"This was a landmark quarter for MAG," President and CEO George Paspalas said in the release.
During Q2/19, which ended June 30, 2019, MAG and joint venture partner Fresnillo agreed to proceed with developing the Juanicipio processing plant, the last pre-production stage. Since then, 22 kilometers, or 13.7 miles, have been developed underground, and construction remains on schedule for commissioning in H2/20.
At the end of Q2/19, MAG was well funded, with cash and cash equivalents of $113,833. Minera Juanicipio had working capital of $26,315. After the quarter ended, MAG advanced to Minera Juanicipio $17,820, its 44% share of a $40,500 cash call.
In terms of exploration at Juanicipio, 18 holes were drilled there in H1/19, 11 of them being infill and seven, exploration. Results for all are pending.
Also, during Q2/19, MAG discovered the north to south trending Venadas vein and expanded the existing Valdecaņas Deep zone. Now, four rigs are drilling the deeper areas of the Valdecaņas vein suite, and a fifth rig is drilling the Venadas vein. "Juanicipio remains a property with remarkable exploration potential," Paspalas added.
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