Itronics Inc., a diversified producer of GOLD’n GRO zinc fertilizers and silver products and a green technology development company, has announced sales results and summarised its operations and growth projects for 1Q18.
Total revenues for the three months totalled US$243 794 compared to US$437 813 in the same period in 2017. Fertilizer sales were lower compared to 1Q18 due to dry and unusually cold weather in the company’s California markets. GOLD’n GRO fertilizer sales rebounded in April and May, but the California fertilizer season is at least a month behind schedule compared to the 2017 season.
The adverse impact of weather on fertilizer sales underlines the importance of the company’s accelerated e-scrap technology development. However, moderate growth in GOLD’n GRO fertilizer sales in 2018 is expected to contribute to expanded company total sales.
Silver bullion is now providing an expanding non-seasonal sales component to mitigate the seasonality and weather influenced variability of GOLD’n GRO fertilizer sales. E-scrap (computer waste) refining technology development continued in the first quarter; one bullion shipment was settled.
The company is expecting silver sales to make a significant contribution to total sales in 2018. Due to significant lag time between bullion shipments, most of the growth in silver sales is expected in the second half of 2018.
Two years ago the company produced its first 1.5 ounce button of Silver bullion from e-scrap. Recently the refinery poured its first 200-ounce puck of silver bullion from Itronics' e-scrap.
“The 200-ounce puck from one melt is 100% greater than the per melt amount that was being recovered in December 2017, and is close to the theoretical maximum for the furnaces currently in use," said Dr. John Whitney, Itronics President. “This achievement demonstrates the beneficial effect of grinding the e-scrap using the company’s new grinder and it validates the operational effectiveness of the new technology that we had predicted.”
In 1Q17 the company’s subsidiary, Whitney & Whitney, Inc., completed a new confidential project report for the Auric Fulstone Project. The updated report identifies five target areas and recommends a 10-hole investigative drill programme consisting of two drill holes for each target area. The company continues to seek a joint venture partner to participate in developing this project.
In 1Q18 the company continued to analyse the results of its detailed preliminary testing to determine if the new KAM-Thio technology would be able to leach residual silver and gold and eliminate the residual cyanide from ore that had been leached with cyanide. Based on the results of this work, it appears that the KAM-Thio liquid acts as a ‘cleaning fluid’ for rock. It recovers residual silver and gold and neutralises residual cyanide to drinking water standards. It also removes base metal oxides from the rocks including zinc, iron, manganese, copper and cobalt, thereby producing clean rock products that may be useable for reclamation and other commercial purposes, a major environmental plus for the mining industry.
The field development of the KAM-Thio cyanide neutralisation and precious metal leaching technology is now being evaluated. The company’s plan is to introduce and operate the KAM-Thio technology through joint ventures with mining companies that have suitable silver/gold deposits and leached mine tailings that need remediation. The company plans to use the silver recovered at KAM-Thio joint venture operations to provide the chemically desired form of silver needed to support the expansion of its e-scrap refining operations.
The company is working cooperatively with Comstock Mining Inc., which trades on the New York Stock Exchange. Itronics subsidiary, Whitney & Whitney, Inc., is now developing a process flowsheet that is being customised specifically to suit the needs of Comstock Mining at its Virginia City, Nevada, operations. The objective of this work is to make a preliminary determination as to whether a profitable operation can be established using the KAM-Thio technology.
For further details of Itronics’ operations and growth projects for 1Q18 and a breakdown of unaudited revenues for 1Q18, click here.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/12062018/itronics-reports-1q18-total-revenues/