GoGold Announces Updated Mineral Resource and PEA with NPV of US$458M at Los Ricos South
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Trading Symbols: TSX: GGD
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Increase of
Highlights of the PEA, with a base case silver price of
- After-Tax net present value ("NPV") (using a discount rate of
5% ) ofUS with an After-Tax IRR of$458 Million 37% (Base Case); - 11-year mine life producing a total of 88 Million payable silver equivalent ounces ("AgEq"), consisting of 47 Million silver ounces, 493 Thousand gold ounces, and 14 Million pounds of copper;
- Initial capital costs of
, including$148 Million in contingency costs, over an expected 18 month build, additional expansion capital of$19 Million , and sustaining capital costs of$69 Million over the life of mine ("LOM");$72 Million - Average LOM operating cash costs of
/oz AgEq, and all in sustaining costs ("AISC") of$8.15 /oz AgEq$9.02 - Average annual production of 8 Million AgEq oz;
- Approximately half of LOM metal production is long hole underground ("UG"), and approximately half is open pit ("OP") mining;
"We are very pleased with the work completed by our consultants and our technical team on the Mineral Resource and PEA for Los Ricos South. The projected cash flows are very substantial, especially when combined with our Los Ricos North PEA that was completed in March of this year. With an NPV of
Highlights of the updated Mineral Resource:
- Increase of
55% in Measured & Indicated Silver Equivalent ("AgEq") Ounces from initial January 2021 MRE, with39% increase in Measured & Indicated AgEq grade; - Inclusion of 1.9 Million tonnes Measured & Indicated at excellent grade of 516 g/t AgEq in underground Eagle Deposit;
- Measured & Indicated Mineral Resource at LRS of 98.6 Million ounces AgEq grading 276 g/t AgEq contained in 11.1 Million tonnes ("Mt");
- Increased confidence in MRE, with conversion of approximately 9 Million ounces AgEq from initial January 2021 Inferred Mineral Resources to Measured & Indicated, resulting in 11 Million ounces AgEq in Inferred Mineral Resources at LRS grading 248 g/t AgEq contained in 1.4 Mt;
- Total Los Ricos Measured & Indicated Mineral Resources of 186 Million ounces AgEq, including Los Ricos North
- Total Los Ricos Inferred Mineral Resources of 84 Million ounces AgEq, including Los Ricos North
The updated PEA was prepared by independent consultants P&E Mining Consultants Inc ("P&E"), with metallurgical test work completed by SGS Canada Inc.'s
Following are tables and figures showing key assumptions, results, and sensitivities.
Assumption / Result | Unit | Value | Assumption / Result | Unit | Value | |
Total OP Plant Feed Mined | kt | 9,367 | Net Revenue | US$M | 2,049 | |
Total UG Plant Feed Mined | kt | 4,325 | Initial Capital Costs | US$M | 148 | |
Total Plant Feed Mined | kt | 13,692 | Expansion Capital Costs | US$M | 69 | |
Operating Strip Ratio | 7.4 | Sustaining Capital Costs | US$M | 72 | ||
Silver Grade1 | g/t | 125 | OP Mining Costs | $/t Plant Feed | 12.13 | |
Gold Grade1 | g/t | 1.18 | UG Mining Costs | $/t Plant Feed | 43.85 | |
AgEq Grade1 | g/t | 217 | LOM Mining Costs | $/t Plant Feed | 22.15 | |
Silver Recovery | % | 86 | Operating Cash Cost | US$/oz AgEq | 8.15 | |
Gold Recovery | % | 95 | All in Sustaining Cost | US$/oz AgEq | 9.02 | |
Silver Price | US$/oz | 23.75 | Mine Life | Yrs | 11 | |
Gold Price | US$/oz | 1,850 | Average process rate | t/day | 3,349 | |
Copper Price | US$/lb | 4.00 | After-Tax NPV ( | US$M | 458 | |
Payable Silver Metal | Moz | 46.8 | Pre-Tax NPV ( | US$M | 708 | |
Payable Gold Metal | koz | 493 | After-Tax IRR | % | 36.6 | |
Payable Copper | Mlb | 13.5 | Pre-Tax IRR | % | 49.1 | |
Payable AgEq | Moz | 88.2 | After-Tax Payback Period | Yrs | 2.3 |
1. | Grades shown are LOM average process plant feed grades including both OP and UG sources. External dilution of approximately |
Figure 1 above highlights the excellent post-tax cash flows associated with the LRS project. The economics of the project have been evaluated based on the base case scenario
Sensitivity | Base | ||||||
Silver Price (US$/oz) | 17 | 19 | 21 | 23.75 | 26 | 30 | 33 |
Gold Price (US$/oz) | 1,324 | 1,480 | 1,636 | 1,850 | 2,025 | 2,337 | 2,571 |
After-Tax NPV ( | 185 | 266 | 346 | 458 | 548 | 710 | 831 |
After-Tax IRR (%) | 19.7 | 25.1 | 30.2 | 36.6 | 41.6 | 49.9 | 55.7 |
After-Tax Payback (years) | 3.6 | 3.0 | 2.6 | 2.3 | 2.1 | 1.7 | 1.6 |
Sensitivity | -20 % | -10 % | Base | 10 % | 20 % |
Operating Costs – NPV (US$M) | 526 | 492 | 458 | 423 | 389 |
Operating Costs – IRR (%) | 40.6 | 38.6 | 36.6 | 34.6 | 32.5 |
Capital Costs – NPV (US$M) | 495 | 476 | 458 | 439 | 420 |
Capital Costs – IRR (%) | 45.2 | 40.5 | 36.6 | 33.3 | 30.4 |
The LRS Project has been envisioned as a combined underground and open pit mining operation, with contract underground mining in years one to seven of the mine plan, supplemented by contract open pit mining in years three to eleven.
The process plant is comprised of conventional crushing and grinding followed by cyanide tank leaching. Back end filtration is required to maximize water recycling (dry stack tailings) as well as a SART (sulfidation, acidification re-neutralization and thickening) circuit to re-generate cyanide back to the process and to produce a saleable Cu2S copper sulfide product. Water supply to the process plant is provided by a nearby seasonally charged water dam and high voltage grid power is provided by the local utility. Expansion capital includes the cost to increase the process plant capacity from 1,750 tonnes per day to 4,000 tonnes per day in year three.
Type | Initial (US$k) | Expansion (US$k)1 | Sustaining (US$k) | Total (US$k) |
Process Plant direct costs | 54,475 | 42,700 | 12,125 | 109,300 |
Underground development | 60,706 | 48,473 | 109,179 | |
Pre-stripping | 19,074 | 500 | 19,574 | |
Infrastructure | 9,980 | 1,250 | 11,230 | |
Project indirect costs | 3,750 | 3,750 | ||
Total | 128,911 | 61,774 | 62,348 | 253,033 |
Contingency ( | 19,337 | 6,747 | 9,352 | 35,436 |
Total | 148,247 | 68,521 | 71,700 | 288,469 |
1. Expansion capital is not included in AISC calculation |
Operating Costs (Average LOM) | US$/tonne Plant Feed | US$/tonne |
Open Pit Mining1 | 12.13 | 1.65 |
Underground Mining2 | 43.85 | |
Total LOM Mining3 | 22.15 | |
Processing ($/t processed) | 27.10 | |
General and Admin ($/t processed) | 2.63 | |
Total ($/t processed) | 51.88 |
1. | Open pit mining costs include a double-benched waste rock and mineralized material |
2. | Bulk underground long hole mining. |
3. | Average LOM mining cost of both open pit and underground. |
The contract underground mining will involve long hole stoping and cemented paste back filling of the mined-out stopes. Approximately
A metallurgical test program was carried out by SGS Lakefield of
The Company has an agreement with the
The basis for the PEA is the Mineral Resource Estimate completed by P&E for the Los Ricos South Project located in Jalisco State,
Mining Area | Category | Tonnes | Average Grade | Contained Metal | ||||||||
Au | Ag | Cu | AuEq | AgEq | Au | Ag | Cu | AuEq | AgEq | |||
(M) | (g/t) | (g/t) | ( %) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (koz) | (koz) | ||
Pit | Measured | 3.9 | 1.08 | 142 | 0.03 | 2.94 | 231 | 135.9 | 17,858 | 2.3 | 369.1 | 28,898 |
Indicated | 2.8 | 0.68 | 89 | 0.03 | 1.87 | 146 | 60.7 | 8,022 | 1.9 | 167.3 | 13,097 | |
M&I | 6.7 | 0.91 | 120 | 0.03 | 2.49 | 195 | 196.6 | 25,880 | 4.2 | 536.4 | 41,995 | |
Inferred | 0.5 | 0.58 | 99 | 0.04 | 1.91 | 150 | 9.6 | 1,632 | 0.4 | 31.4 | 2,460 | |
Out-of-Pit6,7 | Measured | 0.7 | 3.60 | 298 | 0.35 | 7.94 | 621 | 80.7 | 6,679 | 5.4 | 178.1 | 13,940 |
Eagle | Indicated | 1.2 | 3.13 | 164 | 0.37 | 5.79 | 453 | 117.5 | 6,176 | 9.5 | 217.5 | 17,028 |
M&I | 1.9 | 3.30 | 214 | 0.36 | 6.59 | 516 | 198.2 | 12,855 | 15.0 | 395.6 | 30,969 | |
Inferred | 0.1 | 3.63 | 122 | 0.54 | 6.00 | 470 | 7.8 | 261 | 0.8 | 12.9 | 1,006 | |
Out-of-Pit6,7 | Measured | 1.1 | 1.22 | 194 | 0.06 | 3.79 | 297 | 44.7 | 7,093 | 1.6 | 138.8 | 10,865 |
Main | Indicated | 1.4 | 1.58 | 178 | 0.21 | 4.18 | 327 | 71.5 | 8,013 | 6.6 | 188.4 | 14,753 |
M&I | 2.5 | 1.42 | 185 | 0.15 | 4.00 | 313 | 116.2 | 15,106 | 8.1 | 327.2 | 25,618 | |
Inferred | 0.8 | 1.42 | 133 | 0.41 | 3.73 | 292 | 36.8 | 3,431 | 7.2 | 96.6 | 7,566 | |
Total | Measured | 5.7 | 1.42 | 172 | 0.07 | 3.72 | 291 | 261.4 | 31,631 | 9.3 | 686.0 | 53,703 |
Indicated | 5.4 | 1.45 | 129 | 0.15 | 3.33 | 260 | 249.7 | 22,210 | 18.0 | 573.2 | 44,878 | |
M&I | 11.1 | 1.43 | 151 | 0.11 | 3.53 | 276 | 511.0 | 53,841 | 27.3 | 1,259.2 | 98,582 | |
Inferred | 1.4 | 1.22 | 120 | 0.28 | 3.17 | 248 | 54.1 | 5,325 | 8.5 | 140.9 | 11,033 |
1. | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of |
2. | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral |
3. | The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, |
4. | Historically mined areas were depleted from the Mineral Resource model. |
5. | The pit constrained AgEq cut-off grade of 38 g/t Ag was derived from |
6. | The out-of-pit AgEq cut-off grade of 130 g/t Ag was derived from |
7. | AgEq and AuEq were calculated at an Ag/Au ratio of 86.5:1 for pit constrained and 89.6:1 for out-of-pit. |
A total of 585 drill holes totalling 93,591 metres were used in the MRE.
P&E collaborated with GoGold personnel to develop the mineralization models, estimates, and reporting criteria for the Resources at Los Ricos. Mineralization models were initially developed by GoGold and were reviewed and modified by P&E. A total of eight individual mineralized domains have been identified through drilling, surface and historical underground sampling. The modeled mineralization domains are constrained by individual wireframes based on a 0.30 g/t AuEq cut-off for low-grade domains or 3.0 g/t AuEq for high-grade domains.
Mineralization wireframes were used as hard boundaries for the purposes of estimation.
A three-dimensional sub-blocked model, with 3m x 3m x 3m parent and 1m x 1m x 1m sub blocks, was used for the Mineral Resource Estimate. The block model consists of estimated Au, Ag and Cu grades, estimated bulk density, and classification criteria. Au and Ag equivalent block grades were subsequently calculated from the estimated Au, Ag and Cu grades.
Sample assays were composited to a 1 m standard length. Au and Ag grades were estimated using Inverse Distance Cubed weighting of between 1 and 12 composites, with a maximum of 2 composites per drill hole. Composites were capped prior to estimation by mineralization domain. Composite samples were selected within an anisotropic search ellipse oriented down the plunge of identified high grade trends.
Individual bulk density values were applied to mineralized domains separately and were statistically determined using 4,516 measurements taken from drill holes.
Classification criteria were determined from observed grade and geological continuity as well as variography. Measured Mineral Resources are informed by 3 or more drill holes within 30 m; Indicated Mineral Resources are informed by 2 or more drill holes within 60 m.
P&E is of the opinion that the Mineral Resource Estimates are suitable for public reporting and are a reasonable representation of the mineralization and metal content of the Los Ricos Deposits.
Pit | Cut-off (AgEq) | Tonnes | Average Grade | Contained Metal | ||||||||
Au | Ag | Cu | AuEq | AgEq | Au | Ag | Cu | AuEq | AgEq | |||
(g/t) | (M) | (g/t) | (g/t) | ( %) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (koz) | (koz) | |
Measured | 250 | 1.06 | 2.71 | 336 | 0.04 | 7.07 | 553 | 92 | 11,437 | 0.9 | 240 | 18,808 |
150 | 1.76 | 2.00 | 250 | 0.03 | 5.24 | 410 | 113 | 14,121 | 1.3 | 296 | 23,195 | |
80 | 2.76 | 1.44 | 185 | 0.03 | 3.85 | 301 | 128 | 16,417 | 1.8 | 342 | 26,777 | |
60 | 3.26 | 1.26 | 164 | 0.03 | 3.40 | 266 | 133 | 17,167 | 2.0 | 356 | 27,892 | |
38 | 3.90 | 1.08 | 142 | 0.03 | 2.94 | 231 | 136 | 17,858 | 2.3 | 369 | 28,898 | |
30 | 4.11 | 1.03 | 137 | 0.03 | 2.82 | 221 | 137 | 18,019 | 2.4 | 372 | 29,124 | |
Indicated | 250 | 0.39 | 2.34 | 257 | 0.07 | 5.74 | 449 | 29 | 3,188 | 0.6 | 71 | 5,559 |
150 | 0.74 | 1.67 | 188 | 0.05 | 4.15 | 325 | 40 | 4,496 | 0.9 | 99 | 7,783 | |
80 | 1.67 | 1.00 | 123 | 0.04 | 2.62 | 205 | 54 | 6,586 | 1.4 | 141 | 11,027 | |
60 | 2.15 | 0.83 | 106 | 0.03 | 2.23 | 175 | 58 | 7,314 | 1.6 | 155 | 12,098 | |
38 | 2.79 | 0.68 | 89 | 0.03 | 1.87 | 146 | 61 | 8,022 | 1.9 | 167 | 13,097 | |
30 | 2.99 | 0.64 | 85 | 0.03 | 1.77 | 138 | 61 | 8,188 | 1.9 | 170 | 13,323 | |
Inferred | 250 | 0.10 | 1.41 | 252 | 0.06 | 4.71 | 369 | 5 | 822 | 0.1 | 15 | 1,203 |
150 | 0.13 | 1.29 | 217 | 0.07 | 4.16 | 326 | 6 | 939 | 0.2 | 18 | 1,408 | |
80 | 0.34 | 0.77 | 127 | 0.05 | 2.47 | 194 | 8 | 1,394 | 0.4 | 27 | 2,119 | |
60 | 0.45 | 0.64 | 108 | 0.04 | 2.08 | 163 | 9 | 1,572 | 0.4 | 30 | 2,374 | |
38 | 0.51 | 0.58 | 99 | 0.04 | 1.91 | 150 | 10 | 1,632 | 0.4 | 31 | 2,460 | |
30 | 0.54 | 0.56 | 96 | 0.04 | 1.84 | 144 | 10 | 1,652 | 0.5 | 32 | 2,490 |
1. See Table 6 notes for assumptions |
Cut-off | Tonnes | Average Grade | Contained Metal | |||||||||
Out-of-Pit | (AgEq) | Au | Ag | Cu | AuEq | AgEq | Au | Ag | Cu | AuEq | AgEq | |
(g/t) | (M) | (g/t) | (g/t) | ( %) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (koz) | (koz) | |
Measured | 250 | 1.03 | 3.12 | 337 | 0.24 | 7.79 | 610 | 103 | 11,141 | 5.3 | 257 | 20,142 |
200 | 1.26 | 2.76 | 297 | 0.21 | 6.88 | 539 | 112 | 12,045 | 5.9 | 279 | 21,819 | |
150 | 1.63 | 2.31 | 252 | 0.19 | 5.81 | 455 | 122 | 13,220 | 6.7 | 305 | 23,891 | |
140 | 1.73 | 2.22 | 243 | 0.18 | 5.60 | 438 | 123 | 13,477 | 6.8 | 311 | 24,323 | |
130 | 1.84 | 2.12 | 233 | 0.17 | 5.37 | 420 | 125 | 13,773 | 7.0 | 317 | 24,805 | |
120 | 1.99 | 2.00 | 221 | 0.16 | 5.08 | 397 | 128 | 14,165 | 7.2 | 325 | 25,417 | |
Indicated | 250 | 1.59 | 3.13 | 224 | 0.35 | 6.52 | 510 | 160 | 11,425 | 12.2 | 333 | 26,052 |
200 | 1.92 | 2.80 | 203 | 0.33 | 5.89 | 461 | 173 | 12,529 | 13.8 | 363 | 28,444 | |
150 | 2.31 | 2.47 | 183 | 0.30 | 5.26 | 412 | 183 | 13,607 | 15.2 | 391 | 30,610 | |
140 | 2.43 | 2.38 | 178 | 0.29 | 5.10 | 399 | 186 | 13,885 | 15.6 | 398 | 31,165 | |
130 | 2.57 | 2.29 | 172 | 0.28 | 4.91 | 384 | 189 | 14,189 | 16.1 | 406 | 31,781 | |
120 | 2.74 | 2.18 | 165 | 0.28 | 4.71 | 369 | 192 | 14,520 | 16.7 | 414 | 32,445 | |
Inferred | 250 | 0.47 | 2.26 | 185 | 0.49 | 5.37 | 421 | 34 | 2,789 | 5.1 | 81 | 6,346 |
200 | 0.57 | 2.07 | 168 | 0.47 | 4.93 | 386 | 38 | 3,073 | 5.9 | 90 | 7,064 | |
150 | 0.72 | 1.81 | 148 | 0.44 | 4.37 | 342 | 42 | 3,413 | 6.9 | 101 | 7,882 | |
140 | 0.77 | 1.73 | 142 | 0.43 | 4.19 | 328 | 43 | 3,514 | 7.3 | 104 | 8,139 | |
130 | 0.87 | 1.59 | 132 | 0.42 | 3.91 | 306 | 45 | 3,693 | 8.0 | 109 | 8,572 | |
120 | 1.00 | 1.44 | 121 | 0.40 | 3.60 | 282 | 47 | 3,897 | 8.9 | 116 | 9,098 |
1 | See Table 6 notes for assumptions |
Deposit | Tonnes | Average Grade | Contained Metal | ||||||||||||
Au | Ag | Cu | Pb | Zn | AuEq | AgEq | Au | Ag | Cu | Pb | Zn | AuEq | AgEq | ||
(M) | (g/t) | (g/t) | ( %) | ( %) | ( %) | (g/t) | (g/t) | (koz) | (koz) | (Mlb) | (Mlb) | (Mlb) | (koz) | (koz) | |
LRS Measured1 | 5.7 | 1.42 | 172 | 0.07 | 3.72 | 291 | 261 | 31,631 | 9 | - | - | 686 | 53,703 | ||
Indicated: | |||||||||||||||
LRN (Oxide)2 | 14.5 | 0.37 | 100 | - | - | - | 1.71 | 127 | 171 | 46,500 | - | - | - | 801 | 59,100 |
LRS (Oxide)1 | 5.4 | 1.45 | 129 | 0.15 | 3.33 | 260 | 250 | 22,210 | 18 | - | - | 573 | 44,878 | ||
LRN (Sulfide)2 | 7.8 | 0.06 | 28 | 0.11 | 0.88 | 1.33 | 1.55 | 114 | 15 | 7,011 | 19 | 151 | 229 | 389 | 28,708 |
Total Indicated | 27.7 | 1.98 | 149 | 436 | 75,721 | 37 | 151 | 229 | 1,763 | 132,686 | |||||
Measured & Indicated | 33.4 | 2.28 | 174 | 697 | 107,352 | 46 | 151 | 229 | 2,449 | 186,390 | |||||
Inferred: | |||||||||||||||
LRN (Oxide)2 | 15.0 | 0.28 | 91 | - | - | - | 1.52 | 112 | 136 | 44,131 | - | - | - | 734 | 54,191 |
LRS (Oxide)1 | 1.4 | 1.22 | 120 | 0.28 | 3.17 | 248 | 54.1 | 5,325 | 8.5 | - | - | 140.9 | 11,033 | ||
LRN (Sulfide)2 | 5.5 | 0.06 | 28 | 0.12 | 0.74 | 1.2 | 1.46 | 108 | 11 | 4,888 | 15 | 90 | 146 | 258 | 19,007 |
Total Inferred | 21.9 | 1.61 | 120 | 201 | 54,344 | 24 | 90 | 146 | 1,133 | 84,231 |
1. | See Table 6 notes for assumptions |
2. | See GoGold press release #04-2022 dated January 21, 2022 for full details regarding the LRN Resource. |
3. | AgEq and AuEq calculated at an Ag/Au ratio of 87.5. |
4. | Totals may not agree due to rounding. |
Robert Harris, P.Eng. and David Duncan, P.Geo. are the GoGold Qualified Persons and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. and David J. Salari, P. Eng., D.E.N.M. Engineering Ltd. are Independent Qualified Persons all as defined by National Instrument 43-101 and have reviewed and approved the technical information in this press release.
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The VRIFY 3D Slide Deck for GoGold can be viewed at: https://vrify.com/companies/gogold-resources-inc and on the Company's website at: www.gogoldresources.com.
The Company's two exploration projects at its Los Ricos Property are in
The Los Ricos North Project was launched in March 2020 and an initial Mineral Resource Estimate was announced on December 7, 2021, which disclosed an Indicated Mineral Resource Estimate of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3 Million tonnes, and an Inferred Mineral Resource Estimate of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 Million tonnes. An initial PEA on the Project was announced on May 17, 2023, indicating an NPV
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings Project in the
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 "
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 Los Ricos South and North projects, and future plans and objectives of GoGold, including the NPV, IRR, initial and sustaining capital costs, operating costs, and LOM production of Los Ricos South, 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 performance of the Parral Project. 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 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.
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SOURCE GoGold Resources Inc.