Torex Gold output slips on ELG grade variations
Gold output slipped at Torex Gold's El Limón-Guajes (ELG) mine in Mexico in Q1 due to grade and tonnage variations.
The Guerrero state mine produced 77,800oz gold, compared to 96,316oz in 4Q18.
"In Q1, we mined the bottom of one pit area and opened up the top of another, with the expected grade and tonnage variability that comes at the edges of the deposit," CEO Fred Stanford said in a release.
Operations were also impacted by variability in rock types within the deposit, with a disproportionate amount of harder rock being mined during H1.
Guidance remains unchanged at around 430,000oz gold, with production expected to increase each quarter of the year, Stanford said.
The company sold 76,500oz gold at an average realized price of US$1,301/oz in Q1 and reduced debt principal by US$18.6mn.
Torex is also undergoing trials of its proprietary Muckahi mining system, which combines back-mounted monorail transportation with conventional hard rock mining equipment.
The first tunnelling blast of the trials took place on March 26, and the round was successfully drilled from the monorail-mounted Muckahi jumbo drill, the company said.
Torex also has the Media Luna gold project, located on the same property as ELG.
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