GoGold Resources (TSX:GGD) has reported a 21% increase in quarterly silver equivalent production from its Parral Tailings mine in Mexico.
During Q3, the company produced 268,673 ounces of silver, 3,036 ounces of gold, 88 tonnes of copper, and 116 tonnes of zinc, for total silver equivalent production of 477,464 ounces.
Parral recovers metals from historic tailings through a heap leach operation in Chihuahua, Mexico.
CEO Brad Langille says quarterly silver production was the company’s highest in five years.
Despite the quarter-on-quarter improvement, silver equivalent production remained below the 555,500 ounces produced in the corresponding quarter last year.
GoGold is also preparing to add a second producing asset after receiving approval from the Mexican Government to develop the Los Ricos South mine in Jalisco.
A 2025 Feasibility Study estimates initial capital costs of US$227 million (A$326.4 million). The mine is expected to produce about 80 million ounces of silver equivalent over a 15-year mine life.
“Parral continues to generate substantial cash flows. Our cash balance increased during the quarter by approximately US$22 million to US$284 million. We are fully financed for the upcoming build and have no debt,” Langille says.
GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring, and acquiring high-quality projects in Mexico.
Write to Jackson Chen at Mining.com.au
Image source: GoGold Resources
