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Scorpio Gold Corp. (TSXV:SGN) released its operating results for Q4 2015, as well as the year as a whole. The company owns a 70-percent stake in the Nevada-based Mineral Ridge project.
Scorpio Gold Corp. (TSXV:SGN) released its operating results for Q4 2015, as well as the year as a whole. The company owns a 70-percent stake in the Nevada-based Mineral Ridge project.
As quoted in the press release:
Total gold production in 2015 was 39,690 ounces, a decrease of 3% over the prior year. Early in 2015, permitting delays related to the satellite deposits resulted in the Company mining in areas with higher stripping rates and fewer ore tons, until ore production began to recover in Q4. As a result, ore tons processed were 9% less than 2014. Despite lower ore tonnage processed and a 12% lower average grade, gold production was largely maintained through improved recoveries and a reduction in inventory levels during the year.
Gold production in Q4 2015 totalled 9,503 ounces, roughly equal to the prior quarter and a decrease of 7% from Q4 2014. Previously reported issues with mine production drills were resolved and strip ratios improved during Q4, resulting in significantly improved ore production from the various pits. Ore tons processed during Q4 2015 increased by 24% from the prior quarter and 29% over Q4 2014. Estimated recoverable ounces placed on the leach pad during Q4 2015 were 29% higher than the prior quarter and 31% higher than Q4 2014. The increased ounces placed on the leach pad during Q4 are expected to positively impact gold production in Q1 2016.
Peter J. Hawley, president and CEO of Scorpio Gold, commented:
We are proud to report reaching the high end of our production guidance of 38,000 – 40,000 ounces with 39,690 ounces gold produced at Mineral Ridge in 2015. Scorpio Gold has now completed four years of production at Mineral Ridge, fully transitioning production from the initial Drinkwater pit on to the Mary pit, both now exhausted, to the currently active Mary LC, Bluelite and Solberry pits. On behalf of the Company, I would like to thank the entire production team and contractors who continue to make the Mineral Ridge operation a success.
Click here to read the full Scorpio Gold Corp. (TSXV:SGN) press release.