Guyana Goldfields GUY Aurora 1

Guyana Goldfields (GUY.TO) has published an excellent production update from its Aurora gold mine in Guyana. The total gold production in the third quarter was approximately 41,000 ounces of which almost 50% was produced in September. During that month, the moll processed ore with an average grade of 2.53 g/t gold at a rate of 6,170 tonnes per day with a recovery rate of 90.3%. That’s an excellent performance which will very likely continue into the current quarter as Guyana Goldfields is now mining the hard rock diorite ore. The financial results didn’t disappoint either as the company reported an all-in sustaining cost of $828/oz, resulting in an adjusted operating cash flow of US$20.6M and a free cash flow of US$12.5M.

Guyana Goldfields GUY Aurora 2

Meanwhile, the company has directed a drill rig to the Wynamu zone which is approximately 50 kilometers away from Aurora. This drill program will be relatively small as GUY is targeting to drill 1,200 meters in just six holes focusing on the hot spots discovered by a previous trenching program which returned values of 58 meters at 1.21 g/t gold and 6 meters at 4.21 g/t gold.

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The author has no position in Guyana Goldfields. Please read the disclaimer

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