Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) reports production of 1,048,100 silver ounces (oz) and 11,109 gold oz in Q1, 2021, for silver equivalent production of 1.9 million oz at an 80:1 silver:gold ratio. Silver production increased 22% and gold production increased 31% compared to Q1, 2020, due primarily to higher ore grades mined and processed.
2021 First Quarter Highlights
Bradford Cooke, Endeavour CEO, commented, “It is gratifying to see the Company firing on all cylinders, with the mining operations meeting or exceeding expectations and the development team advancing the Terronera project to drive the next phase of growth. I will look forward to supporting Dan and Christine in their new roles as they build a bigger and better Company.”
Consolidated silver and gold production were both higher in Q1, 2021 compared to Q1, 2020 due to a significant increase in ore grades at Guanacevi and improved throughput and ore grades at Bolanitos.
Guanacevi silver and gold grades were higher compared to Q1, 2020 and well above plan. In February, unusually cold weather in northern Mexico resulted in power curtailments effecting mine and process plant production over a three-day period. In March, throughput was lower than initially planned as the refurbishment of the tailings filter presses impacted daily throughput. The plant throughput is expected to return to its 1200 tonnes per day capacity in April. Stockpiled ore inventory increased during the quarter as the mine output was on plan. With the higher metal prices, supplies of local third-party ores continued to supplement mine production, amounting to 10% of quarterly throughput, and contributed to the higher ore grades. Ore grades are expected to revert to plan in Q2, 2021 and for the remainder of the year.
Bolanitos and El Compas processed tonnes, and gold grade were all higher compared to Q1, 2020, partly offset by lower silver grades and both mines are slightly ahead of planned production. Settlement of El Compas concentrates resulted in lower recoveries during the quarter.
COVID-19 pandemic remains prevalent in Mexico, and at the Company’s business locations, process and protocols remain in place to ensure staff and workers as well as our communities remain as safe as possible.
Production Highlights for Q1, 2021
|Q1 2021 Highlights||Three Months Ended March 31|
|Silver ounces produced||1,048,100||857,659||22%|
|Gold ounces produced||11,109||8,476||31%|
|Payable silver ounces produced||1,036,710||849,791||22%|
|Payable gold ounces produced||10,894||8,320||31%|
|Silver equivalent ounces produced(1)||1,936,820||1,535,739||26%|
|Silver ounces sold||623,379||665,500||(6%)|
|Gold ounces sold||10,663||7,454||43%|
(1) Silver equivalent ounces calculated using 80:1 ratio.
Production Tables for First Quarter, 2021 by Mine
|by mine||Produced||per day||Ag gpt(1)||Au gpt(1)||Ag %||Au %||Oz||Oz|
About Endeavour Silver
Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
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