- Victoria Gold (VGCX) has reported a strong production results from its new Eagle Gold Mine for the third quarter of 2020
- The mine began commercial production at the beginning of the quarter, on July 1, 2020
- Just over 2 million tonnes of ore was mined as well as 4.33 million tonnes of waste, generating a total of 35,312 ounces of gold
- This resulted in total gold sales of 32,029 ounces and approximately C$80 million in revenue
- Victoria Gold (VGCX) is currently down 3.62 per cent and is trading at $15.69 per share
Victoria Gold (VGCX) has reported a strong quarter of production from its new Eagle Gold Mine, located in the Yukon, Canada.
The mine, which sits within the company’s wholly owned Dublin Gulch property, officially began commercial activities on July 1 this year.
For the quarter ending September 30, the Eagle Gold Mine produced 35,312 ounces of gold, which comes from just over 2 million tonnes of ore and 4.33 million tonnes of waste.
Victoria Gold said the results exceeded previous forecasts, due in part to the resolution of several bottlenecks within the processing circuit. This included improved spillage and dust suppression measures, as well as improved stockpile feeder design.
Total gold sales for the period came to 32,029 ounces, which generated roughly C$80 million in revenue based on an average price per ounce of around $2,478 (US$1,886).
John McConnell, President and CEO of Victoria Gold, said the results were particularly strong given the challenges associated with ramping up a new mine in an ongoing COVID-19 environment.
“Effective health protection measures put in place have safeguarded employees and local residents and enabled mine operations to continue, with no suspected or confirmed cases of COVID-19 at site.
Our first quarter of commercial production included record tonnes mined including ore and waste, tonnes stacked on the heap leach pad and gold production and sales,” he added.
John also noted that the company is in the final stages of an operational ramp-up, which offers a firm position to increase production in the fourth quarter of 2020 and into 2021.
Victoria Gold (VGCX) is currently down 3.62 per cent and is trading at $15.69 per share at 11:38am EDT.