A new structural interpretation of faulting in the Angelina sector of the Deep Orito vein has been confirmed by drilling, which intercepted wide, high-grade intervals of mineralisation, indicating potential for mineral reserve and mineral resource growth and the potential to further extend mine life. A second vein was also discovered at the Laguna satellite deposit.
Yamana also completed a machine-learning study in mid-2019 with GoldSpot Discoveries, which generated numerous exploration targets that are advancing via systematic surface exploration.
More than 100,000m have been drilled at El Penon this year with new discoveries continuing to demonstrate that the exploration potential at El Penon remains significant and mine life will exceed currently estimated mineral reserves.
"The El Penon mine entered production in 1999 with an estimated life of five years. That was 20 years ago and the operation's mineral reserves are nearly the same today as they were then. Year after year, El Penon recoups its mineral depletion and, based on the positive results that we are seeing, we believe this will continue for many years to come," said SVP exploration Henry Marsden.
El Penon is a 4,200 tonnes per day operation that produced 151,893 ounces gold in 2018 and 3.9Moz silver. It has a December 2018 proven and probable reserve of 800,000oz and 396,000oz of measured and indicated resources.
At Minera Florida, drilling has identified new veins at better than life-of-mine grades, indicating excellent potential to replace mining depletion by year-end. The PV Sur-Fantasma corridor continues to grow, with positive drill intercepts in a new discovery located between the two known mineralised zones.
"We are making good progress at Minera Florida in several different areas of the property, and while it often takes time for an exploration program to bear fruit we are confident that the potential provided by the property consolidation completed in 2017 at Minera Florida will translate into significant new mineral reserves and mineral resources," said Marsden.
Minera Florida is a 2,3000tpd operation which produced 81,635oz in 2018. It has a December 2018 proven and probable reserve of 404,000oz and measured and indicated resources of 817,000oz.
Shares in Yamana Gold are trading at C$4.63, valuing the company at $4.4 billion.
