Location: Jalisco, Mexico
Status: Exploration - 10,000m drill program in progress
On March 25, 2019, the Corporation acquired the rights to an agreement which provides the option to acquire 100% of the concessions of the Los Ricos project (the “Option Agreement”). The Los Ricos property located in Jalisco state, Mexico, is comprised of 29 concessions and covers over 22,000 hectares and is home to several historical mining operations. The property is located roughly 100 km northwest of the city of Gaudalajara and is easily accessible by paved road. There are 65 historical drill holes on the property from 2003 and 2004, and the majority of them intercepted mineralization from near surface. There are numerous historical underground workings on the property, which date as far back as early Spanish colonial times, but are primarily from operations in the early twentieth century when Marcus Daly Jr., the son of the founder of the Anaconda Copper Company, and James Watson Gerhard developed it into a modern mine producing up to 500 tonnes of ore per day by the time it closed in 1930 due to the stock market crash.
On August 22, 2019, GoGold entered into various agreements (“the Concession Agreements”) to accelerate the acquisition of the 29 concessions. The Concession Agreements replace the option agreement GoGold had for the Los Ricos property and save GoGold $5.4 million dollars (all amounts USD).
History of the Cinco Minas
The Destajos, Famosa and Trinidad zones (levels) of the Cinco Minas vein were exploited as early as Spanish colonial times in the early 1500's (Rivera & Vazquez, 1963). The next documented record of exploitation in the area was in 1824 when a Coronel Schiaffino had the property. Subsequently, the property was worked by a Mr. Luis Martinez of Guadalajara, but after him the mine was significantly enlarged by the Cinco Minas Mining Company (CMMC), owned by Marcus Daly Jr., the son of the founder of the Anaconda Copper Company.
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) has entered into various agreements (“the Concession Agreements”) to accelerate the acquisition of the 29 concessions that comprise the Los Ricos property in Jalisco, Mexico from private Mexican owners. The Concession Agreements replace the option agreement GoGold had for the Los Ricos property and save GoGold $5.4 million dollars (all amounts USD).https://gogoldresources.com/investors/press-releases/2019/211-gogold-accelerates-acquisition-of-los-ricos-property
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