Superior Gold Inc. (TSXV: SGI) released today its production results for Q3 2021, highlighting gold production of 19,379 ounces from its 100%-owned Plutonic Gold operations in Western Australia. This is a hairline increase from Q2 2021’s production of 19,356 gold ounces.
The company mined more stope material this quarter at 175,143 tonnes compared to last quarter’s 156,006 tonnes. However, the stope grade for Q3 2021 is at 2.95 g/t gold, a dip from Q2 2021’s 3.26 g/t gold and marginally below the company’s target average stope grade of above 3.0 g/t gold. On the other hand, the stope grade for the year to date is at 3.23 g/t gold.
“[The company] is also reaping benefits from the block model improvements in progress to better predict the spatial positioning of the ore,” said Superior Gold CEO Chris Jordaan. “As a result, larger more productive stopes are now being identified and mined.”
The gold producer milled a total of 405,315 tonnes of material yielding a 1.72 g/t gold grade for the quarter, compared to last quarter’s 359,403 tonnes of material milled with a 1.90 g/t gold grade.
The gold recovery rate for Q3 2021 went down to 86% from last quarter’s 88%, which the company attributes to higher head grades as a result of Plutonic East open pit ore assays.
The Canadian gold producer sold 19,282 gold ounces this quarter, marginally higher than 19,099 gold ounces last quarter. On the other hand, the company ended the quarter with US$20.5 million in cash and cash equivalents, an increase from Q2 2021’s balance of US$17.4 million.
In total, the company has produced 56,338 gold ounces for the first three quarters of the year. With one quarter left, the company is working towards its previously announced full-year 2021 guidance of 65,000 – 75,000 ounces of gold production.
Superior Gold Inc. last traded at $0.56 on the TSX Venture.
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