It was a good three months from April through June in Western Australia for Superior Gold (OTCPK:SUPGF)(TSX-V:SGI). Wednesday morning, the Toronto-based explorer released limited information from the recent quarter, primarily disclosing that it had its best quarter of gold production ever at its wholly-owned Plutonic Gold operations situated about 800 kilometres northeast of Perth in the western part of the country.
After acquiring the mine in October 2016, the previous best quarter on record for Superior Gold was the fourth quarter that year, during which 22,994 ounces of gold were produced. In the recent June quarter, that all-time high was bested by 11.4%, with production of 25,608 ounces of gold, putting the company on track to exceed 100,000 per annum.
During the first quarter of the year, Superior Gold produced 19,232 ounces of gold, of which 5,054 ounces were pre-commercial production from the company's open pit Hermes gold mine. The Hermes mine is about 65 kilometres southwest of the Plutonic underground mine.
Management said that it expects production to continue to increase and provided 2018 gold production guidance in the range of 100,000 to 110,000 ounces. Right now, the company will only need to average 22,580 ounces per quarter to meet the low end of guidance.
Superior Gold also said that it sold 25,797 ounces of gold during the second quarter. No average price for an ounce of gold sold was provided.
Full details on the quarter will come out in the next month or so. Superior says it will disclose throughput, grade and recovery data later in July and complete financial and operating results for Q2 ahead of the opening bell on August 21.
U.S.-listed shares of Superior Gold closed Tuesday trading at $1.03, while Toronto-listed shares wrapped the day at $1.34.
Related Stories
