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Gold Resource posts 2Q production numbers for Mexican and US operations, logs 41% jump in Nevada gold production

Preliminary second-quarter production from the company’s Oaxaca mining in Mexico unit totaled 2,441 ounces of gold, 185,330 ounces of silver, 246 tonnes of copper, 1,140 tonnes of lead and 3,004 tonnes of zinc

Gold Resource Corporation -
Preliminary second-quarter production from the company’s Nevada mining unit totaled 5,208 ounces of gold

Gold Resource Corporation (NYSEAMERICAN:GORO) reported preliminary consolidated production results for the second quarter ended June 30, 2020, showing 7,649 ounces of gold, 191,232 ounces of silver and significant base metals. 

The Colorado-based company is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada in the United States.

Preliminary second-quarter production from the company’s Nevada mining unit totaled 5,208 ounces of gold, a 41% jump compared to the previous quarter during the Isabella Pearl Mine’s ongoing production ramp-up. Through the first half of the year, the Nevada mining unit’s preliminary production numbers totaled 8,900 ounces of gold.

READ: Gold Resource Corp celebrating decade of production from its Arista mine in Mexico and eyeing more to come

The company said first mining levels reached the top of the deposit’s high-grade Pearl zone midway through the second quarter, having removed overburden above this area for more than a year. The Pearl zone is estimated to contain 80% of the gold ounces at the Isabella Pearl deposit with an average gold grade of 4 grams per tonne.

Gold Resource said it remains “on track” for its targeted gold production ramp-up into the fourth quarter, positioning the company for its 40,000-gold ounce production target in 2021.

Oaxaca mining operations

Preliminary second-quarter production from the company’s Oaxaca mining in Mexico totaled 2,441 ounces of gold, 185,330 ounces of silver, 246 tonnes of copper, 1,140 tonnes of lead and 3,004 tonnes of zinc.

Through the first half of the year, the Oaxaca unit’s preliminary production numbers totaled 8,891 ounces of gold, 587,872 ounces of silver, 734 tonnes of copper, 3,654 tonnes of lead and 8,848 tonnes of zinc.

The company said second-quarter production was impacted by the nearly two-month-long coronavirus shutdown mandated by the Mexican government. On April 1, the company suspended its Oaxaca mining operations in compliance with orders from the Mexican Ministry of Health.

The company was only able to restart operations on May 27, after eight weeks of being shut down during the second quarter. “Operations were reinstated, along with a stringent employee illness protocol and screening process, and have gradually ramped up during the months of June and July,” said the company.

The company withdrew its 2020 production outlook for both its Oaxaca and Nevada mining units following the impact of the global coronavirus pandemic and temporary suspension of its Mexican operations in April. “Due to these ongoing uncertainties, the management has made the decision not to update its 2020 production outlook at this time,” said the company.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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NYSEMKT:GORO
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