i-80 Gold says costs at South Arturo mine fell below guidance
(Kitco News) - i-80 Gold (TSX:IAU) announced today that during the first quarter of 2021, South Arturo produced 15,752 ounces of gold and 1,440 ounces of silver from El Nino, on a 100% basis.
The South Arturo mine is a joint venture with Nevada Gold Mines, operated by Barrick Gold. i-80 has a 40% interest in a joint venture.
The company added that cash cost per ounce of gold sold was $836 and all-in sustaining cost per ounce of gold sold was $926 during the quarter, below annual guidance and a reduction from previous quarters.
"South Arturo continues to deliver positive exploration success and mining results", stated CEO Ewan Downie. "2021 will be pivotal year for the project as we incorporate the 2020 drill results into an updated reserve estimate and the joint venture progresses its work on the Phase 3 tradeoff study and planning for the development of the Phase 1 open pit operation".
Additionally, the development of a ramp to access the deeper mineralization at El Nino is under way and is expected to be completed in Q1-2023. Production of orebodies accessed from the ramp is expected to begin in Q2-2022.
Production guidance for i-80's 40% interest in El Nino in 2021 is expected to be between 15,000 to 20,000 ounces of gold during the year with cash costs per ounce of gold sold between $900/oz Au and $1,000/oz and all-in sustaining costs per ounce of gold sold between $1,100/oz Au and $1,200/oz Au.
i-80 Gold is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. In addition to its producing mine, El Nino at South Arturo, i-80 is beginning to plan for future production growth through the potential addition of the Phases 1 & 3 projects at South Arturo, advancing the Getchell project through economic studies and then on to development, and the advanced exploration for the 100%‑owned McCoy-Cove property.