IMPACT Silver’s net losses increased 35 percent to CA$1.9 million in 2016 from CA$1.4 million in 2015 as a result of an increase in general and administrative expenses due to stock options exercised by shareholders, the company announced in its annual report on Wednesday.
Mexico activities generated a net income of CA$48,840 in 2016, which was offset by a loss of almost CA$2 billion in IMPACT’s Canada assets.
The company’s revenues jumped to CA$16.7 million in 2016, up 14 percent from CA$14.6 million in 2015.
IMPACT Silver is a silver producer based primarily in Mexico’s Zaucalpan silver district, which straddles the State of Mexico and Guerrero. IMPACT operates the San Ramon mine, the Cuchara-Oscar mine and the Mirasol mine.
In an interview with Mexico Mining Review at PDAC in Toronto on March 5, the company’s President and CEO Frederick Davidson revealed that the San Ramon mine could hold greater potential than initially thought. “When it looked like the grade was dropping on the concession in early 2015, we began condemnation drilling and we discovered what we call San Ramon Deeps, which is a deposit that is substantially larger than San Ramon but has never been explored,” he said. “This deposit looks like a different stope with grades that are comparable to those of San Ramon, which tells us there are additional mines in the area that are yet to be discovered. Now that we have San Ramon Deeps, we believe we can replicate this elsewhere and we believe we have the potential in this area to produce up to 4 million ounces.”
The full report can be found here.