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Superior Gold Inc. Announces First Quarter 2020 Production Results

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Superior Gold Inc. Announces First Quarter 2020 Production Results

 

 

 

 

 

Superior Gold Inc. (TSX-V:SGI) announces detailed production results for the first quarter from the Company’s 100%-owned Plutonic Gold operations, located in Western Australia.

 

FIRST QUARTER PRODUCTION DETAILS

 

Production details are summarized in the table below.

 

 

Operating Parameters1 Three month period ended

March 31, 2020

Stope material mined (Tonnes) 121,141
Stope grade mined (g Au/t) 3.34
Development material mined (Tonnes) 61,248
Development grade mined (g Au/t) 2.36
Surface material milled (Tonnes)2 175,931
Surface material grade (g Au/t)2 0.42
Total material milled (Tonnes) 365,849
Grade milled (g Au/t) 1.71
Gold recovery (%) 82%
Gold Produced (ounces) 16,351
Gold Sold (ounces) 16,850
1 Numbers may not add due to rounding.
2 Surface material milled in Q120 is primarily the processing of low-grade stockpile.

 

 

Chris Bradbrook, President and CEO of Superior Gold stated: “Production for the first quarter of 2020 exceeded our first quarter guidance with a total of 16,351 ounces. As previously indicated, the first quarter of 2020 was scheduled to be the weakest quarter. Additionally, as described in our press release dated March 13, 2020, the Plutonic Gold operations suffered from some unexpected events including power outages, higher than anticipated arsenic content in some of the mined areas, which resulted in lower than anticipated recoveries, and heavy rains, which lowered and delayed production. In combination, these caused a lower than forecast underground tonnage mined for the quarter. Consequently, we are pleased to have exceeded our expectations for the first quarter 2020.

 

With continued emphasis on improved development rates and the execution of our five-year Life of Mine plan, we anticipate a progressive improvement in our quarterly production results over the course of 2020 and beyond.

 

As the health and safety of our employees and contractors is of paramount importance to us, the measures that we have put in place to mitigate the threat of COVID-19 (“COVID”) remain in full force (as described in the press release dated March 19, 2020). To date, we have had no incidences of infection from COVID at either our operations or corporate offices. We have stockpiled critical supplies on site and will continue to monitor the supply chain and work to ensure their ongoing availability.

 

Finally, we are pleased to announce the appointment of Maurice Swan as General Counsel and Corporate Secretary effective April 1, 2020. In connection with this appointment, 200,000 options were issued.”

 

Qualified Person

 

Scientific and technical information in this news release has been reviewed and approved by Keith Boyle, P.Eng., Chief Operating Officer of the Company, who is a “qualified person” as defined by National Instrument 43-101.

 

About Superior Gold

 

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, the Hermes open pit gold projects and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.

 

Posted April 14, 2020

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