Northern Vertex Mining Corp. [NEE-TSX] had record production of 11,365 gold equivalent ounces and record revenues of $18.2-million for the quarter ended June 30 from the company’s 100%-owned Moss gold mine in northwest Arizona. All figures are US$ unless otherwise noted and gold equivalent production is calculated at realized gold and silver prices for the quarter of $1,716/oz and $16.84/oz, respectively.
Highlights for the quarter ending June 30 included record revenue $18.2 million and a record gold equivalent production of 11,365 ounces and a record gold production 10,530 ounces. For the fiscal year ended June 30, gold equivalent ounces sold totaled 36,613 ounces.
The company has $6.8 million cash on hand as at June 30, 2020
Ken Berry, President and CEO commented, â€œThe Moss mine in now starting to show its operating capability with numerous operating records beyond those which are being reported. With a strong cash position on the back of record operating results, we will continue to implement production improvements and cost saving measures. I look forward to the rest of calendar 2020 when we will report on our exploration initiatives and key reinvestment projects at the Moss Mine that position Northern Vertex as a long-term, low-cost producer.â€
Northern Vertex reports no cases of Covid-19 infection at the Moss Mine or at its office in Vancouver. Production at the Moss Mine continues uninterrupted.
Mine operations continue to strengthen with the successful pioneering of the east pit and ore now being delivered to the crusher from that area. Pioneering of the west pit started in June, with first production from the area scheduled for late 2020. The East, Center and West pits will be unified in order to optimize mining operations, and to drive down costs.
Crusher operations continue to exceed expectations. The second leach pad, commissioned in February, is operating well and there have been numerous daily gold production records along with 20 days of greater than 125 ounces of gold produced per day in June, and an average of 112 ounces of gold produced per day for the quarter ending June 30.
The prefeasibility engineering for heap leach pad 3 has been started to allow for the timely commissioning of that pad, which will facilitate consistent and high gold production through the next few years.