GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report production for the year ending September 30, 2022 of 1,810,326 silver equivalent ounces, consisting of 741,772 silver ounces, 10,708 gold ounces, and 469 tonnes of copper. Quarterly production at Parral was 400,467 silver equivalent ounces, consisting of 145,944 silver ounces, 2,278 gold ounces, and 124 tonnes of copper.
The Company had $20M USD in input tax recoverable which related to VAT receivable from the Mexican Federal Government for the years of 2017 to 2022. The Company received $11M which related to 2017 and 2018 which included interest of $5M. Management continues to work with the tax authority on the remaining claims and expects to receive these amounts in due course.
“2022 represents our eighth year of continuous production at Parral, and we look forward to approximately seven more years of sustainable production as we strengthen our ESG programs through our tailings reprocessing and remediation in Mexico,” said Brad Langille, President and CEO. “The Company was successful in collecting its VAT receivable of $6M USD plus interest of $5M USD for a total of $11M USD. The Company continues to maintain a very strong balance sheet and cash position enabling us to also execute on our exciting Los Ricos project.”
In the month of August 2022, the Parral operation endured some of the most intense rainfalls seen at the project to date, which resulted in significant dilution to the pregnant solution. All rain and solution was properly contained, with no solution discharged into the environment. The diluted solution resulted in diminished production levels in the months of August and September, as the leaching kinetics were impacted by the rain event. Production appears to be trending upwards in the beginning of October.
Table 1: Quarterly Production Summary
|Quarter Ended||Jun 2021||Sep 2021||Dec 2021||Mar 2022||Jun 2022||Sep 2022|
|Silver Production (oz)||315,632||221,202||195,678||186,655||213,495||145,944|
|Gold Production (oz)||3,170||3,437||2,558||2,791||3,081||2,278|
|Copper Production (tonnes)||120||138||123||125||98||124|
|Silver Equivalent Production (oz)1||575,302||526,044||444,071||455,991||509,796||400,467|
|1. “Silver equivalent production” include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period. The gold:silver ratio for each of the periods presented was: Jun 2021 – 68, Sep 2021 – 73, Dec 2021 – 77, Mar 2022 – 77, June 2022 – 83, Sep 2022 – 90. The copper:silver ratios were: June 2021 – 369, Sep 2021 – 383, Dec 2021 – 417, Mar 2022 – 411, June 2022 – 415, Sep 2022 – 398.|
Table 2: Annual Production Summary
|Quarter Ended||Sep 2019||Sep 2020||Sep 2021||Sep 2022|
|Silver Production (oz)||1,059,438||1,315,661||1,138,358||741,772|
|Gold Production (oz)||9,149||10,089||13,447||10,708|
|Copper Production (tonnes)||–||260||470||469|
|Silver Equivalent Production (oz)1||1,847,835||2,295,416||2,270,073||1,810,326|
|1. “Silver equivalent production” include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period. The gold:silver ratio for each of the periods presented was: Sep 2019 – 86, Sep 2020 – 89, Sep 2021 – 72, Sep 2022 – 82. The copper:silver ratio for the periods presented was: Sep 2020 – 302, Sep 2021 – 348, Sep 2022 – 410.|
Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.
About GoGold Resources
GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
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