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GoGold Resources Inc. reports news on its silver and gold operations and project development in Mexico. The Canadian-based producer operates the Parral tailings mine in Chihuahua and holds the Los Ricos South and Los Ricos North exploration and development projects in Jalisco.
Recurring updates cover Parral production in silver equivalent ounces, sales of silver, gold, copper and zinc, revenue and operating cash flow, Los Ricos South development work, technical disclosures under NI 43-101, annual meeting results, and investor conference participation.
On March 24, 2021, GoGold Resources held its annual meeting where shareholders re-elected five directors, with Phillip Gaunce receiving an impressive 96.79% of votes. The meeting also saw the reappointment of KPMG LLP as auditors. A significant change approved was an amendment to allow the company to change its name, with 99.73% of votes in favor. John Turner and Terrence Cooper received 81.30% and 80.82% support respectively, reflecting solid shareholder backing. The company focuses on gold and silver production, primarily in Mexico, and is headquartered in Halifax, NS.
GoGold Resources has announced promising results from four new drill holes at the Casados deposit within the Los Ricos North project. Hole LRGCS-21-011 intersected 49.1 meters averaging 291 g/t silver equivalent, with a remarkable 0.8 meters at 7,616 g/t AgEq. The CEO highlighted the potential for significant resources due to the high grades and widths of mineralization observed. The company aims to drill over 100,000 meters across its targets, showcasing significant exploration opportunities in the region.
GoGold Resources Inc. has announced positive results from 5 diamond drill holes at its El Orito area within the Los Ricos North project. Notable hole LRGO-21-014 intersected 84.6m of 125 g/t silver equivalent, including a peak of 3.5m at 845 g/t AgEq. The exploration indicates wide zones of mineralization that could facilitate low-cost bulk mining. The mineralization is open in all directions with an extensive 2,500-meter strike length, enhancing the potential for increased resource estimates.
GoGold Resources (TSX: GGD, OTCQX: GLGDF) announced drill results from the El Favor deposit in the Los Ricos North project, revealing significant mineralization. Hole LRGF-21-033 encountered 48.5m of mineralization out of 122.8m drilled, with highlights of 2.3m at 2,245 g/t AgEq. Additionally, hole LRGF-20-025 revealed 96.2m of significant mineralization, including higher-grade intersections. President Brad Langille noted the potential for bulk mining in the area, further reinforcing the belief in the mineralized system's scale. The company plans extensive drilling for 2021.
GoGold Resources has filed a National Instrument 43-101 Preliminary Economic Assessment (PEA) for its Los Ricos South Project in Jalisco, Mexico. The PEA highlights an after-tax NPV of $295 million and an IRR of 46% based on silver at $21/oz and gold at $1,550/oz. The project has a projected mine life of 11 years, producing approximately 69.6 million payable silver equivalent ounces. Initial capital costs are estimated at $125 million, with average all-in sustaining costs of $11.35/oz AgEq. The management aims to advance the project towards pre-feasibility and continues exploration efforts.
GoGold Resources has announced significant drilling results from the Casados deposit in its Los Ricos North project, revealing two new mineralized veins. The initial 9 diamond drill holes showed that Casados Vein 1 is mineralized over widths exceeding 20 meters, with some intervals reaching up to 56.5 meters at 171 g/t silver equivalent. The discovery is expected to contribute to a significant Mineral Resource Estimate in 2021. The company plans to continue drilling to further explore these promising finds.
GoGold Resources reported outstanding financial results for the quarter ending December 31, 2020, achieving record revenue of $14.1 million from the sale of 601,551 silver equivalent ounces. The company generated $5.9 million in cash flow from operations, with a net income of $4.2 million (or $0.016 per share). The Parral operation yielded $6.7 million in free cash flow, covering all exploration and administrative costs. With a cash balance of $56.4 million, GoGold is positioned to enhance shareholder value by accelerating developments at the Los Ricos projects.
GoGold Resources reports significant drill results from La Trini in the Los Ricos North Project. Drill hole LRGT-20-096 returned 11.4m of 101 g/t silver equivalent, including 0.8m of 1,233 g/t AgEq. The company has now released results from 96 holes, with a 100,000m drill program ongoing, indicating a robust mineralized system. The upcoming resource estimate aims to encompass La Trini and other areas like El Favor and Casados. GoGold's exploration potential remains significant in the Los Ricos district, with major drilling efforts expected to continue.
GoGold Resources Inc. (OTCQX:GLGDF, TSX:GGD) will present at the virtual Fall Investor Summit from November 16-18, 2020. This summit features 75 companies and over 300 investors, facilitating connection between smallcap and microcap firms and qualified investors. GoGold, a Canadian silver and gold producer with projects in Mexico, is led by a management team experienced in mine development. They aim to turn properties into profitable mines while leveraging extensive relationships and capital strategies.