GoGold Resources (TSX: GGD) this morning announced their initial mineral resource estimate for the Los Ricos South Project in Mexico, reporting measured and indicated mineral resources of 63.7 million ounces of silver equivalent, grading 199 g/t silver equivalent in 10.0 million tonnes. Further, the company also updated mineral reserves and resource estimates at its Parral Tailings and Esmerelda Tailings projects, respectively.
In addition to measured and indicated resources at Los Ricos South, the company also reported inferred resources of 19.9 million ounces of silver equivalent, at an average grade of 190 g/t, contained in 3.3 million tonnes of rock. It’s been noted as well that the project is consists of both an open pit and underground resource. The resource estimate is expected to form the basis of a preliminary economic assessment, which the company anticipated to complete later this year.
A cut off of 0.43 g/t gold was used for the pit constrained estimate, while 1.4 g/t gold was the cut off for underground work.
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With respect to its Parral tailings project, proven and probable mineral reserves have increased to 31.6 million ounces of silver equivalent, grading 64 g/t of silver equivalent within 15.4 million tonnes. Measured and indicated mineral resources at Esmerelda meanwhile increased to 13.3 million ounces of silver equivalent, grading an average of 72 g/t silver equivalent within 5.7 million tonnes.
GoGold in total now owns a total measured and indicated reserve of 108.6 million ounces of silver equivalent throughout all of its projects, grading an average of 109 g/t of silver equivalent within 31.1 million tonnes.
GoGold Resources last traded at $1.35 on the TSX.
Information for this briefing was found via Sedar and GoGold Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
