- Emerald Resources (EMR) has completed ramp up activities at its Okvau gold mine in Cambodia
- Since first gold pour in June, the project has produced 19,000 ounces and is on track to reach 23,000 ounces by the end of this quarter
- Ore production for the first half of September has averaged 420 ounces per day which confirms the plant can produce over 100,000 ounces of gold per year
- Further, the processing plant has consistently run above the two million tpa throughput rate, averaging 275 tonnes per hour which is 10 per cent above the DFS target
- Company shares are up 5.52 per cent to trade at 86 cents
Emerald Resources (EMR) has completed ramp up activities at its Okvau gold mine in Cambodia.
The Okvau deposit has an indicated and inferred mineral resource estimate of 1.14 million ounces at two grams of gold per tonne (g/t).
It’s considered a high-grade, low-cost and compelling operation based on projected economics which include a life-of-mine average annual production of 106,000 ounces at an all-in sustaining cost of US$754 (A$1037) per ounce at a US$1450 (A$1996) gold price assumption.
The deposit has an ore reserve of 14.3 million tonnes at 2g/t gold for 900,000 ounces in a single open pit.
Emerald achieved first gold pour at the project in June which produced two gold bars weighing 8.6 kilograms.
Since then, the company has produced around 19,000 ounces and expects to reach 23,000 ounces by the end of the current quarter. This includes ore production for the first half of September averaging 420 ounces a day. This confirms the plant is capable of producing over 100,000 ounces of gold per year.
Since the first gold pour, EMR’s refinery has received six shipments for 8144 ounces of gold and the company has sold 6958 ounces to date at an average of US$1795 (A$2470) per ounce.
Positively, the processing plant has consistently run above the expected throughput rate of two million tonnes per annum and averaged 275 tonnes per hour which is 10 per cent above the definitive feasibility study target.
Managing Director Morgan Hart commented on the progress of activities.
“It is pleasing to announce that we have achieved the successful ramp up of operations to full production at the Okvau Gold Mine which now places Emerald in the ranks of a 100,000+ ounce per annum gold producer,” he said.
“Importantly we are either meeting or exceeding the Okvau Gold Mine DFS which is a testament to the skill and quality of our staff and contractors in light of the significant challenges of the global pandemic and commissioning and ramp up activities during the recent wet season.”
Company shares were up 5.52 per cent to trade at 86 cents at 11:33 am AEST.