TSX-listed Avesoro Resources has announced its preliminary production results for the quarter ended September 30, 2018 from its New Liberty Gold Mine in Liberia, and Youga Gold Mine in Burkina Faso.
“I am pleased that the company has been able to maintain total material movement throughout the peak of the wet seasons in both Liberia and Burkina Faso, with Youga, in particular, experiencing three times more rain this year than during the same period in 2017,” comments Avesoro CEO, Serhan Umurhan.
“Moving into the fourth quarter of the year we expect total material movement to increase and we maintain our full year production guidance of 220,000 to 240,000 oz of gold.”
Mining operations performed consistently during the quarter compared with the previous quarter resulting in total material movement of 5, 634 Kt.
Process plant throughput for the quarter increased by 1% to 354 kt, as a result of further incremental improvements to the process plant flow-sheet, resulting in gold recovery of 90%, an increase of 3% on the previous quarter and gold production of 27,456 oz.
However, reported gold production in the quarter is 8% less than in Q2, 2018 due to a change in the gold in circuit inventory.
Total material movement for the quarter was 4, 142 kt, in line with the previous quarter despite the heavy rains experienced during the quarter.
Gold production in the quarter was 19,721 oz, a reduction of 35% on Q2, 2018, primarily due to a 23% lower mined grade due to a focus on the lower grade oxide ore zone at the Gassore East pit and a reduction in ore tonnes mined from Balogo which resulted in the plant feed grade being 29% lower than the previous quarter.
Process plant throughput also reduced by 9% during the Quarter to 279 kt due to the impact of the heavy rains experienced at Youga.
Management expect that both plant feed grade and ore throughput will increase throughout Q4, 2018.