TMAC Resources Announces Record Q1 2019 Production of 40,050 Ounces and Improved Underground Mine and Plant Performance
TORONTO--(BUSINESS WIRE)--TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) is pleased to report first quarter 2019 results for production and certain operating metrics for the underground mine and processing plant. TMAC will release its financial results on May 1, 2019 as described below.
FIRST QUARTER 2019 PRODUCTION SUMMARY
- Production: 40,050 ounces of gold produced
- Sales: 39,200 ounces of gold sold
- Mining: 1,600 tpd, with a grade of 10.2 g/t
- Processing Plant: 1,610 tpd, with a feed grade of 10.3 g/t, and 84% recovery
Jason Neal, President and Chief Executive Officer of TMAC, stated, “In the first quarter we produced a record 40,050 ounces of gold, 18% more than the previous quarter, which drives improved financial performance. Importantly, the Doris underground mine is ramping up nicely, achieving a record production rate of 1,600 tonnes per day at a grade of 10.2 g/t compared with the previous quarter’s 1,330 tonnes per day at a grade of 8.6 g/t, a 20% higher underground mine tonnage production rate than Q4 2018. We continued to commission our processing plant retrofit, focused on increased gravity recovery and improved stability, with a realized recovery of 84% for the full quarter. We had improvement throughout the quarter and finished strong. As recoveries continue to stabilize and approach our targets, we will push throughput harder, driving our next step in growth.”
Jason Neal continued, “Concurrently, we released very exciting exploration results for Doris North BTD, Madrid Naartok East and Suluk zones. The recent BTD results, which thus far are largely in areas that will be mined in 2019, show consistent visible gold in high-grade drill hole intercepts. The Naartok East results are defining a higher-grade zone near surface. The Suluk results inform planning for potential future bulk sample and underground exploration which is currently being evaluated.”
QUARTERLY PRODUCTION RESULTS
|Q1 2019||Q4 2018||Q3 2018||Q2 2018||Q1 2018|
|Gold Production (oz)||40,050||34,080||33,100||23,140||20,650|
|Plant Throughput (tpd)||1,610||1,800||1,390||970||930|
|Feed Grade (g/t)||10.3||7.8||10.1||10.0||10.9|
|Mine Production (tpd)(1)||1,600||
|Mined Grade (g/t)(1)||10.2||
(1) Includes incremental ore from development
(2) Includes production of 90,200 tonnes at 5.9 g/t from surface mining the crown pillar at Doris; without this material, underground production alone was 1,330 tonnes per day at a grade of 8.6 g/t
FIRST QUARTER 2019 FINANCIAL RESULTS – CONFERENCE CALL AND WEBCAST
TMAC plans to release its first quarter 2019 financial results after market close on Wednesday, May 1, 2019. Senior management will host a conference call and webcast to discuss these results on Thursday, May 2, 2019 at 10:00 a.m. (ET).
Conference call and webcast details:
|Thursday, May 2, 2019 at 10:00 a.m. ET|
|Toll Free (North America)||1-800-319-4610|
An archive of the webcast will be available on the Company’s website.
April 8, 2019
Jason Neal, President and Chief Executive Officer, will attend the 2019 CIBC London Gold Forum taking place in London, United Kingdom.
April 9–11, 2019
Jason Neal, President and Chief Executive Officer, will present on Wednesday April 10, 2019 at 11:30 a.m. GMT +1 at the 2019 European Gold Forum taking place in Zurich, Switzerland.
ABOUT TMAC RESOURCES INC.
TMAC Resources operates Hope Bay located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of sunk expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris Plant which originally had nameplate capacity of 1,000 tonnes per day and expanded to 2,000 tonnes per day midway through 2018. Hope Bay has 4.8 million ounces of measured and indicated resources at Doris, Madrid and Boston deposits, largely within 350 metres of surface. There is potential to grow these established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston.
This release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations or comparable terminology.
“Forward-looking information” is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such “forward-looking information” involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements expressed or implied. See “Risk Factors” in the Company’s Annual Information Form dated March 11, 2019 filed on SEDAR at www.sedar.com for a discussion of these risks.