Total production across our operations for the third quarter of 2020 was 56,472 gold equivalent ounces, demonstrating strong production recovery after being negatively impacted by the COVID-19 pandemic in the first and second quarters of 2020.
CEO and President of IMPACT Silver, Fred Davidson, comments, “While IMPACT exploration focuses on near-term increases to mine area tonnage and brownfield opportunities, transactions such as this one with promising junior explorers with access to capital allow IMPACT to unlock additional value and exploration upside without time commitment and capital from our team. With over 200 square kilometers of land, we believe we have just scratched the surface and invite a dynamic company such as Red Oak to share our exploration upside.”
The proceeds from the Private Placement are expected to be used by the Company to purchase underground equipment for its Zimapan property and for general working capital and corporate purposes.
Inomin intends to use the proceeds of the Private Placement to establish operations in Mexico to move forward with the La Gitana project.
“We are actively pursuing additional advanced-stage silver projects for acquisition and as the Company matures there may come a time when a spin out of our Red Lake gold projects is an appropriate step to maximize shareholder value,” said Mike Romanik, President of Silver Dollar.
“The Company has in excess of $52 million US cash in the bank, no debt, a substantial published mineral resource estimate at Los Ricos South, and is enjoying exceptional exploration success at Los Ricos North. We will be expanding on our drilling at Los Ricos North to have one of the most active exploration projects in Mexico and plan on completion of the preliminary economic assessment at Los Ricos South before the end of 2020. These are truly exceptional times for GoGold.”
Said VanGold Mining director William Gehlen, geologist and epithermal system expert: “There are a lot of things to like about these results, and chief among them is the uniformity of good grades from what was historically considered waste rock.”
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