Langille said record production for the year and September quarter from the Parral tailings retreatment project in Chihuahua enabled the company to generate $43.1 million net income for the period, reversing the previous year's $41.1 million impairment, and $12.6 million of free cash flow.

"Parral had an excellent year which resulted in a reversal of a previously recorded impairment of $41.1 million, which really reflects on how strongly that asset is performing now," said Langille.

"With our $52.7 million cash balance and the cash flow from our Parral operation, we are well positioned to continue the rapid advancement of the Los Ricos district."

Parral produced $39.5 million revenues from 2.2Moz silver-equivalent sales at $14.82/oz AISC for the year to September 30.

GoGold has the Los Ricos South and Los Ricos North projects, 25km apart, in a historic mining district about 100km northwest of Gaudalajara in Jalisco state. A maiden 43-101 compliant resource of 63.7Moz silver-eq (at an average 1.99gpt, measured and indicated) on Los Ricos South was announced mid-year.

GoGold expects to publish a preliminary economic assessment on Los Ricos before year-end, and complete about 100,000m of drilling at Los Ricos North in 2021. An initial resource for the northern project is expected to be posted by June next year.

GoGold has a strong following among institutional owners including Sprott Asset Management, Van Eck, Fourth Sail and Merck.

Shares in the company (TSX:GGD) went from a COVID-low of C39c in March to a new 12-month high on Thursday at $1.98. It has a market cap of $502.5 million (US$395 million).