Superior Gold Inc. (TSXV: SGI) announced today its production results for Q2 2021, highlighting gold production of 19,356 ounces from its 100%-owned Plutonic Gold operations in Western Australia. This is a 10% increase from Q1 2021 which saw gold production of 17,603 ounces.
The company mined more stope material this quarter at 156,006 tonnes compared to last quarter’s 137,191 tonnes. However, the stope grade for Q2 2021 is at 3.26 g/t gold, a dip from Q1 2021’s 3.54 g/t gold but still above the company’s target average stope grade of above 3.0 g/t gold for the year.
The gold producer milled a total of 359,403 tonnes of material yielding a 1.90 g/t gold grade for the quarter. This is an increase from last quarter’s 355,678 tonnes of material milled with a 1.78 g/t gold grade.
The gold recovery rate for Q2 2021 went up to 88% from last quarter’s 86%, which the company attributes to higher head grades as a result of Plutonic East open pit ore assays.
Superior Gold sold 19,099 gold ounces this quarter, an increase from 17,538 gold ounces last quarter. On the other hand, the company ended the quarter with US$17.4 million in cash and cash equivalents, a decrease from Q1 2021’s balance of US$17.9 million.
In total, the company has produced 36,959 gold ounces for the first half of the year, remaining on track towards its previously announced full-year 2021 guidance of 65,000 – 75,000 ounces of gold production.
Superior Gold Inc. last traded at $0.70 on the TSX Venture.
Information for this briefing was found via Sedar and Superior 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.
