GoGold Resources Inc. is pleased to report production for the quarter ending December 31, 2021 of 444,071 silver equivalent ounces, consisting of 195,678 silver ounces, 2,558 gold ounces, and 123 tonnes of copper.
“We are accelerating our aggressive drill program at both Los Ricos North and South and anticipate our normal flow of drilling results from the district over the coming weeks. We see 2022 as a year of aggressive growth in resource ounces at the Los Ricos projects with this growth being financed partially by Parral’s cash flow and by our very strong balance sheet,” said Brad Langille, President and CEO. “At Parral, we project production this year to be approximately 2 to 2.2 million silver equivalent ounces, with cash flow from Parral contributing towards exploration and general and administrative expenses. In this quarter, we transitioned between different zones in the tailings deposit which impacted production, putting us slightly below our annualized average yearly production.”
Table 1: Quarterly Production Summary
Quarter Ended |
Sep 2020 |
Dec 2020 |
Mar 2021 |
Jun 2021 |
Sep 2021 |
Dec 2021 |
Silver Production (oz) |
300,740 |
298,591 |
302,933 |
315,632 |
221,202 |
195,678 |
Gold Production (oz) |
3,414 |
3,632 |
3,208 |
3,170 |
3,437 |
2,558 |
Copper Production (tonnes) |
128 |
125 |
86 |
120 |
138 |
123 |
Silver Equivalent Production (oz)1 |
605,287 |
614,149 |
551,207 |
575,302 |
526,044 |
444,071 |
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 2020 – 79, Dec 2020 – 76, Mar 2021 – 69, Jun 2021 – 68, Sep 2021 – 73, Dec 2021 – 77. The copper:silver ratios were: Sep 2020 – 274, Dec 2020 – 305, Mar 2021 – 320, June 2021 – 369, Sep 2021 – 383, Dec 2021 – 417. |
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. For more information visit gogoldresources.com.