Galane's Galaxy hits commercial production
Galane Gold has achieved commercial production at the Galaxy mine, near Barberton, South Africa, the TSX-V-listed junior reported on Wednesday.
Galaxy would produce between 15 000 oz and 18 500 oz of gold at an all-in sustaining cost (AISC) of $900/oz to $1 000/oz in 2022. Production would increase to between 24 000 oz and 27 000 oz at an AISC of $750/oz to $850/oz the following year.
Galane added that it was considering options to increase production through the exploitation of the 21 other mineralised bodies at Galaxy. Based on the current forecast production at the end of 2023, Galaxy would still be operating at 70% of the current plant capacity.
“The results at Galaxy continue to exceed our expectations and we intend to provide the market with an update in the second quarter of 2022 on the impressive results we are seeing from our grade control drilling at the Galaxy ore body on the initial 22 level," said CEO Nick Brodie.
Galaxy is situated 8 km from the town of Barberton, in Mpumalanga, and is one of the oldest mining operations in South Africa, with the discovery of gold in 1888.
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