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). GoGold Consolidates 29 Concessions at Large Scale Exploration Project in Mexico
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.
The quality assurance and quality controls (“QA/QC”) programs used by Tumi Resources Inc. in 2003 and 2004 for the core and RC drilling programs are fully described and documented in the NI 43-101 “Summary Report on the Geology and Exploration Programs, Cinco Minas Project
” dated August 18, 2004 by John Nebocat, P. Eng., a copy of which is available on SEDAR as filed by Kingsmen Resources Ltd. on Dec 2, 2004. All samples from the drilling programs were analyzed by IPL Laboratories in Vancouver, BC for gold and silver using the fire assay – atomic absorption method; gold values greater than 1000 ppb Au were rechecked by fire assay – gravimetric methods. The QA/QC program also included inserting commercial reference control standard materials for gold and silver along with duplicate check sampling. The results of both the standards and the check samples came out very well with no significant discrepancies.
Mr. David Duncan, P.Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.
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