Savannah Goldfields (ASX: SVG) has produced more than 16 kilograms of gold doré from November through March from its Georgetown project in far north Queensland.
The company recorded four separate individual pours of 3.688kg, 1.037kg, 2.806kg, and 5.432kg during February, along with two in March of 2.905kg and 1.038kg—all of which were transported to Perth Mint for refining.
Feed to date has comprised various blends of stockpiled material from the Agate Creek open pit mine, Georgetown tailings, and Big Ben rock piles, with Big Ben material constituting 100% of the feed in February.
Savannah temporarily ceased feeding ore into the Georgetown processing plant for a six-week program of planned maintenance in the last week of February.
Stripping of carbon and recovery of gold in circuit, as well as further doré pours, are scheduled to continue through to mid-March.
Mint Outturn Volumes
Mint outturn for February volumes had an aggregate weight of 12.963kg and a precious metal content of 289.8 ounces gold and 95.3oz silver, while cumulative precious metal outturn for the production campaign since 7 November has totalled 1,223.7oz gold and 805.9oz silver.
Savannah reported $8.54 million in revenue from the campaign’s precious metal outturn to date at an average price received of $6,899 per ounce gold and $119/oz silver, with the final mint outturn for March pours still to come.
The company plans to resume operations at the historical Big Reef open pit mining area next month to provide feed into the Georgetown plant during April and May before it resumes processing of Big Ben rock through to mid-year.
It is also planning an interim open pit to extend Big Reef along strike, recover a portion of the inferred mineral resource (totalling approximately 15,000 tonnes at 2.9g/t gold), and haul it to the Georgetown plant for processing.
The mining front was established during December, with approximately 200t of mineralised material mined and stockpiled for transport to the plant.
Agate Creek Mining Ongoing
Savannah is aiming to continue mining and processing of Agate Creek ore reserves, which currently sit at 460,000 tonnes gold grading 2.5 grams per tonne for 36,800oz contained metal.
The company expects mining to provide more than two years of processing feed into the Georgetown plant, and is awaiting an updated approval of the amended environmental authority it submitted in November.
Exploration drilling at the Electric Light and Red Dam deposits has demonstrated potential for Savannah to grow both inferred resources, which remain open at depth.
Electric Light has a current inferred resource of 388,000t at 3.7g/t gold for 46,000oz while Red Dam totals 201,000t at 5.7g/t for 37,000oz and the company expects to incorporate new drilling and assay information for upgrades in the near future.
Savannah will also assess the opportunity to conduct further open-pit mining at both deposits and undertake a scoping study for underground mining at Electric Light.
