Karora Resources Inc (TSE:KRR) (OTCMKTS:KRRGF) (FRA:5RN1) reported record second-quarter 2021 gold production of 29,831 ounces as well as record gold sales of 30,412 ounces from its Beta Hunt and Higginsville mines in Western Australia.
The company said its 2Q gold production was about 20% higher than 1Q, with output through the first two quarters of 54,525 ounces that was in line with consolidated 2021 production guidance of between 105,000 and 115,000 ounces.
“Overall, the second quarter built on the foundation we laid during the first quarter, placing us well on track to deliver on our 2021 production and cost guidance,” Karora Resources CEO Paul Andre Huet said in a statement.
“Moving forward, we look forward to executing on our fully funded organic growth plan which we believe to be one of the most robust growth plans in the junior gold mining sector,” Huet added.
As well, Karora noted that its 2Q consolidated cash balance was $82.2 million as of June 30, 2021, an increase of $5.4 million from 1Q.
The company added that it continued to make significant investments in earthworks during the quarter to prepare new, higher grade mining areas at Higginsville Central and Spargos.
Karora also said its drilling program pushed forward aggressively across all its properties, with a focus on increased resource definition drilling.
Earlier, Karora announced plans to more than double its consolidated gold production from 99,239 ounces in 2020 to between 185,000 and 205,000 ounces by 2024, with an expected continued decline in all-in-sustaining costs that will eventually be estimated at between US$885 and US$985 per ounce as a results of a phased expansion of Karora’s Beta Hunt underground mine and increasing milling capacity.
Karora Resources is now a “top tier” junior gold producer in Western Australia, having started its transformation - when known as RNC Minerals - with its purchase in 2019 of the Higginsville Gold Operations (HGO).
The company is focused on growing gold production and reducing costs at the integrated Beta Hunt gold mine and the Higginsville mine and its associated treatment facility.
At Beta Hunt, a robust gold mineral resource and reserve is hosted in multiple gold shears, with gold intersections along a four-kilometre strike length remaining open in multiple directions.
Contact Sean at [email protected]
Story by ProactiveInvestors
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