Luca Mining - Exploration, Debt Repayment, Production Updates
Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA) joins us to provide updates on exploration that has just started up at the Campo Morado Project, debt repayments, and production developments.
The conversation begins with details about Luca Mining's 5,000 meter drilling program at the Campo Morado project in Mexico, which aims to extend the mine life and improve production quality with newly mobilized drills. This is the first drilling since 2014 on the Project. The drilling will cover both underground and surface targets, focusing initially on adding near-mine resources and eventually expanding further afield.
The discussion then moves to progress reports on Luca Mining's operational goals. Dan shares that their milling capacity at Campo Morado has increased successfully exceeding a targeted production rate of 2,000 tons per day.
On the financial front, Dan provides insights into the Company’s debt buyback that reduced their principal debt by 39% and removed convertible debentures. These efforts, along with incoming funds from warrant exercises, have put the Company on solid financial footing and positioned it to be potentially debt-free by summer.
The update wraps up with an update on Tahuehueto Operations, emphasizing efforts to ramp up production to a thousand tons per day, anticipated to be achieved within weeks.
Please email any follow up questions for Dan - Fleck@kereport.com or Shad@kereprot.com
