Argonaut Gold’s Magino mine, located in Dubreuilville, Ontario, poured first gold on June 14, 2023. The company said the process plant ramp-up remains on schedule with commercial production expected in Q3 2023.
“We are proud of the Argonaut team for delivering Canada’s newest gold mine,” said Richard Young, president and CEO, Argonaut Gold. “The Magino mine is key to achieving our vision to become a low-cost, mid-tier North America gold producer that creates significant value for all our stakeholders and proudly demonstrates responsible mining.”
“We are now focused on completing commissioning and ramping up the mill to steady state,” said Marc Leduc, COO, Argonaut Gold. “We are looking to further grow our flagship gold mine as we commence a reserve development drilling program, intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer.”
Magino is expected to produce between 72,000 to 81,000 ounces (oz) of gold in 2023 at cash costs of between $850/oz and $950/oz and approximately 148,000 oz of gold at a cash cost of $868/oz in 2024, its first full year of production.
Argonaut is scheduled to begin a 12- to 15-month exploration and reserve development program, in the third quarter, to convert open pit resources to reserves within the current resource pit cone, test deep underground high-grade targets, and test open pit targets along strike west of the current deposit. In parallel, a review of mill optimization and expansion opportunities will commence in the third quarter, to potentially raise throughput rates and increase annual production.