Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

GoGold Adds an Additional 12.6 Million Ounces of Silver Equivalent (M&I) Resource From Newly Acquired Promotora Tailings at Parral


News provided by

GoGold Resources Inc.

Feb 18, 2015, 12:03 ET

Share this article

Share toX

Share this article

Share toX

Trading Symbol:TSX: GGD
Shares Issued: 162,072,003

HALIFAX, Feb. 18, 2015 /CNW/ -  GoGold Resources Inc. (TSX: GGD), (GoGold), is pleased to announce that the definitive agreement has been signed, due diligence has been completed, and the company has received an NI 43-101 mineral resource estimate by P & E Mining Consultants Inc. ("P&E") on the newly acquired Promotora tailings at Parral, Mexico. The new additional 12.6 million ounces in the silver equivalent mineral resource estimate represents a significant increase in mineral resources located in close proximity to the Parral heap leach facility. GoGold has previously released a 35 million ounces of silver equivalent (50/1) reserve at Parral (See press release dated February 21, 2013), and the new tailings will add a further 12.6 million ounces of silver equivalent resources that could be processed at the existing facility.

GoGold has an exclusive option to process the tailings as further detailed below. The new Measured and Indicated mineral resource estimate is 5.77 M tonnes at 49 g/t silver and 0.26 g/t gold for an estimated 12.6 million silver equivalent ounces (Eq71/1) (see Table 1 below for details).

The mineral resource estimate is the result of an extensive due diligence program which entailed drilling 158 holes totaling 3,323 meters using a Boart Longyear Sonic Drill.

The definitive agreement provides GoGold irrevocable processing rights to tailings material which it intends to process at its Parral heap leach facility. These additional tailings were extracted from the same geological structures as the Parral tailings currently being processed, and is located only one kilometer further than the existing tailings currently being processed. The results to date have been positive and the company believes that with additional metallurgical work the new tailings could be incorporated into its existing heap leach facility.

P&E believes that the quantity and quality of the drilling is sufficient to classify the majority of the tailings deposit as Measured. All blocks in the mineral resource were estimated using the nearest three to eight assay samples from two or more drillholes, and all blocks within 50.0 metres of a drillhole have been classified as Measured. A small area along the margin of the deposit has been classified as Indicated as the nearest drillhole used for estimation is farther than 50m.

Table 1. Measured and Indicated Mineral Resource Estimate Promotora Tailings. (1,2,3)

Measured

Zone

Tonnes

1000t

Ag
g/t

Silver

1000 ozs

Au
g/t

Gold

1000 ozs

SilverEq
g/t

SilverEq

1000 ozs

UPPER

3,068

64

6,340

0.24

23.50

81

8,008

LOWER

2,648

31

2,678

0.29

25.00

52

4,450

Total

5,716

49

9,018

0.26

48.40

68

12,458









Indicated

Zone

Tonnes

1000t

Ag
g/t

Silver

1000 ozs

Au
g/t

Gold

1000 ozs

SilverEq
g/t

SilverEq

1000 ozs

UPPER

6

62

12

0.18

0.00

75

14

LOWER

46

46

68

0.22

0.30

62

92

Total

52

48

80

0.22

0.40

63

106









TOTAL Upper + Lower


Tonnes

1000t

Ag
g/t

Silver

1000 ozs

Au
g/t

Gold

1000 ozs

SilverEq
g/t

SilverEq

1000 ozs

Measured

5,716

49

9,018

0.26

48.4

68

12,458

Indicated

52

48

80

0.22

0.4

63

106

Total 

5,768

49

9,098

0.26

48.8

68

12,563

(2)

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.



(2)

The mineral resources in this estimate were calculated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines as prepared by the CIM Standing Committee on Reserve Definitions, as well as the requirements of National Instrument 43-101.



(3)

The mineral resources in this estimate are based on a silver-equivalent cutoff grade of 36 g/t, calculated at a silver-to-gold ration of 71:1

The initial mineral resource estimate for the Promotora tailings project was completed in accordance with the requirements of the Canadian Securities Administrators' National Instrument 43-101 and is in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. An independent NI 43-101 technical report relating to the Mineral Resource estimate for the Promotora tailings will be filed on SEDAR within 45 days of this news release.

Information and data used for the mineral resource estimate were supplied by GoGold Resources Inc., and take into account a total of 158 sonic drillholes completed across the tailings deposit. Sonic drillholes were drilled approximately every twenty-five metres along parallel lines spaced approximately fifty metres apart. From the supplied survey and drilling data a three-dimensional representation of the tailings deposit was constructed, delineating the surface and base of the deposit, as well as upper and lower sub-divisions.

Assay data available for the Promotora mineral resource include silver and gold. Assay sample lengths within the deposit range from 0.70 m to 2.00 m, averaging 1.01 m. A total of 98% of the samples are 1.00 m in length, and therefore assay sample lengths were not composited prior to estimation.

Summary statistics, histograms and probability plots of the assay data were examined for extreme values. Because of the regularity of the assay grades, grade capping was not deemed necessary. A range restriction of 50 m was used for values exceeding the following thresholds:

  • Upper Zone: 150 g/t Ag, 0.90 g/t Au
  • Lower Zone: 80 g/t Ag, 0.80 g/t Au

A total of 275 bulk density measurements from sonic drillhole core were supplied. Bulk density sample measurements were used to assign a global bulk density value of 1.49 tonnes per cubic metre to the upper zone of the deposit and 1.64 tonnes per cubic metre to the lower zone of the deposit. A percent model was used to capture the total mineral resource volume. Block grades were estimated using inverse distance cubed (ID3) linear weighting of assay data. Between five and eight samples from two or more drill holes were used for estimation. Each grade-element was estimated separately, and a silver equivalent value was calculated from the block estimates based on the following economic parameters:

  • Gold: $1,250.00 / oz
  • Silver: $18.00 / oz
  • Total Operating Costs: $10.14 / tonne
  • Gold Recovery: 50%
  • Silver Recovery: 50%
  • Breakeven Cutoff Grade: 36 g/t AgEq
  • Silver:Gold ratio: 71:1

The reasonableness of the block estimates was checked by a visual comparison of block and assay grades in section. In addition, summary statistics for the block estimates were calculated and compared to assay grades, and a Nearest Neighbor model was also estimated. No significant discrepancies were noted.

A summary of the terms of the Promotora Tailings Project Agreement is given below:

● GoGold agrees to pay a fee of USD$15,000 per month. The payments will continue until such time that GoGold decides whether or not to develop the Project;

● If GoGold decides not to develop the Promotora Tailings Project, then GoGold has no further obligation under the agreement and the payments are terminated;

● If GoGold decides to develop and operate the Promotora Tailings Project, the rental payments continue over the life of the Project and Promotora is also entitled to a net profits interest of 12% after the deduction of costs and capital depreciation;  

About P&E Mining Consultants Inc.
P&E Mining Consultants Inc. is an established geological and mine engineering consulting firm specializing in the area NI 43-101 geological reports and have undertaken over 250 mineral industry projects worldwide including mineral resource estimates, Preliminary Economic Assessments, Prefeasibility Studies and has jointly collaborated with major consulting firms on Feasibility Studies.

Qualified Persons
Fred Brown, P.Geo. a Senior Associate Geologist with P&E, is the Independent Qualified Person responsible for preparing the mineral resource estimate.  Mr. Brown and Eugene Puritch, P.Eng., President of P&E, have reviewed and approved the technical contents of this news release.

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 impact of the private placement and debt financing on GoGold and the Parral tailings project, 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 ability to satisfy all conditions to funding of the second tranche under the credit agreement. 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.


 

SOURCE GoGold Resources Inc.

Terence F. Coughlan, President and CEO, or, Sean Tufford, Vice President, Corporate Development, GoGold Resources Inc., T: 902 482-1998 F: 902 442-1898 Email : [email protected] Or visit : www.gogoldresources.com

Modal title

Organization Profile

GoGold Resources Inc.

    Also from this source

  • GoGold Announces Results of Los Ricos South Feasibility Study with After Tax NPV of US$355M

  • GoGold Reports 36% Increase in Production at Parral to 551,337 Silver Equivalent Ounces and Provides Outlook for 2025

  • GoGold Releases Positive Financial Results for 2024

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.