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Published by
Joe Toft,
Editorial Assistant
Global Mining Review,
Friday, 14 October 2022 13:00
Karora Resources Inc. has announced record consolidated gold production of 38 437 oz for 3Q22 from its Beta Hunt and Higginsville mines in Western Australia. 3Q22 production includes approximately 2500 oz of coarse gold. As previously stated, coarse gold occurrences at Beta Hunt are best described as periodic upside to mine production, as demonstrated during this record quarter.
Gold sales for 3Q22 were 35 513 ounces. Karora’s consolidated unaudited cash balance was US$56 million as of 30 September 2022.Paul Andre Huet, Chairman & CEO, commented:
“3Q22 was very strong operationally for Karora, particularly following the incorporation of the newly acquired Lakewood Mill into our operations, which began in August. In our first two months of owning two producing mills, we were able to optimise our blend of material from the Beta Hunt Mine, the Aquarius and Two Boys underground mines at Higginsville, our Spargos open pit mine and some of our lower-grade surface stockpiles to achieve a new quarterly gold production record and beat our previous record set in 2Q22 by an impressive 25%. I would like to acknowledge the efforts of our milling and processing teams in achieving this impressive milestone right out of the gate.We were also very pleased to announce an additional coarse gold discovery in August, which contributed 2436 oz to our record quarter. While we certainly enjoy these periodic coarse gold injections as we encounter the sedimentary band typically hosting coarse gold at Beta Hunt, it is important to note that we achieved a record quarter even without the additional coarse gold ounces – a testament to the track record of operational delivery we have established across our operations at Karora.Karora sits in an excellent position both operationally and financially. We now control two top tier operating mills centrally located in the prolific Kalgoorlie region and an unrivalled land package totalling 1900 km2 paired with an aggressive AUS$20 million annual exploration budget. All of this is supported by a robust balance sheet and operational cash flow generation that underpins our plan to grow production to 185 000 to 200 000 gold oz/yr within the next couple years.”
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