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Trading Symbols: TSX: GGD
OTCQX: GLGDF
Highlights of the Mineral Resource Estimate:
- Measured & Indicated Mineral Resource at Los Ricos South of 63.7 million ounces silver equivalent ("AgEq") grading 199 g/t AgEq contained in 10.0 million tonnes ("Mt")
- Inferred Mineral Resource at Los Ricos South of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 Mt
- Los Ricos South Mineral Resource is potentially amenable to both open pit and bulk underground mining methods
"Beyond some additional Mineral Resource drilling, we see the next steps at Los Ricos South, in conjunction with our primary technical consultant
The Report is available on the Company's website and SEDAR. The pit constrained and out-of-pit Mineral Resource Estimate for Los Ricos South are summarized below in Table 1.
Surface Rights Agreement
The
Table 1: Los Ricos South Mineral Resource Estimate – Pit Constrained and Out-of-Pit(1-8)
Mining | Category | Tonnes | Average Grade | Contained Metal | ||||||
Au | Ag | AuEq | AgEq | Au | Ag | AuEq | AgEq | |||
(Mt) | (g/t) | (g/t) | (g/t) | (g/t) | (koz) | (koz) | (koz) | (koz) | ||
Pit Constrained5 | Measured | 1.1 | 1.10 | 152 | 2.84 | 249 | 39 | 5,464 | 102 | 8,917 |
Indicated | 8.7 | 0.89 | 113 | 2.18 | 191 | 247 | 31,681 | 610 | 53,330 | |
Measured & Indicated | 9.8 | 0.91 | 118 | 2.26 | 197 | 287 | 37,146 | 711 | 62,243 | |
Inferred | 2.3 | 0.75 | 73 | 1.58 | 138 | 56 | 5,421 | 118 | 10,296 | |
Out-of-Pit6,7 | Indicated | 0.2 | 1.23 | 185 | 3.35 | 293 | 6 | 907 | 16 | 1,434 |
Inferred | 0.9 | 1.21 | 209 | 3.60 | 315 | 37 | 6,360 | 110 | 9,588 | |
Total | Measured | 1.1 | 1.10 | 152 | 2.84 | 249 | 39 | 5,464 | 102 | 8,917 |
Indicated | 8.8 | 0.89 | 115 | 2.20 | 193 | 253 | 32,588 | 626 | 54,765 | |
Measured & Indicated | 10.0 | 0.91 | 119 | 2.27 | 199 | 293 | 38,053 | 728 | 63,677 | |
Inferred | 3.3 | 0.88 | 112 | 2.17 | 190 | 93 | 11,781 | 227 | 19,884 |
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. | |
4. | Historically mined areas were depleted from the Mineral Resource model. |
5. | The pit constrained AuEq cut-off grade of 0.43 g/t Au was derived from |
6. | The out-of-pit AuEq cut-off grade of 1.8 g/t Au was derived from |
7. | No out-of-pit Mineral Resources are categorized as Measured. |
8. | AgEq and AuEq calculated at an Ag/Au ratio of 87.5:1. |
Qualified Persons
The independent Qualified Person for the Mineral Resource and Mineral Reserve disclosure for the project is
Los Ricos Exploration Projects
The Company's two exploration projects at its Los Ricos property are in
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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 "
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 South and North projects, communication with warrant holders, 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 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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