TMAC Resources Inc. (TSX:TMR) (“TMAC” or the “Company”) reports fourth quarter 2019 results for production and certain operating metrics.
FOURTH QUARTER 2019 PRODUCTION SUMMARY
- Production: 24,650 ounces of gold produced
- Sales: 24,650 ounces of gold sold
- Mining: 1,560 tonnes per day (“tpd”), with a grade of 7.0 g/t Au
- Processing: 1,440 tpd, with a feed grade of 7.1 g/t Au, and 82% recovery
- Doris underground development metres: 2,080 metres
Jason Neal, President and Chief Executive Officer of TMAC, stated, “In the fourth quarter we produced 24,650 ounces of gold, which was the low end of our expectations. As previously disclosed, available grade in the fourth quarter was negatively impacted by the deferral of mining the BTD East Limb due to rehabilitation work, which has been the most significant driver of the fourth quarter being weak. While December recovery achieved was 85% on 11.3 g/t Au, plant throughput in December was poor at 1,140 tonnes per day largely due to unplanned power generator maintenance, which required us to run only one of two concentrator lines for 14 days. The improvement in December recoveries included the initial benefits of the scavenger column project. Low throughput in December brought down average throughput for the quarter and put the lowest weighting on our best month for plant recovery.”
Jason Neal continued, “The improved development rates achieved in the third quarter were sustained in the fourth quarter. Our mining rate for the fourth quarter was 1,560 tpd at 7.0 g/t Au, which included 1,240 tonnes from Doris at 7.6 g/t Au and 29,100 tonnes at 5.0 g/t Au from surface mining the Madrid North Naartok East crown pillar. By the end of the fourth quarter, we were mining in the high-grade Doris BTD East Limb, which will contribute to first quarter production and available plant feed in 2020.”
QUARTERLY PRODUCTION RESULTS
Gold Production (oz)
Plant Throughput (tpd)
Feed Grade (g/t Au)
Mine Production (tpd)(1)
Mined Grade (g/t Au)(1)
Development Metres (m)(4)
(1) Includes incremental ore from development
(2) Includes production of 90,200 tonnes at 5.9 g/t from surface mining the crown pillar at Doris; without this material, underground production alone was 1,330 tonnes per day at a grade of 8.6 g/t for Q4 2018 and 1,060 tonnes per day at a grade of 8.6 g/t for full year 2018
(3) Includes production of 29,100 tonnes at 5.0 g/t from surface mining the crown pillar at Madrid North Naartok East; without this material, underground production alone was 1,240 tonnes per day at a grade of 7.6 g/t for Q4 2019 and 1,360 tonnes per day at a grade of 9.6 g/t for full year 2019
(4) Development metres for Doris underground only
ABOUT TMAC RESOURCES INC.
TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris Plant which originally had nameplate capacity of 1,000 tonnes per day and expanded to 2,000 tonnes per day midway through 2018. There is potential to grow TMAC’s established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston.
This release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations or comparable terminology.
“Forward-looking information” is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such “forward-looking information” involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements expressed or implied. See “Risk Factors” in the Company’s Annual Information Form dated March 11, 2019 filed on SEDAR at www.sedar.com for a discussion of these risks.