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Trading Symbols: TSX: GGD
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Highlights of the Mineral Resource Estimate:
- Indicated Mineral Resource at Los Ricos North of 87.8 million ounces silver equivalent ("AgEq") grading 122 g/t AgEq contained in 22.3 million tonnes ("Mt") (Table 1)
- Inferred Mineral Resource at Los Ricos North of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 Mt (Table 1)
- Sensitivity analysis of pit constrained Mineral Resources at higher cut-off of 50 g/t AgEq show an Indicated Mineral Resource of 80.3 million ounces AgEq grading 147 g/t AgEq and an Inferred Mineral Resource of 60.7 million ounces AgEq grading 129 g/t AgEq (Figure 1) (Table 2)
- Los Ricos North Mineral Resource is calculated as a pit constrained Mineral Resource forming 96% of the Mineral Resource Estimate, with 4% being out-of-pit Mineral Resource (Indicated 0.9 million ounces AgEq grading 163 g/t AgEq and Inferred 6.4 million ounces grading 178 g/t AgEq)
- Total Los Ricos Measured & Indicated Mineral Resources of 151.5 million ounces AgEq (Table 3)
- Total Los Ricos Inferred Mineral Resource of 93.1 million ounces AgEq (Table 3)
- Total Company Measured & Indicated Mineral Resources of 187.5 million ounces AgEq (Table 4)
- Total Company Inferred Mineral Resources of 93.1 million ounces AgEq (Table 4)
- In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional Mineral Resource ounces is planned for 2022
"The initial Mineral Resource Estimate at Los Ricos North represented the first 100,000 metres of drilling at Los Ricos North, and established the
The Los Ricos North Mineral Resource Estimate by deposit is provided below in Table 1.
Table 1: Los Ricos North Mineral Resource Estimate (1-11)
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(Mt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
Indicated: | |||||||||||||||
7.7 | 0.27 | 98 | - | - | - | 1.61 | 119 | 68 | 24,413 | - | - | - | 399 | 29,454 | |
Casados | 3.2 | 0.42 | 124 | - | - | - | 2.09 | 154 | 43 | 12,871 | - | - | - | 218 | 16,061 |
La Trini | 3.1 | 0.54 | 74 | - | - | - | 1.54 | 114 | 54 | 7,428 | - | - | - | 155 | 11,424 |
Mololoa | 0.4 | 0.36 | 130 | - | - | - | 2.12 | 157 | 5 | 1,788 | - | - | - | 29 | 2,161 |
Silver-Gold | 14.5 | 0.37 | 100 | - | - | - | 1.71 | 127 | 171 | 46,500 | - | - | - | 801 | 59,100 |
El Orito Sulfide | 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 | 22.3 | 1.66 | 122 | 186 | 53,510 | 1,190 | 87,808 | ||||||||
Inferred: | |||||||||||||||
12.4 | 0.27 | 89 | - | - | - | 1.47 | 108 | 106 | 35,505 | - | - | - | 587 | 43,350 | |
Casados | 1.8 | 0.35 | 108 | - | - | - | 1.82 | 135 | 21 | 6,323 | - | - | - | 106 | 7,843 |
La Trini | 0.1 | 0.43 | 108 | - | - | - | 1.89 | 139 | 1 | 201 | - | - | - | 4 | 260 |
Mololoa | 0.7 | 0.39 | 94 | - | - | - | 1.66 | 122 | 9 | 2,102 | - | - | - | 37 | 2,739 |
Silver-Gold | 15.0 | 0.28 | 91 | - | - | - | 1.52 | 112 | 136 | 44,131 | - | - | - | 734 | 54,191 |
El Orito Sulfide | 5.5 | 0.06 | 28 | 0.12 | 0.74 | 1.20 | 1.46 | 108 | 11 | 4,888 | 15 | 90 | 146 | 258 | 19,007 |
Total Inferred | 20.5 | 1.51 | 111 | 148 | 49,019 | 992 | 73,198 |
1. | |
2. | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources |
3. | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and |
4. |
|
5. | Historically mined areas were depleted from the Mineral Resource model. |
6. | Approximately 98.9% of the indicated and 91.3% of the Inferred contained AgEq ounces are pit constrained, with the remainder out |
7. | The pit constrained AgEq cut-off grade of 29 g/t Ag was derived from |
8. | The out-of-pit AuEq cut-off grade of 119 g/t Ag was derived from |
9. | No Mineral Resources are classified as Measured. |
10. | AgEq and AuEq calculated at an Ag/Au ratio of 73.8:1. |
11. | Totals may not agree due to rounding |
Table 2: Cut-off Sensitivities – Pit Constrained Mineral Resource1
Cut-off (AgEq) | Tonnes | Average Grade | Contained Metal | |||||||
Pit | Au | Ag | AuEq | AgEq | Au | Ag | AuEq | AgEq | ||
(g/t) | (Mt) | (g/t) | (g/t) | (g/t) | (g/t) | (koz) | (koz) | (koz) | (koz) | |
Indicated | 50 | 17.0 | 0.31 | 89 | 1.99 | 147 | 170 | 48,811 | 1,088 | 80,288 |
40 | 19.5 | 0.28 | 81 | 1.81 | 134 | 177 | 51,061 | 1,138 | 83,951 | |
29 | 22.1 | 0.26 | 74 | 1.65 | 122 | 183 | 52,886 | 1,177 | 86,862 | |
20 | 23.7 | 0.24 | 70 | 1.57 | 116 | 185 | 53,681 | 1,194 | 88,106 | |
Inferred | 50 | 14.7 | 0.26 | 85 | 1.74 | 129 | 121 | 40,312 | 823 | 60,735 |
40 | 17.2 | 0.23 | 78 | 1.58 | 116 | 128 | 42,834 | 872 | 64,380 | |
29 | 19.4 | 0.21 | 71 | 1.45 | 107 | 133 | 44,456 | 905 | 66,814 | |
20 | 20.8 | 0.20 | 68 | 1.38 | 102 | 135 | 45,181 | 921 | 67,951 |
1. | See Table 1 notes for assumptions |
Mineral Resource Estimate Methodology – Los Ricos North
A total of 503 drill holes totalling 106,982 metres were used in the Mineral Resource Estimate. The nearest neighbour mean distance between drill hole collars is 23 metres.
Mineralization wireframes were used as hard boundaries for the purposes of grade estimation.
A 5m x 2.5m x 5m three-dimensional block model was used for the Mineral Resource Estimate. The block model consists of estimated Au and Ag grades, estimated bulk density, classification criteria, and a block wireframe volume inclusion percent factor. Ag equivalent block grades were subsequently calculated from the estimated Au and Ag grades. The average bulk density by deposit was assigned for the Mineral Resource Estimate.
Assay samples were composited to a 1.00m standard length. Au and Ag grades were estimated using Inverse Distance Cubed weighting of between 4 and 12 composites, with a maximum of 3 composites per drill hole. Composites were capped prior to grade estimation by mineralization domain. Composites were selected within an anisotropic search ellipse oriented parallel to the axes of the modelled domains.
Classification criteria were determined from observed grade, geological continuity, and variography. Indicated Mineral Resources are informed by 3 or more drill holes within 50m.
P&E's Qualified Persons are 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 North Deposits.
Table 3: Los Ricos Mineral Resources – Los Ricos North ("LRN") & Los Ricos South ("LRS")(1-7)
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(Mt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
LRS Measured | 1.1 | 1.10 | 152 | - | - | - | 2.84 | 249 | 39 | 5,464 | - | - | - | 102 | 8,917 |
Indicated: | |||||||||||||||
LRN Oxide1 | 14.5 | 0.37 | 100 | - | - | - | 1.71 | 127 | 171 | 46,500 | - | - | - | 801 | 59,100 |
LRS (Oxide)2-6 | 8.8 | 0.89 | 115 | - | - | - | 2.20 | 193 | 253 | 32,588 | - | - | - | 626 | 54,765 |
LRN Sulfide1 | 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 | 31.1 | 1.93 | 143 | 439 | 86,099 | 1,816 | 142,573 | ||||||||
Measured & | 32.2 | 1.98 | 146 | 478 | 91,563 | 1,918 | 151,490 | ||||||||
Inferred: | |||||||||||||||
LRN Oxide1 | 15.0 | 0.28 | 91 | - | - | - | 1.52 | 112 | 136 | 44,131 | - | - | - | 734 | 54,191 |
LRS (Oxide)2-6 | 3.3 | 0.88 | 112 | - | - | - | 2.17 | 190 | 93 | 11,781 | - | - | - | 227 | 19,884 |
LRN Sulfide1 | 5.5 | 0.06 | 28 | 0.12 | 0.74 | 1.20 | 1.46 | 108 | 11 | 4,888 | 15 | 90 | 146 | 258 | 19,007 |
Total Inferred | 23.8 | 1.65 | 122 | 240 | 60,800 | 1,219 | 93,082 |
1. | See Table 1 notes for assumptions |
2. | See GoGold press release #29-2020 dated |
3. | The LRS pit constrained AuEq cut-off grade of 0.43 g/t Au was derived from |
4. | The LRS out-of-pit AuEq cut-off grade of 1.4 g/t Au was derived from |
5. | No out-of-pit Mineral Resources are classified as Measured at LRS. |
6. | AgEq and AuEq calculated at an Ag/Au ratio of 87.5 for LRS. |
7. | Totals may not agree due to rounding. |
Table 4: Company Wide Mineral Resources(1-3)
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(Mt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
Measured: | |||||||||||||||
LRS1 | 1.1 | 1.10 | 152 | - | - | - | 2.84 | 249 | 39 | 5,464 | - | - | - | 102 | 8,917 |
Parral2 | 6.8 | 0.35 | 32 | - | - | - | 0.77 | 58 | 76 | 6,897 | - | - | - | 168 | 12,532 |
Esmerelda3 | 5.7 | 0.26 | 49 | - | - | - | 0.82 | 72 | 48 | 8,985 | - | - | - | 151 | 13,194 |
Total Measured | 13.6 | 0.37 | 49 | - | - | - | 1.07 | 79 | 163 | 21,346 | - | - | - | 421 | 34,643 |
Indicated: | |||||||||||||||
LRN Oxide1 | 14.5 | 0.37 | 100 | - | - | - | 1.71 | 127 | 171 | 46,500 | - | - | - | 801 | 59,100 |
LRS (Oxide)1 | 8.8 | 0.89 | 115 | - | - | - | 2.20 | 193 | 253 | 32,588 | - | - | - | 626 | 54,765 |
LRN Sulfide1 | 7.8 | 0.06 | 28 | 0.11 | 0.88 | 1.33 | 1.55 | 114 | 15 | 7,011 | 19 | 151 | 229 | 389 | 28,708 |
Parral2 | 6.0 | 0.35 | 34 | - | - | - | 0.81 | 60 | 68 | 6,525 | - | - | - | 157 | 11,554 |
Esmerelda3 | 0.1 | 0.00 | 48 | - | - | - | 0.77 | 67 | - | 80 | - | - | - | 1 | 112 |
Total Indicated | 37.2 | 1.75 | 129 | 507 | 92,704 | 1,974 | 154,239 | ||||||||
Measured & | 50.8 | 1.57 | 116 | 670 | 114,050 | 2,395 | 188,882 | ||||||||
Inferred: | |||||||||||||||
LRN Oxide1 | 15.0 | 0.28 | 91 | - | - | - | 1.52 | 112 | 136 | 44,131 | - | - | - | 734 | 54,191 |
LRS (Oxide)1 | 3.3 | 0.88 | 112 | - | - | - | 2.17 | 190 | 93 | 11,781 | - | - | - | 227 | 19,884 |
LRN Sulfide1 | 5.5 | 0.06 | 28 | 0.12 | 0.74 | 1.20 | 1.46 | 108 | 11 | 4,888 | 15 | 90 | 146 | 258 | 19,007 |
Total Inferred | 23.8 | 1.65 | 122 | 240 | 60,800 | 1,219 | 93,082 |
1. | See Table 2 for LRN and LRS assumptions. |
2. | Parral Mineral Resources are inclusive of Mineral Reserves – see GoGold press release #2021-43 dated |
3. | Esmerelda Mineral Resources are based on |
Table 5 – Los Ricos North Mineral Resource Estimate – Pit Constrained (1)
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(Mt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
Indicated: | |||||||||||||||
7.7 | 0.28 | 98 | - | - | - | 1.60 | 118 | 68 | 24,366 | - | - | - | 398 | 29,395 | |
Casados | 3.2 | 0.42 | 123 | - | - | - | 2.09 | 154 | 43 | 12,782 | - | - | - | 216 | 15,957 |
La Trini | 3.0 | 0.54 | 72 | - | - | - | 1.51 | 112 | 52 | 6,970 | - | - | - | 146 | 10,781 |
Mololoa | 0.4 | 0.37 | 129 | - | - | - | 2.12 | 156 | 5 | 1,770 | - | - | - | 29 | 2,139 |
Silver-Gold | 14.3 | 0.37 | 100 | - | - | - | 1.72 | 127 | 168 | 45,888 | - | - | - | 789 | 58,272 |
El Orito Sulfide | 7.8 | 0.06 | 28 | 0.11 | 0.89 | 1.32 | 1.55 | 114 | 15 | 6,997 | 19 | 151 | 227 | 387 | 28,591 |
Indicated | 22.1 | 1.66 | 122 | 168 | 45,888 | 1,176 | 86,863 | ||||||||
Inferred: | |||||||||||||||
11.7 | 0.25 | 85 | - | - | - | 1.41 | 104 | 95 | 32,053 | - | - | - | 529 | 39,051 | |
Casados | 1.8 | 0.35 | 107 | - | - | - | 1.79 | 132 | 20 | 6,014 | - | - | - | 101 | 7,464 |
Mololoa | 0.6 | 0.37 | 85 | - | - | - | 1.52 | 112 | 7 | 1,619 | - | - | - | 29 | 2,134 |
Silver-Gold | 14.1 | 0.27 | 88 | - | - | - | 1.45 | 107 | 122 | 39,686 | - | - | - | 659 | 48,649 |
El Orito Sulfide | 5.3 | 0.07 | 28 | 0.12 | 0.73 | 1.17 | 1.44 | 106 | 11 | 4,768 | 14 | 85 | 137 | 246 | 18,162 |
Inferred | 19.4 | 1.45 | 107 | 140 | 44,454 | 905 | 66,811 |
1. | See Table 1 notes for assumptions |
Table 6 – Los Ricos North Mineral Resource Estimate – Out-of-Pit(1,2)
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(kt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
Indicated: | |||||||||||||||
11 | 0.45 | 131 | - | - | - | 2.23 | 164 | 0.2 | 47 | - | - | - | 0.8 | 59 | |
Casados | 18 | 0.38 | 154 | - | - | - | 2.46 | 182 | 0.2 | 88 | - | - | - | 1.4 | 105 |
La Trini | 126 | 0.62 | 113 | - | - | - | 2.16 | 159 | 2.5 | 458 | - | - | - | 8.7 | 643 |
Mololoa | 3 | 0.51 | 188 | - | - | - | 3.05 | 225 | - | 18 | - | - | - | 0.3 | 22 |
Silver-Gold | 158 | 0.57 | 120 | - | - | - | 2.21 | 163 | 2.9 | 611 | - | - | - | 11.2 | 829 |
El Orito Sulfide | 23 | 0.03 | 19 | 0.18 | 0.75 | 2.89 | 2.20 | 162 | - | 14 | - | - | 1 | 1.6 | 118 |
Indicated | 181 | 2.20 | 163 | 2.9 | 625 | 12.8 | 947 | ||||||||
Inferred: | |||||||||||||||
736 | 0.49 | 146 | - | - | - | 2.46 | 182 | 11.5 | 3,452 | - | - | - | 58.3 | 4,299 | |
Casados | 58 | 0.51 | 167 | - | - | - | 2.77 | 205 | 0.9 | 310 | - | - | - | 5.1 | 379 |
La Trini | 56 | 0.44 | 111 | - | - | - | 1.95 | 144 | 0.8 | 199 | - | - | - | 3.5 | 257 |
Mololoa | 103 | 0.50 | 145 | - | - | - | 2.47 | 182 | 1.7 | 482 | - | - | - | 8.2 | 605 |
Silver-Gold | 953 | 0.49 | 145 | - | - | - | 2.45 | 181 | 14.9 | 4,443 | - | - | - | 75.1 | 5,540 |
El Orito Sulfide | 163 | 0.03 | 23 | 0.27 | 1.05 | 2.23 | 2.19 | 161 | 0.1 | 121 | 1 | 4 | 8 | 11.4 | 845 |
Inferred | 1,116 | 2.41 | 178 | 15.0 | 4,564 | 86.5 | 6,385 |
1. | See table 1 notes for assumptions |
Qualified Persons
The independent Qualified Person for the Mineral Resource and Mineral Reserve disclosure for the project is
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Los Ricos District Exploration Projects
The Company's two exploration projects at its
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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 projects, 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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