Mongolian specialist Steppe Gold Limited (TSX: STGO) has reported an improved operations update for the third quarter.
Gold production in the third quarter was approximately 13,300 oz, up 28% from the second quarter where the company produced 10,400 oz. The company has continued with its regular pour schedule, twice per month. Ongoing deliveries to MongolBank attract a 5% premium to the LME Spot price.
Mining and stacking activities were on plan for the third quarter and we are now stacking ore on the second lift of the leach pad. Mining activities decreased in September as the planned fall and winter slowdown commenced, with 266,292 tonnes mined across ATO2, ATO1 and ATO4, and 230,399 tonnes crushed and stacked in the third quarter.
As of September 30, 2022 the company has now mined 3.29 million tonnes, crushed and stacked 2.56 million tonnes @ 1.93 g/t for approximately 158,884 ounces of gold on the leach pad and 684,000 tonnes of ore at an average grade of 1.0 g/t on the ROM pad. At an estimated 70% recovery, the total inventory on the leach pad, ROM pad and pit floors is approximately 71,000 ounces of recoverable gold.
“We are very pleased to report continued ramp up of production at the ATO Gold Mine in the third quarter,” President and CEO, Bataa Tumur-Ochir, said.
“All activities at site are operating well. We are still looking to build our reagent stocks in the fourth quarter with new deliveries expected in October and November. We maintain a strong inventory of ore and we plan to leach through the winter, at planned lower production rates.”
Steppe Gold is Mongolia’s premier precious metals company.
For further information please visit: https://steppegold.com/
