- Harte Gold (TSX:HRT) has announced quarterly production figures for 2020’s first quarter
- The junior mining company has posted its highest quarterly production figures to date
- Harte Gold achieved these results, in spite of COVID-19 shutting down the Sugar Zone mine at the end of March
- Total production for the first quarter was 8,597 ounces of gold
- Harte Gold (TSX:HRT) is up 4.5 per cent, and trading for $0.12 per share, with a C$97 million market cap
Harte Gold (TSX:HRT) has announced its quarterly gold production for 2020’s first quarter, which was its highest to date.
The production figures totalled 8,597 ounces of gold, a new record for the mining company.
The improvement came in spite of a COVID-related closure at its Sugar Zone mine in White River, Ontario. Sugar Zone entered production in 2019, and has already achieved full production throughput.
Critical performance indicators for the company’s production all improved. Lateral waste, ramp and ore development are all ahead of targets. Backfill rates are also on target, and tailings are on track.
Harte suspended operations at the end of March as a preventative measure in response to COVID-19. Harte has not yet set a date for the reopening of the Sugar Zone mine.
Higher grade stope material produced from the site later this year should have a positive impact on gold production.
The company is also looking to improve its liquidity position with BNP in regard to its debt.
Harte Gold’s President and CEO, Sam Coetzer, said that the company found the quarterly production results encouraging.
“The continued improvement in leading indicators demonstrates a platform for sustainable growth. It also supports fundamental change instilled at the Sugar Zone mine.
“Over the next several weeks, the team will focus on accomplishing several objectives, operationally and financially. These objectives will support a smooth restart of the mine and continued performance through the remainder of this year.
“Under the direction of Martin Rattfield and Dan Gagnon, operational management has been significantly strengthened, capable of supporting the next phase of the mine’s evolution,” he said.
Harte Gold (HRT) is up 4.5 per cent, and trading for $0.12 per share at 9:16am EST.