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Elevation Gold Reports Q4 2023 Production Results

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Elevation Gold Reports Q4 2023 Production Results






Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQX: EVGDF) is pleased to announce operating results for the three months and year ended December 31, 2023.  The Company expects to file its year-end financial statements and management discussion and analysis in April 2024.


Fourth Quarter and Fiscal Year 2023 Highlights

  • Elevation Gold produced 7,989 ounces of gold from 604,167 ore tonnes processed with average grades of 0.54 g/t in Q4 2023.
  • The Company sold 7,754 ounces of gold during Q4 2023 and 31,063 ounces of gold for the year ended December 31, 2023.
  • Silver production for the year ended December 31, 2023 was 202,060, an increase of 26% compared to the year ended December 31, 2022.


Consolidated Operational Results Summary


The following table provides a summary of the Company’s operational statistics for the three months and years ended December 31, 2023 and 2022.


 Q4 2023  Q4 2022 FY 2023 FY 2022
Ore tonnes mined t 620,039 723,418 2,747,220 2,963,038
Ore tonnes stacked t 604,167 738,478 2,798,293 2,976,280
Contained gold ounces stacked oz 10,421 12,539 42,206 43,400
Gold grade g/t 0.54 0.53 0.47 0.45
Gold ounces produced oz 7,989 9,183 31,047 31,094
Silver ounces produced oz 60,706 52,329 202,060 160,480
Gold ounces sold oz 7,754 9,060 31,063 31,666


Tim Swendseid, Chief Executive Officer of Elevation Gold, stated “Fourth quarter production was impacted by challenges in and around the crushing plant, all of which were rectified by quarter end.  On a positive note, thanks to the contract and permanent team members at the Moss Mine, we completed the 3A-Ph2 Leach pad construction in early November, well under budget, and it is now in-use.  Additionally, we completed 19 reverse circulation holes in the Reynolds Pit and Mordor areas and are looking forward to reporting those assay results when received during Q1 2024.  As noted in the table above, we ended the year with strong gold grades, but we missed our guidance by approximately 3,000 oz, primarily because of the crusher-related operational issues.  We look forward to a stronger 2024, particularly considering improving gold prices, during which we expect to make up some of the missed production.”


Qualified Persons


Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, P.E., MBA, CFA, Chief Executive Officer of the Company and a Qualified Person for the purpose of NI 43-101.


About Elevation Gold Mining Corporation


Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.  Elevation Gold’s common shares are listed on the TSX Venture Exchange in Canada and on the OTCQX in the United States.  The Company’s principal operation is its 100% owned Moss Mine in the Mohave County of Arizona.  Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.


Posted January 10, 2024

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