DynaResource, Inc.
222 W. Las Colinas Blvd
Suite 1910 North Tower
Irving, Texas 75039
Office of Beverages, Apparel, and Mining
U. S. Securities and Exchange Commission
Division of Corporate Finance
100 F. Street, NE
Washington, DC 20549
Re: DynaResource, Inc.
Form 10-K for Fiscal Year Ended December 31, 2017
Filed April 16, 2018
File No. 000-30371
Ladies and Gentlemen:
This letter is in response to your oral comments on the above captured filing on February 25, 2019.
Those comments were issued during a conference call between SEC support staff and DynaResource, Inc. management as a follow up to our January 10, 2019 response to your December 18, 2018 letter.
Form 10-K for Fiscal Year Ended December 31, 2017
Notes to Consolidated Financial Statements
Note 1. Nature of Activities and Significant Accounting Policies
Property
Design, Construction and Development Costs, page 57
1. | We have reviewed your response to comment 1 noting you do not believe the costs you capitalized for the medical facility, camp, office infrastructure improvements, tailings pond and liner improvements, new foundation for the Denver Mill, installation cost for Mill #3, other machinery and equipment and transportation equipment related to mine development. Considering you have not established proven and probable reserves for this mine and you continue to be in the exploration stage, please provide us with a detailed discussion of how you determined the probably future economic benefit for each of these capitalized costs, including: (a) your expected proceeds and associated costs from alternative future uses for each of these capitalize costs and (b) the salvage value for each of these capitalized amounts. Also tell us the basis for each of your material assumptions, including providing supporting evidence. |
Response:
Because the DynaResource mining operations has only one source of revenue, the sale of minerals primarily gold and silver, extracted and processed from the mining operations, it is impractical to perform a separate detailed analysis of the probable future economic benefit for each of the capitalized costs.
While we have not established “proven and probable reserves” under SEC Guide 7 (although the Company does report 402,000 “Indicated” Oz Au and 741,000 “Inferred” Oz Au under the definitions described in Canadian National Instrument 43-101) the Company has established a proven revenue stream from its mining operations. Total revenues for the year ended December 31, 2018 were approximately $14,000,000, which represented an increase of approximately 30% over 2017 revenues. Forecasted revenue for the year ending December 31, 2019 is $30,000,000. Our analysis of the future economic benefit of the capitalized costs is based on our 2017 and 2018 revenue and the additional revenue we expect to generate through the expansion of our mining and processing facilities in 2019 and in future years. All the capitalized costs in 2017 discussed in your comment as well as the additional cost incurred in 2018 are necessary to support and process the increased mining production.
None of the capitalizable items have significant expected proceeds from alternative uses or if salvaged. Therefore, neither were factors considered in our determination of the future economic benefit of the assets.
The Company’s mining operations are in the Construction phase, and these assets qualify as construction assets as defined by Guide 7. Construction assets and facilities are infrastructure, building, machinery, plant and equipment necessary to extract, treat, and transport material from the mineral reserve. Per Guide 7, construction assets have a separate measurable life which may be longer or shorter than the measurable life of the mine.
Request:
The specific oral request was for the Company to provide a detail five-year projection of revenue and expenses from mining operations to document that we believe we will generate enough cash flow to recover our investment in the construction assets as defined above.
Response:
In response to this request we submit the attached three exhibits:
Exhibit A. – A five-year projected statement of operations compiled with the same format as the Company’s Form 10K statement of operations.
Exhibit B. – A five-year operating projection for the mining operations including detailed calculations of projected revenue, mining and production costs.
Exhibit C - A comparison between actual yield during the test mining phase and the projected yield as defined in the block model NI 43-101 report.
Key assumptions in the projection are as follows:
Revenue: Increase in daily mine production from 200 tonnes per day in April 2019 to 320 tonnes per day beginning in January 2020 and continuing through December 2023. Increase in daily plant processing from 190 tones per day in April 2019 to 310 tonnes per day beginning in January 2020 with an average feed grade of 11.50 g/t. This increase in production is based on opening additional mines (Tres Amigos), by July 2020. The increase in processing capacity is based on the completion of the rehabilitation of the third mill. Revenue is calculated based on a $1,250 an ounce gold price reduced by the buyer’s discount and processing costs based on the terms of the current sales contract.
Production Cost Applicable to Sales: Plant processing costs are estimated at $45 a ton consistent with historical processing costs.
Mine Production Cost Costs of mining ore for processing is estimated at $60 a ton based on historical costs.
Mine Exploration Costs: Costs of mining the waste materials necessary to reach the mineral deposits is the same as the mining the materials for production at $60 a ton. The ratio of waste material to production material was estimated by the mining team. It is higher in 2019 reflective of the cost of commencing the opening of the first Tres Amigos mine.
Transportation Costs: Transportation cost are estimated at 4.5% of revenue based on historical costs.
Camp, Warehouse and Facility Costs: Mining support costs reflect only a slight increase over 2018 cost. That facilities in place were constructed and staffed to support the projected level of production.
Property Holding Costs: Property holdings cost reflect the reductions of the Company’s mining concessions in 2018 from 69,121 hectares to 9,920 hectares.
General and Administrative Costs: - G&A expenses are projected to remain flat over the next five years.
Depreciation & Amortization - Depreciation expense is projected based on depreciation of current assets plus projected additions.
Non-Operating Costs The only non-operating cost include in the projection was interest expense which was calculated based on amortization of current notes with the assumption the convertible notes payable would be paid off from cash flow in 2020. No attempt was made to estimate the effect of foreign currency exchange gains and losses.
Based on this projection, Company management feels that the cash flow provided from mining operations will be sufficient to recover the Company’s investment in the construction assets and that the assets are properly accounted for in the Company’s financial statements.
The Company acknowledges that the Company and its management are responsible for the adequacy and accuracy of the disclosure in the filing, notwithstanding any review, comments, action or absence of action by the staff of the Commission.
Respectfully,
/s/ K.W. (“K.D.) Diepholz
Chairman / CEO
DYNARESOURCE, INC. | ||||||||||||||||||||
EXHIBIT A - FIVE YEAR PROJECTION | ||||||||||||||||||||
Year | Year | Year | Year | Year | Five Year | |||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Total | |||||||||||||||
REVENUE | 22,650,063 | $ | 35,984,600 | $ | 35,984,600 | $ | 35,984,600 | $ | 35,984,600 | $ | 166,588,463 | |||||||||
COSTS AND EXPENSES OF MINING OPERATIONS | ||||||||||||||||||||
Production Cost Applicable to Sales | 3,245,791 | 4,743,000 | 4,743,000 | 4,743,000 | 4,743,000 | 22,217,791 | ||||||||||||||
Mine Production Costs | 5,162,741 | 6,528,000 | 6,528,000 | 6,528,000 | 6,528,000 | 31,274,741 | ||||||||||||||
Mine Exploration Costs | 3,757,537 | 5,222,400 | 5,222,400 | 5,222,400 | 5,222,400 | 24,647,137 | ||||||||||||||
Camp, Warehouse and Facilities | 2,921,774 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 14,921,774 | ||||||||||||||
Transportation | 1,165,249 | 1,620,000 | 1,620,000 | 1,620,000 | 1,620,000 | 7,645,249 | ||||||||||||||
Property Holding Costs | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 1,250,000 | ||||||||||||||
General and Administrative | 2,433,157 | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | 12,033,157 | ||||||||||||||
Depreciation and Amortization | 299,180 | 300,000 | 300,000 | 300,000 | 300,000 | 1,499,180 | ||||||||||||||
Total Operating Expenses | 19,235,429 | 24,063,400 | 24,063,400 | 24,063,400 | 24,063,400 | 115,489,029 | ||||||||||||||
NET OPERATING INCOME | 3,414,635 | 11,921,200 | 11,921,200 | 11,921,200 | 11,921,200 | 51,099,435 | ||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Foreign Currency Gains (Losses) | - | - | - | - | - | - | ||||||||||||||
Interest Expense | (470,000) | (304,000) | (38,000) | - | - | (812,000) | ||||||||||||||
Derivatives Mark-to-Market Gain (Loss) | - | - | - | - | - | - | ||||||||||||||
Other Income (Expense) | - | - | - | - | - | |||||||||||||||
Total Other Income (Expense) | (470,000) | (304,000) | (38,000) | - | - | (812,000) | ||||||||||||||
NET INCOME BEFORE TAXES | 2,944,635 | 11,617,200 | 11,883,200 | 11,921,200 | 11,921,200 | 50,287,435 | ||||||||||||||
TAXES | - | - | - | - | - | - | ||||||||||||||
NET INCOME | 2,944,635 | $ | 11,617,200 | $ | 11,883,200 | $ | 11,921,200 | $ | 11,921,200 | $ | 50,287,435 |
Exhibit B | ||
5 Year Summary - Underground Mining | ||
San Pablo, San Pablo East, Tres Amigos, San Pablo South | ||
Mine | ||
Mine (Ore Tons) | 500,000 | |
Mine (Ore g/t) | 12.41 | |
Mined Gold Oz | 199,493 | |
Plant | ||
Ore Feed (Tons) | 483,700 | |
Ore Feed (g/t) | 11.41 | |
Gold Oz | 177,461 | |
Recovery | 85% | |
Gross Recovered Gold Oz | 150,841 | |
Non Recovered Gold Ozs Deposited to Tailings | ||
Estimate Recoverability of 50% - 75% | 26,620 | |
Revenue / Cost | ||
Gross Revenue | $188,551,250 | |
Net Revenue | $164,258,900 | |
Total Operating Cost | $105,049,000 | |
Other Cost | $4,200,000 | |
Net Operating Profit | $55,009,900 | |
Operating Costs / Per Gold Oz | $696 | |
All Inclusive Cost / Per Gold Oz | $728 | |
Case | Gold Price ($US / Oz) | Operating Cash |
Million USD | ||
Base Case | $1,200 | $58.5 |
Base Case | $1,250 | $65.7 |
Base Case | $1,300 | $72.8 |
Base Case | $1,500 | $101.4 |
San Jose de Gracia Underground Gold Mines | San Jose de Gracia Underground Gold Mines | ||||||||||||||||
15 Month Projections (April, 2019 - June 2020) | 15 Month Projections (April, 2019 - June 2020) Page 2 | ||||||||||||||||
Apr-2019 | May-2019 | Jun-2019 | Jul-2019 | Aug-2019 | Sep-2019 | Oct-2019 | Nov-2019 | Dec-2019 | Jan-2020 | Feb-2020 | Mar-2020 | April, 2020 | May 2020 | June 2020 | Total | ||
Operating Days | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 450 | |
Mine | |||||||||||||||||
Ore Tons Mined / Day | 200 | 200 | 200 | 260 | 260 | 260 | 260 | 260 | 260 | 320 | 320 | 320 | 320 | 320 | 320 | 272 | |
Ore Tons / Mined | 6,000 | 6,000 | 6,000 | 7,800 | 7,800 | 7,800 | 7,800 | 7,800 | 7,800 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 122,400 | |
Gold Grade (g/t) | 10.00 | 10.00 | 10.00 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.13 | |
Gold Oz | 1,929 | 1,929 | 1,929 | 3,135 | 3,135 | 3,135 | 3,135 | 3,135 | 3,135 | 3,858 | 3,858 | 3,858 | 3,858 | 3,858 | 3,858 | 47,745 | |
Waste tons | 4,800 | 4,800 | 4,800 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 97,920 | |
Plant | |||||||||||||||||
Feeding Tons / Average Per Day | 190 | 190 | 190 | 250 | 250 | 250 | 250 | 250 | 250 | 310 | 310 | 310 | 310 | 310 | 310 | 262 | |
Feeding Tons / Month | 5,700 | 5,700 | 5,700 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 9,300 | 9,300 | 9,300 | 9,300 | 9,300 | 9,300 | 117,900 | |
Feeding Grade (g/t) | 9.00 | 9.00 | 9.00 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 | 11.14 | |
Feeding Oz / Month | 1,649 | 1,649 | 1,649 | 2,773 | 2,773 | 2,773 | 2,773 | 2,773 | 2,773 | 3,438 | 3,438 | 3,438 | 3,438 | 3,438 | 3,438 | 42,213 | |
Concentrates | |||||||||||||||||
Tons of Gravimetric | 57 | 57 | 57 | 75 | 75 | 75 | 75 | 75 | 75 | 93 | 93 | 93 | 93 | 93 | 93 | 1,179 | |
Tons of Flotation | 513 | 513 | 513 | 675 | 675 | 675 | 675 | 675 | 675 | 837 | 837 | 837 | 837 | 837 | 837 | 10,611 | |
Total Tons of Concentrates | 570 | 570 | 570 | 750 | 750 | 750 | 750 | 750 | 750 | 930 | 930 | 930 | 930 | 930 | 930 | 11,790 | |
Gold Contents | |||||||||||||||||
27% | Gravimetric Gold Oz | 445 | 445 | 445 | 749 | 749 | 749 | 749 | 749 | 749 | 928 | 928 | 928 | 928 | 928 | 928 | 11,397 |
58% | Flotation Gold Oz | 956 | 956 | 956 | 1,608 | 1,608 | 1,608 | 1,608 | 1,608 | 1,608 | 1,994 | 1,994 | 1,994 | 1,994 | 1,994 | 1,994 | 24,480 |
85% | Delivered Gold Oz / Month | 1,401 | 1,401 | 1,401 | 2,357 | 2,357 | 2,357 | 2,357 | 2,357 | 2,357 | 2,922 | 2,922 | 2,922 | 2,922 | 2,922 | 2,922 | 35,877 |
Gold Price | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | |
Revenues | 1,751,250 | 1,751,250 | 1,751,250 | 2,946,250 | 2,946,250 | 2,946,250 | 2,946,250 | 2,946,250 | 2,946,250 | 3,652,500 | 3,652,500 | 3,652,500 | 3,652,500 | 3,652,500 | 3,652,500 | 44,846,250 | |
Buyers Deductions | |||||||||||||||||
Buyers Discount (6%) | 105,075 | 105,075 | 105,075 | 176,775 | 176,775 | 176,775 | 176,775 | 176,775 | 176,775 | 219,150 | 219,150 | 219,150 | 219,150 | 219,150 | 219,150 | 2,690,775 | |
125 | Treatment Cost Deduction | 71,250 | 71,250 | 71,250 | 93,750 | 93,750 | 93,750 | 93,750 | 93,750 | 93,750 | 116,250 | 116,250 | 116,250 | 116,250 | 116,250 | 116,250 | 1,473,750 |
Refining Cost Deduction | 35,025 | 35,025 | 35,025 | 58,925 | 58,925 | 58,925 | 58,925 | 58,925 | 58,925 | 73,050 | 73,050 | 73,050 | 73,050 | 73,050 | 73,050 | 896,925 | |
Total Deductions | 211,350 | 211,350 | 211,350 | 329,450 | 329,450 | 329,450 | 329,450 | 329,450 | 329,450 | 408,450 | 408,450 | 408,450 | 408,450 | 408,450 | 408,450 | 5,061,450 | |
Revenues | 1,539,900 | 1,539,900 | 1,539,900 | 2,616,800 | 2,616,800 | 2,616,800 | 2,616,800 | 2,616,800 | 2,616,800 | 3,244,050 | 3,244,050 | 3,244,050 | 3,244,050 | 3,244,050 | 3,244,050 | 39,784,800 |
San Jose de Gracia - Underground Gold Mines | |||||||
5 Year Projections (April 2019 - December 2023) | |||||||
9 Mos 2019 | 2020 | 2021 | 2022 | 2023 | 5 years | ||
Operating Days | 270 | 340 | 340 | 340 | 340 | 1,630 | |
Mine | |||||||
Ore Tons Mined / Day | 240 | 320 | 320 | 320 | 320 | 304 | |
Ore Tons / Mined | 64,800 | 108,800 | 108,800 | 108,800 | 108,800 | 500,000 | |
Gold Grade (g/t) | 11.81 | 12.50 | 12.50 | 12.50 | 12.50 | 12.41 | |
Gold Oz | 24,597 | 43,724 | 43,724 | 43,724 | 43,724 | 199,493 | |
Waste tons | 51,840 | 87,040 | 87,040 | 87,040 | 87,040 | 400,000 | |
Plant | |||||||
Feeding Tons / Per Day (Average) | 230 | 310 | 310 | 310 | 310 | 294 | |
Feeding Tons / Year | 62,100 | 105,400 | 105,400 | 105,400 | 105,400 | 483,700 | |
Feeding Grade (g/t) | 10.81 | 11.50 | 11.50 | 11.50 | 11.50 | 11.41 | |
Feeding Gold Oz / Year | 21,585 | 38,969 | 38,969 | 38,969 | 38,969 | 177,461 | |
Concentrates | |||||||
Tons of Gravimetric | 621 | 1,054 | 1,054 | 1,054 | 1,054 | 4,837 | |
Tons of Flotation | 5,589 | 9,486 | 9,486 | 9,486 | 9,486 | 43,533 | |
Total Tons of Concentrates | 6,210 | 10,540 | 10,540 | 10,540 | 10,540 | 48,370 | |
Gold Contents | |||||||
27% | Gravimetric Gold Oz | 5,829 | 10,522 | 10,522 | 10,522 | 10,522 | 47,917 |
58% | Flotation Gold Oz | 12,516 | 22,602 | 22,602 | 22,602 | 22,602 | 102,924 |
85% | Delivered Gold Ozs / Year | 18,345 | 33,124 | 33,124 | 33,124 | 33,124 | 150,841 |
Gold Price | $1,250 | $1,250 | $1,250 | $1,250 | $1,250 | $1,250 | |
Revenues | $22,931,250 | $41,405,000 | $41,405,000 | $41,405,000 | $41,405,000 | $188,551,250 | |
Buyers Deductions | |||||||
Buyers Discount (6 %) | $1,375,875 | $2,484,300 | $2,484,300 | $2,484,300 | $2,484,300 | $11,313,075 | |
Treatment Cost Deduction | $776,250 | $2,108,000 | $2,108,000 | $2,108,000 | $2,108,000 | $9,208,250 | |
Refining Cost Deduction | $458,625 | $828,100 | $828,100 | $828,100 | $828,100 | $3,771,025 | |
Total Deductions | $2,610,750 | $5,420,400 | $5,420,400 | $5,420,400 | $5,420,400 | $24,292,350 | |
Net Revenues | $20,320,500 | $35,984,600 | $35,984,600 | $35,984,600 | $35,984,600 | $164,258,900 | |
Net Price Per Once | $1,108 | $1,086 | $1,086 | $1,086 | $1,086 | $1,089 | |
Operating Costs | |||||||
$60 | Ore Mining | $3,888,000 | $6,528,000 | $6,528,000 | $6,528,000 | $6,528,000 | $30,000,000 |
$60 | Waste Mining | $3,110,400 | $5,222,400 | $5,222,400 | $5,222,400 | $5,222,400 | $24,000,000 |
$45 | Processing | $2,794,500 | $4,743,000 | $4,743,000 | $4,743,000 | $4,743,000 | $21,766,500 |
4.5% | Transportation | $1,215,000 | $1,620,000 | $1,620,000 | $1,620,000 | $1,620,000 | $7,695,000 |
Camp, Warehouse & Facilties | $2,250,000 | $3,000,000 | $3,000,000 | $3,000,000 | $3,000,000 | $14,250,000 | |
$25 | Administration | $1,237,500 | $1,650,000 | $1,650,000 | $1,400,000 | $1,400,000 | $7,337,500 |
$190 | Total Operating Costs | $14,495,400 | $22,763,400 | $22,763,400 | $22,513,400 | $22,513,400 | $105,049,000 |
Costs Per Delivered Gold Oz | $790 | $687 | $687 | $680 | $680 | $696 | |
Gross Operating Profit | $5,825,100 | $13,221,200 | $13,221,200 | $13,471,200 | $13,471,200 | $59,209,900 | |
Other Costs | |||||||
SJG Concessions and Ejido Rental | $187,500 | $250,000 | $250,000 | $250,000 | $250,000 | $250,000 | |
Depreciation & Amortization | $225,000 | $300,000 | $300,000 | $300,000 | $300,000 | $250,000 | |
Interest Expense | $352,500 | $304,000 | $38,000 | $0 | $0 | $250,000 | |
US Corporate Overhead Costs | $450,000 | $750,000 | $750,000 | $1,000,000 | $1,000,000 | $3,950,000 | |
Total Other Costs | $1,215,000 | $1,604,000 | $1,338,000 | $1,550,000 | $1,550,000 | $4,700,000 | |
Net Profit | $4,610,100 | $11,617,200 | $11,883,200 | $11,921,200 | $11,921,200 | $54,509,900 | |
All Inclusive Costs / Per Del. Gold Oz | $856 | $736 | $728 | $726 | $726 | $728 |
EXHIBIT C |
MINING and PRODUCTION at SAN JOSE de GRACIA |
(2015 - 2018) |
Comparison to NI 43-101 Block Model |
NI 43-101 Block Model | ||||||||||||||||
High Grade | Low Grade | Total Ore | Waste | Total | ||||||||||||
Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Tonnes | ||||||
2015 | 8,030 | 13.73 | 3,545 | 2,140 | 4.13 | 284 | 10,170 | 11.71 | 3,829 | 4,981 | 15,151 | |||||
2016 | 19,409 | 13.41 | 8,370 | 9,913 | 5.26 | 1,676 | 29,322 | 10.66 | 10,045 | 22,522 | 51,682 | |||||
2017 | 13,578 | 11.25 | 4,911 | 18,551 | 5.83 | 3,479 | 30,885 | 8.08 | 8,021 | 42,186 | 74,315 | |||||
2018 | 20,410 | 14.36 | 9,424 | 22,730 | 5.88 | 4,297 | 43,140 | 9.70 | 13,448 | 77,982 | 121,122 | |||||
Total | 61,427 | 13.29 | 26,250 | 53,334 | 5.68 | 9,736 | 113,517 | 9.68 | 35,343 | 147,671 | 262,270 | |||||
Mining Summary (2015 - 2018) | ||||||||||||||||
High Grade | Low Grade | Total Ore | Waste | Total | ||||||||||||
Year | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Tonnes | |||||
Pre Op. 2015 | 4,140 | 13.70 | 1,824 | 6,439 | 3.56 | 737 | 10,580 | 7.53 | 2,561 | 4,571 | 15,151 | |||||
2016 | 28,915 | 15.49 | 14,396 | 3,006 | 5.11 | 494 | 31,921 | 14.51 | 14,890 | 15,517 | 49,507 | |||||
2017 | 29,787 | 12.46 | 11,929 | 11,879 | 5.69 | 2,172 | 41,666 | 10.53 | 14,101 | 32,891 | 74,667 | |||||
2018 | 41,215 | 11.75 | 15,575 | 26,221 | 7.23 | 6,097 | 67,436 | 10.00 | 21,673 | 51,819 | 119,256 | |||||
Totals | 104,058 | 13.07 | 43,725 | 47,545 | 6.21 | 9,500 | 151,603 | 10.92 | 53,225 | 104,798 | 258,581 | |||||
VS. Block Model | 69.40% | -1.67% | 66.57% | -10.85% | 9.45% | -2.43% | 33.55% | 12.76% | 50.59% | -29.03% | -1.41% | |||||
Ore Sent To PLANT | ||||||||||||||||
Date | Tonnes | Au g/t | Au Ounces | |||||||||||||
2015 | 6,850 | 9.67 | 1,903 | |||||||||||||
2016 | 33,325 | 14.44 | 15,473 | |||||||||||||
2017 | 37,496 | 14.08 | 16,970 | |||||||||||||
2018 | 53,315 | 10.52 | 18,039 | |||||||||||||
Totals | 130,986 | 12.49 | 52,385 | |||||||||||||
Ore Feed (Mill) | Gravimetric Concentrate Recovered | Flotation Concentrate Recovered | Total Concentrate Recovered | Recovery / AU Ounces | ||||||||||||
Date | Hours | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Tonnes | Au g/t | Au Ounces | Gravimetric | Flotation | Total |
2015 | 1,577 | 6,125 | 8.23 | 1,621 | 164 | 136.37 | 719 | 414 | 45.86 | 610 | 578 | 70.46 | 1,309 | 43.67% | 37.08% | 80.76% |
2016 | 6,846 | 32,827 | 16.67 | 17,590 | 501 | 294.26 | 4,590 | 3,507 | 85.41 | 9,479 | 4,064 | 122.43 | 14,067 | 26.60% | 53.37% | 79.97% |
2017 | 7,116 | 35,170 | 12.93 | 14,625 | 471 | 330.44 | 5,087 | 2,655 | 79.05 | 7,548 | 3,483 | 114.26 | 12,636 | 34.54% | 51.86% | 86.40% |
2018 | 7,042 | 52,038 | 9.82 | 16,425 | 453 | 280.92 | 4,175 | 4,473 | 62.77 | 9,972 | 5,379 | 81.87 | 14,147 | 24.88% | 61.25% | 86.13% |
126,161 | 12.39 | 50,261 | 1,589 | 284.89 | 14,571 | 11,049 | 73.23 | 27,610 | 13,504 | 101.94 | 42,159 | 28.99% | 54.93% | 83.88% |