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Mining was focused within the
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The published and now exploited 2013 resources and new mineralized zones referred to below, were/are located within or near the Cerro Prieto Shear, a major north trending, near vertical shear zone up to 65 meters wide, that contains a series of major veins near the edges of the zone, secondary veins, stringers zones, breccia zones and silicification which, with the veins, forms a mineralized system from 15 to 65 meters thick.
Figure 1.- Cerro Prieto Location of Mining and Exploration ZonesCumbre – Esperanzas Zones 2023 Exploration Drilling
Highlights of some significant drill hole intersections,
DDHCP362
19.70 meters @ 1.03 g/t Gold and,
5.5 meters @ 0.75 g/t Gold
20.98 meters @ 1.02 g/t Gold
DDHCP374
13.20 meters @ 2.05 g/t Gold and,
4.50 meters @ 1.16 g/t Gold and,
1.55 meters @4.78 g/t Gold
DDHCP367
24.96 meters @ 0.69 g/t Gold and,
7.70 meters @1.35 g/t Gold and,
17.97 meters @ 1.13 g/t Gold and,
11.80 meters @ 0.61 g/t Gold
Quality Assurance / Quality Control (QA/QC)
An industry standard Quality Assurance/ Quality Control (QA/QC) program was followed by the Company for all drilling samples with 41 sample duplicates, standards and blanks inserted into the sample stream of 268 drill hole samples, all of which were analyzed by
Table 1 – Assay Results Cumbre & Esperanza
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Table 1 – Assay Results Cumbre & Esperanza, cont.
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Table 2.- ESPERANZAS DRILL HOLE INFORMATION
The Company has internally modeled an open pit shell containing the identified mineralization and has chosen to advance these two zones into production. Mine ramp preparation and waste stripping was completed during January and
The Company cautions that ithas chosen to advance the Cumbre and
been made without a comprehensive feasibility study of established reserves or resources such that there is greater risk and increased uncertainty as to future economic results from the
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Metallurgy
Metallurgical testing as presented in the 2013 published technical report, section 6.2 Metallurgy, showed varying recoveries up to 77% from samples of four zones within Centro, Union and South pits of the now fully exploited 2013 published resource.
Historic gold recoveries obtained since 2015 are displayed in graph form below. Starting in 2021 the mine experienced ongoing difficulties in maintaining consistent crushing operations resulting in
The Company has recently brought back into full service its 2,500 tonnes /day crushing circuit using a primary jaw crusher with secondary and tertiary cone crushers crushing to final size of 5/8in which the Company anticipates will allow improved recoveries to the traditional 60% range.
Planned Production Expansion
The Company is seeking to arrange funding to purchase a second full crushing circuit and expand irrigation of leaching pads to double mine production to the 4,500 – 5,000 tonnes per day and if successful, expects to double is current gold production from that stated above.
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Technical Report Update In Progress
Goldgroup has retained an independent Qualified Person that is preparing an updated comprehensive technical report for the
About Goldgroup
Goldgroup is a Canadian-based mining Company that owns and operates the
For further information on Goldgroup, please visit www.goldgroupmining.com
On behalf of the Board of Directors,
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