17 July 2020
07/17/2020, Download this Press Release
TORONTO--(BUSINESS WIRE)-- TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) reports second quarter 2020 results for production and certain operating metrics.
Jason Neal, President and Chief Executive Officer of TMAC, stated, “The second quarter was the first full quarter of reduced operations at Hope Bay in response to COVID-19. Despite the reduced operating capacity, we produced 28,970 ounces of gold in the second quarter and 61,260 ounces in the first half of 2020. Second quarter gold recovery was 84% on 1,330 tpd processing rate and a feed grade of 8.8 g/t.”
Jason Neal continued, “We continue to operate Hope Bay at reduced rate in response to COVID-19 in order to provide a safe working environment and manage resultant business risks. We have slowed the mining rate significantly under this reduced staffing plan. Mine production in the second quarter achieved a rate of 630 tpd at a grade of 11.6 g/t, meaning half of the processing plant feed was sourced from established stockpiles. We expect to be able to continue operating at a reduced level for the foreseeable future. We continue to monitor and evaluate the progression of the COVID-19 pandemic and its potential effects on the operations, liquidity and the workforce at Hope Bay.”
QUARTERLY PRODUCTION RESULTS
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Q2 2020 |
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Q2 2019 |
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H1 2020 |
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H1 2019 |
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Gold Production (oz) |
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28,970 |
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38,520 |
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61,260 |
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78,570 |
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Gold Poured (oz) |
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32,830 |
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38,060 |
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62,250 |
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75,240 |
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Plant Throughput (tpd) |
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1,330 |
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1,740 |
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1,220 |
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1,680 |
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Feed Grade (g/t) |
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8.8 |
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9.5 |
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10.2 |
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9.9 |
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Recovery (%) |
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84 |
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80 |
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84 |
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82 |
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Mine Production (tpd)(1) |
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630 |
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1,160 |
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1,200 (2) |
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1,380 |
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Mined Grade (g/t)(1) |
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11.6 |
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11.4 |
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10.6 (2) |
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10.7 |
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Development Metres (m) |
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600 |
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1,840 |
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2,730 (3) |
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3,500 |
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(1) Includes incremental ore from development. |
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TMAC plans to release its second quarter 2020 financial results after market close on Thursday August 13, 2020.
TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris processing plant which originally had nameplate capacity of 1,000 tpd and expanded to 2,000 tpd midway through 2018. There is potential to grow TMAC’s established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston. On June 26, 2020, shareholders of TMAC approved the sale of the Company to Shandong, which is subject to the receipt of regulatory approvals and the satisfaction or waiver of all required closing conditions.