Gatos Silver released its production data for the quarter and nine months concluding on September 30, 2023, from its Cerro Los Gatos mine in Mexico.
Production Details and Comparisons
The mine’s mill had an average throughput rate of 2,916 tonnes per day during Q3 2023, marking a 2% increase from the same period in 2022. The quarter also saw the full commissioning of the fluorine leach plant for zinc concentrate.
Silver production for Q3 2023 stood at 2.22 million ounces, which is 18% less than the 2.70 million ounces recorded in Q3 2022. This decrease is due to a 20% drop in silver grades in the current quarter, despite the increased mill throughput and enhanced recovery rates. Additionally, there was a 22% reduction in both zinc and lead production, while gold output fell by 9% when compared to Q3 2022, mainly because of anticipated lower mill feed grades.
Updates and Exploration Initiatives
On September 6, 2023, Gatos Silver made public its revised mineral reserve and resource estimates, indicating a prolonged mine life up to the end of 2030. The company has stated its intention to release supporting technical documents later this month. In Q3, there was a continued emphasis on extending the mine life at CLG. Efforts included mobilizing a seventh drill rig on-site. Currently, five rigs are actively engaged in conversion drilling of the South-East Deeps inferred resource, while the remaining two will shift their focus to exploration targets in proximity to the mine during the upcoming fourth quarter.