TRX Gold (TSX:TNX, NYSE-A:TRX) Corporation said it produced 5,636 ounces of gold in its second quarter of 2023, a new record for the company and in line with its previous production guidance of approximately 1,600 to 2,000 ounces of gold per month.
The preliminary figure was higher than in the previous quarter, reflecting the first full quarter of the over 1,000-tonne per day processing plant operating at full design capacity since commercial production was declared in November 2022, the company added.
The company, which is rapidly advancing the Buckreef Gold Project, said preliminary gold sales for Q2 reached 5,504 ounces with the average market price for gold in Q2 (December 2022 – February 2023) of approximately $1,853 per ounce.
READ: TRX Gold says 1,000 tonne per day capacity ball mill ordered for its Buckreef Gold Project
“Buckreef Gold’s production profile has been solid in Q2 and continues to prove that this is a project that can be grown incrementally with the advantages of lowered risk, minimal capital costs, little to no shareholder dilution and immediate cash flows. As mentioned in our last press release, we are currently working on yet another expansion, and foresee more growth within the next 12 months,” CEO Stephen Mullowney said in a statement.
TRX said it will provide additional discussion and analysis on its second-quarter 2023 production and sales when it reports its quarterly results in early April 2023.
Anchored by a Mineral Resource published in May 2020, the Buckreef Gold Project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 million tonnes (MT) at 1.77 grams per ton (g/t) gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for 635,540 ounces of gold.
Contact the author at jon.hopkins@proactiveinvestors.com