GoGold Announces Filing of PEA Technical Report for Los Ricos South
GoGold Announces Filing of PEA Technical Report for Los
Ricos South
Shares Outstanding: 326,488,511
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Oct. 27, 2023
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to announce the filing of a National Instrument 43-101 Preliminary Economic Assessment ("PEA")
Technical Report (the "Report") for their Los Ricos South Project located in Jalisco State, Mexico. The highlights of the Report
were previously announced in a news release dated
September 12, 2023
, and the effective date of the Report is
September
12, 2023
.
Highlights of the PEA, with a base case silver price of
US$23.75
/oz and gold price of
US$1,850
/oz are as follows (all figures in
US dollars unless otherwise stated):
After-Tax net present value ("NPV") (using a discount rate of 5%) of
US$458 Million
with an After-Tax IRR of 37% (Base
Case);
11-year mine life producing a total of 88 Million payable silver equivalent ounces ("AgEq"), consisting of 47 Million silver
ounces, 493 Thousand gold ounces, and 14 Million pounds of copper;
Initial capital costs of
$148 Million
, including
$19 Million
in contingency costs, over an expected 18 month build, additional
expansion capital of
$69 Million
, and sustaining capital costs of
$72 Million
over the life of mine ("LOM");
Average LOM operating cash costs of
$8.15
/oz AgEq, and all in sustaining costs ("AISC") of
$9.02
/oz AgEq
Average annual production of 8 Million AgEq oz;
Approximately half of LOM metal production is long hole underground ("UG"), and approximately half is open pit ("OP")
mining;
"We're happy to file our technical report for Los Ricos South which provides the details of the updated PEA and Mineral
Resource. The projected cash flows and economics of the project are very robust, especially when combined with our Los
Ricos North PEA that was completed in March of this year. With an NPV of
US$458M
at LRS and
US$413M
at LRN, we now
have a total NPV of
US$871M
in our Los Ricos district," said
Brad Langille
, President and CEO. "Our work on the Pre-
Feasibility Study ("PFS") is ongoing and we are currently completing the advanced geotechnical work with our consultants. We
will also continue to focus our efforts on the mine plan as we believe further optimization opportunities may be possible. With
our strong balance sheet we will continue to advance the project rapidly."
Highlights of the updated Mineral Resource:
Increase of 55% in Measured & Indicated Silver Equivalent ("AgEq") Ounces from initial
January 2021
MRE, with 39%
increase in Measured & Indicated AgEq grade;
Inclusion of 1.9 Million tonnes Measured & Indicated at excellent grade of 516 g/t AgEq in underground Eagle Deposit;
Measured & Indicated Mineral Resource at LRS of 98.6 Million ounces AgEq grading 276 g/t AgEq contained in 11.1
Million tonnes ("Mt");
Increased confidence in MRE, with conversion of approximately 9 Million ounces AgEq from initial
January 2021
Inferred
Mineral Resources to Measured & Indicated, resulting in 13.6 Million ounces AgEq in Inferred Mineral Resources at LRS
grading 185 g/t AgEq contained in 2.3 Mt;
Total Los Ricos Measured & Indicated Mineral Resources of 186 Million ounces AgEq, including Los Ricos North
Total Los Ricos Inferred Mineral Resources of 84 Million ounces AgEq, including Los Ricos North
Updated PEA Summary
The updated PEA was prepared by independent consultants P&E Mining Consultants Inc ("P&E"), with metallurgical test work
completed by SGS Canada Inc.'s
Lakefield
office ("SGS"), geotechnical study by Golder & Associates of
Tucson
, process
plant design and costing by D.E.N.M. Engineering Ltd., and environmental and permitting led by CIMA
Mexico
.
Following are tables and figures showing key assumptions, results, and sensitivities.
Table 1 – LRS PEA Key Economic Assumptions and Results
Assumption / Result
Unit
Value
Assumption / Result
Unit
Value
Total OP Plant Feed Mined
kt
9,367
Net Revenue
US$M
2,049
Total UG Plant Feed Mined
kt
4,325
Initial Capital Costs
US$M
148
Total Plant Feed Mined
kt
13,692
Expansion Capital Costs
US$M
69
Operating Strip Ratio
Ratio
7.4
Sustaining Capital Costs
US$M
72
Silver Grade
1
g/t
125
OP Mining Costs
$/t Plant Feed
12.13
Gold Grade
1
g/t
1.18
UG Mining Costs
$/t Plant Feed
43.85
AgEq Grade
1
g/t
217
LOM Mining Costs
$/t Plant Feed
22.15
Silver Recovery
%
86
Operating Cash Cost
US$/oz AgEq
8.15
Gold Recovery
%
95
All in Sustaining Cost
US$/oz AgEq
9.02
Silver Price
US$/oz
23.75
Mine Life
Yrs
11
Gold Price
US$/oz
1,850
Average process rate
t/day
3,359
Copper Price
US$/lb
4.00
After-Tax NPV (5% discount)
US$M
458
Payable Silver Metal
Moz
46.8
Pre-Tax NPV (5% discount)
US$M
708
Payable Gold Metal
koz
493.1
After-Tax IRR
%
36.6
Payable Copper
Mlb
13.6
Pre-Tax IRR
%
49.1
Payable AgEq
Moz
87.5
After-Tax Payback Period
Yrs
2.3
1.
Grades shown are LOM average process plant feed grades including both OP and UG sources. External dilution of approximately 10% for OP material and 28% for UG material was incorporated in the mining schedule.
Figure 1 – LRS Cash Flow Profile by Year (CNW Group/GoGold Resources Inc.)
Figure 1 above highlights the excellent post-tax cash flows associated with the LRS project. The economics of the project have
been evaluated based on the base case scenario
US$23.75
/oz silver price and gold price of
US$1,850
/oz. As illustrated in the
following sensitivity tables, the project remains robust even at lower commodity prices or with higher costs.
Table 2 – LRS PEA Gold and Silver Price Sensitivities
Sensitivity
Base
Case
Silver Price (US$/oz)
17
19
21
23.75
26
30
33
Gold Price (US$/oz)
1,324
1,480
1,636
1,850
2,025
2,337
2,571
After-Tax NPV (5%) (US$M)
185
266
346
458
548
710
831
After-Tax IRR (%)
19.7
25.1
30.2
36.6
41.6
49.9
55.7
After-Tax Payback (years)
3.6
3.0
2.6
2.3
2.1
1.7
1.6
Table 3 – LRS PEA Operating Cost and Capital Cost Sensitivities
Sensitivity
-20 %
-10 %
Base
Case
10 %
20 %
Operating Costs – NPV (US$M)
526
492
458
423
389
Operating Costs – IRR (%)
40.6
38.6
36.6
34.6
32.5
Capital Costs – NPV (US$M)
495
476
458
439
420
Capital Costs – IRR (%)
45.2
40.5
36.6
33.3
30.4
Capital and Operating Costs
The LRS Project has been envisioned as a combined underground and open pit mining operation, with contract underground
mining in years one to seven of the mine plan, supplemented by contract open pit mining in years three to eleven.
The process plant is comprised of conventional crushing and grinding followed by cyanide tank leaching. Back end filtration is
required to maximize water recycling (dry stack tailings) as well as a SART (sulfidation, acidification re-neutralization and
thickening) circuit to re-generate cyanide back to the process and to produce a saleable Cu
2
S copper sulfide product. Water
supply to the process plant is provided by a nearby seasonally charged water dam and high voltage grid power is provided by
the local utility. Expansion capital includes the cost to increase the process plant capacity from 1,750 tonnes per day to 4,000
tonnes per day in year three.
Table 4 – LOM Capital Cost Estimate
Type
Initial
(US$k)
Expansion
(US$k)
1
Sustaining
(US$k)
Total
(US$k)
Process Plant direct costs
54,475
42,700
12,125
109,300
Underground development
60,706
48,473
109,179
Pre-stripping
19,074
500
19,574
Infrastructure
9,980
1,250
11,230
Project indirect costs
3,750
3,750
Total
128,911
61,774
62,348
253,033
Contingency (15%)
19,337
6,747
9,352
35,436
Total
148,247
68,521
71,700
288,469
1.
Expansion capital is not included in AISC calculations
Table 5 – Operating Costs (Average LOM)
Operating Costs (Average LOM)
US$/tonne
Plant Feed
US$/tonne
Rock
Open Pit Mining
1
12.13
1.64
Underground Mining
2
43.85
Total LOM Mining
3
22.15
Processing ($/t processed)
27.10
General and Admin ($/t processed)
2.52
Total ($/t processed)
51.78
1.
Open pit mining costs include a double-benched waste rock and mineralized material average unit cost of $1.47/t.
2.
Bulk underground long hole mining. $43.85 is the cost of in-stope mining, additional development costs of $11.21/t mined are included in sustaining capital in table 4, providing a total UG mining cost of $55.06/t.
3.
Average LOM mining cost of both open pit and underground.
Mining
The contract underground mining will involve long hole stoping and cemented paste back filling of the mined-out stopes.
Approximately 10% of the underground feed to the process plant will be sourced in close proximity to historical workings. The
open pit mining will be contracted and carried out by drill and blast followed by conventional loading and truck haulage to the
waste rock storage facilities and the process plant.
Metallurgy
A metallurgical test program was carried out by SGS Lakefield of
Ontario, Canada
. The program included grinding and leaching
as well as comminution testing. The leach samples comprised of drill core sampling rejects representing the various zones of
the Mineral Resource and whole HQ drill core for the comminution work. This preliminary test program estimated average gold
and silver respective metallurgical recoveries of 95% and 85%.
Surface Rights Agreement
The Company has an agreement with the
Ejido
of
Cinco Minas
, which owns the surface rights over all of those concessions
included in this PEA. The agreement allows GoGold to mine and explore the 1,280 hectares of land that is owned by the local
Ejido
for a period of twelve years with an option to renew for a further twelve years.
Mineral Resource Estimate
The basis for the PEA is the Mineral Resource Estimate completed by P&E for the Los Ricos South Project located in Jalisco
State,
Mexico
, which has an effective date of
September 12, 2023
, which is available on SEDAR. A summary of the Mineral
Resource Estimate is provided in Table 6.
Table 6: Los Ricos South Mineral Resource Estimate – Pit Constrained and Out-of-Pit
(1-9)
Mining Area
Category
Tonnes
Average Grade
Contained Metal
Au
Ag
Cu
AuEq
AgEq
Au
Ag
Cu
AuEq
AgEq
(M)
(g/t)
(g/t)
( %)
(g/t)
(g/t)
(koz)
(koz)
(Mlb)
(koz)
(koz)
Pit
Constrained
5
Measured
3.9
1.08
142
0.03
2.94
231
135.9
17,858
2.3
369.1
28,898
Indicated
2.8
0.68
89
0.03
1.87
146
60.7
8,022
1.9
167.3
13,097
M&I
6.7
0.91
120
0.03
2.49
195
196.6
25,880
4.2
536.4
41,995
Inferred
0.5
0.58
99
0.04
1.91
150
9.6
1,632
0.4
31.4
2,460
Pit - Cerro C
6
Inferred
0.9
0.72
31
0.01
1.12
88
20.9
905
0.2
32.8
2,568
Out-of-Pit
7,8
Measured
0.7
3.60
298
0.35
7.94
621
80.7
6,679
5.4
178.1
13,940
Eagle
Indicated
1.2
3.13
164
0.37
5.79
453
117.5
6,176
9.5
217.5
17,028
M&I
1.9
3.30
214
0.36
6.59
516
198.2
12,855
15.0
395.6
30,969
Inferred
0.1
3.63
122
0.54
6.00
470
7.8
261
0.8
12.9
1,006
Out-of-Pit
7,8
Measured
1.1
1.22
194
0.06
3.79
297
44.7
7,093
1.6
138.8
10,865
Main
Indicated
1.4
1.58
178
0.21
4.18
327
71.5
8,013
6.6
188.4
14,753
M&I
2.5
1.42
185
0.15
4.00
313
116.2
15,106
8.1
327.2
25,618
Inferred
0.8
1.42
133
0.41
3.73
292
36.8
3,431
7.2
96.6
7,566
Total
Measured
5.7
1.42
172
0.07
3.72
291
261.4
31,631
9.3
686.0
53,703
Indicated
5.4
1.45
129
0.15
3.33
260
249.7
22,210
18.0
573.2
44,878
M&I
11.1
1.43
151
0.11
3.53
276
511.0
53,841
27.3
1,259.2
98,582
Inferred
2.3
1.02
85
0.17
2.36
185
75.0
6,230
8.6
173.7
13,601
1.
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
2.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of
the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3.
The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4.
Historically mined areas were depleted from the Mineral Resource model.
5.
The pit constrained AgEq cut-off grade of 38 g/t Ag was derived from US$1,800/oz Au price, US$23.00/oz Ag price, 85% Ag and 95% Au process recovery, US$25/tonne process and G&A cost. The constraining pit
optimization parameters were $2.10/t mineralized material and waste mining cost, and 45-degree pit slopes.
6.
Cerro Colorado Resource constrained to open pit mining methods only; out-of-pit Mineral Resources are restricted to the Eagle and Abra mineralized veins, which exhibit historical continuity and reasonable potential for
extraction by cut and fill and longhole mining methods.
7.
The out-of-pit AgEq cut-off grade of 130 g/t Ag was derived from US$1,800/oz Au price, US$23.00/oz Ag price, 85% Ag and 95% Au process recovery, US$33/tonne process and G&A cost, and a $50/tonne mining cost. The
out-of-pit Mineral Resource grade blocks were quantified above the 130 g/t AgEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the
Los Ricos and Rascadero Veins, which exhibit historical continuity and reasonable potential for extraction by cut and fill and longhole mining methods.
8.
AgEq and AuEq were calculated at an Ag/Au ratio of 78.2:1 for pit constrained and out-of-pit Resources.
9.
Totals may not sum due to rounding.
Figure 2 – LRS Mineral Resource Block Model Visualization (CNW Group/GoGold Resources Inc.)
Mineral Resource Estimate Methodology – LRS
A total of 585 drill holes totalling 93,591 metres were used in the MRE.
P&E collaborated with GoGold personnel to develop the mineralization models, estimates, and reporting criteria for the
Resources at Los Ricos. Mineralization models were initially developed by GoGold and were reviewed and modified by P&E. A
total of eight individual mineralized domains have been identified through drilling, surface and historical underground sampling.
The modeled mineralization domains are constrained by individual wireframes based on a 0.30 g/t AuEq cut-off for low-grade
domains or 3.0 g/t AuEq for high-grade domains.
Mineralization wireframes were used as hard boundaries for the purposes of estimation.
A three-dimensional sub-blocked model, with
3m
x
3m
x
3m
parent and
1m
x
1m
x
1m
sub blocks, was used for the Mineral
Resource Estimate. The block model consists of estimated Au, Ag and Cu grades, estimated bulk density, and classification
criteria. Au and Ag equivalent block grades were subsequently calculated from the estimated Au, Ag and Cu grades.
Sample assays were composited to a
1 m
standard length. Au and Ag grades were estimated using Inverse Distance Cubed
weighting of between 1 and 12 composites, with a maximum of 2 composites per drill hole. Composites were capped prior to
estimation by mineralization domain. Composite samples were selected within an anisotropic search ellipse oriented down the
plunge of identified high grade trends.
Individual bulk density values were applied to mineralized domains separately and were statistically determined using 4,516
measurements taken from drill holes.
Classification criteria were determined from observed grade and geological continuity as well as variography. Measured
Mineral Resources are informed by 3 or more drill holes within
30 m
; Indicated Mineral Resources are informed by 2 or more
drill holes within
60 m
.
P&E is of the opinion that the Mineral Resource Estimates are suitable for public reporting and are a reasonable representation
of the mineralization and metal content of the Los Ricos Deposits.
Table 7: AgEq Cut-off Sensitivities – LRS Pit Constrained Mineral Resource
1
Cut-off
Tonnes
Average Grade
Contained Metal
Pit
Constrained
(AgEq)
Au
Ag
Cu
AuEq
AgEq
Au
Ag
Cu
AuEq
AgEq
(g/t)
(M)
(g/t)
(g/t)
( %)
(g/t)
(g/t)
(koz)
(koz)
(Mlb)
(koz)
(koz)
Measured
250
1.06
2.71
336
0.04
7.07
553
92
11,437
0.9
240
18,808
150
1.76
2.00
250
0.03
5.24
410
113
14,121
1.3
296
23,195
80
2.76
1.44
185
0.03
3.85
301
128
16,417
1.8
342
26,777
60
3.26
1.26
164
0.03
3.40
266
133
17,167
2.0
356
27,892
38
3.90
1.08
142
0.03
2.94
231
136
17,858
2.3
369
28,898
30
4.11
1.03
137
0.03
2.82
221
137
18,019
2.4
372
29,124
Indicated
250
0.39
2.34
257
0.07
5.74
449
29
3,188
0.6
71
5,559
150
0.74
1.67
188
0.05
4.15
325
40
4,496
0.9
99
7,783
80
1.67
1.00
123
0.04
2.62
205
54
6,586
1.4
141
11,027
60
2.15
0.83
106
0.03
2.23
175
58
7,314
1.6
155
12,098
38
2.79
0.68
89
0.03
1.87
146
61
8,022
1.9
167
13,097
30
2.99
0.64
85
0.03
1.77
138
61
8,188
1.9
170
13,323
Inferred
250
0.10
1.41
252
0.06
4.71
369
5
822
0.1
15
1,203
150
0.13
1.29
217
0.07
4.16
326
6
939
0.2
18
1,408
80
0.34
0.77
127
0.05
2.47
194
8
1,394
0.4
27
2,119
60
0.45
0.64
108
0.04
2.08
163
9
1,572
0.4
30
2,374
38
0.51
0.58
99
0.04
1.91
150
10
1,632
0.4
31
2,460
30
0.54
0.56
96
0.04
1.84
144
10
1,652
0.5
32
2,490
1.
See Table 6 notes for assumptions
Table 8: AgEq Cut-off Sensitivities – LRS Out-of-Pit Mineral Resource
1,2
Cut-off
Tonnes
Average Grade
Contained Metal
Out-of-Pit
(AgEq)
Au
Ag
Cu
AuEq
AgEq
Au
Ag
Cu
AuEq
AgEq
(g/t)
(M)
(g/t)
(g/t)
( %)
(g/t)
(g/t)
(koz)
(koz)
(Mlb)
(koz)
(koz)
250
1.03
3.12
337
0.24
7.79
610
103
11,141
5.3
257
20,142
200
1.26
2.76
297
0.21
6.88
539
112
12,045
5.9
279
21,819
150
1.63
2.31
252
0.19
5.81
455
122
13,220
6.7
305
23,891
Measured
140
1.73
2.22
243
0.18
5.60
438
123
13,477
6.8
311
24,323
130
1.84
2.12
233
0.17
5.37
420
125
13,773
7.0
317
24,805
120
1.99
2.00
221
0.16
5.08
397
128
14,165
7.2
325
25,417
Indicated
250
1.59
3.13
224
0.35
6.52
510
160
11,425
12.2
333
26,052
200
1.92
2.80
203
0.33
5.89
461
173
12,529
13.8
363
28,444
150
2.31
2.47
183
0.30
5.26
412
183
13,607
15.2
391
30,610
140
2.43
2.38
178
0.29
5.10
399
186
13,885
15.6
398
31,165
130
2.57
2.29
172
0.28
4.91
384
189
14,189
16.1
406
31,781
120
2.74
2.18
165
0.28
4.71
369
192
14,520
16.7
414
32,445
Inferred
250
0.47
2.26
185
0.49
5.37
421
34
2,789
5.1
81
6,346
200
0.57
2.07
168
0.47
4.93
386
38
3,073
5.9
90
7,064
150
0.72
1.81
148
0.44
4.37
342
42
3,413
6.9
101
7,882
140
0.77
1.73
142
0.43
4.19
328
43
3,514
7.3
104
8,139
130
0.87
1.59
132
0.42
3.91
306
45
3,693
8.0
109
8,572
120
1.00
1.44
121
0.40
3.60
282
47
3,897
8.9
116
9,098
1.
See Table 6 notes for assumptions
Table 9: Los Ricos Mineral Resources – LRS & LRN
(1-4)
Deposit
Tonnes
Average Grade
Contained Metal
Au
Ag
Cu
Pb
Zn
AuEq
AgEq
Au
Ag
Cu
Pb
Zn
AuEq
AgEq
(M)
(g/t)
(g/t)
( %)
( %)
( %)
(g/t)
(g/t)
(koz)
(koz)
(Ml
b
)
(Ml
b
)
(Ml
b
)
(koz)
(koz)
LRS Measured
1
5.7
1.42
172
0.07
3.72
291
261
31,631
9
-
-
686
53,703
Indicated:
LRN (Oxide)
2
14.5
0.37
100
-
-
-
1.71
127
171
46,500
-
-
-
801
59,100
LRS (Oxide)
1
5.4
1.45
129
0.15
-
-
3.33
260
250
22,210
18
-
-
573
44,878
LRN (Sulfide)
2
7.8
0.06
28
0.11
0.88
1.33
1.55
114
15
7,011
19
151
229
389
28,708
Total Indicated
27.7
1.98
149
436
75,721
37
151
229
1,763
132,686
Measured & Indicated
33.4
2.28
174
697
107,352
46
151
229
2,449
186,390
Inferred:
LRN (Oxide)
2
15.0
0.28
91
-
-
-
1.52
112
136
44,131
-
-
-
734
54,191
LRS (Oxide)
1
2.3
1.02
85
0.17
-
-
2.36
185
75
6,230
9
-
-
174
13,601
LRN (Sulfide)
2
5.5
0.06
28
0.12
0.74
1.2
1.46
108
11
4,888
15
90
146
258
19,007
Total Inferred
22.8
1.59
119
222
55,249
24
90
146
1,166
86,799
1.
See Table 6 notes for assumptions
2.
See GoGold press release #04-2022 dated January 21, 2022 for full details regarding the LRN Resource.
3.
AgEq and AuEq calculated at an Ag/Au ratio of 87.5.
4.
Totals may not agree due to rounding.
Qualified Persons
Robert Harris
, P.Eng. and
David Duncan
, P.Geo. are the GoGold Qualified Persons and
Eugene Puritch
, P.Eng., FEC, CET,
President of P&E Mining Consultants Inc. and
David J. Salari
, P. Eng., D.E.N.M. Engineering Ltd. are Independent Qualified
Persons all as defined by National Instrument 43-101 and have reviewed and approved the technical information in this press
release.
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets,
3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.
The VRIFY 3D Slide Deck for GoGold can be viewed at:
https://vrify.com/companies/gogold-resources-inc
and on the
Company's website at:
www.gogoldresources.com
.
Los Ricos District Exploration Projects
The Company's two exploration projects at its Los Ricos Property are in
Jalisco
state,
Mexico
. The Los Ricos South Project
began in
March 2019
, with the most recent Mineral Resource Estimate announced on
September 12, 2023
, which disclosed a
Measured & Indicated Mineral Resource of 98.6 Million ounces AgEq grading 276 g/t AgEq contained in 11.1 Million tonnes,
and an Inferred Mineral Resource of 11.0 Million ounces AgEq grading 248 g/t AgEq contained in 1.4 Million tonnes. The most
recent PEA on the Project was announced on
September 12, 2023
, indicating an after-tax NPV
5%
of
US$458M
.
The Los Ricos North Project was launched in
March 2020
and an initial Mineral Resource Estimate was announced on
December 7, 2021
, which disclosed an Indicated Mineral Resource Estimate of 87.8 million ounces AgEq grading 122 g/t AgEq
contained in 22.3 Million tonnes, and an Inferred Mineral Resource Estimate of 73.2 million ounces AgEq grading 111 g/t AgEq
contained in 20.5 Million tonnes. An initial PEA on the Project was announced on
May 17, 2023
, indicating an NPV
5%
of
US$413M
.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and
acquiring high quality projects in Mexico. The Company operates the Parral Tailings Project in the
state of Chihuahua
and has
the Los Ricos South and Los Ricos North exploration Projects in the state of
Jalisco
. Headquartered in
Halifax, NS
, GoGold is
building a portfolio of low cost, high margin projects. For more information visit
gogoldresources.com
.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within
the United States
or to,
or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom.
This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in
the United
States
.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All
statements other than statements of historical fact, included in this release, including, without limitation, statements regarding
the Los Ricos South and North projects, and future plans and objectives of GoGold, including the NPV, IRR, initial and
sustaining capital costs, operating costs, and LOM production of Los Ricos South, constitute forward looking information that
involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which
have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in
connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions,
mineral prices, the accuracy of Mineral Resource Estimates, and the performance of the Parral Project. There can be no
assurance that such information will prove to be accurate and actual results and future events could differ materially from those
anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and
development risks associated with GoGold's projects, the failure to establish estimated Mineral Resources or Mineral
Reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional
information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure
materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The
forward-looking information contained in this release is made as of the date of this release.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/gogold-announces-filing-of-pea-technical-report-for-los-ricos-south-301969641.html
SOURCE
GoGold Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2023/27/c4486.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 09:00e 27-OCT-23