Victoria Gold: Now Launched into Official Commercial Production
Canada’s newest gold mine now launched into official commercial production
After producing their first gold pour last year, Victoria Gold has quickly ramped up operations. Moreover, they’ve achieved commercial production at the Eagle Gold Mine in Yukon, Canada.
According to CEO John McConnell, in full production, the Company’s cash cost would be less than 800 hundred dollars per ounce at today’s gold price, nearing 1800 dollars per ounce. “That’s a margin of a thousand dollars per ounce. Two hundred thousand ounces per year. This little company will be cash flowing over 200 million per year,” says McConnell.
Victoria Gold has also started its exploration program for 2020 focused on an area to the east of the Eagle mine. In addition, they have a new discovery, called Raven. “Our focus this year will be on drilling. We also have another target out there called Lynx that we’re going to do preliminary work this year,” says McConnell.
Victoria’s Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy’s electrical grid.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019.
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