GoGold Provides Update on Ongoing Los Ricos Definitive Feasibility Study
GoGold Provides Update on Ongoing Los Ricos Definitive
Feasibility Study
Shares Outstanding: 329,527,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Sept. 10, 2024
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is
pleased to provide an update on the activities related to their Los Ricos South ("LRS") and Los Ricos North ("LRN") projects. The
Company is in the final phases of completing a definitive feasibility study ("DFS") for LRS. The most significant change from the
LRS preliminary economic assessment to the DFS is a reworking of the mine plan with a focus on underground mining. The mine
plan has now been re-engineered into an underground mine life for 12 years of mining.
"In the DFS, the Company has opted for an underground bulk mine taking advantage of the large widths of mineralization within the
deposit. We have been able to re-engineer a 2,000 tonne per day mine plan for at least 12 years of underground mining using the
longitudinal sub-level long-hole mining method," said
Brad Langille
, President and CEO. "The advantages of re-engineering the mine
for the first 12 years as an underground-only mine are a reduced surface disturbance and no requirement for an open pit permit.
There has been no controversy regarding underground mine permits in
Mexico
, while open pit permits are currently the subject of
potential constitutional amendments. Our geological team have now turned their attention to remodeling the LRN deposit as an
underground mine as well. We believe LRN has the potential and opportunity to engineer the deposit as an underground mine
without the need for open pit permits."
The LRS DFS is nearing completion with many key components of the study currently completed. The underground mining will be
completed through contract mining. Management will develop a mine services team to manage contractors for the project.
Metallurgy
In support of the feasibility study on the Los Ricos South deposits, an extensive metallurgical test program was completed at SGS
Lakefield on representative drill core from the deposit. The program was designed to test and validate the key components of the
process to confirm plant performance including:
- Crushing and grinding
- Thickening and filtration
- Cyanide leaching and reagent consumptions
- SART (sulfidation, acidification, re-neutralization and thickening) performance
-
Merrill Crowe
(zinc precipitation)
- Dry-stack tailings detoxification and dewatering (maximizing water recovery)
Based on the extensive program, and life of mine mill simulation, the plant will use a conventional whole ore leaching process with a
simplistic flow sheet and will produce silver-gold dore bars and a copper precipitate.
Dewatered and detoxified tailings were tested at
Paterson
and Cook in
Sudbury, Ontario
to determine the paste backfill recipe
(cement addition rate) for the underground mine and minimize process water usage. The advantages of underground paste backfill
are both maximum stability of the mine and the majority of the mine tailings will be placed as cemented paste underground reducing
surface impact.
LRS Power and Land Rights
The Company is finalizing an agreement with the Comision Federal de Electricidad ("CFE"), to secure an adequate power supply for
LRS. Electricity for the project sourced from the nearby
La Yesca
hydroelectric dam.
Figure 1 - La Yesca Dam (CNW Group/GoGold Resources Inc.)
The Company has also secured the rights to the land where the mill and processing for LRS will be located. Agreements were
entered into with multiple farmers and stakeholders providing compensation for the usage of the required land.
Mill Design
The process mill design work is nearing completion, with design and engineering work 90% complete currently. Similar to the PEA
design, 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 copper sulfide product. The mill will produce saleable
silver-gold dore bars.
Figure 2 - Mill Design (CNW Group/GoGold Resources Inc.)
Los Ricos North
GoGold's geological team has began relogging drill holes and data at LRN with a focus on converting the 2023 LRN PEA mine plan
for the deposits which was designed as an open-pit mine into and underground mine plan similar to LRS. Management is working
towards a revised PEA / PFS to be released in 2025.
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 mine in the
state of Chihuahua
and has the Los
Ricos South and Los Ricos North 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 Parral tailings
project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of
GoGold, 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 the 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.
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For further information:
For further information please contact: Steve Low, Corporate Development, GoGold Resources Inc., T:
416 855 0435, Email : [email protected], Or visit : www.gogoldresources.com
CO: GoGold Resources Inc.
CNW 07:30e 10-SEP-24