GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report production for the quarter ending June 30, 2023 of 375,112 silver equivalent ounces, consisting of 203,894 silver ounces, 1,512 gold ounces, and 135 tonnes of copper.
Proposed SART Zinc Circuit
The Company has completed bench scale and in-field heap leach testing that has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that will greatly increase cash flow at our Parral operation over the next seven years of mine life.
Summary of Zinc circuit effects:
“During the quarter at Parral, we continued with our planned reprocessing of old pad material which resulted in further metal extraction plus reclamation of new pad space which has the benefit of delaying further pad capital expenditure. In addition, we have been working on further optimization of the SART process to generate an additional saleable metal (zinc) and more importantly, the regeneration and recycling of more cyanide which has the benefit of reducing the volume of fresh cyanide required for purchase. Our expectation is the circuit will generate an additional $1.5 million in cash flows per quarter after the circuit is completed,” said Brad Langille, President and CEO. “Our main focus at GoGold is our flagship asset at Los Ricos. With that being said, we are now in our tenth year of production at our Parral operation, with a remaining seven years ahead of us. The addition of a zinc circuit is another way that Parral can remain a meaningful contributor of revenue over its remaining mine life. At Los Ricos South, our next objective is the completion of a revised mineral resource estimate and updated preliminary economic assessment this summer.”
Table 1: Quarterly Production Summary
|Quarter Ended||Mar 2022||Jun 2022||Sep 2022||Dec 2022||Mar 2023||Jun 2023|
|Silver Production (oz)||186,655||213,495||145,944||159,838||173,717||203,894|
|Gold Production (oz)||2,791||3,081||2,278||2,399||2,016||1,512|
|Copper Production (tonnes)||125||98||124||222||143||135|
|Silver Equivalent Production (oz)1||455,991||509,796||400,467||441,217||400,145||375,112|
|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: Mar 2022 – 77, June 2022 – 83, Sep 2022 – 90, Dec 2022 – 82, Mar
2023 – 84, Jun 2023 – 82. The copper:silver ratios were: Mar 2022 – 411, June 2022 – 415, Sep 2022 –
398, Dec 2022 – 377, Mar 2023 – 399, Jun 2023 – 352.
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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