Aris Mining Reports Strong Gold Production Results in Q3 2024
VANCOUVER, BC, Oct. 7, 2024 /CNW/ – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) has announced that they produced 53,608 ounces (oz) of gold in Q3 2024, with 47,493 oz coming from Segovia and 6,115 oz from the Marmato Upper Mine. This represents a 9% increase over the total gold production in Q2 2024. The company has been focused on expansion projects at Segovia, achieving significant progress and updating mineral resource and mineral reserve estimates.
Insight: The continued increase in gold production for Aris Mining showcases the success of their ongoing efforts to optimize production capacity at both the Segovia and Marmato Upper Mine locations. This upward trend clearly indicates the company’s strong position for future growth in the gold market.
Expansion Updates at Segovia
Neil Woodyer, CEO of Aris Mining, stated, “We are pleased to share the continued progress of our Segovia and Marmato expansion projects.” The expansion at Segovia has been divided into two phases. The completion of Phase 1 involved expanding the receiving area for mill feed from mining partners, leading to increased operational efficiencies. Phase 2 is currently underway and will involve the installation of a second ball mill, set for completion in Q1 2025. This upgrade is expected to boost throughput, enhance process efficiency, and drive increased gold production.
Insight: By strategically optimizing their operations at Segovia with expansion projects, Aris Mining is well-positioned to achieve their goal of an annual gold production rate of approximately 500,000 oz by the second half of 2026. This aligns with the company’s commitment to growth and operational excellence.
Updated Mineral Resource and Mineral Reserve Estimates at Segovia
The recent exploration programs at Segovia have yielded positive results in terms of high-grade intersections. As a result, updated mineral resource and mineral reserve estimates have been released, effective as of July 31, 2024. These estimations demonstrate growth in mineral resources and the full replacement of mineral reserves, supporting the ongoing expansion project at Segovia. The upcoming drilling program in 2025 will focus on converting newly identified near-mine mineral resources into reserves with low development costs.
Insight: Aris Mining’s proactive approach to exploration and resource estimation underscores their commitment to maximizing the potential of their assets. The updated estimates are a testament to the company’s strong geological understanding and strategic planning for future growth.
Marmato Expansion Progress
The expansion project at the Marmato Lower Mine is progressing as planned, with construction milestones being met on schedule. The site access road and portal face are complete, and work is set to begin on the twin declines. Fabrication of the SAG and ball mills is also on track for completion by the end of 2024, further supporting the anticipated growth in gold production from the Marmato Upper and Lower mines over their 20-year mine life.
Insight: With the successful completion of key construction milestones at the Marmato Lower Mine, Aris Mining is poised for continued growth in gold production. This expansion project is a critical component of the company’s strategy to enhance its overall operational capacity and solidify its position in the gold mining industry.
In conclusion, Aris Mining’s latest updates on gold production and expansion projects highlight the company’s strategic focus on operational excellence and growth. Their commitment to optimizing existing assets, enhancing operational efficiencies, and investing in future development projects positions them for a successful trajectory in the gold mining sector.
