GoGold Resources Inc. (TSX: GGD) announces sales of 241,774 silver equivalent ounces and produced 105,623 ounces of silver and 1,665 ounces of gold for 240,939 silver equivalent ounces at the Parral project during the quarter ended September 30, 2018.
Santa Gertrudis royalty sale
The Santa Gertrudis royalty sale to Metalla Royalty & Streaming Ltd. continues to move forward with a closing expected in the current quarter. This will add an additional $12 million to the Company’s already strong balance sheet. The Company continues to have a strong balance sheet, no debt, and a fully constructed operation with a ten year mine life.
In April 2018 the Company began irrigating the second lift on a non-compacted first lift to test whether compaction of the first lift is required. The results of this test concluded that compaction of the first lift will be required as without compaction, there is a delay in the recovery of metal from the material processed above on the second lift. During the quarter, the Company began compacting the first lift and placed drainage pipes on top before the second lift is placed. This will replicate single lift leaching, which has been proven to perform well.
The Company will continue stacking on the first lift or above a compacted lower lift with additional drainage between lifts which will cause production to increase back to normal levels. This second quarter of lower production was expected due to both the test results noted above and the rainy season in Mexico. Now that the final test is concluded, and rainy season is winding down, we expect to see production increases in future quarters going forward.
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’s Parral Tailings project is one of the lowest cash cost silver producers in the world. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
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