Elevation Gold reports production decline in Q3, ups resources at Moss mine
(Kitco News) - Elevation Gold Mining (TSXV:ELVT) today reported updated Mineral Reserve, Mineral Resource estimates aswell as Q3 2021 production results for its Moss gold mine, located in MohaveCounty, Arizona.
According to the company'sstatement, updated Proven and Probable Mineral Reserves contain 184,500 ouncesof gold and 2.2 million ounces of silver, whereas
Measured and IndicatedMineral Resources contain 490,200 ounces of gold and 5.75 million ounces ofsilver, with Inferred Mineral Resources containing 73,800 oz gold and 940,000oz silver.
The company noted that updatedMineral Resource estimate represents a 36% increase in Measured and IndicatedResources when compared to its December 2019 Mineral Resource Estimate.
Importantly, the companyreported that in Q3 2021, it produced 7,209 gold equivalent ounces, 51% lessthan in Q3 2020.
The company explained that productionin the quarter was negatively impacted by the transition from the Phase 2 leachpad to the Phase 3 leach pad, which constrained the company's ability to stackand leach crushed ore for a period of 40 days of this quarter.
In addition, grade wasimpacted as marginal ore was stacked as overliner, which is coarsely crushedand placed on top of the liner before ore is stacked. Low-grade ore is used foroverliner as the coarser crush decreases recovery, the company said.
However, the company notedthat operations are normalizing and consequently its management expects goldproduction to improve in the 4th quarter of 2021.
Elevation Gold Mining ownstwo projects on the Walker Lane Gold Trend of western Nevada and Arizona. Thecompany's management is executing a strategy that expands production andresources at the Moss mine in Arizona while exploring the Hercules project inNevada.
By Vladimir BasovFor Kitco News
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