Chaarat Gold Holdings Ltd (LON:CCG) has updated investors on production numbers for the Kapan mine in Armenia, which yielded 12,992 gold equivalent ounces in the first quarter.
That marks a 12% improvement compared to the preceding three-month period, driven by better grades, the group said.
In an operational and production update, Charaat said it has successfully implemented its coronavirus (COVID-19) prevention measures since mid-February and has seen no cases on record within the group.
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The company’s realised gold price for the quarter was US$1,565 per ounce, up from US$1,512 per ounce in the preceding quarter.
It noted, meanwhile, that during the quarter, geology in the areas mined in Q1 2020 led to delays in accessing higher grade areas that were anticipated and recoveries are directly impacted by lower grade areas.
Underground development continued with 5,623 metres achieved in the quarter, and the company noted that it has maintained a high rate for improved visibility on the future mining areas.
Additionally, Chaarat’s technical team is assisting the Kapan team to develop the 2020 mine plan. The aim is to speed up access to more value-adding areas of the mine for the rest of 2020 and beyond.
Chaarat told investors that it remains on track to deliver guidance of 55,000 ounces of gold for the full-year.