GCM’s gold and silver production up year-on-year

18th July 2022 By: Darren Parker - Creamer Media Contributing Editor Online

TSX-listed GCM Mining produced 16 370 oz of gold in June at its Segovia operations, in Colombia, bringing the total for the second quarter to 53 198 oz, compared with 52 198 oz a year prior.

On July 18, GCM reported that it had also produced 85 741 oz of silver for the quarter, up from 54 573 oz a year ago, together with about 294 000 lb of zinc and 345 000 lb of lead.

For the first half of the year, GCM produced 103 149 oz of gold at Segovia, up from 101 256 oz of gold in the first half last year. The company reported consolidated gold production in the first half last year of 103 684 oz, which included 2 428 oz from Marmato, also in Colombia, up to February 4 last year, the date when GCM lost control of Canadian miner Aris Gold.

GCM’s trailing 12-month total gold production at the end of June amounted to 208 282 oz, up about 1% over last year. The company said that it remained on track to meet its 2022 yearly production guidance of 210 000 oz to 225 000 oz of gold, which would be aided by the completion of the Maria Dama plant expansion to 2 000 t/d in the third quarter.

GCM reported that it had processed a total of 44 047 t in June at the Maria Dama plant, representing a daily average processing rate of 1 468 t, at an average head grade of 12.8 g/t. Plant operations in June reflected a scheduled 120-hour stoppage to change the linings of the mill, in addition to routine repairs and improvements.

For the second quarter, a total of 147 580 t, equivalent to 1 622 t/d, were processed at Segovia at an average head grade of 12.4 g/t compared with a total of 143 910 t, equivalent to 1 581 t/d, at an average head grade of 12.6 g/t in the second quarter last year. This brings the daily average processing rate for the first half of 2022 to 1 604 t/d at an average head grade of 12.3 g/t, compared with 1 526 t/d and 12.7 g/t in the first half last year.

GCM’s polymetallic plant at Segovia processed an average of about 97 t/d of tailings in the first half of the year, resulting in the production of about 645 t of zinc concentrate and about 547 t of lead concentrate, which have been stockpiled and are expected to start shipping in the next few weeks under an offtake agreement with an international customer that was executed in June, the company said.

Payable production from the concentrates in the first half of this year is estimated to total about 546 000 lb of zinc, 683 000 lb of lead, about 57 600 oz of silver and about 200 oz of gold.