Americas Gold And Silver announces increase to Galena complex resources
Sep. 14, 2020 2:53 PM ET|About: Americas Gold and Silver ... (USAS)|By: Vandana Singh, SA News Editor
Americas Gold and Silver (USAS +3.9%) says that on a consolidated and attributable basis, estimated contained metal in the proven and probable mineral reserve categories totalled 610k ounces of gold, 30.6M ounces of silver, 134M pounds of zinc, 129M pounds of lead and 28M pounds of copper.
Based on initial drilling at the Galena Complex, measured and indicated silver resources on a 100% basis (60% USAS / 40% Eric Sprott) increased from 27.4M ounces to 37.3M ounces and inferred silver resources increased from 39M ounces to 78.6M ounces, representing a 36% and 101% increase, respectively, from previous reported estimates.
As Relief Canyon continues to ramp up towards commercial production and the Company seeks to achieve the restart of mining activities at the Cosalá Operations, the Company expects to generate meaningful cash flow from its operations and expand the exploration drilling budgets at these two operations.
Taylor Dart being Neutral on the stock, wrote "Americas Gold and Silver has had a very tough start to FY2020, and the share dilution as a result of short-term issues weighs significantly on the upside potential for shareholders. While most of this is not the company's fault, it doesn't change the fact that we have a sector laggard with negative earnings revisions and a new mine that is not yet performing as planned" on Seeking Alpha.
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