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Record year for Fiore

Fiore Gold has achieved record production from its Pan mine in Nevada despite the COVID-19-challenged fiscal year 2020 ended September 30.
Record year for Fiore Record year for Fiore Record year for Fiore Record year for Fiore Record year for Fiore

Fiore Gold has reported record full-year 2020 production from the Pan mine in Nevada, USA

Staff Reporter

The White Pine county mine produced 46,031oz gold, an 11% year-on-year improvement, and within the guidance range of 45,000-48,000oz. Full-year sales amounted to 46,334oz at an average realised price of US$1,681/oz.

Fourth-quarter output totalled 12,432oz. Sales for the period totalled 12,455oz at an average price of $1,920.

Fiore said Pan benefitted from positive ore reconciliation and a successful transition from run-of-mine to crushed ore placement.

The strong operational and metal price-performance boosted the treasury to $23.3 million.

To date, there have been no coronavirus infections at the site.

The company is looking to grow to 100,000-150,000ozpa of production leveraging the exploration potential at Pan and the nearby Gold Rock property, for which it started work on a feasibility study for publication later in 2021. It has completed 21,741m of drilling at Pan this year, and a resource update is being prepared for publication soon.

A third potential leg to the company's growth is the Golden Eagle project in Washington state, where it has a 2Moz measured and indicated resource.

Shares in the company (TSXV:F) have gained more than 51% since June and last traded at C$1.62, capitalising it at $158.3 million (US$120.6 million).