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Gold Resource Corporation reports preliminary 3Q gold production results

Nevada gold production increased by a record 51% as the production ramp-up phase continues

Gold Resource Corporation - Gold Resource Corporation reports preliminary record gold production results for the third quarter
In Mexico, the company said preliminary 3Q production from its Oaxaca Mining Unit totaled 4,728 gold ounces, 324,592 silver ounces, 428 copper tonnes

Gold Resource Corporation (NYSEAMERICAN:GORO) reported Thursday preliminary consolidated gold production results for the third quarter ended September 30 of 12,575 gold ounces, 333,761 silver ounces, and significant base metals. 

Nevada gold production increased by a record 51% as the production ramp-up phase continues, the company added in a statement. 

Preliminary record 3Q production from its Nevada Mining unit totaled 7,847 gold ounces, a gold production increase of 51% over the prior quarter. Through the first three quarters of 2020, the unit’s preliminary production numbers totaled 16,747 gold ounces.

READ: Gold Resource unveils plans to create two separate mining firms, one in Nevada and the other in Mexico

Gold Resource said the 3Q was the first full quarter that it was able to regularly access portions of the deposit’s high-grade “Pearl” zone, while also mining the deposit’s lower grade “Isabella” zone. The Pearl zone is estimated to contain 80% of the gold ounces at the Isabella Pearl deposit with an estimated average gold grade of 4 grams per tonne (g/t). 

The company said it remains on track to ramp up into the 4Q, positioning it to achieve its annual production target of 40,000 gold ounces in 2021.

In Mexico, the company said preliminary 3Q production from its Oaxaca Mining Unit totaled 4,728 gold ounces, 324,592 silver ounces, 428 copper tonnes, 2,157 lead tonnes, and 5,538 zinc tonnes -- which represents increases of 94%, 75%, 74%, 89%, and 84%, respectively, for each metal over the prior quarter. 

Through the first three quarters of 2020, the Oaxaca’s preliminary production numbers stood at 13,619 gold ounces, 912,464 silver ounces, 1,162 copper tonnes, 5,811 lead tonnes, and 14,386 zinc tonnes.

The company previously withdrew its 2020 production outlook for both Oaxaca and Nevada Mining units following the impacts and uncertainties of the global COVID-19 pandemic, the two-month mandatory governmental suspension of Mexican operations in April 2020, and uncertainty of potential future outbreaks or governmental responses to the pandemic. 

Both mining units operated continuously during the third quarter along with continued health screening protocols for COVID-19 prevention and mitigation. During the third quarter, the company said Nevada identified one positive case of COVID while Mexico identified 29 positive cases. 

Shares added over 9% to $3.20 in New York.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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