Gold Resource Corporation (NYSE-A:GORO, ETR:GIH) revealed its preliminary 3Q production figures that showed the miner sold 9,170 gold equivalent ounces from its Mexican operations.
The strong numbers came despite a self-imposed temporary shutdown at the operations due to coronavirus (COVID-19) protocols.
The 9,170 figure was comprised of 5,809 gold ounces and 255,394 silver ounces, and was a 16.1% increase from the same quarter a year ago.
READ: Gold Resource moves ahead with its acquisition of Aquila Resources and its Michigan-based Back Forty project
All told, the company sold 268 tonnes of copper, 1,550 tonnes of lead, and 3,059 tonnes of zinc.
While production was impacted by the COVID-19 shutdown, GORO still managed to increase the level of gold ounces produced from its Arista, Aguila and Mirador mines to 6,933 ounces from 4,728 in the comparable year-ago period. Silver, copper, lead and zinc production all saw nominal decreases, but the lift in gold production helped to put the miner over the top of last year’s production levels.
GORO CEO Allen Palmiere called the results “favourable” and added that the numbers should “continue in their upward trend” in the coming quarter as operations ramp up.
“Addressing ground support issues allowed us to get back into the Soledad vein which has resulted in increased gold grades and recoveries, as expected,” Palmiere said in a statement.
“The temporary ramp down of operations in August was deemed necessary to keep employees and the surrounding communities safe as Mexico and our neighboring communities endured a spike in COVID-19 cases. We are very pleased with the response by our operations team to this challenge as the case rates have dropped dramatically allowing us to resume almost normal operations."
Earlier in September, GORO issued an updated 2021 guidance illustrating payable production of between 21,000 to 23,000 gold ounces and 1.1 million to 1.3 million silver ounces.
Denver-based GORO is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. It is also in the process of closing its acquisition of Aquila Resources, which owns the Back Forty project in Michigan, US.
Contact Angela at angela@proactiveinvestors.com
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