Ascendent Resources finds higher grades in Q3
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(Kitco News) - Ascendent Resources (TSX:ASND) said Wednesday zinc equivalent metal production was 28.8 million pounds, a 21% increase over the same quarter a year ago when production was 23.9 million pounds.
The company said the production increase was due to significantly higher lead and silver grades from the higher-grade Esperanza and Port Royal chimneys as well as the production from the upper, historical part of the mine.
The company had a net loss of $5.21 million or 7 cents loss per share, compared to a loss and basic and diluted loss per share of $3.85 million and 5 cents loss per share compared to the same period a year ago.
Revenues were $22.03 million as a result of the sale of 28.0 million pounds of ZnEq metal.
Chris Buncic, president and CEO of Ascendant, touted the companies lower all-in-sustaining cost.
“We are very pleased with the mine’s performance in Q3/19 demonstrating considerable production growth over the previous strong quarter," said Buncic in a news release. "The decision we made in the first half of the year to increase investment in underground development work in order to access high-grade areas within the mine has proven very beneficial for us as we report record head-grades and contained metal production this quarter.
"As a result, we reported a substantial decrease in all-in sustaining costs to $1.09 per payable pound sold at the mine site and $1.13 on a consolidated basis. Direct operating costs were slightly higher than those in Q2/19 as the reduction in underground development work this quarter translates to less waste tonnes being capitalized.”