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Victoria Gold: Eagle Gold Mine Annual and Fourth Quarter 2023 Production Results

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Victoria Gold: Eagle Gold Mine Annual and Fourth Quarter 2023 Production Results

 

 

 

 

 

Victoria Gold Corp. (TSX:VGCX) produced 41,982 ounces gold during the period October 1 to December 31, 2023, the fourth quarter of 2023. Full year 2023 Eagle Gold Mine production was 166,730 ounces of gold.

 

“The Eagle Gold Mine achieved our 2023 production guidance of 160,000-180,000 ounces of gold,” commented Mr. John McConnell, President and CEO. “This is a record level of production for Eagle and an 11% increase year-over-year. In 2023, we successfully demonstrated the feasibility of year-round stacking on the heap leach facility, resulting in more consistent quarterly gold production and a mitigation of the impacts of seasonality. We intend to continue year-round stacking in 2024 and look forward to increased year-over-year production levels again this year.” Mr. McConnell also noted, “We generated positive free cash flow during the fourth quarter and continued to reduce our net debt position, including a Cdn$11 million payment against our Term Loan Facility, which we expect to fully repay during the 3rd quarter of 2024.”

 

Eagle Gold Mine Production – 2023 Production Results by Quarter

 

    Q1 Q2 Q3 Q4 2023
Ore mined millions of tonnes 2.1 2.4 2.0 2.0 8.5
Waste mined millions of tonnes 3.1 2.1 3.1 3.4 11.7
Total mined millions of tonnes 5.2 4.5 5.1 5.4 20.2
Strip Ratio waste to ore 1.4 0.9 1.6 1.7 1.4
Mining rate 000’s of tonnes/day 58 49 55 58 55
Ore stacked on pad millions of tonnes 2.1 2.5 2.3 2.1 9.0
Ore stacked grade grams/tonne Au 0.86 0.74 0.65 0.65 0.72
Gold produced ounces 37,619 45,568 41,561 41,982 166,730

 

 

Eagle Gold Mine Production – 2023 versus 2022

 

    Year
2023
Year
2022
Variance
units
Variance
%
Ore mined millions of tonnes 8.5 7.2 1.3 18
Waste mined millions of tonnes 11.7 10.4 1.3 13
Total mined millions of tonnes 20.2 17.6 2.6 15
Strip Ratio waste to ore 1.4 1.6 (0.2) (13)
Mining rate 000’s of tonnes/day 55 48 7 15
Ore stacked on pad millions of tonnes 9.0 6.7 2.3 34
Ore stacked grade grams/tonne Au 0.72 0.85 (0.13) (15)
Gold produced ounces 166,730 150,182 16,548 11

 

Further commentary regarding quarterly and annual production, as well as commentary regarding financial results, will be included in the Company’s Management Discussion and Analysis (“MD&A”), accompanying press release, and management conference call which will be held later this quarter following the release of the Company’s Annual Financial Statements.

 

Qualified Person

 

The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

About the Dublin Gulch Property

 

Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

 

The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.

 

Posted January 15, 2024

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