Endeavour Silver Makes Significant Progress at Pitarrilla Project

19.11.24 17:19 Uhr

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Endeavour Silver Corp. EXK announced that it made substantial progress at its 100% owned Pitarrilla project, boosting its understanding of the deposit's geology and mineralization controls. The progress made at Pitarrilla underscores Endeavour Silver's potential to create significant shareholder value.Endeavour Silver’s Discoveries From the ExplorationEXK has refurbished an existing underground ramp and extended it over 1.3 kilometers, confirming the presence of at least four high-grade feeder structures, including the Palmito, Danna, Victoria and Casas Blancas veins.During the development of the ramp, the company identified additional mineralized structures like the Norma vein and the Pena dike. EKX has drilled nine diamond drill holes since August  2024, including six from the surface and three from underground drill stations. All holes successfully encountered the target deposit, confirming management's geological interpretation and the viability of underground bulk tonnage mining.Details on EXK’s Pitarrilla ProjectPitarrilla is a large undeveloped silver, lead and zinc project that comprises 4,950 hectares across five concessions. The property is located 160 kilometers north of Durango City in northern Mexico. It  has significant infrastructure in place, with direct access to utilities. Pitarrilla has secured necessary permits for underground mining and development, including water use, explosives, land use and environmental approvals.Since acquiring the project in July 2022, Endeavour Silver has re-logged historic drill core, refurbished an existing underground ramp, and extended it over 1.3 kilometers to test high-grade feeder structures.Endeavour Silver’s Q3 ResultsThe company produced 1.6 million silver equivalent ounces in the third quarter of 2024, a 14% decline from the year-ago quarter due to reduced silver production at its mines, which offset higher gold output. The consolidated silver production fell 24% year over year to 874,717 million ounces. Endeavour Silver, however, witnessed a 2% year-over-year improvement in gold production at 9,290 ounces.The company reported adjusted earnings per share of 1 cent, beating the Zacks Consensus Estimate of break-even earnings. The company had incurred an adjusted loss of 4 cents in the year-ago quarter. The top line grew 8.2% year over year to $53 million in the third quarter of 2024. However, the metric missed the Zacks Consensus Estimate of $55 million.Endeavour Silver’s Share Price PerformanceEXK shares have gained 131.7% over the past year compared with the industry's 43.4% growth. Image Source: Zacks Investment Research EKX’s Zacks Rank & Other Stocks to ConsiderEndeavour Silver  currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Some other top-ranked stocks from the basic materials space are CF Industries Inc. CF, Carpenter Technology Corporation CRS and IAMGOLD Corporation IAG. CF and CRS sport a Zacks Rank #1 at present, and IAG carries a Zacks Rank #2 (Buy). CF Industries has an average trailing four-quarter earnings surprise of 10.3%. The Zacks Consensus Estimate for CF’s 2024 earnings is pegged at $6.32 per share. CF’s shares gained 15.8% in the last year.Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.44 per share. The consensus estimate for 2025 earnings has moved 6% north in the past 60 days. Its shares skyrocketed 164.9% in the last year.IAMGOLD has an average trailing four-quarter earnings surprise of 203.1%. The Zacks Consensus Estimate for IAG’s 2024 earnings is pegged at 56 cents per share. The consensus estimate for 2024 earnings has moved 24% north in the past 60 days. Its shares upsurged 127.5% in the last year.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CF Industries Holdings, Inc. (CF): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Iamgold Corporation (IAG): Free Stock Analysis Report Endeavour Silver Corporation (EXK): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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