Newlox Gold Ventures (CSE: LUX) has resumed gold pouring at its first processing plant in Costa Rica. The company has now poured its first gold dore for 2021, with regular pours anticipated to occur as the company nears full-scale operations at the facility.
The announcement, made this morning, follows the company being forced to shutter operations temporarily last year as a result of the pandemic. The shutdown however proved beneficial for the company, as it was able to move locations of the facility to a more favourable permanent location that is in line with the long term objectives of the operation.
Following the restart of operations late last year, the company now anticipates to hit full scale production of 80 tonnes per day at this facility in the second quarter of 2021. To date, the company has been seeing recoveries of 90% from the feedstock, while using feedstock with a cutoff grade of 9 grams per tonne gold.
“We are pleased to pour our first gold doré of 2021, which is a milestone on the path to full-scale production at Plant 1. This first pour at our upgraded plant indicates the technical systems are operating well and ready to scale. Now the focus is on ramping-up daily throughput and reaching the Company’s production goals.”
Ryan Jackson, CEO of Newlox Gold
With the company anticipating full scale production at its first processing plant in the second quarter, the firm has also begun the advancement of its second project, referred to as the Boston Project. With a processing capacity of 150 tonnes per day, the Boston Project is anticipated to begin production around the same time that the first production facility hits full-scale production.
Newlox Gold Ventures last traded at $0.32 on the CSE.
FULL DISCLOSURE: Newlox Gold Ventures Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Newlox Gold Ventures Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
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