- Victoria Gold (TSX:VGCX) is revealing that a heap leach pad at its Eagle gold mine in Yukon Territory experienced a failure on Monday morning after a potential landslide, leading to an ongoing operational suspension
- While no injuries were reported, the site did sustain infrastructure damage, with management still on the ground to assess the situation
- Victoria Gold is a Yukon-focused mining company engaged in gold production and exploration
- The gold stock is down by 82.03 per cent, trading at C$1.34 per share as of 10:02 am ET
Victoria Gold (TSX:VGCX) is revealing that a heap leach pad at its Eagle gold mine in Yukon Territory experienced a failure on Monday morning, leading to an ongoing operational suspension.
While no injuries were reported, the site did sustain infrastructure damage, with management still on the ground to assess the situation.
A landslide appears to have caused the incident, as reported by Yukon News, which Yukon’s Department of Energy, Mines and Resources plans to investigate, as per The Globe and Mail.
The Eagle mine, some 375 kilometres north of Whitehorse, began production in 2019 and employs approximately 500 people. The mine is expected to yield about 2.4 million ounces of gold over an 11-year mine life, including estimated production of 165,000-185,000 ounces at cost guidance of US$1,450-US$1,650 per ounce of gold sold in 2024.
This is in addition to a 4.4-million-ounce resource as of 2023 and numerous exploration properties, granting the company added upside as it continues to generate cash from gold sales. Victoria Gold has been profitable over the past four years, taking in C$15.42 million in 2020, C$110.72 million in 2021, C$36.47 million in 2022 and C$25.14 million in 2023.
About Victoria Gold
Victoria Gold is a Yukon-focused mining company engaged in gold production and exploration.
Victoria Gold stock (TSX:VGCX) is down by 82.03 per cent, trading at C$1.34 per share as of 10:02 am ET.
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(Top photo: Victoria Gold)
