Galiano Gold Inc. (TSX: GAU) shared today its quarterly production results for Q2 2021 at the Asanko Gold mine in Ghana, recording gold production of 50,421 ounces. This is a decrease from Q1 2021’s production of 59,999 gold ounces.
The company also sold 53,348 gold ounces during the quarter at an average realized price of $1,782 per ounce, grossing a gold revenue of US$95.1 million.
During the quarter, the company mined a total of 1.3 million tonnes of ore at an average grade of 1.2 g/t gold, compared to last quarter that recorded 1.8 million tonnes of ore mined grading at 1.3 g/t gold.
The company also processed 1.5 million tonnes of ore at a gold feed grade of 1.1 g/t. This is a slight decrease from Q1 2021’s performance when the plant milled 1.4 million tonnes of ore at 1.4 g/t gold feed grade. The gold recovery rate for the quarter also dipped to 94% from last quarter’s 95%.
The gold producer relayed that the decrease in production can be attributed to the mill feed for the quarter being primarily sourced from the Esaase Main pit. The company is optimistic that results would be favorable once the Akwasiso pit is brought back to the production.
The Asanko Gold mine is a 50-50 joint venture of Galiano Gold with Gold Fields (NYSE: GFI), which is also managed by the company.
Galiano Gold last traded at $1.29 on the TSX.
Information for this briefing was found via Sedar and Galian Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.