Gold Resource Corporation (GRC) is a mining company that pursues gold and silver projects that are expected to achieve both low operating costs and high returns on capital. GRC has consolidated 100% interest in six properties in the southern state of Oaxaca, Mexico. The Company's Oaxaca properties were selected based on their potential to meet the Company's objectives of low operating costs and potential for high returns-on-capital. GRC currently controls over 684 square kilometers, including 55 kilometers of a geologically important structural fault corridor running North 70 West. The Company's flagship operation is the Aguila Project, a part of Don David Gold Mexico, where the Arista underground polymetallic deposit is currently in production. We produce gold and silver doré and copper, lead, and zinc concentrates which also contain gold and silver. GRC's second operating mine is the Mirador Mine on the Alta Gracia Project. The Company's additional four exploration properties are all within trucking distance of the Aguila Project's processing facilities. GRC's objective is to ultimately have multiple properties feeding ore to the strategically located mill, which aims to potentially reduce the capital required to put any future deposit discoveries into production.
After careful and lengthy evaluation of the investment opportunity of acquiring Aquila Resources Inc., whose principal asset is the Back Forty Project in the Upper Peninsula of Michigan, USA, on December 10, 2021, we purchased all of the issued and outstanding shares of Aquila by way of a plan of arrangement under the Business Corporation Act (Ontario).
Back Forty Project, when developed, is expected to produce gold and silver doré and copper, lead and zinc concentrates bearing gold and silver. The current feasibility study is planned to be completed in the first half of 2022 with permitting and detailed engineering to continue into 2023. The Company has commenced early integration of the project team to optimize the feasibility study, related mine plan and to ensure a positive long-term impact on the environment and host communities.