Elevation Gold posts $1.7 million loss in first quarter as its gold production in Arizona down 29%
(Kitco News) - Elevation Gold Mining (TSX.V: ELVT) reported Thursday that the company produced 6,268 ounces of gold in Q1 2022 at its Moss mine in Arizona, a decrease of 29% compared to 8,787 ounces produced in Q 2021.
The company said it generated total revenue of $13.5 million on 6,512 ounces of gold and 52,970 ounces of silver sold, adding that income from mine operations before depreciation and depletion totaled $1.5 million, and loss for the period totaled $1.7 million.
The company noted it expects to complete several key capital projects during the remainder of 2022 including completing the construction of the new heap leach pad 2C, which is currently underway and expected to be completed in Q3 2022.
The company will also look to complete two new monitoring wells and additional production wells in Q2 2022. Elevation added it continued multi-phase infill and resource expansion drilling program at the Moss mine in Q1 2022, which includes 10,762 meters of reverse circulation drilling.
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President Michael G. Allen stated, "Recently the Moss mine has been begun to process ore coming from the East Pit, which is higher grade than what we have been recently mining. We look forward to achieving continuous contributions from the East Pit going forward. Our new interpretation of mineralization in the West Pit has begun to bear fruit with several long intercepts of gold mineralization received in this quarter."
Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.
The company's principal operation is the 100% owned Moss mine in Mohave County, Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.