.5-million;
Earnings from mine operations of $287.7-million;
Net income of $22.3-million or 10 cents per share;
Adjusted net income of $82.7-million or 39 cents per share, after adjusting for non-cash expenses (1)(3);
Cash flow from operations before changes in working capital of $231.7-million ($216.6-million after changes in working capital);
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $273.8-million (1)(3);
Expenditures of $76.3-million in sustaining capital and $92.8-million in non-sustaining capital (1);
Refinanced debt with low-cost $500-million corporate credit facility;
Cash and cash equivalents (unrestricted) of $344.9-million at Dec. 31, 2020;
Net debt of $200.3-million at Dec. 31, 2020 (including $278.9-million of in-the-money convertible notes) (1);
Completed at-market merger with Leagold Mining, expanding the company's asset portfolio with four new mines in Mexico and Brazil and a development-stage project in Brazil;
Announced acquisition of Premier Gold Mines (TSX: PG), which will further increase diversification and scale with the addition of a producing mine in Mexico and a construction-ready project in Ontario, Canada;
Increased average daily share trading liquidity from $3-million in 2019 to more than $40-million in 2020;
Achieved inclusion in global indices including the GDX, GDXJ, FTSE and S&P/TSX composites;
Invested $10.4-million (Canadian) in Solaris Resources (TSX: SLS) to maintain an approximate 26-per-cent interest on a fully diluted basis; current market value of Equinox Gold's basic interest is approximately $195-million (Canadian);
Commenced on-line environmental, social and governance (ESG) quarterly reporting;
Increased technical expertise, governance oversight, and diversity with board and management appointments.
Construction, development and exploration
Completed construction and commissioning of Castle Mountain phase 1 mine with no lost-time incidents and achieved commercial production on Nov. 21, 2020;
Increased Mesquite mineral reserves by 28 per cent and measured and indicated mineral resources by 94 per cent;
Extended mine life at Mesquite, Aurizona and Fazenda with exploration success;
Completed maiden indicated resource for Tatajuba deposit at Aurizona;
Completed a positive PEA (preliminary economic assessment) (4) for potential Aurizona underground development showing 740,500 oz of gold production over a 10-year mine life, an after-tax NPV (net present value) (5-per-cent discount rate) (herein referred to as NPV5) of $288-million and an IRR (internal rate of return) of 38 per cent at $1,620/oz gold;
Completed 23,916 metres of deep drilling and advanced technical studies to support a prefeasibility study for potential Aurizona underground development;
Completed a positive feasibility study for Santa Luz showing 903,000 oz of gold production over an initial 9.5-year mine life, an after-tax NPV5 of $362-million and an IRR of 67 per cent at $1,600/oz gold;
Commenced construction at Santa Luz in Q4 2020;
Advanced Los Filos optimization study for new carbon-in-leach plant, heap leach expansion, updated mine planning, and a mineral reserve and mineral resource update; targeted for completion in H1 2021 (first half).
Financial and operating highlights for Q4 2020
Completed more than 2.9 million work hours with one lost-time injury across all sites;
Produced 136,352 oz of gold and sold 134,895 oz of gold, generating revenue of $252.6-million;
Mine cash costs of $848 per oz and AISC of $1,093 per oz (1)(2);
Earnings from mine operations of $95.3-million;
Net income of $89.4-million or 37 cents per share;
Adjusted net income of $33.9-million or 14 cents per share, after adjusting for non-cash expenses (1)(5);
Cash flow from operations before changes in working capital of $86.7-million ($83.0-million after changes in working capital);
Adjusted EBITDA of $79.4-million (1)(5);
Expenditures of $31.5-million in sustaining capital and $17.3-million in non-sustaining capital (1).
(1) Mine cash cost per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, sustaining capital, non-sustaining capital and net debt are non-IFRS (international financial reporting standards) measures.
(2) Consolidated AISC/oz excludes corporate general and administration expenses.
(3) Primary adjustments for full-year 2020 were $29.9-million loss on the change in fair value of warrants, $14.1-million unrealized loss on the change in fair value of foreign exchange contracts and $12.9-million unrealized loss on the change in fair value of gold collars and forward contracts.
(4) The preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results contemplated in the PEA will be realized.
(5) Primary adjustments during Q4 2020 were $17.4-million unrealized gain on the change in fair value of warrants, $11.1-million unrealized gain on the change in fair value of foreign exchange contracts, $11.2-million unrealized gain on the change in fair value of gold collars and forward contracts, and $18.5-million unrealized gain on foreign exchange recognized within deferred tax expense.
Provided 2021 production and cost guidance of 600,000 to 665,000 oz of gold at mine cash costs of $940 to $1,000 per oz and AISC of $1,190 to $1,275 per oz:
Gold production is expected to increase (and AISC decrease) each quarter during the year, with approximately 30 per cent of production occurring in Q4 2021.
Announced positive drill results from Piaba underground and Genipapo targets at Aurizona;
Santa Luz construction more than 25-per-cent complete and on schedule for first gold pour in Q1 2022;
Announced agreement with Orion Mine Finance Group to acquire an additional 10 per cent of the Hardrock project in Ontario, Canada, bringing the company's total interest to 60 per cent following completion of the Premier acquisition (through which the company will acquire Premier's 50-per-cent interest in Hardrock);
Premier acquisition expected to close in March, 2021, and the additional 10 per cent of Hardrock shortly thereafter:
Premier securityholders approved the acquisition on Feb. 23, 2021;
Require Mexican Comision Federal de Comptetencia Economica anti-trust clearance decision and other regulatory approvals.
Further to the company's news release on Dec. 16, 2020, Equinox Gold plans to complete a non-brokered private placement of subscription receipts at a price of $10.00 (Canadian) per subscription receipt for gross proceeds of $75-million (Canadian). The private placement is fully underwritten by the company's chairman, Ross Beaty, and other insiders of Equinox Gold will also be participating in the financing. Each subscription receipt will entitle the holder to receive one common share of Equinox Gold on satisfaction of certain conditions, including completing the Premier Gold acquisition. The financing is subject to completion of definitive documentation, customary closing conditions and regulatory approvals, including the approval of the Toronto Stock Exchange for the pricing and other terms of the financing.
Conference call and webcast
Equinox Gold will host a conference call and webcast on Thursday, March 4, 2021, commencing at 7 a.m. PT (10 a.m. ET) to discuss the company's fourth quarter and full-year 2020 results and upcoming milestones. All participants will have the opportunity to ask questions of Equinox Gold's chief executive officer and executive team. The webcast will be archived on Equinox Gold's website until Sept. 4, 2021.
Toll-free in U.S. and Canada: 1-800-319-4610
International callers: +1-604-638-5340
Webcast accessible on company website.
Guidance was updated on Aug. 10 primarily to reflect the effect of government-mandated temporary suspensions related to COVID-19 and revised on Nov. 9 to reflect the effect of the Los Filos blockade, which was removed in December.
Capital expenditures were lower than planned for the year, primarily due to the suspension of mining and development activities at Los Filos as the result of a community blockade and the deferral of certain expenditures as the result of COVID-19 restrictions.
On Feb. 9, 2021, the company announced 2021 production guidance of 600,000 to 665,000 oz of gold, an approximate 33-per-cent increase over the company's 2020 full-year production. Cost guidance includes cash costs of $940 to $1,000 per oz of gold sold and AISC of $1,190 to $1,275 per oz of gold sold. The company may revise guidance during the year to reflect changes to expected results.
Consolidated gold production is expected to increase quarter over quarter during the year, with the fourth quarter benefiting from higher-grade ore at both Los Filos and Mesquite. Cash costs for 2021 reflect the lower grades mined at Los Filos for the first half of the year until the Guadalupe stripping program and Bermejal underground development are complete, providing access to higher-grade ore. Bermejal underground development will not commence, however, until successful resolution of an amended community support agreement with the Carizalillo community. AISC in 2021 reflect significant development and stripping campaigns at Los Filos, Mesquite and Aurizona to access higher-grade ore, which will boost production and reduce costs in the second half of the year.
The company is investing significantly in its projects in 2021, setting the foundation for lower-cost, longer-life mines and substantial production growth going forward. The company has budgeted $178-million in sustaining capital for 2021 (including some capital carried over from 2020), compared with the total spend in 2020 of $76.3-million. The company is also undertaking meaningful growth projects in 2021, including construction of the Santa Luz mine, advancing expansion projects at the Los Filos mine, completing a pit expansion at the RDM mine and significant exploration programs focused on mine life extension. The company has budgeted $249-million in non-sustaining growth capital for 2021, compared with $92.8-million in 2020.
The company expects to complete the Premier Gold acquisition in March, 2021. Guidance will be updated following completion of the acquisition to include the producing Mercedes mine in Mexico and to reflect expenditures associated with construction of the Hardrock mine in Ontario, Canada, which is expected to commence in Q4 2021 as Santa Luz construction is nearing completion.
About Equinox Gold Corp.
Equinox Gold is a Canadian mining company with seven operating gold mines and construction under way at an eighth site, a multimillion-ounce gold reserve base and a clear path to achieve one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold operates entirely in the Americas, with two properties in the United States, one in Mexico and five in Brazil. Equinox Gold's common shares are listed on the Toronto Stock Exchange and the NYSE American under the trading symbol EQX.
Doug Reddy, Msc, PGeo, Equinox Gold's chief operating officer, and Scott Heffernan, MSc, PGeo, Equinox Gold's executive vice-president of exploration, are the qualified persons under National Instrument 43-101 for Equinox Gold, and have reviewed and approved the technical information in this document.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.