The highlights of the Report were previously announced in a news release dated
Highlights of the PEA, with a base case silver price of
After-Tax net present value ('NPV') (using a discount rate of 5%) of
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
Highlights of the updated Mineral Resource: Increase of 55% in Measured & Indicated Silver Equivalent ('AgEq') Ounces from initial
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
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
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
Surface Rights Agreement
The Company has an agreement with the
Mineral Resource Estimate
The basis for the PEA is the Mineral Resource Estimate completed by P&E for the
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.
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with investors using 360-degree 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
About
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 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
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.
(C) 2023 Electronic News Publishing, source