Starcore Reports First Quarter Production Results
Original announcement by tmx on
- Company
- Starcore International Mines Ltd.
- Ticker
- SAM
- Exchange
- TSX
- Region
- Queretaro, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Metallurgy, Production
- Extracted
- 2026-09-12 23:17:25 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Starcore reported Q1 2026 production results for the San Martin Mine, noting a decline in gold and silver grades and recoveries compared to the previous quarter. The company attributed lower recoveries to preg-robbing effects from carbonaceous clays in the oxide ore and is implementing a new CIL plant to optimize processing.
Reasoning: Production results show declining grades and recoveries compared to Q4 2025, specifically attributed to preg-robbing carbonaceous shales in the oxide ore.
Positive factors
- ramping up production of carbon ore with better grades
Negative factors
- lower gold and silver recoveries due to preg-robbing clays
- gold grade and silver grade declined quarter-over-quarter
- gold recovery declined quarter-over-quarter
Facts used in scoring: 4
Classification and evidence
Refractory Orenegative · Story-specific tag
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The release notes that carbonaceous shales have a preg-robbing effect, absorbing gold and silver during processing.
Evidence · text
“clays - composed of carbonaceous shales - have a preg-robbing effect, absorbing gold and silver”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release includes a sign-off by a Qualified Person (Salvador García) as required under NI 43-101.
Evidence · text
“Salvador Garcia, B. Eng., a director of the Company and Chief Operating Officer, is the Company's qualified person on the project as required under NI 43-101”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Metallurgical Results (4)
CILSan Martin · goldRecovery: 75 %Head Grade: 1.91Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Program Status
- optimization
- Test Type
- CIL
- Processing Route
- CIL (carbon-in-leach)
- Sample
- 5,370 tons of stockpiled ore
Recovery
- Recovery
- 75 %
- Recovery Basis
- actual_test
- Head Grade
- 1.91
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-18T00:00:00.000Z
Reasoning: Stockpile processing results provided as part of quarterly production update.
Evidence · text
“166 equivalent gold ounces were produced in the quarter from a milling of 5,370 tons of stockpiled ore grading 1.91 g/t of gold”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 75% is below the weak band (80%)
CILSan Martin · silverRecovery: 65 %Head Grade: 17.5Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Program Status
- optimization
- Test Type
- CIL
- Processing Route
- CIL (carbon-in-leach)
- Sample
- 5,370 tons of stockpiled ore
Recovery
- Recovery
- 65 %
- Recovery Basis
- actual_test
- Head Grade
- 17.5
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-18T00:00:00.000Z
Reasoning: Stockpile processing results provided as part of quarterly production update.
Evidence · text
“17.5 g/t of silver and with recoveries of 75% for gold and 65% for silver”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 65% is below the weak band (75%)
Fact 3San Martin · goldRecovery: 77.42 %Head Grade: 1.47Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- gold
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Sample
- San Martin Production Q1 2026
Recovery
- Recovery
- 77.42 %
- Head Grade
- 1.47
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-18T00:00:00.000Z
Reasoning: Quarterly production grade and recovery reported via table.
Negative factors
- grade decline vs Q4 2025
Evidence · table
“1.47”
Context: 54,247
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 77.42% is below the weak band (80%)
Fact 4San Martin · silverRecovery: 54.78 %Head Grade: 12.88Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- San Martin
- Commodity
- silver
- Region
- mexico
- Reported Region
- Queretaro, Mexico
- Ticker
- SAM
Test Work
- Sample
- San Martin Production Q1 2026
Recovery
- Recovery
- 54.78 %
- Head Grade
- 12.88
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-08-18T00:00:00.000Z
Reasoning: Quarterly production grade and recovery reported via table.
Negative factors
- grade decline vs Q4 2025
Evidence · table
“12.88”
Context: 54,247
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 54.78% is below the weak band (75%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.