Victoria Gold Corp. (TSX: VGCX) was unable to attain the/its desired operating results during 2022, primarily due to a mechanical failure resulting in almost 21 days of downtime in Q3.
On Tuesday, the company posted its production results for last year’s operations and produced approximately 14,000 ounces less than it did in 2021.
However, the company says it has improved its staffing and protocols to achieve improved gold production this year. Victoria Gold’s flagship project is the Eagle Mine, the largest gold mining operation in the Yukon Territory.
Photo via Victoria Gold
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“Fourth quarter and full year 2022 operating results were below expectations. Mechanical availability of the crushing and conveying circuit was lower than anticipated. The primary reason for the lower mechanical availability was the failure of the belt on the overland conveyor late in Q3 resulting in almost three weeks of downtime and lower year-over-year gold production,” said John McConnell, CEO of Victoria Gold.
“Looking forward, we have significantly improved our operational and maintenance staffing and protocols and expect to achieve materially higher gold production in 2023.”
The Dublin Gulch property housing the Eagle Gold Mine stretches across 555 square kilometres and is 100 per cent owned by Victoria Gold. The company acquired the property in 2009 and the Eagle Mine declared commercial production in July 2020.
Victoria Gold employs approximately 500 people at the Eagle Gold Mine and the company anticipates an annual production rate of about 200,000 ounces in the coming years. The mine is expected to last until 2030 and produce a total of 2.4 million ounces.
Victoria Gold stock increased by 4.28 per cent today to $8.78 on the TSX Venture Exchange.
rowan@mugglehead.com
