Marlin Gold Mining (MLN-V) Nov 2nd 2016 is pleased to provide an operating update from its wholly owned La Trinidad mine in Sinaloa, Mexico.
Since September 15th, when Marlin began consistently mining the high grade HS Zone, the Company has stacked almost 19,500 ounces of gold with 18,052 coming in October alone. The tonnes stacked in October had an average grade of approximately 4.30 grams per tonne. In addition, Marlin has built up an approximately 50,000 tonne stockpile of mineralized material at similar grades waiting to be crushed and stacked onto the leach pad.
According to the 2nd Amended NI 43-101 Technical Report dated February 1, 2013 prepared by SRK Consulting, the leach cycle at La Trinidad is 90 days with expected gold recoveries of 70%, including a 5% reduction in recovery to account for leach inefficiencies. The recoveries of gold from the leach pad have increased by approximately 1,400% in October, from 14 ounces per day to 210 ounces per day. Importantly, our current leach curves are confirming the SRK Consulting estimates with no apparent leach inefficiencies.
Since our last operational update on October 18th, Marlin has crushed or stockpiled one tonne of mineralized material for each three tonnes of waste mined. We expect this ratio to remain at this level or lower for the foreseeable future.
We are currently mining the negative 14 level bench, and have blast-hole assays for the north side of the negative 20 level bench. From the negative 2 level bench and below, the north side pit wall contains some of the highest grade assays we have encountered. The Company has engaged a drilling contractor to help quantify how much mineralization exists to the north, which will determine whether a north side layback is warranted.
Weather conditions at the mine have been ideal, and we continue to expect our costs to track between US$2.25-2.5 million per month going forward.
The table below highlights key statistics at the crusher year to date.
| | January | February (1) | March | April | May | June | July | August | September | October | | Tonnes Crushed (2) | 51,553 | 0 | 16,662 | 22,006 | 85,058 | 95,653 | 37,186 | 17,074 | 25,690 | 130,660 | | Average Crushed Grade (3) | 0.63 | 0.00 | 0.53 | 0.51 | 0.77 | 0.67 | 0.75 | 0.82 | 1.80 | 4.30 | | Gold Stacked (4) | 1,044 | 0 | 281 | 361 | 2,097 | 2,045 | 893 | 450 | 1,484 | 18,052 | | Daily Recovered Gold (5) | 31 | 17 | 12 | 11 | 33 | 29 | 29 | 14 | 14 | 210 |
Lack of activity due to mining contractor transition. Metric tonnes processed by three-stages of crushing and agglomeration. Average grams per tonne gold sampled at the crusher. Troy ounces of gold stacked onto the leach pad. Daily recovery of troy ounces of gold from the leach pad at month end. La Trinidad Operating Update November 2016 Conference Call and Webcast Today
The Company's senior management will host a conference call on Wednesday, November 2, 2016 at 10:00 AM (E.D.T.) to discuss the Company's operating results for the month of October.
Via Webcast:
A live audio webcast of the conference call will be available using the following link http://edge.media-server.com/m/p/mgjnkp7q or on a link hosted on the Company's website at www.marlingold.com.
Via Telephone:
For those preferring to listen by telephone, please dial 1-213-358-0878 or toll-free 1-844-348-1683, access code 13000612. To ensure your participation, please call approximately ten minutes prior to the scheduled start of the call.
Replay Archive:
Please dial 1-404-537-3406 or toll-free 1-855-859-2056, access code 13000612. The conference call replay will expire on November 9, 2016.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
About Marlin Gold
Marlin is a publicly-traded gold and silver mining company with properties located in Sinaloa, Mexico and Arizona, USA. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly-owned subsidiary, Sailfish Royalty Corp. The La Trinidad property in Sinaloa, Mexico, declared commercial production on November 1, 2014. A NI 43- 101 mineral resource estimate and preliminary economic assessment for the La Trinidad mine and Commonwealth project can be found at www.sedar.com or at www.marlingold.com.
Marlin Gold Mining Ltd.
Akiba Leisman
Executive Chairman and Interim CEO
203-862-7059
aleisman@marlingold.com |
