(Aris Gold, 3.Mar.2022) — Aris Gold Corporation (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the fourth quarter and full year ended 31 December 2021. All amounts are in US dollars, unless otherwise indicated.
During 2021, Aris Gold made significant progress including the start of construction of the Lower Mine. While construction activities are ramping up in 2022, gold production rates from the Upper Mine are expected to increase and contribute approximately $20mn in free cash flow to be allocated to the Lower Mine project. In January 2022, earthworks for the new portal and main ramp system commenced, as planned, and the project remains on schedule for first gold production from the Lower Mine expected before the end of 2023.
Highlights from 2021
- Extended the mining title at the Marmato mine to October 2051
- Implemented several optimization initiatives at the Upper Mine. Gold production and sales were both up in 2021 compared to 2020, as throughput, grades, and recoveries all increased.
- Awarded the engineering, procurement, and construction management (EPCM) contract to Wood PLC, who has completed several Lower Mine optimizations and progressed the FEL3-level engineering and design work.
- Submitted the updated Environmental Management Plan (PMA) to Corpocaldas, the regional environmental authority, which addresses the environmental impacts of the Lower Mine development.
- Commenced construction of the Lower Mine in Q4 2021.
- In November 2021, released an updated mineral resource estimate (MRE) at Marmato, effective 30 June 2021, containing:
- Measured and Indicated mineral resources of 5.8 million ounces (Moz) gold representing a 42% increase in contained gold ounces from the 2020 Pre-Feasibility Study (PFS) MRE
- Inferred mineral resources of 2.6 Moz gold representing an 18% increase in contained gold ounces from the PFS MRE
See the Marmato Mineral Resources section in this news release for further details including grade and quantity of each category of mineral resource, and the key assumptions, parameters and methods used to estimate the mineral resources.
- Announced encouraging results of an initial 10,000-metre drill program at the Juby gold project in the Abitibi greenstone belt of Ontario
Aris Gold CEO Neil Woodyer commented: “During 2021, we started construction of the Lower Mine project to transform Marmato into a long-life, low-cost operation capable of producing 175 koz of gold per year over a 13-year mine life. The project team has commenced the procurement process for long lead items such as the mill and filter presses and we are on track and on budget.
“We also made significant progress at the Marmato Upper Mine. Our first priority was to address health and safety, where we have successfully reduced incident rates during 2021. Safety management will remain a critical area of focus. We also implemented optimization initiatives that included closing our administrative office in Medellin and transitioned some of these roles into site-based positions. We are increasing employment of people from our local communities, as well as increasing procurement of goods and services from local businesses.”
During 2021, Aris Gold published an inaugural Sustainability Report highlighting the company’s approach and performance on a range of ESG topics and the adoption of a new ESG governance strategy.