The third quarter 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 company said. 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 g/t.
Gold Resource remains on track with ramp up into the fourth quarter to achieve its annual production target of 40,000 gold ounces in 2021.
At the company’s Oaxaca mining unit in Mexico, preliminary Q3 production was 4,728 gold ounces, 324,592 silver ounces, 428 copper tonnes, 2,157 lead tonnes and 5,538 zinc tonnes, representing increases of 94%, 75%, 74%, 89% and 84%, respectively, for each metal over the prior quarter.
Following the impacts of the covid-19 pandemic, the company previously withdrew its 2020 production outlook for both mining units.
Shares of Gold Resource jumped nearly 6% on Thursday following release of its preliminary Q3 production results. The company has a market capitalization of $217.2 million.