TSX:GGD | OTC:GLGDF

A Canadian-based gold and silver producer
with properties in Mexico

Los Ricos

Location: Jalisco, Mexico
Status: Exploration - 10,000m drill program in progress

 


Overview

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).

 

Los Ricos Property Acquisition

With the signing of the Concession Agreements, GoGold is required to make payments as follows:

  1. $500,000 in cash upon signing;
  2. $3,220,000 in cash paid in installments over 24 months; and
  3. 9,046,968 GoGold common shares to be delivered in equal numbers over 24 months.

 

Upon signing the Concession Agreements, 5 of the 29 concessions will be transferred to the Company, with the remaining 24 concessions transferred at a rate of 5 concessions every 5 months. The first 5 acquired concessions is where GoGold is conducting its current drill program. Total consideration for the acquisition is $7.1 million based on the Company’s closing share price on August 21, 2019.

In conjunction with the signing of the Concession Agreements, the option agreement previously entered into by the Company to acquire the 29 concessions at Los Ricos (see press release dated March 26, 2019) has been terminated.  The terminated option agreement had provided the Company exclusive exploration rights at Los Ricos for a five year term for $1.5 million, with the option to acquire the concessions for a lump sum payment of $11.0 million for a total purchase price of $12.5 million. Also, pursuant to the terminated option agreement, the private Mexican owners would retain a 2% net smelter return royalty (“NSR”) on 5 of the 29 concessions at Los Ricos.  Pursuant to the Concession Agreements, the 29 concessions at Los Ricos can now be purchased by GoGold for $7.1 million dollars in cash and share consideration divided over the next 24 months, which represents a $5.4 million discount.

 

Royalty Purchase

In addition to the Concession Agreements, the Company has entered into an agreement to acquire the existing 2% NSR for the Los Ricos property for payments as follows:

  1. $1 million in cash; paid in equal installments over 36 months; and
  2. 4,875,012 GoGold common shares to be delivered in equal numbers over an 18 month period.

 

Brad Langille, President and CEO said “With the success we’ve seen with our drilling, the time is right to acquire ownership of the Los Ricos concessions and royalty. Our track record of developing assets and  monetizing royalties, like our Santa Gertrudis sale, should increase shareholder value and provide future financing optionality from the royalty.”

 

Drilling Program

GoGold is currently undertaking a 10,000m diamond drilling program of HQ size core in conjunction with a field program of geological mapping, sampling and trenching on the property. The core drilling campaign is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property.

 

Figure 1. A longitudinal section diagram showing both historical and GoGold's drilling results to date at Los Ricos.

 Los Ricos Longitudinal Section Diagram

Full View PDF

 

Full details of recent holes including intercepts and locations are available in the appendix below or as a downloadable PDFs.

 

Figure 2. provides a 3D view of the Los Ricos property surrounding the historical underground workings at the Main Area, with the location of the other zones shown.

 

Figure 3. Corebox 3 dimensional model showing drill results to date.

 

 

Location and Access

The Cinco Minas property is accessible by either a four lane highway west from Guadalajara, the third largest city in Mexico, or via an older two-lane highway that passes through the town of Tequila on to the community of Magdelana, a distance of about 70 km. From Magdalena the property is accessed by another 5 km of paved road and then another 20 km of good gravel road. Access is adequate in a two-wheel-drive vehicle with good tires. The topography on and around the property is fairly rugged and steeply incised. Elevations on the property range from around 1100 m ASL to 1500 m ASL, and the Cinco Minas vein and workings occur at about the 1300 m level and somewhat higher to the northwest.

 

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.

CMMC built the road to the mine and town and also brought in a 220 kV power line that is still standing and functional today (Anon., 1954). CMMC bought the power from the Chapala hydroelectric plant on Lake Chapala, just south of Guadalajara (Lindsay, 1957). The mine operated until 1930 when it was shut down partly due to depleted reserves and the Depression, partly due to civil unrest in Mexico. During its operation, CMMC developed and mined the El Abra zone ore shoot on seventeen levels (see Figures 4 & 5). The shoot was mined over a distance of about 700 metres vertically and horizontally over 450 metres near the top of the vein and over about 100 metres at the lowest levels.

Total production records are not available, but back-calculations done by Zahony (1981), based on production records noted by Wisser (1930) indicate that the deposit produced in the order of 2.1 million tonnes of 0.13 oz/t Au (4.46 g/t) and 18.6 oz/t Ag (637 g/t). A calculation done by Minera Las Cuevas during 1981-1982 produced a mined estimate of 1.3 million tonnes of ore averaging about 1 kg/ton Ag (>29 oz/t) and about 3 to 4 g/t Au (~0.1 oz/t) from an ore shoot with dimensions of approximately 200 m x 6 m x 455 m deep (Ausburn, 1997). This is from a smaller and richer block contained within the greater orebody.

 

Regional Geology

The Hostotipaquillo mining district occurs within the approximate intersection of two extensive calc-alkaline magmatic arcs, the older Sierra Madre Occidental volcanic province and the younger Trans-Mexican volcanic arc (or Neo-Volcanic Belt). The Sierra Madre Occidental volcanic province trends northwest along the Pacific margin of Mexico and parallels the western coastline. It extends for approximately 1,700 kilometres from the USA border to the Mexican state of Guerrero. The later east-west trending Trans-Mexican volcanic arc (Eje Neovolcanico) overlaps and partially obscures the southern portion of the Sierra Madre Occidental volcanic province (Ausburn, 1997).

The geology of the Hostotipaquillo district is characterized by late Oligocene to Pliocene volcanic and subvolcanic intrusive rocks deformed by a set of northwest and approximately east-west trending graben-forming normal faults. Oligocene and Miocene volcanics are primarily andesite flows, rhyolite ash flow and air fall tuffs, and rhyolite and dacite flow-domes that have been partially covered by Pliocene to Recent basalt flows. The northwest trending graben that extends across most of the district is one of several late Miocene to Quaternary tectonic depressions formed in the area of  the intersection of the south Sierra Madre Occidental volcanic province and the Trans Mexico volcanic arc, and is part of the larger regional west-northwest trending Zacoalco graben system. The Rio Santiago flows northwest through the district along the northeast margin of the Hostotipaquillo district graben structure, including the Gran Cabrera group of mines, the El Salomon-El Favor group of mines and the Cinco Minas and the Santo Domingo-La Espanola mine group vein systems (Figure 15) These faults form prominent scarps that are the canyon walls on the southwest and south side of Rio Santiago. The mineralized vein systems in these faults form dip slopes in the river canyon walls at several locations, such as Cabrera and Santo Domingo-La Espanola.

Andesite occurs in various colours and textures. Northwest of the El Aguila mine, near the bottom of the vein and in San Miguel Creek and the mouth of La Calera Creek (location unknown), the andesite is greenish-grey in colour and has a very fine texture. It contains abundant quartz phenocrysts, and previous investigators have classified it as a quartz andesite.

At the village of Cinco Minas occur outcroppings of the andesite that form the hanging wall to the Cinco Minas vein. They are reddish-purple, porphyritic and rest atop andesitic tuffs (Rivera & Vazquez). The author observed these andesites in an open pit exposure at the El Abra workings.

Large, post-mineral fault has dragged these volcanics down the dip-slope of the Cinco Minas vein such that they appear to rest conformably on the vein/fault surface.

In the mine, rhyolites are observed overlying andesite in the lower parts of the vein. On surface, the rhyolites are found principally in outcroppings above the vein and underlie most of the higher hills found to the northeast of it. The rhyolites have various shades of pink and light green and often contain quartz phenocrysts. The latter type was observed by the author along crosscuts connected to the La Famosa level haulage located in the footwall of Cinco Minas vein.

Two types of tuffs were observed: andesitic and rhyolitic. The former type outcrop in Cinco Minas creek, are light green, fine grained and locally have purplish inter bands and show some signs of internal folding. The latter type outcrops in the higher parts of the hillside in the extreme northwest part of Cinco Minas vein near the San Juan workings. Here they have a pale pink colour and contain abundant quartz and biotite phenocrysts and phenocrysts of feldspars that are kaolinized.

Breccias occur above the rhyolite northeast of El Pitayo (location not known). They form stratiform layers with a northwesterly strike and dip of 320 to the northeast. They consist of angular fragments of red and green volcanics 1 to 5 mm across. The orientation and distribution of clasts suggests a vent source to the west. The matrix is of a rhyolitic origin.

Younger basalts overlay all the units mentioned above. Two types are distinguished: one group occurs below the Cinco Minas vein. They overlay the rhyolite northeast of El Capizayo (location not known) and have a fine grained texture. Petrographic analysis indicates that it is a porphyritic basalt containing hornblende and enstatite. Their stratigraphic position suggests that they were deposited early in the volcanic succession and possibly are part of a bimodal suite which includes structure

Faults play an important role in the emplacement of the Cinco Minas vein and others in the area. The fault containing Cinco Minas is part of the large feature described earlier, related to graben development in response to tectonics. The Cinco Minas vein system occupies a major fault that trends 1350 AZ and dips from 600 to 700 to the southwest.

At the start of the major tectonic regime in the early Tertiary, right-lateral movement predominated over a great but unknown distance. The regional geology map sheet for this area shows the faults to have left-lateral movement, but this is unlikely as the relative movement of the two tectonic plates here is right-lateral.

At Cinco Minas shearing occurred over a zone many metres wide. Rhyolite dykes subsequently intruded the fractured zone    followed by local quartz barren of sulphides. Later quartz permeated much of the shear zone and adjacent wall rock as small shearing movements continued (Black, 1981). Sulphide emplacement increased and shearing diminished greatly, causing tensional forces to build and subsequent oblique movement of blocks. More sulphides were emplaced during this phase followed by a cessation of shear forces. This was followed by post-mineral normal faulting when a large graben was formed to the southwest. Vertical displacement of 10's to possibly 100's of metres took place; there was some minor late stage quartz veining accompanying this event. This post-mineral faulting is evident as slickensides on the Cinco Minas vein.

 

Deposit Type

Cinco Minas is a classic Tertiary age, volcanic-hosted, low sulphidation, epithermal, precious metal deposit. The vein, which is up to about 30 metres wide, has had at least 3 quartz veining/metal precipitating events noted. The size and dimensions of the Cinco Minas vein varies somewhat from report to report. An unknown author (signature not discernible) in a 1954 report describes the vein as being about 3 km long and about 20 feet wide at the Cinco Minas mine (El Abra workings?), yet at the Dos Juanes crosscut he describes the Cinco Minas vein as being 100 feet wide and the Dos Juanes vein as being somewhat narrower and separated from Cinco Minas by about 100 feet of country rock.

Northwest of Dos Juanes the San Juan vein continues as the El Aguila vein. He further suggests that the Cinco Minas and San Juan veins are one. Wisser (1930) states that the Cinco Minas vein lies in the footwall of the regional fault zone, paralleling it in strike in dip (this would be the high grade shoot portion of the vein, as seen at El Abra). It is a shatter zone with some displacement, and the vein is merely a mineralized member of the group of fractures making up the fault zone.

The vein is not a simple fissure; it seldom shows clean-cut walls except where a fault of the regional fault zone forms its hanging wall. Fracturing varies from mere sheeting to intense shattering and crushing. Vein matter may consist of thin irregular stringers or be present in large amounts, cementing jumbled andesite fragments; in places a solid vein several metres wide occurs.  The footwall shows the least shattering, consisting of closely-spaced stringers or massive quartz with or without calcite. Shattering increases towards the hanging wall, and the vein consists of andesite and quartz fragments cemented by quartz and calcite; calcite is usually more abundant next to the hanging wall.

Silicification of both the wallrock and included fragments is often intense. Vein textures range from coarsely crystalline to chalcedonic; the finer grained form is more common.

 

Mineralization

The veins, which have been described somewhat above, are typically epithermal with banded white to amethystine quartz which has been broken, brecciated and recemented by later quartz (Zahony, 1981). There are several episodes of sulphide deposition contemporaneous with the episodic quartz. Pyrite and chalcopyrite are the most abundant sulphides with locally abundant galena, sphalerite and black fine-grained sulphides. The latter consist of argentite, native silver, miargyrite (AgSbS2) and possibly some other silver sulphosalts +/ manganiferous minerals.

Oxidation is prevalent in all levels above the water table (Cinco Minas level at present), and supergene enrichment may in part be responsible for the silver distribution of the workings above the water table. The author observed limonites, jarosite and malachite in the upper workings (Formosa, San Pedro, El Abra adits) during our examination and tour. Fine grey to sooty-black minerals (argentite + ?) form irregular, amorphous masses or thin laminae within.

 

Appendix

Los Ricos Drill Summary

(as of September 13, 2019)

Hole ID Comment From
(m)
To
(m)
Length1
(m)
Au
(g/t)
Ag
(g/t)
AuEq2
(g/t)
AgEq3
(g/t)
LRGG-19-001 Main 71 106.5 35.5 1.24 284.7 5.04 378
HW zone 71 81 10 1.27 249.1 4.59 344.3
Open Stope4 81 82.5 1.5 * * * *
FW zone 82.5 106.5 24 1.31 317.3 5.54 415.5
including 91.5 98 6.5 3.32 905.8 15.39 1154.3
LRGG-19-002 Main 26.5 54.1 27.6 1.56 159 3.68 276.0
including 28.4 34 5.6 5.52 525 12.52 939.0
LRGG-19-003 Main 145 165.4 20.4 2.21 318.7 6.45 483.8
including 145 155.5 10.5 4.26 608 12.36 927.0
including 146 153.2 7.2 6.17 869.5 17.77 1332.8
LRGG-19-004 Main 96.5 99 2.5 0.04 27.2 0.4 30.0
LRGG-19-005 Main 121 131.8 10.8 0.19 53.8 0.91 68.3
LRGG-19-006 Main 107.1 132 25 0.33 35.7 0.81 60.8
including 119.7 122.5 2.8 1.41 52.6 2.11 158.3
LRGG-19-007 Main 149.5 161.2 11.7 0.68 88.8 1.87 140.3
including 163 169.1 6.1 0.58 141.9 2.47 185.3
LRGG-19-008 Main 109.4 131.7 22.4 4.13 182.1 6.55 491.3
including 127.5 130.5 3 25.08 533.9 32.2 2415.0
and 134.7 147.6 12.9 0.17 31.5 0.59 44.3
LRGG-19-009 Main 34.5 55.7 21.2 7.66 1270.2 24.6 1845.0
including 37.8 44.7 6.9 21.97 3717.6 71.54 5365.5
LRGG-19-010 Open Stope4 97.5 99 1.5 * * * *
Main 99 117.8 18.8 0.37 67.9 1.27 95.3
including 102.2 106.7 4.5 0.96 119.5 2.55 191.3
LRGG-19-011 Main 253 271.5 18.5 1.2 140.3 3.07 230.3
including 261.8 270.3 8.4 2.16 227.8 5.19 389.3
LRGG-19-012 Main 220.3 238 17.8 0.59 82.7 1.69 126.8
including 224.5 238 13.5 0.77 100.4 2.11 158.3
including 228.5 235.5 7 1.16 131.9 2.92 219.0
LRGG-19-013 Main 163.9 179.5 15.6 0.78 194.7 3.38 253.5
including 166 174.8 8.8 1.3 296.5 5.25 393.8
including 166 168.2 2.2 2.09 331.7 6.52 489.0
LRGG-19-014 Main 204.3 218.5 14.2 1.1 126.8 2.79 209.3
including 208.3 216 7.7 1.94 209.3 4.73 354.8
and 224.5 228 3.5 0.16 26.5 0.51 38.3
LRGG-19-015 Main 23.4 40.5 17.1 0.71 67.9 1.62 121.5
including 27 32.6 5.6 1.68 137.2 3.51 263.3
Open Stope4 40.5 43.7 3.2 * * * *
Main 43.7 54 10.3 1.19 85 2.33 174.8
including 43.7 49 5.3 2.02 138.1 3.87 290.3
LRGG-19-016 Main 80.8 85.8 5 0.52 160.6 2.66 199.5
Open Stope4 85.8 88.3 2.5 * * * *
including 91.7 98.1 6.3 2.14 336.7 6.63 497.3
LRGG-19-017 Main 83.2 115.2 32 0.8 178.8 3.18 238.5
including 83.2 94.5 11.3 1.46 347.8 6.1 457.5
LRGG-19-018 Main 258.5 279.9 21.4 0.81 170.1 3.08 231.0
including 263.2 276 12.9 1.24 262.4 4.74 355.5
including 268.5 276 7.5 1.78 342.4 6.35 476.3
LRGG-19-019 Main 23 27.5 4.5 1.5 196.6 4.13 309.8
Open Stope4 27.5 29.7 2.2 * * * *
Main 29.7 43.5 13.8 0.63 86 1.78 133.5
including 29.7 33.9 4.2 1.52 198.3 4.17 312.8
LRGG-19-020 Main 43.8 58.7 14.9 1.78 106.4 3.2 240.0
including 45 52 7 3.48 155.6 5.55 416.3
LRGG-19-021 Main 9 16.5 7.5 0.09 18.1 0.33 24.8
Open Stope4 16.5 22.5 6 * * * *
Main 22.5 38.1 15.6 1.15 113.5 2.67 200.3
including 22.5 29 6.5 2.38 236.5 5.54 415.5
LRGG-19-022 Main 170.4 193.7 23.3 1.78 201.5 4.47 335.3
including 171.5 181.5 10 3.58 389.6 8.78 658.5
LRGG-19-023 Main 34 58 24 0.61 126 2.29 171.8
including 34 48.7 14.7 0.93 200.8 3.61 270.8
LRGG-19-024 Main 25 30 5 0.36 30.8 0.77 57.8
LRGG-19-025 Main 34.9 59.5 24.6 1.3 135 3.1 232.5
including 34.9 50.4 15.5 2 203.3 4.71 353.3
LRGG-19-026 Main 4 9.7 5.7 1.29 201.1 3.98 298.5
Open Stope4 9.7 11.3 1.6 * * * *
Main 11.3 29.5 18.2 0.16 34.5 0.62 46.5
LRGG-19-027 Main 38.3 51 12.7 1.08 169.8 3.34 250.5
including 38.3 45 6.7 1.83 268.1 5.4 405.0
and 60 65 5.1 0.28 23.4 0.59 44.3
LRGG-19-028 Main 34.5 62 27.5 1.21 133.5 2.99 224.3
  including 35.1 46 11 2.93 293.9 6.85 513.8
LRGG-19-029 Main 28.5 31.5 3 0.99 157.1 3.09 231.8
Open Stope4 31.5 34.1 2.6 * * * *
Main 34.1 34.7 0.6 1.64 300.3 5.64 423.0
Open Stope4 34.7 39 4.3 * * * *
Main 39 41 2 0.12 19.4 0.38 28.5
LRGG-19-030 San Juan 128.7 145.5 16.9 0.54 67.8 1.45 108.8
  including 138 143 5 1.46 147.9 3.43 257.3
LRGG-19-031 Main 25.5 31.7 6.2 1.17 157.8 3.27 245.3
LRGG-19-032 Main5 38.5 56 15.5 0.53 84.2 1.66 124.5
including 38.5 47.2 8.7 0.75 94.3 2.01 150.8
including 42.3 45 2.7 2.04 216.6 4.93 369.8
LRGG-19-033 Main6 31 53.5 17.1 1.59 364.2 6.45 483.8
including 31 36.6 5.6 3.81 818.1 14.72 1104.0
including 43 53.5 10.5 0.52 142.5 2.42 181.5
LRGG-19-034 Main7 103.5 126 20.1 0.92 177.2 3.28 246.0
Including 105 109.9 4.9 3.41 620.7 11.68 876.0
LRGG-19-035 Main 119.9 144.3 24.4 1.29 127.4 2.99 224.3
including 124.7 134.5 9.8 3 258 6.44 483.0
LRGG-19-036 Main 78 98 20 0.28 102.9 1.65 123.8
LRGG-19-037 Main 73 91.6 18.6 0.33 53.7 1.05 78.8
including 76 80.8 4.8 0.77 117.8 2.34 175.5
LRGC-19-001 Cerro Colorado 23.3 27.2 3.9 1.59 177.3 3.95 296.3
LRGC-19-002 Cerro Colorado 0 3.5 3.5 3.27 90.4 4.47 335.3
LRGC-19-003 Cerro Colorado 2 8.5 6.5 1.38 39 1.9 142.5
LRGC-19-004 Cerro Colorado 6.5 18 11.5 1.28 107.2 2.71 203.3
including 7.3 11 3.7 3.36 294.6 7.29 546.8
LRGC-19-005 Cerro Colorado 30 37 7 0.18 11.5 0.33 24.8
and 43.5 56.5 13 0.12 16.4 0.34 25.5
LRGC-19-006 Cerro Colorado 0 11.5 11.5 0.56 10.3 0.7 52.5
LRGC-19-007 Cerro Colorado 53.8 56 2.2 0.28 27.3 0.64 48.0
and 68.5 77 8.5 0.06 15.7 0.27 20.3
  1. Not true width
  2. AuEq converted using a silver to gold ratio of 75:1
  3. AgEq converted using a gold to silver ratio of 75:1
  4. Voids from historical underground workings, no sample
  5. Excludes 2.0m of open stopes from historical underground workings
  6. Excludes 5.4m of open stopes from historical underground workings
  7. Excludes 2.4m of open stopes from historical underground workings

 

Locations:

Hole ID Easting Northing Elev Azimuth Dip Length
LRGG-19-001 610679 2327607 1448 50 -78 195.50
LRGG-19-002 610824 2327502 1435 50 -50 150.00
LRGG-19-003 610595 2327525 1421.9 50 -50 177.00
LRGG-19-004 610786 2327429 1392.9 50 -60 160.50
LRGG-19-005 610730 2327445 1402.9 50 -60 180.00
LRGG-19-006 610707 2327493 1419.9 50 -50 201.00
LRGG-19-007 610624 2327483 1411.9 50 -50 210.00
LRGG-19-008 610527 2327666 1461.9 50 -45 172.50
LRGG-19-009 610835 2327486 1433.6 50 -50 81.00
LRGG-19-010 610485 2327764 1473.9 50 -50 160.50
LRGG-19-011 610393 2327553 1429.0 50.0 -50.0 312.0
LRGG-19-012 610463 2327543 1483.0 50.0 -50.0 273.0
LRGG-19-013 610509 2327581 1445.0 50.0 -50.0 211.5
LRGG-19-014 610506 2527514 1428.0 50.0 -50.0 267.0
LRGG-19-015 610811 2327508 1450.0 50.0 -50.0 72.0
LRGG-19-016 610672 2327555 1436 50 -50 150.00
LRGG-19-017 610706 2327519 1427 50 -60 130.50
LRGG-19-018 610424 2327510 1422 50 -50 321.0
LRGG-19-019 610846 2327506 1440 50 -45 63.0
LRGG-19-020 610809 2327472 1423 50 -45 90.0
LRGG-19-021 610828 2327523 1438 50 -45 66.0
LRGG-19-022 610446 2327659 1462 50 -50 145.4
LRGG-19-023 610792 2327525 1436 50 -45 76.5
LRGG-19-024 610814 2327544 1432 50 -45 60.0
LRGG-19-025 610770 2327540 1434 50 -45 81.0
LRGG-19-026 610786 5357567 1432 50 -45 51.0
LRGG-19-027 610748 2327553 1432 50 -45 90.0
LRGG-19-028 610729 2327570 1436 50 -45 90.0
LRGG-19-029 610715 2327591 1439 50 -45 70.5
LRGG-19-030 610196 2327906 1434 50 -45 222.0
LRGG-19-031 610697 2327608 1445 50 -45 76.5
LRGG-19-032 610674 2327622 1449 50 -45 70.5
LRGG-19-033 610657 2327641 1449 50 -45 60.0
LRGG-19-034 610604 2327596 1451 50 -45 130.5
LRGG-19-035 610440 2327419 1467 50 -45 156.0
LRGG-19-036 610611 2327635 1456 50 -45 123.0
LRGG-19-037 610466 2327807 1475 50 -45 119.0
Cerro Colorado:
LRGC-19-001 611799 2326380 1298 53 -50 75.0
LRGC-19-002 612055 2326190 1240 29 -45 30.0
LRGC-19-003 612051 2326191 1240 39 -50 42.0
LRGC-19-004 611828 2326394 1299 48 -45 61.5
LRGC-19-005 611684 2326494 1259 30 -45 79.5
LRGC-19-006 612032 2326174 1235 50 -50 91.5
LRGC-19-007 611665 2326480 1261 50 -50

97.5

 

Los Ricos Historical Drill Summary

(as of September 13, 2019)

Historical drilling data comes from technical report for Tumi Resources Limited dated August 18, 2004, available on SEDAR as filed by Kingsmen Resources Ltd. on Dec 2, 2004

Hole ID Zone Length1
(m)
Au
(g/t)
Ag
(g/t)
AuEq2
(g/t)
AgEq3
(g/t)
CMRC-14 El Abra 4.75 1.02 118 2.59 194.3
CMRC-14 El Abra 6 1.46 265 4.99 374.3
CMRC-18 El Abra 12 2.8 143 4.71 353.3
CMDD-15 El Abra 19.4 0.76 118 2.33 174.8
including 15.45 0.87 138 2.71 203.3
including 11.5 1.07 164 3.26 244.5
CMRC-17 El Abra 6.8 1.52 228 4.56 342.0
CMRC-17 El Abra 14 0.64 127 2.33 174.8
CMDD-16 El Abra 4.45 3.63 473 9.94 745.5
CMRC-23 El Abra 14 1.44 221 4.39 329.3
CMRC-23 El Abra 4 4.16 626 12.51 938.3
CMRC-19 El Abra 8 2.02 244 5.27 395.3
including 6 2.6 300 6.6 495.0
CMRC-20 El Abra 24 1.56 248 4.87 365.3
including 18 2.03 316 6.24 468.0
including 4 7.01 1,099 21.66 1624.5
CMRC-27 El Abra 8 0.44 99 1.76 132.0
CMRC-28 El Abra 12 0.34 71 1.29 96.8
CMRC-30 El Abra 20 3.2 845 14.47 1085.3
including 6 9 2,608 43.77 3282.8
CMRC-31 El Abra 2 0.38 48 1.02 76.5
CMRC-32 El Abra 12 0.18 61 0.99 74.3
and 6 0.19 62 1.02 76.5
CMRC-33 El Abra 18 1 160 3.13 234.8
and 13 0.4 36 0.88 66.0
CMRC-34 El Abra 35 1.5 289 5.35 401.3
including 8 3.9 732 13.66 1024.5
CMRC-35 El Abra 23.4 0.6 118 2.17 162.8
and 4 0.1 31 0.51 38.3
CMRC-36 El Abra 10 1.1 115 2.63 197.3
CMRC-37 El Abra 20 1.7 228 4.74 355.5
including 4 2 693 11.24 843.0
CMRC-38 El Abra 20 Mine Backfill    
CMRC-39 El Abra 10 1.1 143 3.01 225.8
CMRC-40 El Abra 32 1 110 2.47 185.3
including 8 2.1 212 4.93 369.8
including 8 1.4 101 2.75 206.3
CMRC-41 El Abra 12 1 101 2.35 176.3
CMRC-42 El Abra 10 0.6 120 2.2 165.0
CMRC-44 San Juan 4 0.55 152 2.58 193.5
CMRC-45 San Juan 8 0.28 51 0.96 72.0
CMRC-46 San Juan 12 0.68 152 2.71 203.3
including 4 1.32 316 5.53 414.8
CMRC-47 San Juan 10 0.53 111 2.01 150.8
including 4 0.66 214 3.51 263.3
CMRC-48 El Abra 28 0.78 93 2.02 151.5
including 6 1.55 155 3.62 271.5
CMRC-49 El Abra 20 2.37 249 5.69 426.8
including 6 4.14 509 10.93 819.8
including 4 5.45 651 14.13 1059.8
CMRC-50 El Abra 16 1.15 204 3.87 290.3
including 8 1.5 326 5.85 438.8
CMRC-51 El Abra 14 1.05 437 6.88 516.0
including 4 2.08 1,362 20.24 1518.0
CMRC-52 El Abra 18 1.82 185 4.29 321.8
including 4 4.01 334 8.46 634.5
CMRC-53 El Abra 18 1.18 100 2.51 188.3
including 4 3.89 238 7.06 529.5
CMRC-54 El Abra 14 1.74 179 4.13 309.8
including 6 2.53 332 6.96 522.0
CMRC-55 El Abra 14 0.69 128 2.4 180.0
including 10 0.77 149 2.76 207.0
CMRC-56 El Abra 20 0.28 64 1.13 84.8
CMRC-57 El Abra 30 0.75 85 1.88 141.0
including 10 1.23 114 2.75 206.3
CMRC-58 El Abra 22 1.59 103 2.96 222.0
including 14 2.36 131 4.11 308.3
CMRC-59 El Abra 18 1.17 179 3.56 267.0
including 10 1.03 275 4.7 352.5
CMRC-60 El Abra 19.1 1.08 112 2.57 192.8
including 12 1.61 144 3.53 264.8
CMRC-61 El Abra 15.4 1.06 92 2.29 171.8
including 6 0.04 35 0.51 38.3
including 9.4 1.71 128 3.42 256.5
CMRC-62 El Abra 4 0.48 53 1.19 89.3
and 8 1.37 128 3.08 231.0
and 19 1.77 84 2.89 216.8
CMRC-63 El Abra 6.8 2.4 112 3.89 291.8
CMRC-64 El Abra 6 0.53 86 1.68 126.0
and 38 0.77 109 2.22 166.5
including 14 1.04 151 3.05 228.8
CMRC-65 El Abra 6 0.98 63 1.82 136.5
and 4 6.1 66 6.98 523.5
CMRC-24 Lucerito 4 0.46 118 2.03 152.3
  1. Not true width
  2. AuEq converted using a silver to gold ratio of 75:1
  3. AgEq converted using a gold to silver ratio of 75:1

 

Locations:

Hole ID Easting Northing Elevation Azimuth Dip Length
CMRC01 611,406.49 2,326,686.85 1,125.33 50 -45 22
CMRC02 611,406.49 2,326,686.85 1,125.33 50 -50 88
CMDD03 611,420.26 2,326,699.95 1,136.09 50 -45 46.15
CMDD04 611,462.66 2,326,670.14 1,132.60 50 -60 43.65
CMDD05 611,399.25 2,326,747.01 1,149.15 50 -50 38.2
CMDD06 611,875.81 2,326,168.48 1,132.49 50 -50 50.25
CMRC07 611,900.36 2,326,123.79 1,124.07 50 -50 100
CMRC08 611,934.47 2,326,087.27 1,109.71 50 -50 72
CMDD09 611,985.39 2,325,999.46 1,078.59 50 -50 37.1
CMRC10 611,563.53 2,326,492.04 1,079.35 50 -50 70
CMRC11 610,263.62 2,327,948.93 1,350.03 50 -60 85
CMRC12 610,421.94 2,327,758.25 1,300.00 50 -52 42
CMRC13 610,488.54 2,327,680.17 1,299.78 50 -50 32
CMRC14 610,838.83 2,327,324.35 1,252.20 50 -50 54.75
CMDD15 610,824.81 2,327,359.73 1,257.57 50 -50 41.05
CMDD16 610,761.59 2,327,393.82 1,259.29 50 -45 39.85
CMRC17 610,776.68 2,327,334.17 1,240.98 50 -50 90.05
CMRC21 610,693.45 2,327,263.66 1,229.02 50 -50 172
CMRC18 610,809.99 2,327,297.72 1,236.18 50 -50 83
CMRC19 610,741.98 2,327,372.04 1,251.18 50 -50 83
CMRC20 610,693.31 2,327,329.45 1,245.94 50 -50 148
CMRC22 610,389.10 2,327,727.59 1,285.70 50 -60 88
CMRC23 610,760.86 2,327,395.54 1,259.81 50 -45 40
CMRC24 610,549.91 2,327,621.46 1,307.42 50 -50 55
CMRC26 611,419.80 2,326,699.37 1,136.06 50 -45 37
CMRC25 611,723.03 2,326,232.98 1,102.13 37 -45 79
CMRC27 610,743.59 2,327,432.17 1,271.00 50 -50 34
CMRC28 610,706.73 2,327,412.41 1,262.84 50 -50 68
CMRC29 610,447.46 2,327,646.76 1,286.11 50 -50 102
CMRC30 610,862.35 2,327,290.93 1,248.70 50 -50 57
CMRC31 610,834.61 2,327,265.74 1,234.21 50 -50 72
CMRC32 610,809.83 2,327,297.64 1,236.09 50 -80 108
CMRC33 610,776.30 2,327,333.79 1,241.06 50 -75 122
CMRC34 610,706.28 2,327,412.11 1,262.83 50 -75 118
CMRC35 610,741.80 2,327,371.78 1,251.10 50 -68 100
CMRC36 610,878.95 2,327,305.33 1,259.68 50 -45 44
CMRC37 610,892.25 2,327,342.73 1,280.40 235 -40 34
CMRC38 610,614.84 2,327,460.53 1,279.04 50 -50 82
CMRC39 610,576.13 2,327,426.52 1,263.36 50 -50 142
CMRC40 610,548.18 2,327,537.54 1,293.14 50 -50 128
CMRC41 610,508.87 2,327,502.16 1,285.76 50 -50 152
CMRC42 610,596.95 2,327,376.62 1,250.33 50 -60 166
CMRC43 610,884.57 2,327,256.34 1,244.76 50 -50 86
CMRC44 610,355.19 2,327,952.24 1,342.60 50 -75 72
CMRC45 610,359.25 2,327,955.30 1,343.20 50 -50 60
CMRC46 610,391.29 2,327,922.81 1,338.90 50 -50 48
CMRC47 610,334.24 2,327,813.83 1,282.40 50 -50 52
CMRC48 610,654.01 2,327,361.99 1,254.90 0 -50 58
CMRC49 610,851.51 2,327,306.53 1,250.20 0 -50 144
CMRC50 610,642.85 2,327,415.46 1,268.00 0 -60 142
CMRC51 610,663.37 2,327,434.20 1,265.60 0 -60 90
CMRC52 610,693.93 2,327,464.53 1,272.40 0 -60 52
CMRC53 610,649.24 2,327,486.93 1,272.80 0 -60 64
CMRC54 610,559.49 2,327,476.67 1,278.80 0 -60 142
CMRC55 610,607.21 2,327,516.86 1,283.80 0 -60 102
CMRC56 610,634.62 2,327,538.96 1,283.90 0 -60 52
CMRC57 610,603.83 2,327,573.91 1,298.90 0 -60 54
CMRC58 610,518.29 2,327,569.70 1,291.00 0 -60 128
CMRC59 610,566.81 2,327,612.47 1,308.10 0 -50 54
CMRC60 610,844.25 2,327,405.12 1,304.20 180 -50 51.1
CMRC61 610,844.25 2,327,405.12 1,304.20 180 -40 35.4
CMRC62 610,857.72 2,327,387.69 1,300.10 180 -57 67
CMRC63 610,857.72 2,327,387.69 1,300.10 180 -46 24.8
CMRC64 610,861.41 2,327,384.08 1,299.20 130 -49 70
CMRC65 610,861.41 2,327,384.08 1,299.20 130 -41 42.5
        Total:   4956.85