PERTH (miningweekly.com) – ASX-listed gold miner Gascoyne Resources has reported a slight fall in production for the quarter ended March, compared with the previous quarter.
Gold production in the three months under review reached 19 203 oz, compared with the 20 381 oz produced in the December quarter, while all-in sustaining costs for the period increased from A$1 100/oz in the December quarter to A$1 114/oz.
“We are very pleased to have added another solid quarter of production with excellent cashflow and costs to remain on track to meet the upper end of the production guidance for 2021 of 70 000 oz to 80 000 oz at an all-in sustaining cost of A$1 200/oz to A$1 300/oz,” said Gascoyne MD and CEO Richard Hay.
“The processing plant continues to exceed design capacity while maintaining a very low cost per tonne. Paying down A$19-million of debt further strengthened the balance sheet with net cash of A$9.5-million and a cash balance of A$27-million.”
Gold sales in the March quarter reached 19 073 oz at an average realised price of A$2 495/oz, which compared with the 21 341 oz sold in the December quarter at an average price of A$2 605/oz.
“Our 2021 exploration budget was doubled during the quarter and early drilling success at Tanqueray was a highlight, with an intersection of 9 m at 7.0 g/t in one reverse circulation hole. With some 30 000 m drilled during the quarter, assay results have been slow to come in due to the industry-wide very high laboratory demand, and we look forward to reporting more results in the June quarter,” said Hay.