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Signal Gold Inc. (SGNLF) is a promising mining company with its Goldboro Project in Nova Scotia, Canada. The company focuses on advancing the project, demonstrating a significant gold potential, and seeking further expansion in mineral resources. Recent exploration programs have led to the identification of high-priority growth targets, including Fowler, Stewart, Armstrong, and Hurricane, all aimed at discovering new gold mineralization. Signal Gold is committed to efficient exploration initiatives, value creation, and achieving production milestones in the Goldboro Gold District.
Signal Gold Inc. (TSX:SGNL, OTCQX:SGNLF) announced its Q1 2023 production results, reporting 3,051 ounces of gold sold, generating $7.8 million in metals revenue. The company’s gold production totaled 1,384 ounces with an average realized price of $2,562 per ounce. Mining operations at the Argyle Mine concluded, and the Point Rousse site is transitioning to care and maintenance.
As of March 31, 2023, Signal Gold holds a cash balance of $16.2 million, with ongoing reclamation activities underway. The company is also conducting a cleanup of the Pine Cove mill to recover more gold, anticipating additional funds soon. The first quarter financial statements are expected to be filed by May 4, 2023.
Signal Gold Inc. announced further exploration drilling at the Goldboro Project in Nova Scotia, targeting the extension of the Goldboro Deposit. The new diamond drill program aims to explore the structure to the west, following initial successful drilling results. Highlights include:
- 20.59 g/t gold over 3.0 metres in hole BR-23-383.
- 9.46 g/t gold over 2.0 metres in hole BR-23-381.
- 7.29 g/t gold over 2.5 metres in hole BR-23-382.
The company has a total combined Mineral Resource of 2.58 million ounces and is advancing with further geophysical surveys and drilling.
Signal Gold reported financial results for Q4 2022, highlighting a 48% increase in gold sales to 18,078 ounces, generating revenues of $41.8 million at an average realized price of $2,305 per ounce. However, production of 17,948 ounces fell short of the revised guidance of 20,000 to 21,000 ounces. Operating cash costs per ounce sold were $1,809, exceeding the $1,500 target. The company recorded a net loss of $11.7 million for the year, worsening from $7.1 million in 2021. A new $21 million credit facility with Nebari Resources aims to support ongoing development, particularly at the Goldboro Project, which is positioned for growth.
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