Point Roberts, Washington and Delta, British Columbia–(Newsfile Corp. – July 13, 2021) – Investorideas.com, a global investor news source covering mining and metals stocks, releases today's edition of Exploring Mining Podcast, featuring an exclusive interview with the President, Chairman and CEO of Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF).
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Investorideas caught up with Kevin Drover, President, Chairman and CEO of Aurcana Silver Corporation (TSXV: AUN) (OTCQX: AUNFF), who explained that the company's flagship Revenue-Virginius polymetallic mine in Ouray, Colorado is making significant headway with great expectations in the coming months.
"We're well on our way to getting ourselves back into production," he said. "We're looking at right around the end of this month for starting back again and being cash flow positive in September. And of course, one of the things that we were all waiting for here is our underground mine development – to be able to access our ore body, or in our particular case, it's a vein system."
Aurcana recently reported results of the first assays after accessing the Virginius Vein. Drover explained how they exceeded the company's expectations.
"We are very pleasantly surprised that the grades are quite good," he said. "We're looking at an average grade on the vein of about 38 ounces per tonne and the vein width is at 2.5 feet. In this particular area of the vein we were expecting about a 1.4 foot width and I think about 24 ounces per tonne of silver, so it's very good to see those higher assays and we're quite excited. Within that 2.5 feet, we also have about 0.6 feet of almost 86 ounces per tonne, so very high grade material."
Drover also affirmed the company's robust cash position, at present.
"[Our] cash position as of today is about $23 million," he said. "We certainly expect that we will not have to go back to the market for any further funding. It looks like we have a very good cushion of somewhere around $12-$15 million."
Drover outlined Aurcana's roadmap toward full production of 270 short tonnes per day (stpd), by this September.
"We're looking at putting first ore through the mill in late July and ramping up production through the month of August," he said. "We said we'd be between 110-115 tonnes per day during the month of August and being at full production – as per our feasibility study – of 270 tonnes per day in September. And at the same time in September, we expect to be cash flow positive as well."
As well as Revenue-Virginius, Drover noted that Aurcana looks forward to activating its Shafter silver project, in Presidio County, southwest Texas.
"Beyond that, we're looking at organic growth," he said. "And of course, in 2023 we hope to have the Shafter project come online and add an additional 2.50-3 million ounces and get us into that mid-tier producer status."
ABOUT AURCANA SILVER CORPORATION http://www.aurcana.com/
Aurcana Silver Corporation owns the Revenue Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at both the Shafter-Presidio Project and the Revenue Mine is silver. Both are fully permitted for production.
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