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Victoria Gold: Eagle Gold Mine Q4 2020 Production Results

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Victoria Gold Corp. (TSX-V:GCX) announces Q4 2020 production of 42,174 ounces gold. H2 2020 gold production was 77,748 ounces versus guidance of 72,000 – 77,000 ounces.

 

Mr. John McConnell, President and CEO, commented, “Victoria’s Eagle Gold Mine had a strong finish to the year with solid Q4 operational performance. Gold production of 77,748 ounces in H2, our first 6 months of commercial production, exceeded our revised guidance. Ore placement on the heap leach pad increased by more than 20% quarter over quarter including over 1 million tonnes of ore stacked on the pad in December. Effective health protection measures are continuing and have safeguarded employees and local residents and enabled mine operations to continue, with no suspected or confirmed cases of COVID-19 at site.”

 

As per the Company’s seasonal operations plan, ore stacking on the leach pad has now been curtailed for the 90 coldest days of the year, January through March. During this 90 day period, mining operations, primary crushing and stockpiling of ore will continue.  As well, leaching and gold production will continue.  Subject to favourable weather conditions, ore stacking may be resumed ahead of schedule.

 

The shutdown of the secondary crushing and stacking systems provides an excellent opportunity to finalize the optimization program began in the fall, discussed in the company’s News Release dated November 13, 2020.  A number of specialty contractors have been mobilized to site to complete this work.

 

Eagle 2020 Operations Highlights:

 

    Q1 Q2 Q3 Q4 2020
Ore mined millions of tonnes 0.9 2.3 2.1 2.2 7.5
Waste mined millions of tonnes 1.6 3.3 4.4 3.1 12.4
Total mined millions of tonnes 2.5 5.5 6.5 5.3 19.9
Strip Ratio (waste to ore) 1.7 1.5 2.1 1.4 1.6
Mining rate 000’s of tonnes/day 28 61 71 58 54
Ore stacked on pad millions of tonnes 0.9 2.2 1.9 2.3 7.3
Ore stacked on pad 000’s of tonnes/day 10 24 21 25 20
Ore stacked grade grams/tonne Au 0.83 0.88 0.85 0.81 0.84
Gold produced ounces 10,544 28,352 35,312 42,436 116,644

 

Q4 and full year production statistics may be subject to immaterial reconciliation variances.

 

Gold production in Q4 2020 was 20% higher than in Q3 2020. Ore stacked on the heap leach pad increased by 21% while ore mined increased by 7% quarter over quarter. Ore stacked improved considerably in Q4 and particularly during the second half of November through the end of the year. Total tonnes mined were 19% lower in Q4 versus Q3 as a result of reduced waste mining. Waste mining was lower in Q4 as considerable waste mining was advanced in Q3, setting the Company up well for mining operations in Q1 2021. Both gold grade and metallurgical recovery continue to reconcile well against the reserve model and a significant gold inventory is building on the heap leach pad.

 

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 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 6, 2021

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