Harte Gold to proceed with Sugar Zone expansion
TSX-listed Harte Gold is proceeding with an expansion of its fully owned Sugar Zone mining operation, in Canada, from a capacity of 800 t/d to 1 200 t/d, based on the positive results of a feasibility study.
With expansion capital of $21-million, the gold producer intends to reach the 1 200 t/d target by the first quarter of 2023, marking a 58% increase in yearly gold production.
The increased throughput is expected to drive gold production to 102 000 oz by 2023 and deliver sustainable gold production of 98 700 oz/y from 2023 through to 2027.
The feasibility study further shows that all-in sustaining costs are expected to decrease to an average of $1 025/oz for 2023 to 2027, while free cash flow is expected to increase from $36-million this year to $96-million by 2023.
Harte Gold president and CEO Frazer Bourchier says the study “presents a transformative opportunity and showcases the tremendous potential of the Sugar Zone mine”.
"The feasibility study shows a clear pathway for Harte Gold to significantly increase its gold production, while substantially reducing costs for years to come, all of which is underpinned by a low capital requirement.
“I am confident in the team’s ability to execute on this expansion and to leverage the work completed in 2020 to strengthen and stabilise our operations, which provides a solid foundation for continued growth.
"Starting with our stated guidance of 60 000 oz to 65 000 oz of gold production for 2021, the company will now embark on an attractive production growth profile that will maximize the value of this orebody for all shareholders,” he adds.
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