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 as well as Q3 2021 production results for its Moss gold mine, located in Mohave County, Arizona.
According to the company’s statement, updated Proven and Probable Mineral Reserves contain 184,500 ounces of gold and 2.2 million ounces of silver, whereas
Measured and Indicated Mineral Resources contain 490,200 ounces of gold and 5.75 million ounces of silver, with Inferred Mineral Resources containing 73,800 oz gold and 940,000 oz silver.
The company noted that updated Mineral Resource estimate represents a 36% increase in Measured and Indicated Resources when compared to its December 2019 Mineral Resource Estimate.
Importantly, the company reported that in Q3 2021, it produced 7,209 gold equivalent ounces, 51% less than in Q3 2020.
The company explained that production in the quarter was negatively impacted by the transition from the Phase 2 leach pad to the Phase 3 leach pad, which constrained the company's ability to stack and leach crushed ore for a period of 40 days of this quarter.
In addition, grade was impacted as marginal ore was stacked as overliner, which is coarsely crushed and placed on top of the liner before ore is stacked. Low-grade ore is used for overliner as the coarser crush decreases recovery, the company said.
However, the company noted that operations are normalizing and consequently its management expects gold production to improve in the 4th quarter of 2021.
Elevation Gold Mining owns two projects on the Walker Lane Gold Trend of western Nevada and Arizona. The company’s management is executing a strategy that expands production and resources at the Moss mine in Arizona while exploring the Hercules project in Nevada.