Victoria Gold Corp. Provides 2021 Revised Guidance
December 16, 2021 at 11:00 am
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Victoria Gold Corp. herein provided updated production and cost guidance for 2021. The Company achieved a record 55,827 ounces gold production in the third quarter of 2021. For the first nine months of the year, the Company produced 114,726 ounces gold. Based on actual production over the first nine months, stacking rates and forecasted gold production, the Company had previously anticipated full year 2021 production to be close to the lower end of the guidance range of 180,000 ounces. During fourth quarter 2021, the Company was delayed approximately 5 weeks in receipt of required driplines used to irrigate the heap leach pad. During this period, low flow driplines were installed as an alternate until the shipment of new driplines arrived. The low flow driplines delivered less leach solution to freshly stacked ore on the heap leach pad than would be anticipated using regular driplines resulting in an extended leach cycle. Freshly stacked ore contains the highest portion of recoverable gold and contributes significantly to gold production for the first 45 days under leach. All low flow driplines have subsequently been replaced and normal leaching has resumed. However, a considerable portion of gold production expected to be recovered in fourth quarter 2021 will now be realized in the first quarter 2022. As such, the Company is now expecting gold production to be up to 10% below previous guidance of 180,000 ounces gold for 2021. As a result of the adjusted production guidance, all-in sustaining cost per gold ounce is expected to be up to 5% above previous guidance of USD 1,175.
Victoria Gold Corp. is a Canada-based gold mining company. The Company is engaged in the operation, exploration and acquisition of mineral properties. Its flagship asset is its 100% owned Dublin Gulch property, which includes the Eagle Gold Deposit, the Olive Deposit, Raven Gold Deposit, the Wolf Tungsten Deposit, the Potato Hills Trend, including the Nugget, Lynx, Popeye, Rex-Peso, East Potato Hills, Eagle West, Falcon, as well as other targets. The Dublin Gulch Project is situated in central Yukon, Canada, approximately 375 kilometers north of the capital city of Whitehorse. The property covers an area of approximately 555 square kilometers, is accessible by road year-round and is powered by the Yukon energy grid. The Eagle and Olive deposits include probable reserves of approximately 3.3 million ounces of gold from 155 million tons of ore with a grade of 0.65 grams of gold per ton. It also holds Brewery Creek property, as well as the Gold Dome and Grew Creek exploration properties.