Galena Mine reports strong 4th quarter
The ongoing Recapitalization Plan at Galena Mine has yielded solid returns as the company reported a strong finish in terms of production for the 2020 year.
Photo by JOSH McDONALD
WALLACE — Ongoing efforts at the Galena Mine have given executives at Americas Gold and Silver Corporation a lot to be excited for.
In a recent release from the company, it was announced that the mine saw significant increases in production in their year-over-year production in the fourth quarter of 2020.
Citing the completion of key underground development project and equipment purchases as major keys to success, they reported in the release that, “Measured and indicated silver resources on a 100% basis increased from 27.4 million ounces to 37.3 million ounces and inferred silver resources increased from 39.0 million ounces to 78.6 million ounces as at June 30, 2020. This increase represents a 36% and 101% increase, respectively, from the previously reported estimate.”
Production in the fourth quarter of 2020 to 294,000 ounces of silver and six million of lead compared to 2019’s fourth quarter where they produced 160,000 ounces of silver 2.6 million ounces of lead — a 70% year-over-year increase.
The reported success is all part of the ongoing Recapitalization Plan that began in October 2019.
Americas Gold and Silver expects 2021 to be a transitional at the Galena from a production standpoint as exploration efforts continue as part of the Recapitalization Plan where the goal is to hit an annual production goal of two million ounces per year — with the confidence that the work will eventually lead to historic levels of annual production of approximately five million ounces per year.
The company overcame several hurdles last year not counting the global effect that the COVID-19 pandemic had on their industry, including a blockade at one of their operations in Mexico and other struggles at one of their Nevada mines — but their successes here in the Silver Valley were able to lessen the blow, according to Americas Gold and Silver President and CEO Darren Blasutti.
“Last year was expected to be transformational for the company but was met by a series of unexpected challenges. I would personally like to thank our stakeholders for their patience and support as we continue to meet these challenges and demonstrate to the market the tremendous value of our assets,” Blasutti said. “I am confident the success at the Galena Complex will continue as indicated by the most recent drill results, the illegal blockade at our Cosalá Operations will be resolved, and Relief Canyon will reach full production following a difficult ramp-up period.”
Work included in the Recapitalization Plan’s Phase I will continue on the 4300 Level of the mine through 2021 as deep exploration drilling activities are scheduled right now through June of this year before moving on to other target locations.