Golconda Gold Ltd. (GGGOF)

[geodan]

Detailed Q PR and more:https://galanegold.com/news/english/index.php?content_id=233

As of the end of July, Galane Gold has commenced stoping in the Galaxy ore body and expects to see a marked increase in tonnes delivered to the processing plant going forward. This represents the final milestone to be met as the Company ramps up production to over 26,000 ounces per annum.(1)(2) In addition, Galaxy has exceeded its production budget for the second quarter, producing 2,496 ounces of gold (1,872 payable ounces). The Company also notes that Galaxy experienced no material effects from the recent unrest in South Africa.

“The results at Galaxy exceeded our expectations which was due to the additional hard rock feed and the mined grades being higher than the block models predicted. In addition, the commencement of stoping in Galaxy is the last milestone in the ramp up to the completion of Phase 1.

“Finally, on the site visit to Summit, I was impressed by the condition of both the mill and the underground. There is already almost two years of potential production available from stopes in the underground due to historic development that was not exploited before the mine went into care and maintenance in 2013. This represents a great platform for us to restart the operation with minimal capital investment.”(1) https://galanegold.com/news/english/index.php?content_id=233

So I see 4,000oz Q3 at Galaxy and 6,000 oz in Q4

Katchum has put out video on this

He is super bullish

They have new presentation with the new Summit mine included in detail, very enlightening https://galanegold.com/_resources/presentations/corporate-presentation.pdf On Summit it sounds like it will go into production quite a bit sooner than plan. There are ore bodies set up to mine " There is already almost two years of potential production available from stopes in the underground due to historic development that was not exploited before the mine went into care and maintenance in 2013" That is superb news they can start running not crawling.

Suggest reading that new presentation, lots of major info in it.

So now Galane is 32,000 gold oz producer it will be 50,000oz producer by Q4 annualized, 50,000 oz in 2022 then 70,000 oz in 2023 on way to 100,000 oz thereafter. That is with Summit on schedule, and it seems it will be ahead of schedule. What is market cap now? $31 million. Both Galaxy and Summit who are the future of Galane are way below $1,000 oz mines to boot in PEAs, Galaxy PEA: 43,000 oz per year @ AISC of $747 / oz and Summit is heavily silver, 50/50 dollar wise now but likely over 50% silver in future based on past gold/silver runs.

It should 10 bag in next 2 years.