RE:Golconda Gold Ltd. Releases Q3 2024 Production Update excellent progressive increase in quarterly production to 5500 ounces so far this year with 9800 annual run rate of nearly 10,000 ounces in Q3 runrate production.
Should exit Q4 with close to 15,000 ounces annual runrate , equvakent to about $55 millin CAD in annual revenues..
load up
ORIGINAL: Golconda Gold Ltd. Releases Q3 2024 Production Update
2024-10-17 07:30 ET - News Release
TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- 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 | Q2
2024 | Q3
2024 | YTD
2024 |
| 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 | Q2
2024 | Q3
2024 | YTD
2024 |
| 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