Fiore reports gold production
VANCOUVER – Fiore Gold Ltd. announced gold production for the quarter ending Sept. 30 of 13,527 ounces from its Pan Mine in Nevada, and production for the full fiscal year ending Sept. 30 of 45,397 ounces.
The company also reported a two-year mine extension through successful exploration and that the feasibility study for mining the nearby Gold Rock mineral resource is now expected during the fourth quarter of calendar year 2022.
Production could begin at Gold Rock in the second half of 2024, according to Fiore.
“Backed by our consistently strong operating performance, we continue to put capital back into our Nevada assets,” said Chief Executive Officer Tim Warman. “We have invested in Pan’s future, adding two years of mine life and substantial heap leach capacity, and are planning a significant investment in resource expansion drilling at Pan over the next year.”
Fiore completed its phase 3 heap leach pad, with first ore placed in July.
Warman said that “at the same time, we have meaningfully advanced Gold Rock with extensive drilling to progress the feasibility study. Given our exploration success, we have elected to add approximately 13,000 feet of drilling aimed at continued expansion of the Gold Rock mineral resource.”
Fiore reported one core and one reverse circulation rig are carrying out geotechnical and condemnation drilling at Gold Rock and three RC rigs were expected on site in October and November for the expanded resource drilling program.
The additional drilling at Gold Rock was scheduled to begin in June, but a shortage of available drill rigs in Nevada delayed the arrival of the three additional rigs, according to Fiore, which stated that this is one reason the feasibility study complete date was extended.
Also in Nevada, Fiore acquired the closed Illipah Mine in the fiscal year that ended Sept. 30, which expanded land holdings in Nevada to 55,000 acres.
The company had a closing cash balance of $22.9 million at the end of the quarter.