- Lundin Gold (LUG) reported an all-time high quarterly gold production in its Q1 2023 update
- 140,021 oz was unearthed from its Fruta del Norte gold mine in southeast Ecuador
- In Q1 2023, the mill processed 392,332 tonnes resulting in an average throughput rate of 4,359 tonnes per day at an average grade of 12.3 grams per tonne with recoveries of 90.6 per cent
- Lundin Gold Inc. (LUG) opened trading at C$16.40
Lundin Gold (LUG) reported an all-time high quarterly gold production in its Q1 2023 update.
140,021 ounces (oz) was unearthed from its Fruta del Norte gold mine in southeast Ecuador.
Of the total quarterly gold production, 88,236 oz were produced as concentrate and 51,785 oz as doré. During the same quarter in 2022, the company produced 121,665 oz of gold. Gold sales in the first quarter of 2023 totalled 134,691 oz versus 119,282 oz sold in the same period last year.
In Q1 2023, the mill processed 392,332 tonnes resulting in an average throughput rate of 4,359 tonnes per day at an average grade of 12.3 grams per tonne with recoveries of 90.6 per cent. These results are in-line with the variability incorporated within the company’s production guidance of 425,000 to 475,000 oz for 2023.
Production Results:
|
|
Q1 2023 |
Q1 2022 |
|
Ore processed (tonnes) |
392,332 |
373,407 |
|
Average throughput (tonnes per day) |
4,359 |
4,149 |
|
Average head grade (grams per tonne) |
12.3 |
11.2 |
|
Recovery (per cent) |
90.6 % |
90.2 % |
|
Gold ounces produced |
140,021 |
121,665 |
|
Concentrate |
88,236 |
78,601 |
|
Doré |
51,785 |
43,064 |
|
Gold ounces sold |
134,691 |
119,282 |
Ron Hochstein, Lundin Gold’s President and CEO, commented on the news.
“2023 is off to a great start, and I’m extremely happy to announce that record gold production was achieved through an all-time high in recoveries and grade. I’m excited to continue building on the success of the first quarter and look forward to what the rest of the year has to offer.”
In February 2023, the company updated its estimates of mineral resources and reserves at the mine.
Measured and indicated resources were reported at 23.0 million tonnes (Mt) with an average grade of 9.20 grams per tonne (g/t) containing 6.8 million ounces (Moz) of gold.
A total of 9.3 Mt with an average grade of 12.09 g/t containing 3.6 Moz of gold was categorized as measured resources because of an improved understanding of the deposit geology.
Proven and probable reserves for the mine were reported at 18.0 Mt with an average grade of 8.68 g/t containing 5.0 Moz of gold.
From that February update, the company had replaced all reserves mined from the beginning of operations in late 2019 and added additional reserves.
Lundin Gold is a Canadian mining company focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. One of the earliest major gold mines operating in Ecuador, the government had stated on record that it expects four major mining projects to start production by 2025.
Lundin Gold Inc. (LUG) stock has risen 30.7 per cent year-to-date, and is up 66 per cent since this time last year. LUG shares opened trading at C$16.40.
