Steppe Gold Limited (TSX: STGO | OTCQX: STPGF) has provided an operations update following the conclusion of Q2 2023.
With the phase two expansion financing announced earlier in July, the focus for the company now turns to finalizing EPC arrangements and a start to deployment of capital.
Funds from the initial tranche of C$50m should be available later this month, enabling the company to have a strong start to design and construction plans in 2023.
EPC arrangements are well advanced with a leading EPC group with extensive construction and engineering experience in Mongolia. Steppe hopes to make a full announcement with signed definitive agreements on the EPC arrangements shortly.
With the crusher installation now essentially complete, the company will look to complete power supply plans and commission the unit later in 2023; camp design and expansion is already underway.
Production from the phase one heap leach operations is ongoing, with production from Q2 at 6,663oz of gold and 14,239oz of silver.
The company has reported that it is on track to produce and sell around 25-30,000oz of gold in 2023. It has produced 91,000oz of gold to date, with a further 70,000oz to go until the end of 2025.
Additionally, Steppe has been assessing historical data throughout Mongolia by regions, and this summer, the company is commencing on-site work on highly prospective selected licences using its wholly-owned subsidiary Steppe West LLC for further evaluation.
In addition to sourcing new acquisitions in Western Mongolia, the company has commenced exploration and drilling programmes in the ATO license area of 5,500ha looking for additional oxide zones.
Finally, the company has conducted numerous site visits to the licenced areas close to the ATO Gold Mine for potential cooperation, partnership, and acquisitions.
To find out more, please visit www.steppegold.com
