07:37 AM EST, 03/05/2024 (MT Newswires) -- MAG Silver Corp. ( MAG ) outlined Tuesday the preliminary 2024 guidance for its Juanicipio joint venture with Fresnillo plc in Mexico.

Project operator Fresnillo expects the silver head grade to range between 380 g/t and 420 g/t for 2024, translating to significant silver production potential.

The plant is estimated to operate at nameplate capacity per operating day with an effective utilization of 91%. MAG said it also remains on track to publish an updated technical report by the end of the first quarter.

"Following a very successful start-up and ramp-up phase in 2023, the Juanicipio mine is now operating at steady-state with robust silver grades and operations beginning to benefit from increasing efficiencies," MAG President and CEO George Paspalas said.

MAG owns 44% of Juanicipio while Fresnillo owns 56%.

MAG gained 4.0% on Monday.