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BH24 Reporter
HARARE – Chegutu-based gold producer Pickstone-Peerless Mine posted a set of positive third quarter results as tonnes mined and milled at the gold producer beat the record achieved in the last three-month period.
The Vast Resources-owned gold mine delivered a 3 percent increase in tonnes of ore mined to 104 156 in the three months to September 30 from 100 855 in the second quarter.
Tonnes of ore milled rose 4 percent to 102 416 from 98 899 in the last quarter.
Gold production dipped 8 percent to 6 397 ounces (oz) from 6 955oz, in line with a 7 percent reduction in the milled gold grade to 2.32 grams per tonne (g/t).
However this is in line with the company’s strategy to ensure that none of the oxide ore is left behind in the pit.
Processing the oxide and sulphide ore together is less efficient and recoveries are sub-optimal, the group explained. The company will be able to being processing higher-grade sulphide ore once the oxides are depleted.
Vast Resources said it sold 6 519oz of gold from the mine in the quarter, down 8 percent from 7 087oz in the second quarter.
CEO Andrew Prelea said work underway at Pickstone-Peerless to expose the sulphide ore will provide for a “more consistent gold head grade, which in turn will also augment the already very impressive gold production record achieved during 2018”.
The 584-hectare Pickstone-Peerless Gold Mine is located 100 kilometres south-west of Harare and has historically produced over 400 000 ounces of gold.
Bongani Ndlovu