TORONTO, Feb. 13, 2023 /CNW/ – Superior Gold Inc. (“Superior Gold” or the “Company”) (TSXV: SGI) (OTCQX: SUPGF) announces an update on key operating metrics for January 2023 as the Company refocuses on the leading underground performance indicators to demonstrate improved operational performance for the Company’s 100%-owned Plutonic Gold operations, located in Western Australia.
January Highlights:
- Production increased to 5,942 ounces of gold, 17% above December 2022 and a 47% increase in underground gold production relative to the Q4 2022 average.
- Underground Unit Cost per tonne decreased 12% to $70/tonne from the Q4 2022 average of $79/tonne
- Preliminary cash cost per ounce of $1,618/oz, representing a decrease of more than 19% on Q4 cash costs per ounce
- Focusing on leading underground key performance indicators improved January operating results:
- Total underground ore tonnes mined increased to 87,959, 25% above Q4 2022 average
- Development rates increased to 675 metres, 3% above Q4 2022 average, as the Company targets up to 750 metres per month later in 2023
- Production drilling rates decreased to 13,557 metres,12% below Q4 2022 average, due to rig availability, although this has since been rectified as the Company targets up to 20,000 metres per month later in 2023
- Stope grade increased to 2.54 g/t gold, as the Company continues to improve development rates to enable targeting 3.0 g/t later in 2023
Chris Jordaan, President and CEO of Superior Gold stated: