ROTH Capital Research repeats Buy rating, $6.50 price target Gold Resource Corp shares following recent second quarter update

ROTH Capital Research has reiterated a Buy rating and $6.50 price target on shares in Gold Resource Corporation (NYSEMKT:GORO) following the miner’s recent second quarter production update.

Mexico Unit production steady as Nevada Unit nears commercial production, ROTH’s analysts said in a note.

They pointed out that, during the quarter, Gold Resource’s production totaled 9,559 ounces of gold, and 467,484 ounces of silver, which was in line with their precious metals production estimates for the quarter.

The analysts concluded: “In our view, reaching commercial production at Isabella Pearl in Nevada remains the largest catalyst for the company in 2H20.”

On April 29 this year, the Isabella Pearl mine in Nevada produced its first dore bar, a semi-pure alloy of gold and silver, and since then the mine has produced gold consistently, Gold Resource said in its statement last week.

The mine continues to ramp up production and the firm expects the project to reach commercial production during the second half of 2019, it added.

Production guidance for this year at the Nevada unit is expected to be announced soon when the Isabella Pearl project has reached commercial production levels, the group concluded.

Story by ProactiveInvestors