Golconda Gold Ltd. Releases Q3 2024 Production Update
17 Octobre 2024 - 1:30PM
Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG;
OTCQB: GGGOF) is pleased to announce production of 2,384 ounces of
gold for the third quarter of 2024 (“Q3”) at its Galaxy Gold Mine
(“Galaxy”), approximately a 50% increase in gold production
compared to the previous quarter.
The production numbers for the first three
quarters and the year to date are:
Ore Source |
|
|
Q1 2024 |
Q22024 |
Q32024 |
YTD2024 |
Princeton UG |
Ore Mined |
(t) |
2,317 |
5,128 |
7,231 |
14,676 |
Ore
Grade |
(g/t) |
3.84 |
3.80 |
3.95 |
3.88 |
Waste |
(t) |
2,510 |
2,741 |
10,669 |
15,920 |
Galaxy UG |
Ore
Mined |
(t) |
11,175 |
11,495 |
20,870 |
43,540 |
Ore
Grade |
(g/t) |
3.28 |
2.68 |
2.91 |
2.94 |
Waste |
(t) |
5,453 |
11,966 |
14,580 |
31,999 |
Total UG |
Ore
Mined |
(t) |
13,492 |
16,623 |
28,101 |
58,216 |
Ore
Grade |
(g/t) |
3.37 |
3.03 |
3.18 |
3.18 |
Waste |
(t) |
7,963 |
14,707 |
25,249 |
47,919 |
Processing |
|
|
Q1 2024 |
Q22024 |
Q32024 |
YTD2024 |
Concentrate produced |
|
(t) |
1,095 |
1,514 |
2,129 |
4,738 |
Concentrate grade |
|
(g/t) |
42.8 |
32.7 |
34.8 |
36.0 |
Gold produced |
|
(oz) |
1,507 |
1,591 |
2,384 |
5,482 |
Golconda Gold CEO, Nick Brodie commented: “This
is the third quarter in a row we have seen an increase in
production compared to the previous quarter. A 50% increase in
ounces, a 69% increase in ore mined and a 72% increase in
development waste in Q3. In addition, we are on target to increase
production by over 40% this year.(1)
I would like to acknowledge the dedication and
hard work of the Galaxy team in achieving this impressive increase
in production. I have no doubt that this team can carry on from
this point to meet our long term goal of an annual production of
over 40,000 ounces at Galaxy.”(1)
About Golconda Gold
Golconda Gold is an un-hedged gold producer and
explorer with mining operations and exploration tenements in South
Africa and New Mexico. Golconda Gold is a public company and its
shares are quoted on the TSX Venture Exchange under the symbol “GG”
and the OTCQB under the symbol “GGGOF”. Golconda Gold’s management
team is comprised of senior mining professionals with extensive
experience in managing mining and processing operations and
large-scale exploration programmes. Golconda Gold is committed to
operating at world-class standards and is focused on the safety of
its employees, respecting the environment, and contributing to the
communities in which it operates.
Note:
(1) This is
forward-looking information and is based on a number of
assumptions. See “Cautionary Notes”.
Cautionary Notes
Certain statements contained in this press
release constitute “forward-looking statements”. All statements
other than statements of historical fact contained in this press
release, including, without limitation, statements regarding the
Company’s anticipated production increase, and the Company’s future
financial position and results of operations, strategy, proposed
acquisitions, plans, objectives, goals and targets, and any
statements preceded by, followed by or that include the words
“believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”,
“may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”,
“project”, “seek”, “should” or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements.
Additional factors that could cause actual
results, performance or achievements to differ materially include,
but are not limited to: the Company’s dependence on two mineral
projects; gold price volatility; risks associated with the conduct
of the Company’s mining activities in South Africa and New Mexico;
regulatory, consent or permitting delays; risks relating to the
Company’s exploration, development and mining activities being
situated in South Africa and New Mexico; risks relating to reliance
on the Company’s management team and outside contractors; risks
regarding mineral resources and reserves; the Company’s inability
to obtain insurance to cover all risks, on a commercially
reasonable basis or at all; currency fluctuations; risks regarding
the failure to generate sufficient cash flow from operations; risks
relating to project financing and equity issuances; risks arising
from the Company’s fair value estimates with respect to the
carrying amount of mineral interests; mining tax regimes; risks
arising from holding derivative instruments; the Company’s need to
replace reserves depleted by production; risks and unknowns
inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and
operating costs of such projects; contests over title to
properties, particularly title to undeveloped properties; laws and
regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage
and cope with the implications of COVID-19; the economic and
financial implications of COVID-19 to the Company; operating or
technical difficulties in connection with mining or development
activities; lack of infrastructure; employee relations, labour
unrest or unavailability; health risks in Africa; the Company’s
interactions with surrounding communities and artisanal miners; the
Company’s ability to successfully integrate acquired assets; risks
related to restarting production; the speculative nature of
exploration and development, including the risks of diminishing
quantities or grades of reserves; development of the Company’s
exploration properties into commercially viable mines; stock market
volatility; conflicts of interest among certain directors and
officers; lack of liquidity for shareholders of the Company; risks
related to the market perception of junior gold companies; and
litigation risk. Management provides forward-looking statements
because it believes they provide useful information to investors
when considering their investment objectives and cautions investors
not to place undue reliance on forward-looking information.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements and
other cautionary statements or factors contained herein, and there
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, the Company. These
forward-looking statements are made as of the date of this press
release and the Company assumes no obligation to update or revise
them to reflect subsequent information, events or circumstances or
otherwise, except as required by law.
Information of a technical and scientific nature
that forms the basis of the disclosure in the press release has
been approved by Kevin Crossling Pr. Sci. Nat., MAusIMM. Geological
Consultant for Golconda Gold, and a “qualified person” as defined
by National Instrument 43-101. Mr. Crossling has verified the
technical and scientific data disclosed herein and has conducted
appropriate verification on the underlying data.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information please
contact:Nick BrodieCEO, Golconda Gold Ltd.+ 44 7905
089878Nick.Brodie@golcondagold.comwww.golcondagold.com
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