Superior Gold Produces 19,379 Gold Ounces In Q3 2021

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.


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.

Video Articles

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Aura Minerals: The Era Dorada Underground PEA

Gold Is Now Smart Money’s End Game | Doug Casey

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Newmont Offers “Best And Final” Bid For Newcrest At $19.5 Billion

On Tuesday, Newmont Corp (NYSE: NEM) made a best and final offer of A$29.4 billion...

Tuesday, April 11, 2023, 09:41:46 AM

Mining For Gold In Idaho – The Daily Dive feat Oliver Friesen of Gold Lion Resources

Today, Daily Dive host Cassandra Leah sits down with that of Oliver Friesen, CEO of...

Tuesday, December 1, 2020, 01:00:00 PM

Grande Portage Contracts Second Drill For Herbert Gold Drill Program

Grande Portage Resources (TSXV: GPG) this morning announced that it is stepping up its drill...

Wednesday, July 21, 2021, 08:13:32 AM

Great Thunder Announces Private Placement; Sprott Increases Investment

This morning Great Thunder Gold (TSXV: GTG) announced a non-brokered private placement financing of up...

Thursday, July 23, 2020, 09:34:09 AM

Freeman Gold Begins 5,000 Metre Drill Program To Establish Maiden Resource At Lemhi Project

Freeman Gold Corp (CSE: FMAN) is working towards publishing its maiden resource estimate. The company...

Wednesday, August 19, 2020, 09:06:43 AM