Marlin ships record gold as La Trinidad output ramps up

VANCOUVER (miningweekly.com) – Junior miner Marlin Gold has shipped a record 10 121 oz of gold from its cornerstone La Trinidad mine, in Mexico, in January.

The Vancouver-based miner attributed the improved performance to consistently accessing the higher-grade HS Zone since September, allowing it to stack more ore on the heap leach pad.

Marlin also expects total costs per ounce shipped to be below $290 for January, but noted that costs would increase to more than the previous $2.25-million to $2.5-million monthly cost estimate, as the company accelerates mining to reach the southern part of the high-grade HS Zone.

All-in mining costs, including drilling, loading, blasting, hauling, diesel and explosives are about $1.70/t for January.

Since September, Marlin has stacked 66 923 oz of gold, with 7 447 oz stacked in January alone. The tonnes stacked in January had an average grade of about 1.87 g/t.

Further, Marlin has built up about 485 000 t of ore in stockpile grading about 1.37 g/t.

Management expects to process grades similar to the average stockpile grade as it accelerates mining to reach the southern part of the high-grade HS Zone by the third quarter of this year.

The recoveries of gold from the leach pad are approaching steady state and averaged 231 oz/d in January, the company reported.

“With the processing of our current stockpile, and accelerated southern HS Zone mine plan, management now expects consistent operating cash flow for at least the next two full years, confirming what was estimated by the second amended National Instrument 43-101 technical report dated February 1, 2013, and prepared by SRK Consulting,” the company said in a statement.

Marlin’s TSX-V-listed stock closed in the red on Monday, losing 5.71% to C$0.66 apiece.