Luca Mining (TSX-V:LUCA) has completed a record 12,400m of drilling in Q2 while producing 6,161oz of gold and 334,237oz of silver.
The company’s cash balance decreased to C$24.7 million at quarter-end from C$36.4 million ($36.9 million) at 31 March, reflecting continued investment in underground development and exploration activities.
Revenue during the quarter was negatively impacted by lower gold and silver prices, including negative provisional pricing adjustments related to concentrate shipments made in prior periods.
At the Campo Morado mine, efforts to build a stockpile resulted in a quarter-over-quarter increase in mined tonnes. Conversely, milled tonnes decreased over the same period.
The stockpile was established to provide greater flexibility in managing mill feed as the company advances optimisation initiatives to improve metallurgical recoveries ahead of anticipated gains from the Campo Morado expansion.
Exploration activities during the quarter were primarily focused on near-mine and resource expansion targets, taking year-to-date drilled metres to approximately 22,000m.
The drilling achieved objectives of extending mine life and improving production flexibility at the company’s operating assets.
“We remain focused on operational improvements at both mines, with particular emphasis on Campo Morado,” CEO Dan Barnholden says.
“We are advancing mill feed optimisation initiatives, supported by an established stockpile, towards improved metallurgical recoveries in the near term, while progressing the design of the Campo Morado expansion.”
The company maintains debt of approximately C$1.4 million, with the remaining balance expected to be fully repaid in July 2026. Luca operates two wholly owned mines in Mexico’s Sierra Madre mineralised belt, producing gold, copper, zinc, silver and lead.
Luca Mining is a Canadian Mexican-focused base and precious metals producer operating the Campo Morado and Tahuehueto mines.
Write to JC Villarba at Mining.com.au
Images: Luca Mining
