The Victoria Gold Corp. has announced the results of its first quarter of 2024 at its Eagle Gold Mine in the Yukon.
Highlights of the report, released last month, show the company produced 29,580 ounces of gold.
The average price for the gold was $2,724 an ounce.
“During the three months ended March 31, 2024, the Eagle Gold Mine produced 29,580 ozs of gold, compared to the 37,619 ozs of gold production in Q1 2023,” the company said in a statement.
“The 21-per-cent decrease in gold production is attributed to lower grades related to mine sequencing of the Eagle ore body, the timing of placing stacked tonnes under leach, and lower than planned stacking rates.”
Victoria Gold’s 100-per-cent-owned Dublin Gulch gold property – where the Eagle Gold Mine is located – is situated in central Yukon approximately 375 kilometres north of Whitehorse, and approximately 85 kilometres from Mayo.
John McConnell, the president and CEO of the company, commented, “while gold production during the first quarter was lower than target, we still managed to generate positive free cash flow before and after working capital adjustments. Higher gold grade and stacked ore tonnage are expected to lead to elevated gold production, revenues, profits and cash flows through the remainder of 2024.”
Operational highlights for the first quarter of 2024 include:
- Mine production was 1.9 million tonnes of ore in the quarter;
- Gold sold in the quarter was 30,491 ounces;
- Recognized revenue was $83 million based on sales of 30,491 oz of gold in the quarter;
- Operating earnings were $5.9 million in the quarter;
- As at March 31, 2024, the company estimates there are 83,118 recoverable ounces within mineral inventory; and
- Production at the Eagle Gold Mine for 2024 is estimated to be between 165,000 and 185,000 ounces.
The Olive Deposits are located in the same area as the Eagle mine.
“As at December 31, 2023, and adjusting for mining depletion through this date, the Eagle and Olive Deposits include Proven and Probable Reserves of 2.3 million ounces of gold from 114 million tonnes of ore with a grade of 0.63 grams of gold per tonne.”
The Yukon Star could not reach McConnell for comment.