Loading ...Construction at SilverCrest Metals’ (TSX: SIL) Las Chispas project, in Sonora, Mexico, is proceeding on time and on budget with 745 workers onsite, and first production at the high-grade silver-gold mine slated for next year.
At the end of June, construction of the $137.7 million underground operation was 33% complete – ahead of scheduled completion of 28%. Construction formally began on Feb. 1 of this year.
Once complete, the 1,250 t/d mine is expected to produce an average of 5.2 million oz. of silver and 56,000 gold oz. annually (10 million oz. of silver-equivalent) at all-in sustaining costs of $7.07 per oz. of silver-equivalent. The project has a mine life of 8.5 years with a February 2021 feasibility study projecting an after-tax net present value of $486.3 million (at a 5% discount rate), and a 52% internal rate of return.
SilverCrest on schedule for first production at Las Chispas in 2022