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What is going on today
What do we think of the earnings.
Understand, thanks
Hey, what is your update here? You still in. They now bought Fiore and not much chatter which surprises me?
Nice update
I do as well. Curious the company price has dropped. Any thoughts. I’ve added more at this level
New 52 week high!
Oh sure and back over $1.00 finally, hope people have been picking up cheap shares
Great update as usual
FIORE GOLD ACHIEVES ANNUAL PRODUCTION GUIDANCE FOR THIRD CONSECUTIVE YEAR AND REPORTS RECORD GOLD PRODUCTION FOR FISCAL Q4 2021
October 12, 2021
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce preliminary production results for the Company’s fourth fiscal quarter (“Q4”) and the full fiscal year 2021 which ended September 30th, 2021, for its Pan open pit mine in White Pine County, Nevada.
Full Year and Q4 Operating Highlights
(all figures in U.S. dollars unless otherwise indicated)
Full-year gold production of 45,397 ounces, achieving the midpoint of our 44,000-47,000 ounces guidance range
Record Q4 gold production of 13,527 ounces
Full-year gold sales of 45,341 gold ounces at an average realized price of $1,807 per ounce
Record Q4 sales of 13,506 gold ounces at an average realized price of $1,790 per ounce
Closing cash balance of $22.9 million, an increase of $4.4 million from June 30, 2021, and zero corporate debt
Full-year mined ore production of 14,047 tons per day at a stripping ratio of 1.5 and grade of 0.45 grams per tonne, or 0.013 ounces per ton; ore tons mined and grade within guidance, strip ratio below the guided 1.8:1
Q4 mined ore production of 16,639 tons per day at a stripping ratio 1.5 and grade of 0.41 grams per tonne, or 0.012 ounces per ton
388,461 hours worked in the fiscal year 2021 at a Total Recordable Injury Frequency Rate (“TRIFR”) of 3.1
Pan Mine achieved one million hours worked without a lost time injury in January 2021
Full Year Organic Growth Highlights
At Pan, reported a two year mine life extension, continuing our history of replacing mine depletion through successful exploration
Additionally at Pan, constructed the Phase 3 heap leach pad with first ore placed in July 2021, providing substantial capacity for the added mine life
Acquired the past-producing Illipah project, extending our Nevada land holdings to a total of 222 square kilometers or 55,000 acres
At Gold Rock, we continued our resource expansion and metallurgical drilling program in support of a Feasibility Study. Given our drill success to date, we recently approved an expanded resource drilling program aimed at continued expansion of the Gold Rock mineral resource. We expect to issue the Feasibility Study during calendar Q4 2022 with production at Gold Rock expected in the second half of 2024.
Tim Warman, Fiore’s CEO commented, “Backed by our consistently strong operating performance, we continue to put capital back into our Nevada assets. We have invested in Pan’s future, adding two years of mine life and substantial heap leach capacity, and are planning a significant investment in resource expansion drilling at Pan over the next year. At the same time, we have meaningfully advanced Gold Rock with extensive drilling to progress the Feasibility Study. Given our exploration success, we have elected to add approximately 130,000 feet of drilling aimed at continued expansion of the Gold Rock mineral resource. We believe the modest extension to the Feasibility timeline is well justified given the opportunity to grow the resource. Further, we have added a valuable third Nevada asset to our portfolio, the Illipah project. Despite the ongoing investment, our cash balance and share count have remained steady, our working capital has improved, and we remain debt free. Our financial flexibility is allowing us to advance our goal of having Pan and Gold Rock operate in unison.”
Gold Rock Update
Work on the Gold Rock Feasibility Study is proceeding well, with several programs underway including:
One core and one RC rig currently on site carrying out geotechnical and condemnation drilling.
Three RC rigs expected to arrive onsite in October and November as part of an expanded resource drilling program.
Column tests using samples from 15 large-diameter core holes underway at Forte Dynamics in Colorado, with initial results expected in December.
Background work and contractor selection proceeding for the various Nevada state permit applications required for Gold Rock. The Federal NEPA permitting process was completed in 2018.
Recent drilling at Gold Rock (PR of March 30, 2021) has identified a zone of higher-grade mineralization beyond the northern end of the known resource area, including:
42.7 m of 1.17 g/t gold in hole GR20-110 north of the planned North Pit
18.3 m of 0.99 g/t gold in hole GR21-001 north of the planned North Pit
45.7 m of 2.01 g/t gold in hole GR21-002 north of the planned North Pit
Based on these results, Fiore recently approved an expanded resource drilling program to add an additional 130,000 feet (40,000 metres) of RC and HQ core drilling aimed at continued expansion of the Gold Rock mineral resource. The additional drilling was scheduled to begin in June of this year, but a shortage of available drill rigs in Nevada has delayed the start of the program to October when the first of three additional rigs is expected to arrive on site. The opportunity to add higher-grade ounces to the resource as well as the delays in bringing additional rigs to site is expected to extend the completion date for the feasibility study to calendar Q4 of 2022. Despite this delay to the Feasibility Study schedule, the overall project schedule still anticipates first production at Gold Rock in the second half of 2024.
Will check out, thanks
I love seeing Fiore keeping the climb up. Won’t lie, I came to Fiore because of NIA. National inflation association. Not sure if you heard of them? Now they brought me this other one. The owner of the company owns a million shares and took part in a previous private placement. But here was their email update today on them. Per their disclosure. But some more info. I’ve bought some more Fiore in the 80’s here, avging up.
Altaley Mining (TSXV: ATLY) gained another 2.86% today to close at $0.72 per share after gaining by 14.75% yesterday! ATLY traded record volume today of 1.904 million shares!
ATLY reported earnings per share (EPS) in 2Q 2021 of $0.03, which is equal to an EPS run rate of $0.12!
ATLY's current P/E ratio based on its 2Q 2021 EPS run rate is only 6! This is entirely from ATLY's Campo Morado Mine!
After ATLY's Tahuahuato Gold Mine launches production near year-end 2021 and ramps up to full production in early 2022, ATLY's revenue will more than double! Tahuahuato will have much higher recoveries than Campo Morado and therefore should be a much more profitable mine!
ATLY will become the next major mid-tier gold miner! This is an opportunity that we only come across once per decade! NIA's President expects this to become one of his most profitable investments in history!
I love Fiore, but another one that just put up huge numbers, may want to check is Altaley mining ATLYF. 2nd qt numbers were big. If you get time, let me know what you think
Excellent quarter numbers released!we all know the time is coming
FIORE GOLD’S FISCAL Q3 DELIVERS $6.0 MILLION OPERATING CASH FLOW
August 25, 2021
TSXV–F
OTCQB–FIOGF
FSE–2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (FSE-2FO) (“Fiore” or the “Company”) is pleased to announce that its financial statements and management’s discussion and analysis for the third fiscal quarter (“Q3 2021”) ended June 30, 2021, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company’s website at www.fioregold.com.
Fiscal Q3 2021 Highlights
(all figures in U.S. dollars unless otherwise indicated)
Operating & Financial
Q3 gold production of 11,751 ounces, an 8% increase compared to Q2 2021 as heap leach pH and alkalinity levels improved during the quarter
Gold sales of 11,741 ounces at an average realized price of $1,815 per ounce
First ore placed on the new leach pad in June 2021 and irrigation commenced in early July, which is expected to further improve gold production in fiscal Q4
Mined ore production in Q3 of 12,557 tons per day (“tpd”) with a stripping ratio of 1.8:1.0 and grade of 0.46 grams per tonne (“g/t”) or 0.013 ounces/ton (“opt”)
82,028 total site hours worked in Q3 with no reportable environmental incidents at a Total Recordable Injury Frequency Rate (“TRIFR”) of 3.7
Q3 cash costs per ounce sold1 of $1,073
Q3 Pan Mine AISC1 per ounce sold of $1,100 and Fiore consolidated AISC1 of $1,247
Recorded quarterly revenues of $21.3 million with mine operating income of $7.2 million
Generated Pan operating cash flow1 of $6.9 million and consolidated operating cash flow of $6.0 million
Net income of $4.1 million and $0.04 net earnings per share
Closing cash balance of $18.5 million at June 30, 2021, an increase in cash from March 31, 2021 despite investment in the expansion of the Pan heap leach pad to accommodate added mine life and on-going drilling and Feasibility Study activities to advance Gold Rock
Organic Growth
During the quarter, we agreed to acquire a 100% interest in the past producing Illipah project, adding further exploration ground in Nevada (refer to our June 14, 2021 news release for additional details) and subsequent to quarter end on July 22, 2021, announced the completion of the acquisition
Gold Rock drill results announced during the quarter were headlined by 24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the June 30, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Tim Warman, Fiore’s CEO commented, “Strong gold production continued to drive strong operating cash flow of $6.0 million in the quarter, as Pan continues to fire on all cylinders. Cash balance and working capital both increased despite ongoing investment in our leach pad expansion and additional Gold Rock drilling. We expect further production improvement in fiscal Q4 as we irrigate fresh ore directly above the liner on the new leach pad. With Pan performing well, we plan to invest in an aggressive exploration program over the next 12-18 months covering our 200 km2 Pan and Gold Rock land package, as well as our newly acquired Illipah project. Given the success of previous drill programs at both Pan and Gold Rock, we are confident that this expanded exploration program will demonstrate the longer-term potential of all our Nevada assets.”
Review of Operating Results
Three months ended June 30,
Operating Results 2021 2020
Ore Mined (t) 1,142,648 1,353,799
Waste Mined (t) 2,013,618 1,795,385
Total Mined (t) 3,156,266 3,149,184
Gold Ounces Mined (oz) 15,382 21,622
Ore Grade Mined (oz/t) 0.013 0.016
Ore Grade Mined (g/t) 0.462 0.548
Strip Ratio waste/ore 1.8 1.3
Gold Ounces Produced (oz) 11,751 12,764
Gold Ounces Sold (Payable) (oz) 11,741 12,761
Average Realized Price1 $/oz 1,815 1,720
Total Cash Costs per Ounce1 $/oz 1,073 916
Cost of Sales per Ounce1 $/oz 1,201 1,070
Pan Mine AISC per Ounce1 $/oz 1,100 1,010
Fiore Consolidated AISC per Ounce1 $/oz 1,247 1,128
Production increased relative to Q2 2021 and was lower than the prior year quarter in part due to lower grade mined per the mine schedule. Cost metrics were slightly higher than prior year due mainly to the higher strip ratio, which was above the life of mine average.
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the June 30, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Q3 2021 Financial Results
Three Months Ended June 30,
Financial Results of Operations 2021 2020
Select Items - On a Consolidated Basis $000's $000's
Revenue 21,308 21,959
Mine Operating Income 7,202 8,304
Income from Operations 5,410 6,508
Net Income 4,140 5,136
Adjusted Net Earnings1 4,267 5,712
Financial Position as of: June 30,
2021 September 30,
2020
Select Items - On a Consolidated Basis $000's $000's
Cash 18,481 23,207
Inventories 32,301 26,256
Total Current Assets 52,062 50,786
Mineral Property, Plant and Equipment, net 19,540 11,412
Evaluation Assets 8,789 4,512
Total Assets 88,727 75,770
Total Current Liabilities (9,940) (10,743)
Long-Term Liabilities (6,678) (7,231)
Working Capital Surplus 42,122 40,043
Our liquidity and financial position remain strong with a cash balance of $18.5 million and working capital of $42.1 million. Refer to the Company’s MD&A and Financial Statements for additional information. Our financial strength puts Fiore in a good position to continue to progress our growth assets.
With this chart, where do you think gold gets to…besides all the money being printed and pumped into the system. Besides Fiore, what else you holding?
News….
FIORE GOLD COMPLETES ACQUISITION OF PAST-PRODUCING ILLIPAH PROJECT IN NEVADA
July 22, 2021
TSXV–F
OTCQB–FIOGF
FSE–2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce that it has completed the acquisition of a 100% interest in the past producing Illipah gold project, located in White Pine County, Nevada approximately 36 km northeast of Fiore’s Gold Rock project at the southern end of the prolific Carlin Trend (Figure 1).
The Illipah gold project covers approximately 1,600 hectares (3,950 acres) and hosts a former heap-leach gold mine that produced 37,000 ounces of gold in the late 1980s at an average grade of 1.37 g/t Au and heap leach recoveries over 80%. The geological dataset for the project is extensive and includes 562 primarily reverse-circulation drill holes, as well as 2,415 soil samples, 491 rock samples and detailed surface mapping.
Tim Warman, Fiore’s CEO stated, “Planning is well underway for an initial exploration program at Illipah, with fieldwork expected to begin in early August. We plan to start with a detailed program of mapping and geochemical sampling in conjunction with permitting for a larger drilling program which is expected to be completed in the spring of next year. If promising targets are identified in the meantime, we can carry out a more limited drilling program while we wait for approval for the larger program.”
The primary controls on mineralization include a north-south trending anticline (as at Gold Rock) as well as north-south. north-northeast and west-northwest oriented faulting. Typical Carlin-style alteration, including decalcification, silicification, jasperoid, is strongly developed along all these structures, as are anomalous concentrations of typical pathfinder elements such as arsenic, antimony, and mercury. Gold was mined primarily from the Chainman Shale – Joana Limestone contact as at Gold Rock, but the highly prospective Pilot Shale – Devils Gate Limestone contact has also been intersected by drilling. This latter contact hosts the gold mineralization at Fiore’s Pan Mine, as well as at Nevada Gold Mines’ Rain Mine, which produced over one million gold ounces between 1988 and 2018.
Summary Terms of the Acquisition
Under the terms of a definitive agreement, Fiore acquired a 100% interest in the Illipah property from Clover Nevada LLC, an indirect subsidiary of Waterton Precious Metals Fund II Cayman, LP, for total consideration of:
US$200,000 in cash; and
1.3 million Fiore Gold shares.
The transaction, and the issuance of Fiore’s common shares pursuant to the definitive agreement, have been approved by the TSX Venture Exchange (the “TSXV”). The issuance of all the common shares is subject to a statutory hold period.
Qualified Persons
The scientific and technical information relating to Fiore’s properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore’s VP Exploration and a "Qualified Person" under National Instrument 43-101.
Illipah is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define a mineral resource estimate at Illipah. All historical production, drill or sample figures quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person.
Corporate Strategy
Our corporate strategy is to grow Fiore into a 150,000 ounce per year gold producer. To achieve this, we intend to:
grow gold production at the Pan Mine while also growing the reserve and resource base;
advance exploration and development of the nearby Gold Rock project; and
acquire additional production or near-production assets to complement our existing operations.
On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer
Agreed, people are able to acquire here as it has consolidated
NEWS!! Beautiful!
FIORE GOLD REPORTS INCREASED FISCAL Q3 PRODUCTION OF 11,756 GOLD OUNCES, CASH POSITION OF US$18.5 MILLION
July 12, 2021
TSXV–F
OTCQB–FIOGF
FSE – 2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce preliminary production results for the Company’s fiscal third quarter (“Q3”) of 2021 (quarter ending June 30, 2021) from its Pan open pit mine in White Pine County, Nevada. All dollar figures are in United States dollars unless otherwise noted.
Highlights:
Q3 gold production of 11,756 ounces, an 8% increase over fiscal Q2 2021 as quarterly production trended back to historic levels
Gold sales of 11,741 ounces at an average realized price of $1,815 per ounce
Mined ore production in Q3 of 12,557 tons per day with a stripping ratio of 1.8:1.0 and grade of 0.46 grams per tonne (“g/t”) or 0.013 ounces/ton (“opt”)
First ore placed on the new leach pad in June 2021 and commenced irrigation early July, which is expected to further improve gold production in fiscal Q4
Gold Rock drill results announced during the quarter were headlined by 24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
During the quarter, we agreed to acquire the past-producing project, Illipah, adding further exploration ground in Nevada (refer to our June 14, 2021 news release for additional details)
Closing cash balance of $18.5 million at June 30, 2021, an increase in cash from March 31, 2021 despite continued capital investment in the expansion of the Pan heap leach pad to accommodate added mine life, and on-going drilling and Feasibility Study activities to advance Gold Rock
82,028 man-hours worked in Q3 with no reportable environmental incidents at a Total Recordable Injury Frequency Rate (“TRIFR”) of 3.7
Tim Warman, Fiore’s CEO commented, “We are pleased that gold production has trended back to normal levels and we hope to see further improvement in fiscal Q4 as we begin to irrigate fresh ore directly above the liner on the new leach pad. With Pan performing well, we plan to invest in an aggressive exploration program over the next 12-18 months covering our 200 km2 Pan and Gold Rock land package, as well as our newly acquired Illipah project. Given the success of previous drill programs at both Pan and Gold Rock, we are confident that this expanded exploration program will demonstrate the longer-term potential of our Nevada assets.”
Thanks for update. This thing is literally a gold mine
I expect a big move up to becoming
Fiore news today, acquiring some more land
As much as you post, I feel like you are trying to add a big amount
Are you buying here?
Just got sent email from the company that came in 10 mins ago.
Fiore Gold – June 2021 Update
Hello to all current and potential shareholders. As we continue to advance our Nevada assets, Pan and Gold Rock, we thought a general update note would be useful.
At the tail-end of 2020, we announced a two year extension to the life of mine at Pan, solidifying the foundation on which Fiore Gold is built. Fantastic drill success at Gold Rock through the first half of 2021 continues to establish our organic growth story.
Here is a quick reminder of the key news year-to-date:
Three news releases on Gold Rock drill intercepts highlighting:
45.7 metres of 2.01 g/t gold and 42.7 metres of 1.17 g/t gold
24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
19.8 metres of 1.33 g/t gold and 12.2 metres of 1.75 g/t gold
Q2 2021 earnings represents fourth consecutive quarter above $0.05 net earnings per share
In February, one million hours worked without a lost time injury!
And the balance of 2021 has many remaining catalysts including:
Continued drill results from Gold Rock where we have increased our planned drilling metres to target some of the higher grade areas of the deposit
Drill results from upcoming Pan Mine resource expansion program
On-going earning releases
Our goal is to become the only multi-asset, 100% US gold producer on the Canadian or US exchanges
We have also been busy to ensure the Fiore Gold story is getting visibility in the market. Please take a look below at some media content that may provide some further context to our story.
We look forward to capitalizing on our positive momentum!
Thanks man!
News today!
Where are my interpreters here? Good news?
FIORE GOLD DRILLS 24.4 METRES OF 2.85 g/t GOLD AND 40.3 METRES OF 0.70 g/t GOLD IN CORE DRILLING AT ITS GOLD ROCK PROJECT, NEVADA
June 04, 2021
TSXV-F
OTCQB–FIOGF
FSE – 2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to report additional results from recent core drilling at its Gold Rock project in Nevada (Figure 1). The core drilling program is designed to supplement the larger reverse circulation program, giving a more detailed look at the subsurface geology and structure while providing more complete and representative samples for assaying and other test work.
Highlights from the nine HQ core holes reported here include:
24.4 m of 2.85 g/t gold in hole GC20-005 from the planned South Pit area
15.5 m of 0.62 g/t gold in hole GC20-009 from the planned North Pit area
40.3 m of 0.70 g/t gold in hole GC20-019 from the planned North Pit area
Tim Warman, Fiore’s CEO stated, “It’s encouraging to see continued higher-grade intercepts from Gold Rock, along with a number of intercepts that extend well outside the current PEA pit limits. With the assay lab now caught up with the sample backlog we’ve resumed and expanded the original 60,000 m drilling program. Assuming drill rig availability, we expect to have a consistent stream of assay results over the summer. Once the program is completed, we’ll update the geology and resource models and look to provide an updated resource estimate ahead of the Feasibility Study (“FS”) scheduled for Q1 of next year.”
Hole GC20-019 (cross-section, Figure 2) was drilled towards the southern end of the proposed North Pit and encountered strong mineralization (40.3 m of 0.70 g/t gold) along the eastern side of the EZ anticline apex. Mineralization in hole GC20-019 spanned the upper and lower units of the Jonna Formation, including an upper altered limestone and the lower jasperoid. The extent of the mineralized Joanna indicates a thicker section of Joanna than our current geologic model. Mineralization in the upper unit occurs within the current resource pit, but the lower intercepts in Joanna jasperoid extends mineralization below the resource pit limits. Hole GC20-009 was drilled approximately 225 m south of hole GC20-019 and encountered significant mineralization (15.5 m of 0.62 g/t gold) on the eastern side of the EZ anticline within the targeted Joana jasperoid. This intercept in GC20-009 is of particular interest because it falls over 30 m below the current pit outline.
Hole GC20-005 (cross-section, Figure 3) was drilled within the outline of the proposed South Pit and intercepted 24.4 m of 2.85 g/t gold, an exceptionally high-grade result for this part of the deposit. The mineralization started within the pit limit but extended below the pit outline. This hole also reveals minor modifications needed in the geologic model.
Hole GC20-004, drilled at the north end of the deposit, was designed to intersect the apex and eastern limb of the EZ anticline but did not ‘droop’ as designed and instead remained in the Chainman Shale apparently just above the targeted Joana.
Drilling at Gold Rock was paused in January of this year to allow the backlog of samples to work their way through the assay lab. All RC assays along with assays for 11 HQ core holes are now in hand. Results for the remaining nine HQ core holes as well as fifteen large-diameter PQ metallurgical core holes are still pending and will be released as they are received.
PQ core drilling has now resumed at Gold Rock, with RC drilling planned as soon as drill rigs are available, initially targeting the northern end of the currently known resource where previous holes intercepted higher grade mineralization including:
42.7 m of 1.17 g/t gold in hole GR20-110 north of the planned North Pit
18.3 m of 0.99 g/t gold in hole GR21-001 north of the planned North Pit
45.7 m of 2.01 g/t gold in hole GR21-002 north of the planned North Pit
Work on the FS is progressing well with completion scheduled for Q1 of 2022, as part of our proposed timeline for putting Gold Rock into production by early 2024.
Complete results for the nine HQ core holes referenced in this press release are shown in the table below.
Assay highlights are calculated with a cutoff of 0.006 opt (0.20 g/t) Au. Highlighted intervals contain less than 10 feet (3 m) of material below cutoff grade. GC-series are HQ core holes.
The original planned footage for the drilling program to support the FS was approximately 198,000 ft (60,000 m), with approximately 115,000 ft (35,000 m) focused on resource expansion to add Measured and Indicated resources for inclusion in the FS. To date, assay results have been issued for approximately 80,000 ft (24,000 m) of the resource expansion program. With the recent intercepts of higher-grade material at the north end of the Gold Rock deposit, Fiore has added an additional 40,000 ft (12,000 m) of RC and 8,000 ft (2,400 m) of core drilling to the resource expansion program targeting these higher-grade areas.
Both reverse circulation (RC) and core drilling were performed by Boart Longyear of Salt Lake City, Utah and Alford Drilling from Elko, Nevada. Geologic logs of HQ and PQ core were completed by Fiore geologists. Sample intervals were selected that were no shorter than 1 foot and no longer than 5 feet based on geologic breaks. HQ core sawing was supervised by Fiore staff with half HQ core sent to ALS Minerals Lab in Reno, Nevada where samples were prepared, and pulps generated. Fire assays were determined on a 30-gram charge with an AAS finish. An additional cyanide leach assay was also completed. Samples were also analyzed for a 48-element geochemical suite by ICP-MS. The PQ core was sent as whole core to Forte Dynamics in Fort Collins, Colorado for a battery of metallurgical testing. Forte selects a representative split of the core after initial crushing for assay at their internal lab.
All holes were drilled at angles of -50 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular. Consequently, all intercepts reported here are believed to be approximately true width. Fiore Gold conducts a significant QA/QC program which includes the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Down hole deviation surveys are provided by International Directional Services, utilizing a surface recording gyroscope, and by trained drill crews operating a north seeking gyroscope supplied by REFLEX.
Gold Rock Project and PEA Highlights
The federally permitted Gold Rock gold project ("Gold Rock", or the "Project”) is located approximately 8 miles southeast of the Pan Mine in White Pine County, Nevada. The recently released Gold Rock Preliminary Economic Assessment (“PEA”) provides an updated mineral resource estimate and a base case assessment of developing the Project as a satellite open pit operation that will share significant infrastructure and management with the adjacent Pan Mine. The PEA also identifies a considerable number of opportunities to enhance the project economics as Gold Rock advances to the Feasibility stage by drilling to increase the mineral resource, further metallurgical testing aimed at optimizing recoveries, and geotechnical drilling aimed at reducing the stripping ratio. Further updates will be provided as we progress work in these areas. The PEA was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). A Technical Report with the details of the PEA is available on SEDAR under the Company's profile.
Gold Rock Mineral Resource Estimate
The Company's updated Gold Rock Mineral Resource Estimate ("MRE"; effective date of March 31, 2020) was completed by APEX and forms the basis for the PEA. A summary of the MRE is highlighted in the table below.
Pit-Constrained Mineral Resource Summary
Key Assumptions, Parameters, and Methods related to the Mineral Resource Estimates:
Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
Troy ounces per short ton (“opt”) / grams per tonne (“gpt”)
This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Open pit Mineral Resources are reported at a cut-off grade of 0.003 opt/0.09 gpt gold that is based on a gold price of US$1,500/oz. A revenue price of US$1,400 is used for the base case economic model.
The Mineral Resources are constrained by a pit shell with appropriate mining costs, processing costs, metal recoveries, and pit slope angles.
Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Contained gold ounces are in troy ounces.
For sure!!!
FIORE GOLD’S FISCAL Q2 DEMONSTRATES CONSISTENT NET EARNINGS PER SHARE GENERATION
May 19, 2021
TSXV–F
OTCQB–FIOGF
FSE–2FO
Vancouver, British Columbia –` FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (FSE-2FO) (“Fiore” or the “Company”) is pleased to announce that its financial statements and management’s discussion and analysis for the second fiscal quarter (“Q2 2021”) ended March 31, 2021, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company’s website at www.fioregold.com.
Fiscal Q2 2021 Highlights
(all figures in U.S. dollars unless otherwise indicated)
Operating & Financial
Net income of $4.5 million and $0.05 net earnings per share, putting Fiore Gold at or above $0.05 net earnings per share for four consecutive quarters
Q2 gold production of 10,915 ounces, a 19% increase compared to Q1 2021 as heap leach pH and alkalinity levels improved during the quarter
Gold sales of 10,884 ounces at an average realized price of $1,770 per ounce
Mined ore production in Q2 of 12,351 tons per day with a stripping ratio of 1.6:1.0 and grade of 0.45 grams per tonne (“g/t”) or 0.013 ounces/ton (“opt”)
One-million hours worked at the Pan Mine without a lost time injury
81,542 total site hours worked in Q1 with zero lost-time injuries and no reportable environmental incidents
Q2 cash costs per ounce sold1 of $979
Q2 Pan Mine AISC1 per ounce sold of $1,020 and Fiore consolidated AISC1 of $1,186
Recorded quarterly revenues of $19.3 million with mine operating income of $7.1 million
Generated Pan operating cash flow1 of $5.2 million and consolidated operating cash flow of $3.6 million
Closing cash balance of $17.5 million at March 31, 2021, a reduction in cash from September 30, 2020 as we invest in the expansion of the Pan heap leach pad to accommodate added mine life and on-going drilling and Feasibility Study activities to advance Gold Rock
Organic Growth
The Pan heap leach pad expansion project is progressing well with first ore expected to be placed on the new portion of the pad in fiscal Q3
At Gold Rock, additional drill results from the resource expansion and exploration drilling program showed:
several holes with wide, higher-grade gold intercepts have defined mineralization extending at least 400 m beyond the northern end of the currently defined Gold Rock mineralization, and;
a new discovery of oxide gold mineralization at Jasperoid Creek approximately 1.4 km north of the current Gold Rock Preliminary Economic Assessment (“PEA”) pits.
intervals of oxide gold mineralization both within and outside of the current resource pit shells
Highlights from drilling during the quarter included:
45.7 metres of 2.01 g/t gold
42.7 metres of 1.17 g/t gold
19.8 metres of 1.33 g/t gold
12.2 metres of 1.75 g/t gold
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the March 31, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Tim Warman, Fiore’s CEO commented, “We pride ourselves on consistent and safe operations at the Pan Mine, so we are particularly pleased to have reached one million hours worked without a lost time injury, while at the same time consistently delivering our shareholders strong net earnings and cash flow. It is this operating discipline we expect to apply to our federally-permitted Gold Rock project where we continue to see promising drill results and new targets. We look forward to advancing our goal of becoming the only multi-asset, 100% domestic US gold producer.”
Q2 gold production of 10,915 ounces was a 19% increase over Q1 2021, although lower than fiscal Q2 2020. Our team responded well to the leach pad issues we experienced in Q1 with the application of additional lime, bringing the leach solution pH and alkalinity back towards optimal levels for effective gold leaching. Gold loaded to carbon, which is reflective of gold production, trended upward toward normal levels with monthly figures of 3,294 ounces in January, 3,483 ounces in February and 4,155 ounces in March.
As guided, 2021 will be a year of significant reinvestment to support the longevity of the Pan Mine and to continue advancing Gold Rock. We recently announced a two-year mine life extension at Pan, and we are investing in expanding the heap leach capacity to support this extension. We spent $4.0 million on capital additions in the quarter, primarily the Pan Mine heap leach pad expansion, which is expected to be ready for ore stacking in fiscal Q3. At Gold Rock, we continued with our resource expansion drilling and related Feasibility Study work spending $0.9 million in the quarter. We are pleased with initial drill results as they continue to expand the oxide mineralization and identify new targets at Gold Rock.
Review of Operating Results
Three Months Ended
March 31,
Operating Results 2021 2020
Ore Mined (t) 1,111,622 1,290,130
Waste Mined (t) 1,785,296 2,262,897
Total Mined (t) 2,896,918 3,553,027
Gold Ounces Mined (oz) 14,571 20,635
Ore Grade Mined (oz/t) 0.013 0.016
Ore Grade Mined (g/t) 0.449 0.548
Strip Ratio waste/ore 1.6 1.8
Gold Ounces Produced (oz) 10,915 12,085
Gold Ounces Sold (Payable) (oz) 10,884 12,026
Average Realized Price1 $/oz 1,770 1,576
Total Cash Costs per Ounce1 $/oz 979 983
Cost of Sales per Ounce1 $/oz 1,119 1,135
Pan Mine AISC per Ounce1 $/oz 1,020 1,039
Fiore Consolidated AISC per Ounce1 $/oz 1,186 1,135
Ore tons mined was lower was lower than our normal run rate but was offset by higher grade compared to mine plan. This allowed up to place the targeted ounces on the pad as well as increase our waste tonnage compared to mine plan. At a gold grade of 0.449 g/t, we mined 14,571 ounces in the quarter. All cost metrics remained largely in line with prior year.
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the March 31, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Q1 2021 Financial Results
Three Months Ended March 31,
Financial Results of Operations 2021 2020
Select Items - On a Consolidated Basis $000's $000's
Revenue 19,279 18,956
Mine Operating Income 7,096 5,305
Income from Operations 5,185 3,516
Net Income 4,496 2,889
Adjusted Net Earnings1 4,129 2,890
Financial Position as of: March 31,
2021 September 30,
2020
Select Items - On a Consolidated Basis $000's $000's
Cash 17,515 23,207
Inventories 31,417 26,256
Total Current Assets 50,426 50,786
Mineral Property, Plant and Equipment, net 17,934 11,412
Evaluation Assets 7,251 4,512
Total Assets 84,166 75,770
Total Current Liabilities (9,781) (10,743)
Long-Term Liabilities (6,731) (7,231)
Working Capital Surplus 40,645 40,043
Relative to the prior year quarter, Fiore demonstrated improvements on all profitability measures noted above. This was primarily due to higher realized gold prices and lower operating costs as the stripping ratio decreased.
Our liquidity and financial position remain strong with a cash balance of $17.5 million and working capital of $40.6 million. Refer to the Company’s MD&A and Financial Statements for additional information. Our financial strength puts Fiore in a good position to continue to progress our growth assets.
Corporate Strategy
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer focused on stable jurisdictions. To achieve this, we intend to:
grow gold production at the Pan Mine while also growing the reserve and resource base;
advance exploration and development of the nearby Gold Rock project; and
acquire additional production or near-production assets to complement our existing operations.
Qualified Person
The scientific and technical information contained in this news release relating to Fiore Gold’s Pan Mine was approved by J. Ross MacLean (MMSA), Fiore Gold’s Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer
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News!!!
FIORE GOLD REPORTS 19% INCREASE IN FISCAL Q2 GOLD PRODUCTION
April 14, 2021
TSXV–F
OTCQB–FIOGF
FSE – 2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce preliminary production results for the Company’s fiscal second quarter (“Q2”) of 2021 (quarter ending March 31, 2021) from its Pan open pit mine in White Pine County, Nevada. All dollar figures are in United States dollars unless otherwise noted.
Highlights:
Q2 gold production of 10,915 ounces, a 19% increase compared to Q1 2021 as heap leach pH levels improved during the quarter
Gold loaded to carbon, which is reflective of gold production, trended upward through the quarter with monthly figures of 3,294 ounces in January, 3,483 ounces in February and 4,155 ounces in March
Gold sales of 10,884 ounces at an average realized price of $1,770 per ounce
Mined ore production in Q2 of 12,351 tons per day with the stripping ratio of 1.6:1.0 and grade of 0.013 ounces/ton (“opt”) or 0.45 grams per tonne (“g/t”)
The Pan heap leach pad expansion project is progressing well with first ore expected to be placed on the new portion of the pad in fiscal Q3
Following the completion of the Gold Rock Preliminary Economic Assessment, we are conducting a program of resource expansion, metallurgical, geotechnical and condemnation drilling in support of a Gold Rock Feasibility Study. Drill results announced during the quarter were headlined by 45.7 metres of 2.01 g/t gold (150 ft at 0.059 opt) and 42.7 metres of 1.17 g/t gold (140 ft at 0.034 opt).
Closing cash balance of $17.5 million at March 31, 2021, a reduction in cash from December 31, 2020 as we continue to invest in the expansion of the Pan heap leach pad to accommodate added mine life, and in on-going drilling and Feasibility Study activities to advance Gold Rock.
81,542 man-hours worked in Q2 with no lost time injuries and no reportable environmental incidents
Tim Warman, Fiore’s CEO commented, “We advanced on a range of fronts in Q2 and were particularly pleased to see normal gold production levels resuming as Q2 progressed. Our team responded well to the leach pad issues we experienced in Q1 with the application of additional lime, bringing the leach solution pH back towards optimal levels for effective gold leaching. Through the quarter, we have also made good progress on Pan’s leach pad expansion and look forward to the positive impact on gold recovery when we place first ore on the new pad in fiscal Q3. And finally, we are very excited by the continued exploration success from drilling at Gold Rock. The progress continues to support our key goal of operating Pan and Gold Rock in unison, doubling our production organically in Nevada.”
FIORE GOLD DRILLS 45.7 METRES OF 2.01 g/t GOLD AND 42.7 METRES OF 1.17 g/t GOLD, CONTINUES TO EXPAND MINERALIZATION AT ITS GOLD ROCK PROJECT, NEVADA
March 30, 2021
TSXV–F
OTCQB–FIOGF
FSE–2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to report additional results from the resource expansion and exploration drilling program at its Gold Rock project in Nevada (Figure 1). These latest results from Gold Rock and the surrounding exploration areas show:
several holes with wide, higher-grade gold intercepts have defined mineralization extending at least 400 m beyond the northern end of the currently defined Gold Rock mineralization, and;
a new discovery of oxide gold mineralization at Jasperoid Creek approximately 1.4 km north of the current Gold Rock Preliminary Economic Assessment (“PEA”) pits.
These outstanding drill results show mineralization remains open particularly to the north, supporting our belief that Gold Rock will continue to grow beyond the scope of the project outlined in the most recent PEA.
Highlights from the seventeen holes reported here include:
30.5 m of 0.79 g/t gold in hole GR20-091 from the planned South Pit area
18.3 m of 0.96 g/t gold in hole GR20-102 from the Jasperoid Creek target
42.7 m of 1.17 g/t gold in hole GR20-110 north of the planned North Pit
18.3 m of 0.99 g/t gold in hole GR21-001 north of the planned North Pit
45.7 m of 2.01 g/t gold in hole GR21-002 north of the planned North Pit
The northern extension of mineralization at Gold Rock can be seen in section 1 (long-section, Figure 2) and section 2 (cross-section, Figure 3), where holes GR20-110, GR21-001, GR21-002 and GR21-003 each intersected mineralized and silicified Joanna limestone well beyond the northern margins of the currently proposed open pit. The intercept in GR21-002 is particularly significant with 45.7 m of 2.01 g/t gold, one of the highest-grade assays encountered to date on the project.
Section 3 (Figure 4) shows results from three holes at the Jasperoid Creek target, located approximately 1.4 km north of the PEA north pit. This is an area with very little previous drilling but with highly anomalous gold values in surface samples. The prospective Joanna limestone and Pilot shale horizons outcrop at surface in the area, suggesting mineralization may be relatively shallow. Hole GR20-102 intercepted 18.3 m of 0.96 g/t gold, confirming that this target merits significant follow-up drilling.
Tim Warman, Fiore’s CEO stated, “The holes to the north of the North Pit shell include some of the highest-grade intercepts we’ve seen at Gold Rock and highlight a very promising area that we’ll return to with further drilling. To date we’ve completed all the planned HQ core holes and about 75% of the planned RC holes that were aimed at expanding the Gold Rock resource ahead of the Feasibility Study. We currently have gold assays in hand for all of the RC holes completed to date and are incorporating these results in an interim, in-house resource estimate that will help measure our progress and identify areas for further drilling with the remaining 25% of the planned RC holes. Results for most of the 20 HQ core holes, representing 4,667 m of drilling, are still pending although the first two holes are included in this release. We’re also pleased with the results from the Jasperoid Creek target approximately 1.4 kilometres north of Gold Rock. This is an area that has seen minimal drilling, and which highlights the prospectivity of the entire Gold Rock belt, a zone of gold and pathfinder element anomalies that extends for over 15 km north and south of Gold Rock.”
Work on the FS is progressing well although assay turnaround times for drill samples have been significantly longer than normal due to the impacts of COVID-19 at the assay laboratories. These delays have impacted the original schedule for the RC drilling program and in turn the overall Feasibility Study, which is now expected to be completed in the latter part of calendar Q1 of 2022. The delay in completing the FS is not expected to impact our proposed timeline for putting Gold Rock into production by early 2024.
Complete results for the fifteen RC and two HQ core holes referenced in this press release are shown in the table below.
Hole From
(m) To
(m) Length
(m) Grade
(g/t Au)
GR20-091 187.45 201.17 13.72 0.34
and 208.79 239.27 30.48 0.79
includes 214.88 222.50 7.62 1.29
GR20-096 no significant results
GR20-101 315.00 410.00 95.00 0.27
GR20-102 610.00 625.00 15.00 0.79
and 655.00 670.00 15.00 0.23
and 865.00 880.00 15.00 0.47
and 905.00 965.00 60.00 0.96
includes 910.00 930.00 20.00 1.95
GR20-103 305.00 325.00 20.00 0.90
includes 310.00 320.00 10.00 1.32
GR20-104 450.00 510.00 60.00 0.92
includes 450.00 465.00 15.00 1.38
GR20-105 No Significant Results
GR20-106 No Significant Results
GR20-107 Hole lost and re-drilled
GR20-108 600.00 655.00 55.00 0.36
GR20-109 No Significant Results
GR20-110 745.00 885.00 140.00 1.17
includes 750.00 840.00 90.00 1.59
GR21-001 790.00 850.00 60.00 0.99
includes 800.00 835.00 35.00 1.22
GR21-002 815.00 965.00 150.00 2.01
includes 820.00 925.00 105.00 2.65
and 1000.00 1010.00 10.00 0.26
GR21-003 905.00 925.00 20.00 0.31
and 960.00 1010.00 50.00 0.51
GC20-001 482.00 507.00 25.00 0.62
GC20-002 145.00 155.00 10.00 0.60
and 317.00 337.00 20.00 0.29
and 357.00 382.00 25.00 0.24
and 493.50 567.00 73.50 0.30
Assay highlights are calculated with a cutoff of 0.006 opt (0.20 g/t) Au. Highlighted intervals contain less than 10 feet (3 m) of material below cutoff grade. GR-series are RC holes, GC-series are HQ core holes.
With this release, results for all the reverse circulation (“RC”) holes from the most recent round of drilling are now in hand. A total of 113 RC holes representing 78,955 feet (24,065 m) of drilling were completed in 2020 and early 2021. As well, the first two of 20 HQ core holes are included in this release. Total planned footage for the drilling program to support the FS will be approximately 198,000 ft (60,000 m), with approximately 115,000 ft (35,000 m) focused on resource expansion to add Measured and Indicated resources for inclusion in the FS.
The reverse circulation (RC) drilling was performed by Boart Longyear of Salt Lake City, Utah and Alford Drilling from Elko, Nevada. All holes were drilled at angles of -50 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular. Consequently, all intercepts reported here are believed to be approximately true width. Drill sampling was supervised by Fiore Gold geologists, with samples transported directly to ALS Minerals Lab in Reno, Nevada where samples were prepared, and pulps generated. Fire assays were determined on a 30-gram charge with an AAS finish. An additional cyanide leach assay was also completed. Selected holes were also analyzed for a 48-element geochemical suite by ICP-MS. Fiore Gold conducts a significant QA/QC program which includes the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Down hole deviation surveys are provided by International Directional Services, utilizing a surface recording gyroscope, and by trained drill crews operating a north seeking gyroscope supplied by REFLEX.
Gold Rock Project and PEA Highlights
The federally permitted Gold Rock gold project ("Gold Rock", or the "Project”) is located approximately 8 miles southeast of the Pan Mine in White Pine County, Nevada. The recently released Gold Rock Preliminary Economic Assessment (“PEA”) provides an updated mineral resource estimate and a base case assessment of developing the Project as a satellite open pit operation that will share significant infrastructure and management with the adjacent Pan Mine. The PEA also identifies a considerable number of opportunities to enhance the project economics as Gold Rock advances to the Feasibility stage by drilling to increase the mineral resource, further metallurgical testing aimed at optimizing recoveries, and geotechnical drilling aimed at reducing the stripping ratio. Further updates will be provided as we progress work in these areas. The PEA was prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). A Technical Report with the details of the PEA is available on SEDAR under the Company's profile.
Gold Rock Mineral Resource Estimate
The Company's updated Gold Rock Mineral Resource Estimate ("MRE"; effective date of March 31, 2020) was completed by APEX and forms the basis for the PEA. A summary of the MRE is highlighted in the table below.
Pit-Constrained Mineral Resource Summary
Resource Classification Cut-off opt/gpt Tons/Tonnes Gold opt/gpt Gold Ounces
Total Indicated 0.003/0.09 20.9/19.0 0.019/0.66 403,000
Total Inferred 0.003/0.09 3.0 /2.7 0.025/0.87 84,300
Key Assumptions, Parameters, and Methods related to the Mineral Resource Estimates:
Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
Troy ounces per short ton (“opt”) / grams per tonne (“gpt”)
This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Open pit Mineral Resources are reported at a cut-off grade of 0.003 opt/0.09 gpt gold that is based on a gold price of US$1,500/oz. A revenue price of US$1,400 is used for the base case economic model.
The Mineral Resources are constrained by a pit shell with appropriate mining costs, processing costs, metal recoveries, and pit slope angles.
Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Contained gold ounces are in troy ounces.
Technical Report & Qualified Persons
The scientific and technical information relating to Fiore Gold’s properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore Gold’s VP Exploration and a "Qualified Person" under National Instrument 43-101. References to the Gold Rock project PEA are taken from the “Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA” (the “Technical Report”). The Technical Report, which is dated April 30, 2020 with an effective date of March 31, 2020, was prepared in compliance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”) and is available under Fiore’s profile on SEDAR at www.sedar.com and on the Company’s website at www.fioregold.com. The report is authored by Michael B. Dufresne, M.Sc., P.Geol., P.Geo., Gregory B, Sparks, B.Sc., P.Eng., Sam J. Shoemaker, Jr., B.S., SME Registered Member, Warren E. Black, M.Sc., P.Geo., and Steven J. Nicholls, BA.Sc., MAIG.
Virtual AGM and Webcast Presentation
The Company will hold a Virtual Annual General Meeting on April 8, 2021. Please refer the Company’s Management Information Circular in respect of the Annual General Meeting of Shareholders available under the Company’s profile on SEDAR and available at https://fioregold.com/agm/ for additional information regarding the meeting. To streamline the virtual meeting process, the Company encourages shareholders to vote in advance of the meeting using the Voting Instruction Form or the Form of Proxy mailed to them with the meeting materials. Shareholders wishing to attend the AGM may call the number below, and instructions will be provided as to how shareholders entitled to vote at the AGM may participate. All shareholders may still attend the meeting, while having voted previously by proxy. Following the formal meeting, the Company will present a webcast presentation regarding the Company and its mineral properties. A link to the webcast is provided below.
Virtual AGM Details:
Date: April 8, 2021
Time: 11:00 am EST
Participant Access: 877-407-2991 (toll free number)
Webcast: https://78449.themediaframe.com/dataconf/productusers/fgd/mediaframe/43545/indexl.html
What do my people think of the gold intercepts just released this morning? Looks to be good news
Agreed! Gold prices holding here and should move up
Numbers are out! Love that balance sheet, reinvesting
FIORE GOLD ANNOUNCES FISCAL Q1 2021 RESULTS
February 23, 2021
TSXV–F
OTCQB–FIOGF
FSE–2FO
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (FSE-2FO) (“Fiore” or the “Company”) is pleased to announce that its financial statements and management’s discussion and analysis for the first fiscal quarter (“Q1 2021”) ended December 31, 2020, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company’s website at www.fioregold.com.
Fiscal Q1 2021 Highlights
(all figures in U.S. dollars unless otherwise indicated)
Operating & Financial
Q1 gold production of 9,204 ounces, reflecting guided lower production in first half of fiscal 2021
Gold sales of 9,210 ounces at an average realized price of $1,868 per ounce
Mined ore production in Q1 of 14,586 tons per day with a stripping ratio of 1.0:1.0 and grade of 0.49 grams/tonne
Q1 cash costs per ounce sold1 of $923, a $102 per ounce decrease relative to Q1 2020 reflecting the expected benefit of a decreasing stripping ratio and consistent crusher operations
Q1 Pan Mine AISC1 per ounce sold of $1,019 and Q1 2021 Fiore consolidated AISC1 of $1,219
Recorded quarterly revenues of $17.2 million with mine operating income of $7.3 million
Generated Pan operating cash flow1 of $5.7 million and consolidated operating cash flow of $3.0 million
Net income of $4.5 million and net earnings per share of $0.05 per share
Closing cash balance of $19.2 million at December 31, 2020, a reduction in cash from September 30, 2020 as we invest in the expansion of the Pan heap leach pad to accommodate added mine life, and on-going drilling and Feasibility Study activities to advance Gold Rock
One-million hours worked at the Pan Mine without a lost time injury achieved subsequent to quarter- end
69,940 total site hours worked in Q1 with no reportable incidents and zero lost-time injuries
Organic Growth
Following the completion of the Gold Rock Preliminary Economic Assessment, we are conducting a program of resource expansion, metallurgical, geotechnical and condemnation drilling in support of a Gold Rock Feasibility Study. First drill results were announced in November 2020, headlined by 48.8 metres of 2.17 g/t gold and 32.0 metres of 1.41 g/t gold.
Subsequent to quarter-end, a second set of Gold Rock drill results were issued in January 2021 headlined by 19.8 metres of 1.33 g/t gold and 12.2 metres of 1.75 g/t gold. These drill results continue to demonstrate strong intervals of oxide gold mineralization both within and outside of the current resource pit shells.
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the December 31, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Tim Warman, Fiore’s CEO commented, “The first fiscal quarter of 2021 was another strong one with earnings of $0.05 per share and solid operating cash flow. We maintained a healthy cash balance of $19.2 million while continuing to invest in the growth of our Nevada assets. With drilling at Gold Rock underway to progress the project to feasibility and the construction of the third leach pad expansion at Pan, following an expansion of resources and reserves, we expect these capital investments to deliver continued growth to our shareholders while positively impacting the local communities where we operate.”
Gold production of 9,204 ounces was a 5% increase over fiscal Q1 2020, although lower than fiscal Q4 2020. The decrease in production compared to fiscal Q4 2020 was due to fewer ore tons placed, lower ore grade and timing of gold recovery. Gold extraction on the leach pad was also temporarily impacted by a drop in the pH and alkalinity of the leach solution. With the start-up of the crushing circuit in fiscal 2020, we changed our operating practices to switch from lime to cement addition for pH control, as cement brings the added benefit of reducing the migration of fines within the leach pad. However, after having time to sufficiently observe leaching under this practice, we determined that cement addition alone appears insufficient to maintain the proper pH for optimal gold leaching. Lime addition has been reinstated as a standard operating practice and this has begun to bring the leach solution pH back towards optimal ranges for effective gold leaching.
As guided, 2021 will be a year of significant reinvestment to support the longevity of the Pan Mine and to continue advancing Gold Rock. We recently announced a two-year mine life extension at Pan, and we are immediately investing in expanding the heap leach capacity to support this extension. We spent $3.8 million on capital additions in the quarter, primarily the Pan Mine heap leach pad expansion, which is expected to be ready for ore stacking in fiscal Q3. At Gold Rock, we continued with our resource expansion drilling and related Feasibility Study work spending $3.0 million in the quarter. We are pleased with initial drill results as they continue to expand the oxide mineralization at Gold Rock.
We continue to recognize the inherent risk posed by COVID-19. The health and safety of our employees comes first, and we have put a range of operating protocols in place to reduce the risk to them. While there have been a few positive cases of COVID-19 at the Pan Mine, effects of this have not had a meaningful impact on production. Through enhanced safety measures, we believe we have minimized cases and impacts of COVID-19.
Review of Operating Results
Three Months Ended
December 31,
Operating Results 2020 2019
Ore Mined (t) 1,341,945 1,406,656
Waste Mined (t) 1,310,581 2,490,412
Total Mined (t) 2,652,526 3,897,068
Gold Ounces Mined (oz) 19,317 20,649
Ore Grade Mined (oz/t) 0.014 0.015
Ore Grade Mined (g/t) 0.408 0.416
Strip Ratio waste/ore 1.0 1.8
Gold Ounces Produced (oz) 9,204 8,750
Gold Ounces Sold (Payable) (oz) 9,210 9,093
Average Realized Price1 $/oz 1,868 1,437
Total Cash Costs per Ounce1 $/oz 923 1,025
Cost of Sales per Ounce1 $/oz 1,080 1,178
Pan Mine AISC per Ounce1 $/oz 1,019 1,115
Fiore Consolidated AISC per Ounce1 $/oz 1,219 1,248
Ore tons mined was slightly lower than prior year quarter but remains above target at 14,586 tons per day. At a gold grade of 0.408 g/t, we mined 19,371 ounces in the quarter. Gold production at 9,204 ounces is higher than the prior year quarter but lower than fiscal Q4 2020 for the reasons noted above.
Cash cost per ounce sold1 for Q1 2021 was $923 per ounce, a $102 per ounce decrease relative to the prior year quarter due particularly to a lower stripping ratio. Stripping for the full year fiscal 2021 is guided at approximately 1.6:1.0. Q1 2021 Pan Mine AISC1 per ounce sold was $1,019 and Fiore Consolidated AISC1 per ounce sold was $1,219. The Fiore Consolidated AISC1 includes an increase in corporate general and administrative expense driven by an increase in insurance costs, salary and benefit expenses and higher stock-based compensation expense tied to the recent grant of restricted stock units. This is in part impacted by additional corporate costs to support the Gold Rock project.
1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the December 31, 2021 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s interim financial statements.
Q1 2021 Financial Results
Three Months Ended December 31,
Financial Results of Operations 2020 2019
Select Items - On a Consolidated Basis $000's $000's
Revenue 17,209 13,074
Mine Operating Income 7,263 2,365
Income from Operations 5,315 449
Operating Cash Flow 3,026 88
Unrealized Gain on Derivatives, net - 399
Net Income 4,496 588
Adjusted Net Earnings1 4,492 189
Financial Position as of: December 31,
2021 September 30,
2020
Select Items - On a Consolidated Basis $000's $000's
Cash 19,224 23,207
Inventories 29,493 26,256
Total Current Assets 49,978 50,786
Mineral Property, Plant and Equipment, net 14,900 11,412
Total Assets 80,070 75,770
Total Current Liabilities (10,478) (10,793)
Long-Term Liabilities (6,950) (7,231)
Working Capital Surplus 39,500 40,043
Relative to the prior year quarter, Fiore demonstrated improvements on all profitability and cash flow measures noted above. This was primarily due to higher realized gold prices and lower operating costs as the stripping ratio decreased.
Our liquidity and financial position remain strong with a cash balance of $19.2 million and working capital of $39.5 million. Refer to the Company’s MD&A and Financial Statements for additional information. Our financial strength puts Fiore in a good position to continue to progress our growth assets.
Corporate Strategy
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
grow gold production at the Pan Mine while also growing the reserve and resource base;
advance exploration and development of the nearby Gold Rock project; and
acquire additional production or near-production assets to complement our existing operations.
Qualified Person
The scientific and technical information contained in this news release relating to Fiore Gold’s Pan Mine was approved by J. Ross MacLean (MMSA), Fiore Gold’s Chief Operating Officer and a "Qualified Person" under National Instrument 43-101.
On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer
Contact Us:
info@fioregold.com
1 (416) 639-1426 Ext. 1
www.fioregold.com