First gold at Argonaut’s Magino

Plans for commercial production in the third quarter are still in place for Argonaut Gold’s Magino mine in northern Ontario now that the operation – Argonaut’s first in Canada – has achieved its first gold pour.

The Toronto-based producer said the milestone was met June 14 at the complex in Dubreuilville.

Magino is expected to produce between 72,000 to 81,000 ounces of gold in 2023 at cash costs of between $850 and $950 per ounce and approximately 148,000 oz. of gold at a cash cost of $868 per ounce in 2024, its first full year of production.

President and CEO Richard Young said Magino is key to achieving its vision of becoming a low-cost, mid-tier North America gold producer that demonstrates responsible mining.

“With the first gold pour milestone behind us, we are now focused on completing commissioning and ramping up the mill to steady state. In addition, we are looking to further grow our flagship gold mine as we commence a reserve development drilling program intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer,” added COO Marc Leduc.

Argonaut is also pursuing additional growth opportunities at Magino; for example, it is scheduled to begin a 12- to 15-month exploration and reserve development program in the third quarter to convert open pit resources to reserves within the current resource pit cone, test deep underground high-grade targets and test open pit targets along strike west of the current deposit.

“In parallel, a review of mill optimization and expansion opportunities will commence in the third quarter to potentially raise throughput rates and increase annual production,” it said.

Argonaut also has three operating mines including the Florida Canyon mine in Nevada, the La Colorada mine in Sonora, Mexico, and San Agustin mine in Durango, Mexico.

Source: Argonaut Gold

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