A stellar quarterly report from Victoria Gold (TSX:VGCX, OTC:VITFF) this morning. In a year full of disappointments in the mining sector, this morning's news from Victoria Gold is a breath of fresh air (with a whiff of winter peppermint....).

Victoria's Eagle Mine is running at a high level of performance with the quantity of ore mined increasing more than 30%, the strip ratio declining to a relatively modest 1.20, and the ore stacked grade increasing to .90 grams/tonne gold:

The best part is that VGCX CEO John Mcconnell says that production results will be even better in Q4 and 2022:

“The Eagle Gold Mine achieved many production records in the third quarter of 2021 including ore mined, total material mined, ore stacked on pad and gold produced. We anticipate the gold production record to be short lived as we expect production growth in the fourth quarter of 2021 and annual production growth into 2022.” ~ John Mcconnell, President & CEO Victoria Gold

Remember that Coeur Mining (NYSE:CDE) acquired a 17.8% stake in Victoria in early May. Coeur's due diligence period is supposed to conclude by year end and the Q3 performance at Eagle was something that many analysts posited Coeur would be focused on.

Based upon the ore stacking trends Victoria is likely to produce more than 70,000 ounces of gold in Q4, putting the annual production right in the middle of the guidance range of 180,000-200,000 ounces. Investors can also expect exploration results from property-wide targets at Lynx, Nugget, and Raven over the coming weeks.

Victoria Gold Corp. (Daily)

Gold price notwithstanding, VGCX shares are in the buy range below $16 today. If gold can miraculously begin plodding higher, I fully expect VGCX to not exist much longer as a stand-alone publicly traded company. 

Disclosure: Author owns shares of Victoria Gold at the time of publishing and may choose to buy or sell at any time without notice. 

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