Drill Result commentary from Karen Winkler-- AUMN IR
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Drill Result commentary from Karen Winkler-- AUMN IR
Karen,
Not being a geologist, its hard for me to ascertain the significance of these latest drill results.
Can you tell me in your words, how significant they are?
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We’d characterize the results as good. There are some excellent hits, silver values of > 300 g/t over a meter or more. There are also quite a few hits in the 100 g/t to 200 g/t range which are lower than we would like but at least show the vein is there and is mineralized.
We need to complete the resource update, metallurgical tests on the oxide material, and then the PEA to understand how much of an increase to the resource is implied and also to understand the effect on the NPV, which Warren expects will be positive, but incremental.
A production decision would depend on the update as well. And an increase in silver price (to $20 per oz) would be very helpful to the economics and would speed up a decision to produce.
Karen Winkler
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When you refer to a "production decision," obviously AUMN does not have the capital to produce. Thus, how might this occur (excluding the long-sought after financial partner)?
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If we do produce at Santa Maria, we’d use a third party mill... the one we used for all the test mining. I believe Warren has estimated startup costs at Santa Maria to be ~$1M, more or less. This estimate will be refined with the upcoming PEA, as it currently dates from before the 2017 drill program.
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Lastly,
May 2 Q1 AUMN Results:
Silverbull50
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