Antioquia Gold Inc. provided a summary of operating results for the three and 12 months ended December 31, 2021, from its 100%-owned Cisneros mining operation 55 km northeast of Medellin, Antioquia, Colombia. Production totalled 10,109 ounces of gold for the fourth quarter and 37,855 ounces of gold in concentrates for the full year.
For the fourth quarter, production totalled 10,109 ounces of gold contained in concentrates, an increase of 56% over 2020. An average of 1,243 tonnes per day was processed, an increase of 52% over Q4 2020. The gold head grade was 2.87 g/t gold, an increase of 5% over Q4 2020. Gold recovery was 95.7%, a decrease of 2% over Q4 2020.
For the year 2021, production totalled 37,855 ounces of gold contained in concentrates, an increase of 86% over 2020. An average of 1,154 tonnes per day was p[rocessed, an increase of 97% over 2020. The gold head grade was 2.89 g/t gold, a decrease of 5% over 2020. Gold recovery was 96.7%, no significant change over 2020.
Gonzalo de Losada, president and CEO, said, “Two thousand twenty-one has been a year of important growth for the company as we have almost doubled gold production compared to the previous year. I would like to extend my appreciation to all of our employees for their hard work and dedication that have allowed us to achieve these very satisfactory results.”
The corporation’s decision to move forward with the construction and production of the Cisneros mine is not based on the results of any prefeasibility study or feasibility study of mineral resources demonstrating economic or technical viability.
Readers are referred to the Cisneros report for details on independently verified mineral resources on the Cisneros project. Since 2013, the corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of financing, the low starting costs as estimated internally by the corporation’s management, the company is of the view that the establishment of mineral reserves, the commissioning of a prefeasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the corporation’s resources is to proceed with the development and construction of the mine.
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