Saturday, June 11, 2016

Torex Gold Resources Inc - TXG.t

Torex Gold Resources Inc - TXG.t is developing the flagship Morelos Gold Project located 180km southwest of Mexico City in Guerrero state.

On June 8, 2016 the company released News

TORONTO, Ontario, June 8, 2016 - Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced updates on operations and geological model reconciliation at its El Limon-Guajes Mine (ELG) in southwest Mexico.
Fred Stanford, President & CEO of Torex stated: “The team on site continues to deliver excellent safety and environmental performance, and to exceed production expectations. In May they routinely operated the processing plant at design throughput levels and produced 29,995 ounces of gold, or 1,000 ounces per day. The Guajes deposit has also exceeded the expectations of the geological model, in both grade and tonnes. We have now processed over one million tonnes through the plant and can compare what the plant received against what was predicted by assays from blast-hole samples, and from there relate through to the geological model. In summary, since the plant was ‘bedded down’ at the end of February, when data became reliable, the plant has received 12% more gold ounces than was predicted by the geological model. Of this 12% increase in gold ounces, ‘10’ came from increased grade, and ‘2’ came from increased tonnage. Skarns are known to be variable and there is no reason to expect that this one will be any different; however, it is encouraging to note that as we work deeper into the Guajes deposit the positive reconciliation has strengthened. In conclusion, a big “thank you” to all Torex/MML teams, for their consistent performance in turning intentions into reality.”
Operations Update
Processing Plant
  • The plant produced 29,995 Au oz in May 2016
  • Plant throughput was ahead of plan, averaging 11,468 tpd during May, or 82% of design capacity. The current peak daily throughput was achieved on May 9th at 16,429 tpd, or 17.4% above design capacity
  • The tailings filtration plant delivered an average of 11,651 tpd, matching the cadence of the grinding circuit
  • Average gold recovery for the month of May at 75%, was lower than previous performance. The cause was tracked back to an undiagnosed failure of equipment and a lack of accuracy in the measurement of cyanide concentrations. Both issues are now understood and corrected. During the first week of June recovery has averaged 87.6%
  • Commercial production, for accounting purposes, started April 1, 2016