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Cerrado Gold Reports Q3 2022 Gold Production From Its Minera Don Nicolás Mine in Argentina
Company reiterates annual production guidance of 45,000 - 55,000 GEO ounces for 2022 Q...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Reports Q3 2022 Gold Production From Its Minera Don Nicolás Mine in ArgentinaCompany reiterates annual production guidance of 45,000 - 55,000 GEO ounces for 2022Q3 Financials release date - 22nd NovemberTORONTO, ON / ACCESSWIRE / October 20, 2022 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") announces production results for the third quarter of 2022 (\"Q3 2022\") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina (\"MDN\"). Full financial results are to be released on the 22nd of November.Q3 Operating HighlightsGold Equivalent ounces (\"GEO\") production of 11,284 ounces of gold in Q3 2022Gold Grades improved 28% from Q2 to Q3 to 4.40g/tGold production expected to exceed 13,000 ounces for Q4 2022Calandrias heap leach to commence construction in Q4 2022During Q3 2022 operations at MDN continued under normalized operations for the fourth consecutive quarter demonstrating the significant improvements that have been achieved at site. That said, quarterly production slightly declined from the previous quarter from 11,640 GEO ozs to 11,284 GEO ozs in Q3 2022 primarily due to lower throughput caused by wet feed due to inclement winter season conditions. Although gold production was lower in the quarter, the higher grades resulted in an increase of gold inventory of 1,300 ounces. Additionally, September production exceeded 4,000 ounces with an average head grade of 5.15 g/t. The average gold grade mined improved from 3.44 g/t in Q2 2022 to 4.40 g/t in Q3 2022, a 28% improvement. The Company expects gold production to exceed 13,000 ounces for Q4 2022.Management reiterates GEO production guidance at 45,000 to 55,000 GEO for 2022. For the nine-month period ending September production was 36,423 GEO ozs.The company continues to progress development of the Calandrias heap leach project with construction commencing in Q4 of 2022. The heap leach operations will look to utilize lower grade material and increase annual production at the Minera Don Nicolas Mine by approximately 20,000-25,000 ozs per annum.Mark Brennan, CEO and Co-Chairman stated: \"The past year has been a building year for MDN; while we are pleased with the consistency in the operation to achieve our 2022 production guidance of between 45,000-55,000 GEO ozs and we continue to expect an increase in grades and expec...