Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - TRX Gold (TSX: TNX) (NYSE: TRX) announced Monday that the new 1,000 tonne per day capacity ball mill has arrived on site at the Buckreef gold project in Tanzania.  

Targeting an expected commercial production delivery date in the second half of fiscal 2024, TRX Gold said that its management team is on track and on budget towards delivering its third mill expansion within a 24-month period.

The mill expansion is expected to increase processing capacity from 1,000 tpd to 2,000 tpd, and on an average annual basis, increase ore throughput from 75% to 100%.

According to the company, the near doubling of milling capacity is expected to enable Buckreef Gold to increase gold production beyond the company’s fiscal 2023 annual guidance of 20,000-25,000 ounces of gold.

CEO Stephen Mullowney commented, “We are very pleased with the on-time arrival of the new ball mill at Buckreef Gold. Other long-lead items have also been ordered and we will be focused on getting the 2,000 tpd operation online as soon as possible so that we can reap the benefits of increased gold production.”

TRX Gold is advancing the Buckreef gold project in Tanzania. The project currently hosts measured and indicated mineral resources of 35.88 mt at 1.77 g/t gold containing 2,036,280 ounces of gold and inferred mineral resources of 17.8 mt at 1.11 g/t gold for 635,540 ounces of gold.