Canadian invested ‘Steppe Gold’ reported that it had mined, crushed and stacked approximately 533,000 tonnes of gold ore at a grade of 2.0g/t gold.
At an expected gold recovery rate of 70%, Steppe already has 24,000 ounces of leachable gold on its Cell1. This equates to approximately US$38M of recoverable gold at a gold price of $1,600 per ounce.
The company said it remains on track to produce approximately 60,000 ounces of gold in 2020 at cash costs of circa $500 per ounce from its heap leap operations.
Positive cash flows from the ATO Mine will go towards studies to expand the open pit and processing facilities for the company to increase gold production.
Steppe Gold is Mongolia’s premier precious metals company and is projected to produce 60,000 ounces of gold from its ATO Gold Mine in 2020. The Company is also completing a feasibility study into the expansion of the ATO Mine to approximately 150,000 ounces of gold per annum.