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Summary

  • Maya Gold and Silver pours almost 7,500 ounces of silver from its recently reopened Zgounder silver mine in Morocco.
  • This was expected in my original article where I discussed the reopening of this mine.
  • The investment thesis doesn’t change for now, and I hope the ramp-up continues to go smooth.

Maya Gold and Silver (OTC:MYAGF) has announced it has poured 20 ingots totalling 234.5 kilos of silver which will be sold shortly. This means that at the current silver price, this sale of the first 17 days of operation (of which 10 days were test-days with low-grade stockpiled ore) will bring in $140,000.

It's encouraging to see that everything seems to be going well, and keep in mind the production of almost 7,500 ounces of silver was based on processing just 7 days of stockpiled ore and 10 processing days with a silver grade of just 50g/t. So basically this should be considered as hot commissioning the mill and I expect more (and faster) pours of silver ingots from here on which should lead to commercial production later this year. The recovery rate of 86% is quite good, considering most of the material which was milled was just low-grade and stockpiled ore.

Maya Gold and Silver has been ticking all the right boxes since it started the mill and mine rehabilitation in September of last year. The mill seems to be running well, and I can't wait for the company to throw the high-grade ore in the mill which should result in much higher production number and low cash costs. The fact that no geopolitical problems have occurred, strengthens my belief that Morocco could be a next interesting mining destination.

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Source: Update: Maya Gold And Silver Has Poured Its First Silver Bars