White Gold grows Yukon resources
The resource is "one of the highest-grade open-pit gold resources in Canada owned by an exploration company," its CEO says.
Endeavour Silver (NYSE: EXK) (TSX: EDR) has suspended ore processing at its Guanaceví operation in Mexico after the trunnion on the primary ball mill stopped working. The equipment could take up to 12 weeks to replace, the miner said.
Shares of Endeavour Silver plunged on the news, down 19.3% to $3.40 by 11:25 a.m. in Toronto, for a market capitalization of C$848.8 million ($617.5 million).
Management is now assessing several alternatives, including operating at a significantly reduced capacity with minor conveyor modification using smaller regrind mills until the primary ball mill is operational, the company said.
This downtime is expected to impact the company’s third quarter production, as well as its annual production and cost guidance, it added. An evaluation of the impact is expected this week and will be released when complete.
The Guanaceví underground mine, located 260 km northwest of Durango City, represents Endeavour’s cornerstone asset, being its first and highest-grade silver mine. It currently mines precious metals from three orebodies, with the plant processing the material at 1,200 tonnes per day on average.
In 2024, Guanaceví is initially forecast to produce between 5.3-5.8 million oz. of silver and 34,000-38,000 oz. of gold, or 8.1-8.8 million oz. of silver-equivalent. Last year, it produced 5.1 million oz. of silver and 14,955 oz. of gold, for 6.3 million oz. of silver-equivalent.
