(Kitco News) - Gatos Silver (NYSE, TSX: GATO) announced today that its 70%-owned Cerro Los Gatos (CLG) mine achieved record production for silver, zinc and lead in Q3 2022.
The company said that silver production was 2.7 million ounces, an increase of 59% compared to Q3 2021, zinc production was 17.8 million pounds, up 32%, and lead production was 12.2 million pounds, up 13% from the comparable quarter in 2021.
Gatos explained that the higher production was primarily due to record mill throughput rates averaging 2,862 tonnes per day and significantly higher ore grades processed during the quarter.
Silver and zinc recoveries were also higher than the comparable quarter in 2021. Milling rates were 10% higher than the previous mill throughput record achieved in the first quarter of 2022, and 23% higher than the second quarter of 2022.
Gatos Silver also announced that it has increased production guidance and lowered cost guidance for 2022.
“Based on the continued strong operating performance of CLG, the company is improving 2022 full year production guidance for silver by 9%. The company is providing even higher increases in guidance for zinc, lead and gold. At the same time, Gatos Silver now expects lower 2022 full year all-in sustaining costs. On a by-product basis, the company has reduced guidance by 14%,” the company said in a statement.
Gatos Silver is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. As a 70% owner of the Los Gatos Joint Venture (LGJV), the company is primarily focused on operating the mine and mineral processing plant at the LGJV’s Cerro Los Gatos deposit.
