GoGold Resources Announces Q2 2018 Results

- July 17th, 2018

GoGold Resources Inc. announced sales of 382,150 silver equivalent ounces for the quarter ended June 30, 2018, which was an increase of 34 percent over the previous year.  The company produced 163,991 ounces of silver and 1,630 ounces of gold for 292,273 silver equivalent ounces.

GoGold Resources Inc. (TSX:GGD) announced sales of 382,150 silver equivalent ounces for the quarter ended June 30, 2018, which was an increase of 34 percent over the previous year.  The company produced 163,991 ounces of silver and 1,630 ounces of gold for 292,273 silver equivalent ounces at the Parral project during the quarter, a 2 percent decrease from the prior year.

As quoted in the press release:

During the quarter, the company began irrigating the second lift on a non-compacted first lift to test whether compaction of the first lift is required.  The results of this test concluded that compaction of the first lift will be required as without compaction, there is a delay in the recovery of metal from the material processed above on the second lift.  The first lift will now be compacted with drainage pipes on top before the second lift is placed.  This will replicate single lift leaching, which has been proven to perform well.

The company stacked a total of 447,193 tonnes of material during the quarter, an average of 4,914 per day, of which the majority were fresh tailings.  This is an increase of 24% over the average stacking rate from the previous year and was the result, in part, of the purchase and application of a new stacker. 

In June, the company returned to stacking on the first lift, with recovery beginning very quickly as had been previously experienced.  The company will continue stacking on the first lift or above a compacted lower lift with additional drainage between lifts in the future, which will cause production to increase back to normal levels.

The commissioning of the SART (sulfidization, acidification, recycling, and thickening) plant at Parral has been delayed as more filtration was required to achieve throughput targets. The additional filter was purchased and delivered to site and will be installed during the current quarter. Once the current bottlenecks are worked out, the SART will reduce cyanide consumption and generate a saleable copper sulfide product that will contribute to revenue and cost savings.

Brad Langille, president and CEO, commented:

It was necessary to complete this test to determine if compaction of the first lift was required. The results indicated that compaction is required and this affected production this quarter. Now that we are stacking on the first lift again the heap is performing well.

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