Shares Outstanding: 329,527,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS,
Sept. 10,
2024 /PRNewswire/ - 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.
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.
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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SOURCE GoGold Resources Inc.
