GCM Mining posts Colombian gold production
GCM Mining Corp. [GCM-TSX; TPRFF-OTCQX] produced a total of 16,293 ounces of gold in March, 2022, at its 100%-owned Segovia operations in Colombia, bringing the total for the first quarter of 2022 to 49,951 ounces compared with 49,058 ounces from Segovia in the first quarter of 2021.
In the first quarter of 2022, the company produced 89,782 ounces of silver at Segovia, up from 57,315 ounces of silver in the first quarter last year, together with approximately 252,000 pounds of zinc and 338,000 pounds of lead. Consolidated gold production of 51,486 ounces in the first quarter last year also included 2,428 ounces from Marmato up to February 4, 2021, the date of the loss of control of Aris Gold Corp..
GCM Mining’s trailing 12-months’ total gold production at the end of March 2022 was 207,282 ounces, up about 0.4% over last year. The company remains on track to meet its 2022 annual production guidance of 210,000 to 225,000 ounces of gold.
GCM Mining processed a total of 52,292 tonnes in March 2022 at its Maria Dama plant at Segovia, representing a daily processing rate of 1,687 tonnes per day (tpd), compared with 48,518 tonnes and 1,565 tpd in March 2021. Segovia’s head grades averaged 10.8 g/t gold in March 2022 compared with 13.3 g/t in March last year.
For the first quarter of 2022, a total of 142,819 tonnes, equivalent to 1,587 tpd, were processed at Segovia at an average head grade of 12.1 g/t gold compared with a total of 132,289 tonnes, equivalent to 1,470 tpd, at an average head grade of 12.8 g/t in the first quarter last year.
The company’s polymetallic plant at Segovia operated for 86 days in Q1 2022 processing an average of approximately 103 tpd of tailings resulting in the production of approximately 307 tonnes of zinc concentrate and approximately 279 tonnes of lead concentrate. The concentrate production is being stockpiled as the company finalizes discussions currently in process for offtake contracts. Payable production from the concentrates in the first quarter of 2022 is estimated to total approximately 252,000 pounds of zinc, 338,000 pounds of lead, approximately 27,800 ounces of silver and less than 100 ounces of gold. Actual payable quantities are subject to change and will be finalized once the concentrates are shipped.
GCM Mining declared the next monthly dividend of CA$0.015 per common share will be paid on May 16, 2022 to shareholders of record as of the close of business on April 29, 2022.
GCM Mining is a mid-tier gold producer. In Colombia, the company is a leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024.
GCM Mining pays a monthly dividend and has equity interests in Aris Gold Corp. [ARIS-TSX] (~44%; Colombia – Marmato, Soto Norte; Canada – Juby), Denarius Metals Corp. [DSLV-TSXV] (~29%; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. [WA-TSXV] (~26%; Nunavut – Meadowbank).