Bear Creek Mining Corp. [BCM-TSXV, BCEKF-OTCQX, BCM-BVL] said it plans to restart efforts to seek construction funding for its proposed Corani silver-lead-zinc mine in Peru. In documents containing its second quarter 2024 financing and operating results, Bear Creek said a final decision is subject to results of a geometallurgical test program and improving investment conditions in Peru.
“In the meantime, the company is continuing to focus on maintaining the Corani permits and the project’s strong social license,” the company said in a press release.
Bear Creek is a precious metals producer with assets in Mexico and Peru.
The company’s wholly-owned Corani deposit is the one of the largest, fully-permitted silver deposits in the world, one that is highlighted by its substantial base metal credits, its location in a mining friendly jurisdiction and overwhelming community support.
The 100%-owned property is located in the district of Corani, province of Carabaya, in the department of Puno in southern Peru.
Corani has sizeable proven and probable reserves that will support average annual payable production of 9.6 million ounces of silver, 98 million pounds of lead and 69 million pounds of zinc over a 15-year min- life.
The project has received all key permits required to commence construction, including an approved ESIA, Accreditation of Water Availability and construction permits.
Bear Creek has previously said the Corani deposit will be mined using conventional open pit mining methods
Meanwhile, the company said its Mercedes gold mine in Sonora, Mexico, produced 9,304 ounces of gold and 40,893 ounces of silver in the second quarter ended June 30, 2024. During this period, 9,155 ounces of gold were sold, of which 825 ounces of gold were delivered under streaming arrangements. Cash cost and all-in-sustaining cost (AISC) per ounce of gold sold were US$1,657 an ounce and US$2,058 an ounce respectively.
“Our efforts to optimize fundamental mine processes at Mercedes continued to result in improved gold grades and development meters achieved during Q2, 2024,’’ said Bear Creek President and CEO Eric Caba.
Key achievements during Q2 include an enhanced Mercedes ground control management plan to overcome historical geotechnical challenges and development deficits.
The company completed the North lateral ramp at the Marianas deposit, which includes two important pivots into the north and central ore bodies planned for late 2024 and 2025 production.
“The new Marianas ramp is expected to allow better positioning for ongoing infill drilling and development into other Marianas orebodies in late 2024 that we anticipate will contribute to production in 2025,” Caba said.
The San Martin deposit continued to contribute the majority of Mercedes’s second quarter mined and processed tonnage, with lesser amounts contributed by the Marianas, Diluvio and Lupita deposits.
On Tuesday, Bear Creek shares eased 7.14% or $0.025 to 32.5 cents. The shares trade in a 52-week-range-50 cents and 16 cents.
