Bear Creek Mining Announces Q4 2024 and Full Year Mercedes Mine Production Results
Bear Creek Mining (BCEKF) reports Q4 2024 production of 7,937 ounces of gold and 55,803 ounces of silver from its Mercedes Mine. Production decreased during Q4 due to the transition from bulk mining at San Martin to narrow-vein mining methods. The company faced delays in obtaining specialized equipment and supplies, along with unplanned ground condition remediation.
For full-year 2024, Mercedes produced 40,220 ounces of gold and 217,675 ounces of silver, processing 400,771 tonnes of ore with a 95% gold recovery rate. Development meters reached 3,090 in Q4 2024, significantly higher than previous quarters. The company plans an aggressive exploration program for 2025 to test near-mine brownfield targets identified in late 2024.
Bear Creek Mining (BCEKF) riporta una produzione nel quarto trimestre del 2024 di 7.937 once d'oro e 55.803 once d'argento dalla sua miniera di Mercedes. La produzione è diminuita nel quarto trimestre a causa della transizione da metodi di estrazione di massa a metodi di estrazione a filone stretto nel San Martin. L'azienda ha affrontato ritardi nell'ottenimento di attrezzature e forniture specializzate, insieme a interventi di bonifica del terreno non programmati.
Nel totale dell'anno 2024, Mercedes ha prodotto 40.220 once d'oro e 217.675 once d'argento, elaborando 400.771 tonnellate di minerale con un tasso di recupero dell'oro del 95%. I metri di sviluppo hanno raggiunto i 3.090 nel quarto trimestre del 2024, significativamente più alti rispetto ai trimestri precedenti. L'azienda prevede un programma di esplorazione aggressivo per il 2025 per testare gli obiettivi brownfield vicino alla miniera identificati alla fine del 2024.
Bear Creek Mining (BCEKF) informa sobre una producción de 7,937 onzas de oro y 55,803 onzas de plata en el cuarto trimestre de 2024 de su mina Mercedes. La producción disminuyó en el cuarto trimestre debido a la transición de la minería a granel en San Martín a métodos de minería de vetas estrechas. La empresa enfrentó retrasos en la obtención de equipos y suministros especializados, así como trabajos de remediación de condiciones del terreno no planificados.
Para el año completo de 2024, Mercedes produjo 40,220 onzas de oro y 217,675 onzas de plata, procesando 400,771 toneladas de mineral con una tasa de recuperación de oro del 95%. Los metros de desarrollo alcanzaron 3,090 en el cuarto trimestre de 2024, significativamente más altos que en trimestres anteriores. La empresa planea un programa de exploración agresivo para 2025 para probar objetivos brownfield cercanos a la mina identificados a finales de 2024.
Bear Creek Mining (BCEKF)는 2024년 4분기에 7,937 온스의 금과 55,803 온스의 은을 메르세데스 광산에서 생산했다고 보고했습니다. 생산량은 샌마르틴에서 대규모 채굴에서 좁은 맥채굴 방법으로 전환하면서 감소했습니다. 회사는 특수 장비 및 용품 조달 지연과 예기치 않은 지반 조건 개선 작업으로 어려움을 겪었습니다.
2024년 전체적으로 메르세데스는 40,220 온스의 금과 217,675 온스의 은을 생산했으며, 400,771 톤의 광석을 처리하며 95%의 금 회수율을 기록했습니다. 개발 미터 수는 2024년 4분기에 3,090에 도달하여 이전 분기보다 크게 증가했습니다. 회사는 2025년의 공격적인 탐사 프로그램을 계획하여 2024년 말에 식별된 근처 광산의 브라운필드 목표를 검토할 것입니다.
Bear Creek Mining (BCEKF) rapporte une production au quatrième trimestre 2024 de 7 937 onces d'or et 55 803 onces d'argent de sa mine de Mercedes. La production a diminué au cours du quatrième trimestre en raison de la transition de l'exploitation à grande échelle à San Martin vers des méthodes d'exploitation à filon étroit. La société a rencontré des retards dans l'obtention d'équipements et de fournitures spécialisés, ainsi que des travaux de remédiation non planifiés des conditions de sol.
Pour l'année complète 2024, Mercedes a produit 40 220 onces d'or et 217 675 onces d'argent, traitant 400 771 tonnes de minerai avec un taux de récupération de l'or de 95 %. Les mètres de développement ont atteint 3 090 au quatrième trimestre 2024, ce qui est nettement supérieur aux trimestres précédents. L'entreprise prévoit un programme d'exploration agressif pour 2025 afin de tester les cibles brownfield près de la mine identifiées à la fin 2024.
Bear Creek Mining (BCEKF) berichtet von einer Produktion im vierten Quartal 2024 von 7.937 Unzen Gold und 55.803 Unzen Silber aus seiner Mercedes-Mine. Die Produktion sank im vierten Quartal aufgrund des Übergangs von der Großbergbau bei San Martin zu engen Gangmethoden. Das Unternehmen hatte Schwierigkeiten bei der Beschaffung von spezialisierten Geräten und Materialien sowie mit ungeplanten Bodenverbesserungsmaßnahmen.
Für das gesamte Jahr 2024 produzierte Mercedes 40.220 Unzen Gold und 217.675 Unzen Silber, verarbeitete 400.771 Tonnen Erz mit einer Goldrückgewinnungsrate von 95%. Die Entwicklungsmeter beliefen sich im vierten Quartal 2024 auf 3.090, was erheblich höher ist als in den vorherigen Quartalen. Das Unternehmen plant ein aggressives Explorationsprogramm für 2025, um die nahegelegenen Brownfield-Ziele, die Ende 2024 identifiziert wurden, zu testen.
- Development activity increased significantly in Q4 2024 with 3,090 meters
- Maintained high gold recovery rate at 95% throughout 2024
- Alternative shipping arrangements secured in Canada to mitigate potential US tariff risks
- Q4 2024 gold production declined to 7,937 ounces from 10,751 ounces in Q3
- Gold grade processed decreased to 2.79 gpt in Q4 from 3.40 gpt in Q3
- Operational delays due to equipment procurement and ground condition issues
- Lower-than-expected grades from Diluvio and Lupita deposits
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") announces it produced 7,937 ounces of gold and 55,803 ounces of silver from the Mercedes Mine ("Mercedes") during the three months ended December 31, 2024 ("Q4 2024").
Eric Caba, President and CEO of Bear Creek, states "Production from Mercedes decreased during Q4 2024 as we continued the transition from mining at San Martin, a bulk-mineable deposit and the biggest contributor to production during 2024, into other areas of the Mercedes operation. This transition requires extensive development work, adaptations to new narrow-vein mining methods, and the deployment of right-sized equipment and specialized supplies, which have taken longer than expected to procure. Our ongoing efforts to improve efficiency, contain costs, apply operational discipline and reduce dilution, combined with completion of the transition to narrow vein mining methods appropriate for future production from the Marianas deposit, are focused on benefitting Mercedes' performance in 2025."
Q4 2024 Production
Production and development results for the quarter and year ended December 31, 2024 are as follows:
| Q1 2024 (1) | Q2 2024 (1) | Q3 2024 (1) | Q4 2024 | Full Year 2024 (2) | |
| Ore Mined (tonnes) | 106,365 | 93,093 | 103,889 | 95,204 | 398,552 |
| Ore Processed (tonnes) | 109,280 | 95,727 | 102,535 | 93,170 | 400,771 |
| Gold grade processed (gpt) | 3.69 | 3.23 | 3.40 | 2.79 | 3.30 |
| Gold recovery (%) | |||||
| Gold ounces produced | 12,228 | 9,304 | 10,751 | 7,937 | 40,220 |
| Silver ounces produced | 44,040 | 40,893 | 76,939 | 55,803 | 217,675 |
| Development (meters) | 2,780 | 2,569 | 2,025 | 3,090 | 10,464 |
(1) See Bear Creek news releases dated April 17, July 19 and October 18, 2024
(2) Full year 2024 numbers may not add due to rounding
The tonnage of ore mined and processed was impacted during Q4 2024 by delays experienced in obtaining certain equipment and supplies necessary to transition from the bulk mining methods used at the San Martin deposit to narrow vein mining methods required to effectively mine at the Marianas deposit and delays related to unplanned remediation of ground conditions. While as a result the final quarter of the year saw lower than anticipated gold and silver production, we are working to resolve both of these underlying factors and improve production accordingly. The average Q4 2024 gold grade of processed ore was impacted by lower-than-expected grades of ore mined from the Diluvio and Lupita deposits. Development activity originally planned for earlier quarters occurred in the final quarter of the year, leading to the substantially higher development meters achieved in Q4 2024.
In summary, unforeseen delays related to the transition of mining methods and contractors during the quarter negatively impacted production results for Q4 2024. However, the majority of this shortfall is expected to be made up in the course of 2025 concurrent with anticipated reductions in dilution that stem from using experienced narrow vein miners and right sized equipment.
Bear Creek is planning an aggressive exploration program for 2025 to test high quality, near-mine brownfield targets identified in late 2024 through a study that integrated new information obtained from reprocessing historic aeromagnetic survey data, with ground-based geochemistry, new geological field observations and a re-interpretation of structural controls on Mercedes mineralization. The 69,284-hectare Mercedes property is located at the convergence of discrete porphyry, epithermal & orogenic belts and represents a highly prospective environment that is largely unexplored outside of the Mercedes mine deposits. Our 2025 exploration plans will be announced in an exploration update news release in the coming days.
Shipping Alternatives
Bear Creek, through its Mercedes operating entity, currently ships d'ore from the Mercedes Mine to refining facilities in the USA pursuant to a contract with Asahi Refining ("Asahi"). The Company has confirmed that alternative d'ore shipping arrangements to Asahi's facilities in Canada are available to it, and will avail itself of these alternatives in the event precious metals shipments from Mexico to the USA become subject to punitive tariffs. Should this occur, the net effect of the change for the Company would be a moderate increase in the transportation costs for the production from Mercedes.
On behalf of the Board of Directors,
Eric Caba
President and Chief Executive Officer
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
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NI 43-101 Disclosure
Unless otherwise indicated, scientific and technical information in this news release is based on work programs and initiatives conducted by or under the supervision of, and/or has been reviewed and approved by, Donald Mc Iver, Fellow SEG and Fellow Aus IMM, Vice President, Exploration and Geology of Bear Creek Mining Corporation, who is a qualified person ("QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding: the timing, appropriateness, and benefits of the transition from bulk to narrow vein mining methodologies; the inclusion and relative contribution of various deposits on future production at Mercedes; expectations regarding 2025 Mercedes production results; the anticipated resolution of delays in equipment procurement that impacted Q4 2024 production results and the timing and impacts thereof; expectations regarding anticipated reductions in dilution and containment of costs, the potential impacts of such reductions on production results, and the timing thereof; 2025 Mercedes exploration plans and potential outcomes and plans to publicize such plans; and, potential changes to d'ore shipments from Mercedes. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to assumptions related to the Company's exploration, development and operating activities, the availability of funds required to meet its requirements and plans, business objectives, goals and capabilities, assumptions related to gold and silver prices, and the expectation that anticipated exploration, development and operating results will not differ materially from expectations. Although management considers the assumptions underlying the forward-looking statements to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239079
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