Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
In the fourth quarter of 2021, Victoria Gold (TSXV: GCX) produced 49,497 ounces of gold from its Eagle operations in the Yukon, bringing its total production for the year to 164,222 ounces.
This annual gold output exceeded the company’s revised guidance of 162,000 ounces, and represents a 40% increase over 2020, which was the Eagle mine’s first year in commercial production.
“Covid-19 has had a significant impact on Eagle operations in 2021, but our team has been very innovative adjusting to conditions, and we achieved record annual gold production in 2021,” CEO John McConnell said in a news release.
The Eagle gold mine is part of Victoria’s 100%-owned Dublin Gulch property in central Yukon Territory, approximately 375 km (233 miles) north of Whitehorse.
The property covers an area of approximately 555 sqkm and is the site of the company’s Eagle and Olive gold deposits, which combine for 4.7 million gold ounces in measured and indicated resources.
Eagle is Yukon’s newest operating gold mine, having achieved commercial operations on July 1, 2020. It is expected to produce over 200,000 ounces of gold per year for 11 years.
