Western Australia-based gold producer Dacian Gold has achieved its June 2018 quarter production target, confirming 34,155 ounces (oz) at the Mt Morgans gold operation in Western Australia, a figure in line with its previously stated estimate of 30,000-40,000oz.
The first quarter also saw the company meeting, or exceeding, its benchmarks across throughput, recoveries, grade and mining rates.
Dacian executive chairman and chief executive Rohan Williams said, “We have done precisely what we said we would do. It shows that the mine and plant are operating in line with our expectations. This should be of much comfort to investors.”
During this quarter, the company achieved a mill throughput rate of 6600 tonnes per day, an average gold recovery of 91 per cent and an average combined treatment grade of 1.9 grams per tonne (g/t) of gold.
Williams said, “We started as an exploration IPO just four-and-a-half years ago, and as a result of our exploration success, we are now firmly on the patch to becoming Australia’s next mid-tier gold producer.”
The $20 million IPO has funded three years of exploration at the Mt Morgans gold operation, which is comprised of two mining centres — Westralia and Jupiter mine areas.
Dacian Gold has built two of Australia’s last four 150,000 oz/y gold mines over the past decade.
“We are on course to achieve commercial production by the end of this calendar year and meet guidance of 180,000-210,000 oz for financial year 2019,” Williams said.