Elevation Gold Reports Q2 2024 Production Results
Elevation Gold reported its Q2 2024 production results. The company produced 6,380 ounces of gold from 696,373 ore tonnes, with average grades of 0.35 g/t. Gold sales reached 7,070 ounces, marking a 3% increase from Q2 2023. Mining operations were conducted in the Reynolds Pit and Mordor areas, with significant improvements in stripping ratios, reducing waste by 22% compared to Q2 2023. The Reynolds Pit saw a bench width increase to 95 meters, enhancing mining efficiencies. Year-to-date figures show 12,683 ounces of gold produced and 12,920 ounces sold, with ore tonnes mined at 2,243,234 and ore tonnes stacked at 1,351,027.
- Gold sales increased by 3% to 7,070 ounces in Q2 2024 compared to Q2 2023.
- Stripping ratios improved by 22%, reducing waste for the quarter.
- Mining efficiencies improved with the Reynolds Pit bench width increasing to 95 meters.
- Gold production decreased by 6% to 6,380 ounces in Q2 2024 from 6,788 ounces in Q2 2023.
- The average gold grade decreased to 0.35 g/t from 0.38 g/t in Q2 2023.
Second Quarter 2024 Highlights
- Elevation Gold produced 6,380 ounces of gold from 696,373 ore tonnes processed with average grades of 0.35 g/t during Q2 2024.
- The Company sold 7,070 ounces of gold during Q2 2024, an increase of
3% compared to Q2 2023.
Consolidated Operational Results Summary
The following table provides a summary of the Company's operational statistics for the three and six months ended June 30, 2024 and June 30, 2023.
Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | |||
Total tonnes mined Ore tonnes mined | t t | 1,562,730 645,351 | 2,243,234 745,781 | 3,410,560 1,281,282 | 4,483,355 1,424,435 | |
Ore tonnes stacked | t | 696,673 | 721,187 | 1,351,027 | 1,419,538 | |
Contained gold ounces stacked | oz | 7,775 | 8,850 | 16,521 | 18,538 | |
Gold grade | g/t | 0.35 | 0.38 | 0.38 | 0.41 | |
Gold ounces produced | oz | 6,380 | 6,788 | 12,683 | 14,677 | |
Gold ounces sold | oz | 7,070 | 6,840 | 12,920 | 14,918 |
Tim Swendseid, Chief Executive Officer of Elevation Gold, stated "We are very pleased to report all mining this quarter took place in the Reynolds Pit and Mordor areas. The most recently completed bench at Reynolds Pit (the 6th full bench there) contained ore with an average grade of 0.38 g/t at a stripping ratio of 0.94 tonnes of waste for each tonne of ore. Overall, our stripping ratio improved dramatically for the quarter (reduced by
Qualified Persons
Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company's operating mine has been reviewed and approved by Tim J. Swendseid, P.E., MBA, CFA, Chief Executive Officer of the Company, and a Qualified Person for the purpose of National Instrument 43-101.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, CEO of Elevation Gold Mining Corporation
About Elevation Gold Mining Corporation
Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange ("TSXV") in
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine plans; anticipated exploration and development activities at the Company's projects; net present value; design parameters; economic potential; processing mineralized material; the potential of robust economic potential at the Moss Mine. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of gold, silver and other metals; anticipated costs; ability to achieve goals; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: risks inherent in mining, including, but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; global financial conditions and inflation; changes in the Company's share price, and volatility in the equity markets in general; volatility and fluctuations in metal and commodity prices; the threat associated with outbreaks of viruses and infectious diseases, including the COVID-19 virus; delays or the inability to obtain, retain or comply with permits; risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; exploration, development or mining results not being consistent with the Company's expectations; unavailable or inaccessible infrastructure and risks related to ageing infrastructure; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits, including, but not limited to, models relating thereto; ore processing efficiency; information technology and cybersecurity risks; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices; regulatory investigations, enforcement, sanctions and/or related or other litigation; estimates of future production and operations; estimates of operating cost estimates; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; risks related to the environmental regulation and environmental impact of the Company's operations and products and management thereof; exchange rate fluctuations; climate change; risks relating to attracting and retaining of highly skilled employees; compliance with environmental, health and safety laws; counterparty and credit risks and customer concentration; litigation; changes in laws, regulations or policies including, but not limited to, those related to mining regimes, permitting and approvals, environmental and tailings management, and labour; internal controls; challenges or defects in title; funding requirements and availability of financing; dilution; risks relating to dividends; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; uncertainty of meeting anticipated program milestones; and other risks and uncertainties including but not limited to those described the Company's public disclosure documents which are available on SEDAR at www.sedar.com under the Company's profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/elevation-gold-reports-q2-2024-production-results-302192710.html
SOURCE Elevation Gold Mining Corp.
FAQ
What were Elevation Gold's Q2 2024 gold production results?
How much gold did Elevation Gold sell in Q2 2024?
What were the improvements in mining operations for Elevation Gold in Q2 2024?
What is the average gold grade of ore processed by Elevation Gold in Q2 2024?
What was the year-to-date gold production for Elevation Gold in 2024?
