Integra Resources (TSXV: ITR) produced 17,652 ounces of gold at its Florida Canyon Mine in Nevada during the third quarter, an 8% increase from the second quarter and 40% above the first quarter of the year.
Gold sales came in at 16,760 ounces.
Most of the gain came from volume. Ore mined rose 21% quarter over quarter to 5.35 million tonnes, and ore placed on the leach pads climbed 25% to 5.21 million tonnes. Of that, 3.32 million tonnes went directly to the pads as run of mine material and 1.89 million tonnes were crushed first. Total mining averaged roughly 97,400 tonnes per day, while the strip ratio fell to 0.68 from 1.01 in the first half.
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Processed grade improved to 0.25 g/t gold, up 9% from the second quarter.
Recovery moved in the opposite direction. The blended gold recovery rate slipped to 52.5% from 58.5% across the first six months of the year, a decline the company attributed to the larger share of run of mine ore, which recovers at lower rates than crushed material. Integra said it is monitoring and refining its stacking and blending approach as mining rates increase.
“Ore mined and ore placed on the heap leach pads have continued to increase year-to-date, and processed grades have improved steadily throughout the year,” said President and CEO George Salamis. “Mining rates are expected to remain elevated this quarter as we focus on annual production guidance.”
Year to date output now stands at 46,666 ounces against full year guidance of 70,000 to 75,000 ounces, which Integra reiterated. Reaching the low end would require about 23,300 ounces in the fourth quarter, roughly a third more than the mine delivered in the third.
Salamis added that pre-stripping at the Central Pit remains a priority, with the work aimed at opening access to higher-grade ore in 2027.
The company ended the quarter with US$119.5 million in cash and plans to release its full third quarter financial results on November 11.
Integra Resources last traded at $3.18 on the TSX Venture.
