Tomingley Gold Operations (TGO) has put in a "strong performance" for owner Alkane Resources which wants to "exclusively" focus on producing the precious metal.
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TGO produced 33,507 ounces of gold in the year to June 30, 2020. "Production guidance for the period was 30,000 ounces to 35,000 ounces.
TGO's 2019-2020 production figures are contained in an Australian Securities Exchange (ASX) release issued on Tuesday.
"The strong 12-month performance at Tomingley has coincided with a 25 per cent appreciation in the gold price and the company's progress towards a demerger of Australian Strategic Materials Limited (ASM) to become a separate ASX listing, allowing Alkane to focus exclusively on its gold projects," it stated.
ASM is the holding company for the $1 billion Dubbo Project.
In the release, Alkane Resources managing director Nic Earner thanked the TGO team and expressed confidence in its future.
"With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley," he said.
TGO has gone from open-pit to underground operations.
Its processing plant is now working around the clock with ore coming from underground, low-grade stockpiles and "a short mining campaign in the Caloma One pit".
