
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) announces production for the quarter ending September 30, 2023. During the quarter, GoGold completed a rehandling program at Parral where old pad material was rehandled and restacked which resulted in the reclamation of new pad space which will defer further pad capital expenditure. Production was impacted as a result of the rehandling program, as the rehandled material was a lower grade than stacking new material. Production during the quarter was 300,789 silver equivalent ounces, consisting of 169,443 silver ounces, 1,106 gold ounces, and 115 tonnes of copper. Currently, only new material is being stacked at Parral.
SART Zinc Circuit
Construction of a zinc circuit addition to the SART plant at Parral is well underway and projected to be completed by the end of this year, with the project on budget and on schedule. Testing completed 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 is expected to greatly increase cash flow at Parral operation over the next seven years of mine life.
Summary of Zinc circuit effects:
“The completion of the zinc circuit in the SART is important as it expected to generate approximately $500,000 per month for cash flow, which will pay back the $2M capex quickly. We believe it will improve the metallurgical recoveries of gold and silver on the material which we are processing currently, so we expect to see production increase once commissioning is completed,” said Brad Langille, President and CEO. “The team has been successful on maintaining schedule and budget on their construction. This discipline to schedule and budget we believe will serve us well as we move closer to a construction decision on Los Ricos South.”
Table 1: Quarterly Production Summary
Quarter Ended | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
Silver Production (oz) | 213,495 | 145,944 | 159,838 | 173,717 | 203,894 | 169,443 |
Gold Production (oz) | 3,081 | 2,278 | 2,399 | 2,016 | 1,512 | 1,106 |
Copper Production (tonnes) | 98 | 124 | 222 | 143 | 135 | 115 |
Silver Equivalent Production (oz)1 | 509,796 | 400,467 | 441,217 | 400,145 | 375,112 | 300,789 |
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 2022 – 83, Sep 2022 – 90, Dec 2022 – 82, Mar 2023 – 84, Jun 2023 – 82, Sep 2023 – 83. The copper:silver ratios were: Jun 2022 – 415, Sep 2022 – 398, Dec 2022 – 377, Mar 2023 – 399, Jun 2023 – 352, Sep 2023 – 356. |
Table 2: Annual Production Summary
Quarter Ended | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 |
Silver Production (oz) | 1,059,438 | 1,315,661 | 1,138,358 | 741,772 | 706,891 |
Gold Production (oz) | 9,149 | 10,089 | 13,447 | 10,708 | 7,032 |
Copper Production (tonnes) | – | 260 | 470 | 469 | 615 |
Silver Equivalent Production (oz)1 | 1,847,835 | 2,295,416 | 2,270,073 | 1,810,326 | 1,517,264 |
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, Sep 2023 – 83. The copper:silver ratio for the periods presented was: Sep 2020 – 302, Sep 2021 – 348, Sep 2022 – 410, Sep 2023 – 373. |
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.
Great Pacific Gold Corp. (TSX-V: GPAC) (OTCQX: FSXLF) (FSE: V3H)... READ MORE
Big Blue highlights: 0.6 meters grading 0.7% Cu, 3,194 g/t Ag and... READ MORE
Goldshore Resources Inc. (TSX-V: GSHR) (OTCQB: GSHRF) (FSE: 8X00)... READ MORE
Dios Exploration Inc. (TSX-V: DOS) is pleased to report it has e... READ MORE
Highlights: Recent drilling at West Goodspeed supports the presen... READ MORE