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SSR production on track

Canadian precious metals producer SSR Mining has reported solid results from its three core mines, increasing gold-equivalent output for the September quarter by 5% to 100,000oz.
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SSR Mining has seen an immediate improvement in output at its recently consolidated Puna operations in Argentina

Staff Reporter

With year-to-date production standing at 310,000oz, the company is well on the way to achieve its 2019 guidance of 400,000oz - 20% silver and 80% gold - as the mid-tier producer aims to top 440,000oz gold-equivalent by 2021.

Vancouver-based SSR reported record gold production at the Seabee mine in northern Saskatchewan of 32,345oz gold, a 22% improvement over the prior quarter. The operation benefitted from a 26% quarter-on-quarter improvement in the head grade at 12.39 grams per tonne, which made up for lower mill throughout after lightning strikes damaged an electrical transformer.

Gold recovery was 98.8%, a quarterly high for the operation under SSR's ownership.

The Marigold mine in Nevada produced 52,968oz gold, a 4% decrease from the June quarter mainly attributable to stacking ore on higher areas of the leach pads, which resulted in a longer leach time.

Gold sales totaled 50,650oz, 15% lower than the previous period, owing to lower gold production and a significant inventory drawdown in the second quarter. Gold grades to the leach pad were 34% higher quarter-on-quarter at 0.51g/t, consistent with the mine plan, as the company mined higher-grade ore in the current phase of the Mackay pit.

Further, following the recent consolidation of ownership of the Puna operations in Argentina, including the Chinchillas mine and the Pirquitas processing plant, the operation recorded 12% higher silver output at 1.7Moz thanks to improved head grade and recoveries.

Ore mined was significantly higher than ore milled, increasing ore stockpiles in advance of the rainy season.

"Each operation continues to track well against our improved production guidance for the year, positioning us to meet or exceed consolidated production guidance for the eighth consecutive year," said CEO Paul Benson.

SSR's Toronto-quoted equity has gained 82% over the past 12 months to C$20.88 on Wednesday, having traded in a band of $11.64-$23.42 over the period. The company has a market capitalisation of $2.55 billion.