Mako Mining (TSXV: MKO) this morning released data on its production results for the third quarter. The release marked a milestone for the company, with the quarter being the first full quarter of production following the announcement of commercial production in July.
The company noted that the quarter saw a total of 51,210 tonnes mined during the period, which contained 10,498 g/t gold at a grade of 6.38 g/t. Vein material accounted for 7,278 ounces mined at a grade of 15.80 g/t gold, while historical dumps accounted for 3,220 ounces at a grade of 2.72 g/t.
Milling operations meanwhile saw a total of 33,441 tonnes milled, with operations reporting a grade of 8.25 g/t gold, with 8,873 ounces of gold produced. The figures reflect an average of 429 tonnes per day being processed, with recoveries running at a rate of 92.9%. The firm meanwhile expects to achieve 500 tpd in the coming quarter.
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8,239 ounces overall were recovered of gold, with 8,280 ounces being sold at an average figure of US$1,783 per ounce.
Cash flow from the mine reportedly is being used currently to repay liabilities, with the company CEO Akiba Leisman stating that “specific plans for the return of capital to shareholders [are] expected to be released later this month.”
Mako Mining last traded at $0.325 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. 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.
