Also within this 29,000-hectare property is the Media Luna deposit, an advanced-stage development project located 7 km from ELG.
The company considers ELG underground as a “key value driver” as its reserves have been expanded and the mining rate has steadily risen over the years. Proven and probable reserves for ELG underground were estimated at 494,000 oz. of gold (2.68 million tonnes at an average grade of 5.74 g/t gold) at the end of 2021, representing a 20% increase year-over-year.
Since underground mining commenced in late 2017, ELG underground has produced approximately 288,000 oz. of gold through the end of 2021 (327,000 oz. mined prior to process plant recoveries at an average gold grade of 7.45 g/t). Cumulative gold mined, plus reserves as at year-end 2021, is more than 3.5 times greater than the initial underground gold reserves of 183,000 oz. estimated as of the end of 2017.
The mine is on track for another strong…
