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VanGold Mining announced significant results from channel sampling at its El Pinguico silver-gold project in Mexico, revealing valuable grades within previously considered waste rock. Assays indicated weighted averages of 2.50 g/t gold and 363.06 g/t silver, showing potential for considerable resource recovery. The company is set to begin drilling in late November, focusing on the Don Ricardo target area. El Pinguico, historically a high-grade mining site, has shown promise for further exploration, especially regarding the intersecting Veta Madre vein system, which could enhance resource estimates.
VanGold Mining Corp announced plans to enhance its El Pinguico project in Mexico by purchasing an underground drill rig from Grupo Ingetrol. The Explorer - 75E drill is designed to access hard-to-reach areas and can drill up to 430 meters. Delivery is expected within 60 days, with drilling set to begin in late November 2020. The company is also clearing blockages in the El Pinguico shaft, facing a 16-day delay due to equipment issues. The El Pinguico project holds significant historical mining value, with past production of gold and silver, and future exploration potential under the Veta Madre vein system.
VanGold Mining Corp (VGLDF) has signed an option agreement to repurchase three underlying royalties on its El Pinguico project, located near Guanajuato, Mexico. The deal, valued at C$1,680,000, involves cash payments and issuing 3,750,000 units to Exploraciones Mineras Del Bajio S.A. de C.V. This agreement aims to eliminate significant royalty obligations, aligning interests between the Dorado family and VanGold shareholders. The company has until December 31, 2020 to exercise this option, after which it will own a 100% interest in El Pinguico, free from most royalties.
VanGold Mining Corp has completed the second tranche of its non-brokered private placement, issuing 1,797,740 units at $0.155 per unit for gross proceeds of $278,650. This brings the total capital raised from both tranches to $3,974,495 through 25,641,902 units. Each unit consists of one common share and a one-half warrant, which allows the purchase of additional shares at $0.25 for two years. Funds will support exploration at the El Pinguico asset, an area with a rich history of high-grade gold and silver mining.