Victoria Gold's 9M 2023 gold production up 17% despite Q3 setback
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(Kitco News) - Victoria Gold (TSXV: GCX) announced today that the company produced 41,561 ounces of gold in Q3 2023 (Q3 2022: 50,028 ounces) and 124,749 ounces of gold in 9M 2023 (9M 2022: 106,441 ounces).
The company said its gold production was up by 17% in the first 9 months of 2023 compared to the same period in 2022, while Q3 2023 production decreased 17% year-over-year.
Victoria Gold explained that both the quarterly decrease year-over-year and the 9-month year-to-date increase were due to a reduction in seasonality as a result of year-round ore stacking on the heap leach pad, a more even distribution of planned maintenance throughout the year and a growing heap leach pad which moderates quarter over quarter gold production.
The company noted that the quarter-over-quarter decrease in grade was due to mine sequencing, adding that ore and waste mined, ore stacked on the heap leach pad and gold produced were all negatively impacted in Q3 2023 by an approximate 2 week evacuation in early August due to wildfire activity.
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo.
The property covers an area of approximately 555 square kilometers and is the site of the company's Eagle and Olive gold deposits. As at December 31, 2022, the Eagle and Olive deposits include proven and probable reserves of 2.6 million ounces of gold and 4.7 million ounces of gold in the measured and indicated category, inclusive of proven and probable reserves.
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