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Regis Resources Ltd.
Summary
| Project: | Duketon | |
|---|---|---|
| Deposit: | Duketon | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-7-2019: Regis Resources Ltd. announces an Exploration/Drilling Update report for its Duketon deposit at the Duketon project. Drilling results incl. 7m @ 26.1g/t Au from 101m. Regis Resources Managing Director, Jim Beyer, said: “An excellent performance | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Tara French (Internal) | |
| ABSTRACT: | Regis Resources Managing Director, Jim Beyer, said: “An excellent performance by the Regis Team delivering another record production year with 363,418 ounces of gold produced. An outstanding result at the upper end of our production guidance. Our cash and bullion grew by $18.7 million over the quarter resulting in a final cash and gold balance of just over $205 million. Pleasingly, the Company made good progress on its key projects. The formal Development Application for McPhillamys was submitted just after the end of the quarter, a major milestone for the Project. The Rosemont underground decline is tracking well and on its way to reach first ore this quarter. We added reserves to our portfolio which included adding another year of production to Moolart Well. Very strong exploration results continued to support the concept of underground potential at Baneygo and Garden Well and very encouraging results are being obtained from our broader exploration work across our Duketon tenements. The outlook for our Company is exciting with guidance indicating another year of similarly strong production levels while the growth project work we are doing this year sets the scene for our production to continue increasing over the coming years. The Duketon Gold Project, located in Western Australia, continued to perform strongly in the June 2019 quarter with production of 90,966 ounces of gold (Mar 19: 91,087 ounces). The cash cost before royalties for the quarter was $949 per ounce and the AISC of $1,189 per ounce. It was anticipated that the June 2019 quarter would see an increase in costs and this was reflected in the AISC being 17% ($170/oz) higher than the previous quarter. This included some unbudgeted costs with the key contributors being higher than expected mining contractor costs (and subsequent accrual adjustments) and performance improvements by the contractor which resulted in an 8% increase in material movements relative to budget. The strong June 2019 quarter saw FY19 gold production reach a record high of 363,418 ounces, which is at the upper end of the annual gold production guidance range of 340,000 – 370,000 ounces. The FY19 cash cost including royalties of $897 per ounce was at the lower end of guidance ($880-$950/oz) and AISC of $1,029 per ounce was at the midpoint of the annual cost guidance range ($985-$1,055/oz). | |
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