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Gold Resource produces 10K gold ounces, more than 407K silver ounces to start 2020

For its 1Q, the Oaxaca Mining unit in Mexico produced a total 6,450 ounces of gold and 402,542 ounces of silver

Gold Resource Corporation - Gold Resource Corporation produces 10,102 gold ounces of gold and 407,625 ounces of silver during the first three months of 2020
The gold and silver producer, developer and explorer runs operations in Oaxaca, Mexico and Nevada

Gold Resource Corporation (NYSEAMERICAN:GORO) announced Monday it produced 10,142 ounces of gold and 407,625 of silver during the first three months of 2020. 

The gold and silver producer, developer and explorer runs mining operations in Oaxaca, Mexico and Nevada.

In a statement, the company said first-quarter results which ended March 31 showed that its Oaxaca Mining unit produced a total 6,450 ounces of gold, 402,542 ounces of silver, 488 tonnes of copper, 2,514 tonnes of lead and 5,844 tonnes of zinc.

READ: Gold Resource updates annual gold reserve estimates

Preliminary 1Q production at its Nevada Mining Unit totaled 3,692 ounces of gold from the Isabella Pearl deposit’s lower variable grade Isabella zone.

Gold Resource said it remains on schedule to access the upper portion of the higher-grade Pearl zone mid-year 2020, when gold grades and production are expected to gradually increase into the second half, and primarily in the fourth quarter, of 2020.

This ramp-up, the company said, is a function of the continued removal of overburden waste above the Pearl zone. The Isabella Pearl deposit’s average proven and probable gold grade is 3.05 grams per tonne, with 80% of the gold ounces located in the Pearl zone.

The company withdrew its 2020 production outlook on April 1 when Mexico’s federal government published a decree mandating the temporary suspension of all non-essential activities, including mining, until April 30 as part of a nationwide effort to help slow the global coronavirus (COVID-19) pandemic. 

Gold Resource said full 1Q financial results will be available at the time it files its quarterly report on Form 10-Q with the Securities and Exchange Commission.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Gold Resource Corporation

Price: 3.04 USD

Market Cap: $218.47 m

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