(Kitco News) - On Tuesday, Jaguar Mining (TSX: JAG) announced that its Q2 2022 consolidated gold production of 21,036 ounces increased 4% compared to 20,212 ounces in Q2 2021.
The company said that Pilar gold production increased 14% with 13,212 ounces in Q2 2022 compared to 11,631 ounces in Q2 2021, while Turmalina gold production decreased 9% with 7,824 ounces in Q2 2022 compared to 8,581 ounces in Q2 2021.
The company added that its treasury position as of June 30, 2022 is $30.5 million cash compared to cash of $34.8 million on March 31, 2022. During the quarter, the company paid a dividend of $2.3 million, invested approximately $6 million in growth (non-sustaining capital) and approximately $6 million in sustaining capital.
President and CEO Vern Baker commented, "I am very pleased at how our teams have brought the mines back on track and into a reasonable rhythm. Performance picked up both from the first quarter of 2022 and for Q2 year on year. We have been accelerating development at both mines to build an inventory of stoping areas and to provide for growth opportunities."
He added that Turmalina struggled with grade, partially from the large amount of lower grade development ore, and partially from a shortage of stoping blocks as development focus moved from A orebody to C orebody.
"Development rates in the C orebody structure are at a level that will bring stoping block inventory to adequate levels over the next quarter. Development of the Project Northwest at Turmalina is progressing well and on schedule," he said.
Importantly, according to the company's statement, Pilar´s Project Southwest is also on track and has begun contributing a modest amount of development ore to the mine´s production.
Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims.
|
| Calibre reports record quarterly production of 59,723 ounces of gold, on track to meet annual guidance |
