(Kitco News) - On Thursday, K92 Mining (TSX: KNT) announced that in Q3 2022, the company produced 32,995 gold equivalent ounces at its Kainantu gold mine in Papua New Guinea, which is an increase of 37% over Q3 2021 and the second highest quarterly production on record.
The company said that during the third quarter, the process plant delivered record quarterly throughput of 117,938 tonnes processed or 1,282 tpd, an increase of 35% from Q3 2021 and 17% greater than the Stage 2 Expansion run-rate of 1,100 tpd.
"The strong throughput is especially significant as the Stage 2A Expansion plant upgrades are not yet complete, with the flotation expansion that will double rougher capacity expected to be commissioned in late-Q4 2022/early-Q1 2023,"it added.
K92 noted that mine performance also achieved a quarterly record of 122,035 tonnes of ore mined; an increase of 37% from Q3 2021. Mining exceeded processing rates, resulting in the largest mill stockpile at quarter-end since late 2020, the company said.
Importantly, K92 pointed out that solid results year-to-date, and a strong throughput and higher grade stoping sequence planned for 4Q 2022, well positions Kainantu to achieve its 2022 production guidance of 115,000 to 140,000 oz AuEq.
According to a press-release, on exploration, there are 10 drill rigs currently operating, focusing on resource growth and drilling multiple target areas concurrently, including Kora South and Judd South from surface, in addition to Kora, Judd, Kora South, Judd South and Kora Northern Deeps from underground.
CEO John Lewins commented, "In the third quarter, Kainantu delivered one of our most complete quarters to date and marked another important step forward in expanding operations with near-record production and multiple operational records achieved."
K92 Mining is engaged in the production of gold, copper and silver at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine.
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