Antioquia Gold Inc. (TSX-V: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of operating results from its Cisneros mining operation for the three months ended September 30, 2021. Production for the quarter totaled 11,281 ounces of gold in concentrate, an increase of 80%, over the same period in 2020.
Third Quarter Operational Highlights
Third Quarter Operational Details
|Q3 2021||Q3 2020||% Change|
|Gold Production (ounces)||11,281||6,261||80%|
|Tonnes processed per day||1,230||700||76%|
|Gold grade (g/t Au)||3.21||3.13||3%|
|Gold Recovery (%)||96.7%||96.7%||0%|
|Gravimetric Gold Concentrates (dmt)||89||77||16%|
|Flotation Gold Concentrates (dmt)||3,412||1,516||125%|
“The performance of the operation during the third quarter is notably better than the previous year, which is the result of the improvements and operational changes applied months ago. We will continue looking for sustainable growth” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.
Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.
Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.
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We acknowledge the [financial] support of the Government of Canada.