These new results further confirm the robustness and strong growth potential of the Patwon gold zone, company says.

Expected interest rate rises have created significant uncertainty and volatility in the resources sector, the company says.

Operations at the gold mine in Mexico have been suspended, owing to illegal blockades by a group of unionised employees and community members.

Company has entered into an at-the-market offering agreement with H.C. Wainwright & Co acting as agent.

The company is now focused on optimization of key parameters for full scale operations.

The open pit contains known fault zones, and the mining plan calls for production to shift below the danger zones.

Ely Gold is focused on Nevada and has royalties on three of the state’s largest gold mines — Jerritt Canyon, Goldstrike and Marigold — as well as on the Fenelon mine in Quebec.

Last week's decline prompted ETFs to add the most gold in three months on Friday, as some investors saw it as a buying opportunity.