CommodityCoverage
11時間前
Posted on behalf of Goldgroup Mining Inc. - Shareholder meetings cleared the biggest hurdle to the merger defining Goldgroup Mining (GGA.v GGAZF) this year. Its shareholders and Gold Resource Corporation's both approved the plan of arrangement the same day.
The vote: 280,061,700 Goldgroup shares voted, 92.88% of outstanding as of the May 29 record date, with over 99.99% in favor of every motion.
Next: subject to remaining conditions, closing is expected on or about July 17, 2026. Mexican antitrust clearance was granted unconditionally in April.
The combined company targets a 100,000+ oz AuEq annual run rate by 2027, zero debt and roughly US$57M net cash pro forma. Goldgroup shareholders retain about 60%.
Full details here: https://goldgroupmining.com/news/news-releases/2026/goldgroup-announces-shareholder-approval-of-arrangement-with-gold-resource-corporation-and-results-of-annual-general-and-special-meeting
CommodityCoverage
2日前
Posted on behalf of Goldgroup Mining Inc. - With gold near $4,100 an ounce, the restarts that re-rate fastest are usually the ones already permitted and built. That is the read on Goldgroup Mining (GGA.v GGAZF) and its 100% owned San Francisco project in Sonora, Mexico.
San Francisco is a past-producing open-pit heap-leach mine that yielded roughly 1.3 million oz of gold between 2010 and 2023, with pits, crushing circuits and ADR plants still in place.
The resource: 1.226 million oz Measured & Indicated plus 178,000 oz Inferred, per the NI 43-101 report dated May 1, 2026, prepared by Micon International.
Restart is targeted for late 2026/early 2027, and CEO Ralph Shearing has said it is expected to add at least 40,000 oz of gold per year. It runs alongside the producing Cerro Prieto mine, also in Sonora.
Full details here: https://www.bnnbloomberg.ca/investment-trends/2026/06/23/goldgroup-mining-completes-100-san-francisco-gold-mine-acquisition-in-sonora/
StockInfo11
3日前
Posted on behalf of Goldgroup Mining Inc. - The center of this story is gold. GGA.v, GGAZF holds a 100% owned, fully-permitted gold mine in Sonora, the San Francisco project, which produced roughly 1.3 million ounces between 2010 and 2023 and still carries a sizable resource today.
The numbers: 1.226 million oz Measured and Indicated, plus 178,000 oz Inferred, per the NI 43-101 technical report dated May 1, 2026 (Micon International). Restart is targeted for late 2026/early 2027, with management expecting at least 40,000 oz of gold per year added.
Two pieces of work are getting it restart-ready: a 24,000-metre infill drill program underway, funded in-house at roughly US$8M and targeting Q3 2026 (June 18, 2026 NR), and a roughly US$850,000 contract with Sonora-based INPROMINE for a 16-week recommissioning of the crushing, conveying and ADR plants (June 25, 2026 NR).
The near-term catalyst is the July 2, 2026 Gold Resource Corp. shareholder vote on the pending merger. Exchange ratio is 1.4476 Goldgroup shares per Gold Resource share, with a pro forma split of 60% GGA holders and 40% Gold Resource holders, zero debt and roughly US$57M net cash. The combined company is targeting a 100,000+ oz AuEq run rate by 2027. The deal remains pending shareholder, court, TSXV and Mexican regulatory approvals.
Full details here: https://www.businesswire.com/news/home/20260126182468/en/Gold-Resource-Corporation-Announces-Business-Combination-With-Goldgroup-Mining
CommodityCoverage
5日前
Posted on behalf of Goldgroup Mining Inc. - Goldgroup (GGA GGAZF) signed a US$850K contract with INPROMINE to service, test and commission the crushing, conveying and ADR plants at its 100%-owned San Francisco gold project in Sonora.
About 16 weeks to bring the existing infrastructure back online ahead of a restart.
This is a past-producing, fully permitted open-pit mine: 1.226M oz M&I plus 178K oz Inferred (NI 43-101, May 1, 2026, Micon).
Restart targeting late 2026/early 2027, expected to add at least 40,000 oz Au/yr.
Full details (June 25 NR): https://goldgroupmining.com/news/news-releases/2026/goldgroup-advances-san-francisco-restart-plan-leading-mining-contractor-inpromine
CommodityCoverage
1週前
Posted on behalf of Goldgroup Mining Inc. - With gold near US$4,000, the restarts that re-rate fastest tend to be the ones already permitted, with pits, heap leach and infrastructure in place. That's the lens on GGA.v, GGAZF and its 100%-owned, past-producing San Francisco gold project in Sonora, Mexico.
The resource: 1.226M oz Measured & Indicated gold, plus 178K oz Inferred, per the NI 43-101 by Micon International (May 1, 2026).
Now turning: 24,000 m infill drilling to firm up the resource and finalize an optimized mine plan, roughly US$8M funded in-house, completion expected Q3 2026.
Restart is targeted for late 2026/early 2027 and is expected to add at least 40,000 oz of gold a year.
Source: https://www.reddit.com/r/PennyStocksCanada/comments/1ue0g38/video_update_goldgroup_mining_ggav_ggazf_kicks/
StockInfo11
2週前
Posted on behalf of Goldgroup Mining Inc. - Gold producer, Goldgroup Mining (GGA.v GGAZF), has commenced a 24,000m diamond core drilling program at its 100%-owned San Francisco gold project in Sonora, Mexico.
CEO Ralph Shearing explained that the drilling is intended to provide greater confidence in the mine plan and verify existing mineralization in and around the current pits and at depth.
_i]“We'll be drilling about 24,000 meters over the coming several months, and then we're going to be using that information to try to put this project back into production towards the end of this year or early next year at the latest. That should add at least 40,000 ounces of gold to our production profile.”
Drilling is expected to be completed in Q3, and Goldgroup is targeting a restart of gold production at San Francisco by the end of 2026 or early 2027.
Full details here: https://goldgroupmining.com/news/news-releases/2026/goldgroup-commences-24000-m-diamond-drilling-program-at-san-francisco-gold-project
CommodityCoverage
2週前
Posted on behalf of Goldgroup Mining Inc. - Goldgroup (GGA.v GGAZF) just started turning rigs at a past-producing Sonora mine that's already fully permitted, with the open pits, heap leach, and supporting infrastructure still in place. That's a low-capital-intensity restart meeting a strong gold backdrop, which is the whole point of putting the drilling in now.
The setup in three lines:
- 24,000m diamond core program now underway, ~US$8M budget, funded in-house, completion expected Q3 2026
- 1.226M oz Measured & Indicated gold (plus 178K oz Inferred) being optimized toward a restart targeting late 2026/early 2027
- Merger vote with Gold Resource Corp. set for July 2, alongside the producing Cerro Prieto mine next door
Full breakdown: Posted on behalf of Goldgroup Mining Inc. - TODAY: @GoldgroupGGA Commences 24,000m Diamond Core Drilling Program at its 100%-owned San Francisco #gold Project in Sonora, Mexico.$GGA $GGA.v $GGAZF
⛏️ Drill Program Underway
➡️24,000 metres of diamond core, now turning
➡️~US$8… https://t.co/qvKv0bOxb2 pic.twitter.com/I7q6HCeR2a— Stock Master Flash (@StckMasterFlash) June 18, 2026
StockInfo11
2週前
Posted on behalf of Goldgroup Mining Inc. - Goldgroup Mining is a Vancouver-based gold producer focused on Mexico, anchored by the 100%-owned, operating Cerro Prieto heap-leach mine in Sonora. Cerro Prieto has been in commercial production since 2016 and is located 150 km northeast of Hermosillo in the Cucurpe Mining District.
Yesterday, on June 15, 2026, the Company crossed a defining threshold: it received final TSXV approval and closed the acquisition of 100% of Molimentales del Noroeste, and with it the formerly producing San Francisco Mine, free and clear of liens through a Concurso Mercantil restructuring. The Company is simultaneously advancing a business combination with Gold Resource Corporation that would add the producing Don David mine in Oaxaca, and sold its Pinos project in December 2025 to concentrate capital on these priorities.
June 15, 2026 news: Goldgroup Closes Purchase of the San Francisco Gold Mine Acquiring 100% of Molimentales Del Noroeste, S.A. De C.V. Full release: https://goldgroupmining.com/news/news-releases/2026/goldgroup-closes-purchase-of-san-francisco-gold-mine-acquiring-100-percent-of-molimentales-del-noroeste
Ralph Shearing, CEO, commented, "Closing the San Francisco acquisition is a major milestone for the Company. We intend to move quickly with infill drilling to tighten historic drill spacing, optimize the mine plan, and advance the project toward a potential restart of mining operations and gold production in late 2026 or early 2027. The San Francisco Project has a strong foundation, with current Measured and Indicated resources of 1.226 million ounces of gold and an additional 178,000 ounces in the Inferred category as recently published in a NI 43-101 Technical Report dated May 1, 20261. This Technical Report also highlights compelling exploration targets with the potential to add meaningful scale."
At roughly a C$447M market cap and a current C$1.49 share price, Goldgroup is no longer a single-asset turnaround. It is a cash-generating producer the market has already re-rated sharply, with the next leg defined by integration, a San Francisco restart, and the GRC merger rather than a single de-risking event.
The thesis is straightforward: a profitable heap-leach base at Cerro Prieto, two clear near-term levers in doubled crushing capacity and re-leaching, and as of yesterday a permitted, 1.2-Moz second Sonora asset acquired clean out of restructuring, all sitting beneath a company-defining merger that would convert Goldgroup into a multi-mine Mexican producer.
What separates them from a typical junior is that production already exists and the San Francisco overhang is now resolved; the coming quarters are about integrating Don David, drilling San Francisco toward a late-2026/early-2027 restart, and proving the Cerro Prieto ramp.
--
Website: https://goldgroupmining.com/
Investor Presentation : https://tinyurl.com/GoldGroup-Mining-Deck
No-Quarter
6年前
Vancouver, British Columbia (July 31, 2020). Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce a non-brokered private placement of up to 26,666,666 units of the Company ("Units") at a price of $0.03 per Unit for aggregate gross proceeds of up to approximately $800,000 (the "Private Placement'). Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"), with each whole Warrant being exercisable to purchase one Common Share at a price of $0.06 for two years from the date of closing of the Private Placement.
No commissions or fees are payable in connection with the Private Placement. The proceeds from the Private Placement will be used to maintain the Company's existing operations and general working capital requirements.
The Private Placement is expected to close before the end of August. Closing of the Private Placement is subject to receipt of all necessary approvals, including approval of the Toronto Stock Exchange. The Units may be sold: (a) in certain provinces of Canada on a private placement basis pursuant to the "accredited investor" exemption or other available and agreed upon exemptions from prospectus requirements; and/or (b) certain offshore jurisdictions (provided that placement in such offshore jurisdictions does not give rise to the filing of a prospectus or registration statement or to any continuous disclosure obligations). All securities issued under the Private Placement will be subject to statutory hold periods expiring four months and one day from the date of closing of the Private Placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please visit www.goldgroupmining.com
No-Quarter
6年前
VANCOUVER, British Columbia, June 29, 2020 (GLOBE NEWSWIRE) -- Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that it has closed a definitive agreement (the "Agreement") in respect of the previously announced secured loan facility (the "Facility") in the amount of USD$3,000,000 (the "Facility Amount") among the Company as guarantor, the Company's subsidiary, Minas de Oroco Resources, S.A. de C.V. ("Minas de Oroco"), as borrower, and Accendo Banco S.A., Multiple Banking Institution, as lender (the "Lender").
Facility Terms
The Facility will be available for drawing for 12 months, and will bear interest at the rate of 12% per annum, accruing on the outstanding amount drawn under the Facility. Repayments will begin 15 months after the first disbursement under the Facility, and be payable in equal installments, quarterly in arrears until the final repayment date of 36 months from the date of the first disbursement. Minas de Oroco will have an option to prepay without penalty any portion of the Facility, subject to 10 days' notice, payment of additional fees or costs associated with prepayment, and minimum prepayment amounts of $200,000. Each disbursement under the Facility can be requested with two days' notice, and will have a separate promissory note.
As consideration for the Loan:
Minas de Oroco will pay to the Lender an arrangement fee in an amount equal to 0.925% of the Facility Amount, payable on the date of the first disbursement under the Facility; and
the Company will issue to the Lender a total of 7,500,000 common share purchase warrants (each, a "Lender Warrant"). Each Lender Warrant will be exercisable to purchase one common share in the capital of the Company (each, a "Lender Warrant Share") at a price of CAD$0.025 per Lender Warrant Share for a period of 36 months.
The Facility is secured by:
certain assets of the Company, including the Company's Cerro Prieto project;
guarantees by the Company and certain subsidiaries of the Company; and
a pledge of the issued and outstanding shares of Minas de Oroco;
Proceeds of the Facility will be for general working capital purposes and to repay an existing secured loan from the Lender. The Facility, including the issuance of the Lender Warrants to the Lender, is subject to final acceptance of the Toronto Stock Exchange.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please visit www.goldgroupmining.com
No-Quarter
6年前
VANCOUVER, British Columbia, June 22, 2020 (GLOBE NEWSWIRE) -- Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that it has signed an indicative term sheet (the "Term Sheet") in respect of a secured loan facility (the "Facility") with Accendo Banco S.A., Multiple Banking Institution (the "Lender"), in the amount of USD$3,000,000 (the "Facility Amount").
Facility Terms
As set out in the Term Sheet, the Facility will be available for drawing for 12 months following the date on which certain conditions precedent to the Facility have been satisfied (the "Closing Date"), with a minimum drawdown of USD$200,000. It will bear interest at the rate of 12% per annum, accruing on the outstanding amount drawn under the Facility. Repayments will begin 12 months after the drawdown, and be payable in equal installments, quarterly in arrears until the final repayment date of 36 months from the Closing Date. The Company will have an option to prepay without penalty any portion of the Facility, subject to 10 days' notice, payment of additional fees or costs associated with prepayment, and minimum prepayment amounts of USD $200,000.
As consideration for the Loan, the Company proposes:
to pay to the Lender an arrangement fee in an amount equal to 0.925% of the Facility Amount and a commitment fee in an amount equal to 1% per annum on the available but undrawn balance of the Facility Amount; and
to issue to the Lender a total of 7,500,000 common share purchase warrants (each, a "Lender Warrant"). Each Lender Warrant will be exercisable to purchase one common share in the capital of the Company (each, a "Lender Warrant Share") at a price of CAD$0.025 per Lender Warrant Share for a period of 48 months from the Closing Date. The Lender Warrants may not be exercised prior to the Closing Date, and will be cancelled in the event that the Closing Date does not occur by August 31, 2020. Any proceeds received by the Company from the exercise of Lender Warrants will be immediately applied to prepay or repay the Facility.
In the event that an offer of finance from the Lender in respect of the Facility is accepted by the Company, but no definitive agreement in respect of the Facility is executed within ten days of that acceptance, the Company will pay to the Lender a break fee of USD $100,000.
The Facility will be secured by:
certain assets of the Company, including the Company's Cerro Prieto project;
guarantees by certain subsidiaries of the Company;
a pledge of the issued and outstanding shares of the Company's subsidiary Minas de Oroco Resources, S.A. de C.V.;
a subordination agreement with any existing lenders of the Company in respect of the Facility; and
assignment of collection rights to certain agreements of the Company.
Proceeds of the Facility will be for general working capital purposes and to repay the existing secured loan from the Lender that was previously announced by the Company on October 5, 2018. The Facility, including the issuance of the Lender Warrants to the Lender, is subject to TSX acceptance.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please visit www.goldgroupmining.com
No-Quarter
6年前
VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) -- Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces that the Mexican federal government has mandated that all non-essential businesses, temporarily suspend operations until April 30 due to the COVID-19 virus. The Company will work towards an orderly reduction of mining, crushing and stacking activities. Given that the Company operates a heap leach mine, the Company expects metal production and metal sales will continue during this time.
“While we have no confirmed cases of COVID-19 in the Company, the safety and the health of our employees, contractors, and communities is our top priority in this unprecedented time. All essential employees for this operation will follow safety protocols and precautionary measures. This is a rapidly evolving situation and we will take further action based on the best available information,” said Anthony Balic, Interim CEO.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please visit www.goldgroupmining.com
Chart Addict
10年前
This stock is truly an interesting find.
Following the market close on Thursday, June 16, 2016, the Point and Figure chart - set to automatic scaling on Stockcharts.com - generated a reversal signal. That reversal signal went largely unnoticed because the P&F scanner uses a default setting that did not generate a signal.
By the time the Stockchart's signal was discovered, another system had already flagged it. Americanbulls.com - a site that generates buy, sell, and hold signals based on candlestick patterns - recently generated its first-ever signal for this particular stock. As Americanbulls described its signal on Friday, June 17: "Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 06/13/2016, 4 days ago, when the stock price was 0.1592. Since then GGAZF has risen by +16.21%."
Sixteen percent over four days is somewhat remarkable. Finding a first-ever signal at Americanbulls is more remarkable.
Before Americanbulls flagged it, another system apparently running on auto-pilot had pegged it as a bullish stock. That would be the stock analysis at StockTA. Priced at only $0.1850, this play offers the potential for explosive gains. But will it deliver? Time will only tell.
LGL8054
14年前
VANCOUVER, Feb. 16, 2012 /CNW/ - Goldgroup Mining Inc. (TSX: GGA.TO - News) ("Goldgroup" or "the Company") is pleased to announce the updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate (the "Technical Report") for its flagship 100%-owned Caballo Blanco gold project in Veracruz, Mexico. Based on a 0.2 g/t Au cut-off grade, the Company's indicated mineral resources at the La Paila Zone at Caballo Blanco grew by 314% from 139,000 to 575,000 ounces of gold (28.9 million tonnes grading 0.62 g/t Au). The inferred mineral resources summed to 419,000 ounces of gold (24.0 million tonnes grading 0.54 g/t Au). This Technical Report also adds silver mineral resources to the mineral resource estimate at Caballo Blanco, including 2,150,000 ounces of silver indicated mineral resources (28.9 million tonnes grading 2.32 g/t Ag) and 1,930,000 ounces of silver inferred resources (24.0 million tonnes grading 2.5 g/t Ag). The Technical Report was prepared for the Company by Jim Cuttle, P. Geo. and Gary Giroux, P. Eng. of Giroux Consultants Ltd., each an independent Qualified Person under NI 43-101 standards.
Goldgroup's total indicated mineral resources for its two main exploration/development projects, Caballo Blanco and San José de Gracia, have grown from 212,500 to 648,500 ounces of gold, representing an increase of 205%. The Company's total inferred mineral resources for its two main projects total 900,500 ounces of gold
LGL8054
14年前
Go to(GGA.TO ) in Canada*** http://www.goldgroupmining.com/i/pdf/ppt/GoldgroupPresentation.pdf
Goldgroup Responds to Mexican Newspaper ArticlesCNW Group(Tue, Feb 28)
Goldgroup Tunnel Assays Confirm Drilling Results from the La Paila Zone at Caballo BlancoCNW Group(Mon, Feb 27)
Goldgroup Expands Caballo Blanco Indicated Mineral Resources by 314%CNW Group(Thu, Feb 16)
Goldgroup Drills Additional Gold Intercepts at the La Paila Zone at Caballo Blanco and Hires New Vice President, Technical and Project ExecutionCNW Group(Fri, Feb 10)
Goldgroup Drilling Continues to Extend the La Paila Zone at Caballo BlancoCNW Group(Tue, Jan 31)
Goldgroup Announces Additional Positive Drill Results at Caballo BlancoCNW Group(Thu, Jan 12)
Goldgroup files NI 43-101 Technical Report on the San José de Gracia ProjectCNW Group(Mon, Jan 9)
Dahlman Rose & Co. to Host 3rd Annual Emerging Miners CEO ConferencePR Newswire(Wed, Dec 21)
Goldgroup Announces Additional Diamond Drill Holes at Caballo Blanco Project Yielding Significant Gold InterceptsCNW Group(Fri, Dec 16)
» More Headlines for GGA.TO
futrcash
15年前
Goldgroup Announces Additional Diamond Drill Holes at Caballo Blanco Project
Yielding Significant Gold Intercepts
View PDF http://www.goldgroupmining.com/s/Home.asp
DDH 11 CBN 139: 79.42 m @ 1.20 g/t Au
DDH 11 CBN 131: 90.60 m @ 0.91 g/t Au
DDH 11 CBN 134: 85.00 m @ 0.65 g/t Au
Vancouver, British Columbia (December 16, 2011) - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA) is pleased to announce that additional diamond drill holes at its Caballo Blanco gold project in Veracruz, Mexico have yielded significant gold intercepts, expanding the La Paila oxide gold zone to the west and southwest. All ten drill holes reported below (see Tables 1 and 2 and the drill hole location map) are part of the ongoing drill program to define and to expand the southwestern flank of the La Paila gold zone as the zone currently remains open in this direction.
Keith Piggott, President and CEO of Goldgroup stated, "These diamond drill results yielded significant gold intercepts above the cut-off grade, which are contained in completely oxidized, vuggy and siliceous rock occurring within and peripheral to the existing La Paila zone. As anticipated, the planned 2011 drilling program is on-time and within budget, and will be completed by December 18, 2011. We are pleased to be on target for initial production at Caballo Blanco by 2012 year-end."
The Company focused its 2011 drilling program primarily on the La Paila zone, specifically with the objective to design the first open pit and to update the project's NI 43-101 resource estimate, which is expected to be released in the first quarter of 2012. Additionally, in-house and consultant engineering had significantly advanced Goldgroup's column leach testing in its large on-site facility, as well as progressed leach pad and carbon recovery plant design. The drilling and infrastructure work, combined with the upcoming updated NI 43-101 resource estimate, form the basis of our Preliminary Economic Analysis (PEA) expected to be completed in the first quarter of 2012. As a result of the La Paila's mineral characteristics and testwork indicating fast leach cycle times with a simple carbon recovery plant, Goldgroup is targeting initial production for Caballo Blanco by 2012 year-end.
As part of Goldgroup's 2012 drilling program, the Company expects to continue drill testing in the La Paila zone, in addition to drill testing a number of geochemical and geophysical targets in the large Northern zone ring structure, beyond the La Paila zone. Additionally, the Company intends to drill targets in the Highway zone, which is approximately seven kilometers to the southeast of the Northern Zone.
Table 1. Drill-Hole Results for the Caballo Blanco Project, Mexico
DIAMOND DRILLING - LA PAILA ZONE
Diamond Drill Hole
Mineralization
From (m)
To (m)
Interval (m)
Au grade (g/t)
11 CBN 130
146.09
180.35
34.26
0.37
and
224.35
243.50
19.15
0.44
11 CBN 131
86.90
177.50
90.60
0.91
and
227.28
241.28
14.00
0.25
11 CBN 132
98.20
108.20
10.00
0.24
and
140.20
172.20
32.00
0.24
and
238.80
246.80
8.00
0.23
11 CBN 133
163.15
172.50
9.35
0.32
and
192.50
200.50
8.00
0.38
11 CBN 134
141.40
226.40
85.00
0.65
11 CBN 135
97.90
109.90
12.00
0.68
and
119.90
137.90
18.00
0.24
and
155.90
231.90
76.00
0.25
and
245.90
251.90
6.00
0.31
11 CBN 136
137.20
147.20
10.00
0.37
and
273.20
302.20
29.00
0.27
11 CBN 137
146.15
173.07
26.92
0.34
and
245.00
257.00
12.00
0.42
11 CBN 138
51.40
57.40
6.00
0.25
and
107.40
165.40
58.00
0.40
11 CBN 139
74.87
85.90
11.03
0.50
11 CBN 139
140.10
219.52
79.42
1.20
and
251.00
257.00
6.00
0.36
and
269.00
278.50
9.50
1.60
For a drill hole location map, click here.
All the holes presented above intersected gold mineralization in excess of the 0.2g/t Au cut of grade used in our technical reports. However, it is expected that as a result of favourable leach kinetics, recovery and ease of mining, that a lower cut off grade may be applicable.
The results presented today are part of the current drill program and are intended to be used in the preparation of an updated NI 43-101 mineral resource estimate. A complete summary of the assay results from diamond drill holes DDH 11 CBN 130 to DDH 11 CBN 139, as well as a drill-hole location map of the La Paila zone detailing the relative locations of the drill holes will be posted on the Goldgroup website under "Projects - Caballo Blanco" at www.goldgroupmining.com.
Table 2. Drill Hole Location Data, Caballo Blanco Project, Mexico
DD Hole Number
East UTM Coord (metres)
North UTM Coord
(metres)
Elevation
(m.a.s.l)
Azimuth
(degrees)
Plunge
(degrees)
Total Length
(metres)
11 CBN 130
768345
2184454
513
90
-45
290.2
11 CBN 131
768286
2184189
476
270
-72
251.4
11 CBN 132
768338
2184298
518
180
-50
373.8
11 CBN 133
768336
2183862
494
0
-90
247.5
11 CBN 134
768302
2184038
488
180
-70
274.5
11 CBN 135
768283
2184190
499
090
-85
284.6
11 CBN 136
768244
2183943
529
0
-90
308.2
11 CBN 137
768302
2184400
497
090
-50
305.7
11 CBN 138
768351
2184050
492
090
-75
224.0
11 CBN 139
768202
2184106
498
270
-80
291.5
m.a.s.l = metres above sea level; Coord = Coordinate; na = not applicable
About Caballo Blanco
Goldgroup owns 100% of Caballo Blanco. The Caballo Blanco project consists of a series of oxide gold zones located in the Veracruz province of eastern Mexico. The principal known gold zone at Caballo Blanco is the La Paila prospect located within a cluster of high-sulphidation epithermal alteration zones referred to as the Northern Zone. The 43-101 compliant estimated mineral resource for La Paila which was compiled from 32 diamond drill holes totaling approximately 7,000 metres completed by NGEx Resources Inc., prior to Goldgroup's acquisition of its interest in the project in November 2009, consists of 139,000 ounces of gold (6.7 million tonnes grading 0.65 g/t Au) contained in the category of indicated resources and 517,000 ounces of gold (27.6 million tonnes grading 0.58 g/t Au) contained in the category of inferred resources.
Subsequently, during 2011 Goldgroup has diamond drilled an additional 116 holes at the La Paila zone and received assays for 71 holes totaling approximately 18,000 metres. These holes will be used to update the NI 43-101 resource in the first quarter of 2012.
Other known gold zones at Caballo Blanco occur to the northeast of the La Paila and approximately 7 km to the southeast of the Highway Zone. These gold zones together with geophysical anomalies in the Northern Zone ring structure are expected to be drill tested.
Assaying and Qualified Person
After project geologists logged and marked the core, technicians cut the individual lengths with a diamond saw, then tagged the bags and secured them with security clips. The samples were then collected by ALS Minerals and transported to their Guadalajara preparation facility where they were dried and crushed to -2mm. A 250 gram split of the coarse material was then pulverized to -200 mesh. The rejects remained at the prep facility and the pulps were air couriered to ALS Minerals North Vancouver facility and analyzed for gold by 30g fire assay with an AA finish. In addition, a 35 element ICP analysis was conducted on all samples. A QA/QC program was implemented as part of the sampling procedure for the drill program. One standard, one blank or one duplicate was inserted per group of ten samples sent to the laboratory. The information in this news release has been approved by Marc Simpson, P. Geo., the Company's Qualified Person under National Instrument 43-101 standards.
About Goldgroup
Goldgroup is a well-funded Canadian-based gold production and exploration Company with significant upside in a portfolio of projects in Mexico, including its flagship 100%-owned advanced stage gold development project, Caballo Blanco, in Veracruz, and the 50%-owned high grade gold exploration project, San José de Gracia, in Sinaloa. The Company operates the 100%-owned Cerro Colorado gold mine in Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to grow gold production, mineral resources, profitability and cash flow, building a leading gold producer in Mexico.
For further information on Goldgroup, please visit www.goldgroupmining.com
or contact:
Keith Piggott, President & CEO
T: 604-682-1943
Stephanie Batory, Investor Relations
Toll Free: 1-877-655-ozAu (6928)
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