New Gold Inc (NYSE: NGD) has reported that it had a total production of 105,705 gold ounces and its equivalents in the second quarter of the current financial year.
“Our processes continued to evolve towards their main drives during the quarter. Rainy River had another hard functioning quarter and is placed to have a sturdier second half of creation.” stated Renaud Adams, President & CEO.
Second Quarter Highpoints
- The Rainy River Pit created 55,163 gold eq. iotas (52,901 iotas of gold and 162,879 iotas of silver)
- The New Afton Pit created 50,542 gold eq. iotas (14,088 iotas of gold and 18.2 million quid of copper)
- During the quarter, the company announced that the Mines Act license enabling excavating of the B3 zone was delivered by the Ministry of Energy, Mines, and Low Carbon innovation
- it printed the company’s 2020 Sustainability Account was on June 4, 2021
- After the quarter, the company had a money position of $138 million and an intense liquescency situation of $464 million
- The open-pit quarry achieved 158,556 tons per day, a 5% surge over the prior quarter and bettering the 2021 target of 151,000 tons per day. Around 3.3 million ore tons and 11.1 million waste tons were excavated from the open mine at an ordinary strip ratio of 3.37:1. As intended, during the second half of the year, the strip ratio is expected to decline.
Working Highpoints of New Afton Pit
The concealed pit averaged 15,104 tonnes per day for the quarter, more significant than the previous quarter. The pit introduced a benign and safe ramp-up of Lift 1, counting the West Cave, East Cave, and Pillar return to pre-incident removal rates.
The grinder averaged 13,795 tonnes per day, marginally below the prior-year era, but in line with a plan to enhance metal retrievals while treating advanced score supergene minerals. The mill treats gold marks of 0.43 grams per tonne and advanced than projected copper grades of 0.79%, with gold and copper retrievals of 80% and 83%.
B3 creation began in June after receipt of the Mines Act Permit on May 25, 2021, and will progress through the second half of the year. However, with the license being received later than expected, ore removal transitioning from Lift 1 to B3, and with current metallic prices meaningfully above reserve valuing, New Afton is looking for ways to enhance its current mine strategy.