OTCPK:PGMFF - Post by User
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catf7rideron Nov 13, 2021 9:33am
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MD&A summary
MD&A summary@shogun_nemesis Useful information from the MD&A for those in a hurry: "The next block of stopes to be mined beginning in Q4 2021 is under development with sill development currently underway on three levels. Sill development is showing exceptional continuity of high-grade gold mineralization, with the 1420 sill returning approximately 64 lateral metres grading 7.4 g/t gold, significantly longer and higher grade than what was initially modelled. Recent drilling in the area also indicates strong potential for stope expansion along strike and to depth, beyond the currently defined reserve stopes. These East Ramp area stopes currently under development represent a key growth opportunity for the PureGold Mine in Q4 2021 and into 2022. To date, a total of 6,290 tonnes of stope ore has been mined at a grade of 9.0 g/t gold from the East ramp. An updated Mineral Resource Estimate for the PureGold Mine including satellite deposits Wedge, Russet South and Fork is expected to be completed in Q4 2021. Following completion of the updated resource estimate, an updated Technical Report is expected to be completed including an updated Mineral Reserve. Expected timing for the updated Technical Report is H1 2022. The Company’s corporate and administrative expenses for the quarter ended June 30, 2021, decreased by $3.3 million compared to the quarter ended March 31, 2021, reflecting a reduced amount of exploration completed in the second quarter as the Company focused on its mining activities during ramp-up and a reduction in stockbased compensation as a fewer number of stock options were granted during the quarter. As at September 30, 2021, the Company had not yet reached positive cash flows from operations [….] but expects to generate sufficient cash flows for the balance of fiscal 2021, combined with the existing cash balance, to allow it to carry out its planned business objectives at the PureGold Mine."