Ramping up to full production near the end of the year
Victoria Gold’s Eagle Gold Mine poured its first gold Q3, 2019 and achieved commercial production on July 1, 2020. The Company is now fine tuning its operation and ramping up to full production near the end of the year, producing over 200 thousand ounces per year. Further, Victoria Gold was also able to make a 10 million dollar early repayment of debt in the first half of July.
In full production, the mine will produce 210,000 ounces per year at an AISC of less than US$800 per ounce Au. The Reserve is 3.3 million ounces of gold and the mine life is +10 years. The deposit is open at depth and along strike. The exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto, and Nugget-Raven.
More on the Eagle Gold Project
The Eagle Gold Project has an enviable combination of significant mineral endowment. It also has a desirable location with existing infrastructure and a strong, experienced management team. Historically, the Yukon has been a productive region for gold and this property contains a constrained in-pit resource of Measured and Indicated Mineral Resource 3,6 million ounces of gold (180 million tonnes grading 0.63 g/t) with an industry low waste-to-ore ratio of < 1:1 and metallurgical characteristics favourable to lower-cost heap leach processing. Additionally, the project has good road access, is connected to grid power and is in a progressive mining friendly jurisdiction.
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