Goldgroup Mining (OTC Other: GGAZF; TSX-V: GGA) continues underground tunnel development at the Company’s 100% owned Caballo Blanco property, encountering mineralized massive and brecciated massive silica. Assay results from the channel sampling in the main tunnel returned 49.40 metres of 1.13 g/t gold and 28.25 metres of 1.26 g/t gold from channel sampling in the crosscut tunnel. The average gold grades of the mineralized zones in the tunnel continue to correspond well with the grades of the drill holes completed in the area surrounding the tunnel. These results provide indirect confirmation for a robust resource model, serving to de-risk the Caballo Blanco project.
Goldgroup Mining Inc. (TSX: GGA; OTC: GGAZF) announced today that it will be attending the World MoneyShow conference in Vancouver, Canada from Tuesday, March 27, 2012 to Thursday, March 29, 2012. Goldgroup will be located at Booth #401 and Keith Piggott, Goldgroup’s President & CEO, will be presenting at the following:
Digging for Opportunities in Natural Resources – Tuesday, March 27, 2012 — 2:45 pm – 3:30 pm
Tomorrow’s Winners Today – Tuesday, March 27, 2012 — 3:45 pm – 5:00 pm
Goldgroup Company Presentation – Wednesday, March 28, 2012 — 3:30 pm — 4:00 pm
Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) received its first set of written comments on its primary environmental permit for mining, the Environmental Impact Statement (“EIS”), at the 100%-owned Caballo Blanco gold project, from the Secretaría de Medio Ambiente y Recurso Naturales (“SEMARNAT”), also known as the Ministry of Environment and Natural Resources. The EIS was submitted by Goldgroup to SERMANAT on December 16, 2011. SEMARNAT, which acts as the federal environmental regulatory agency in Mexico, provided its first written response to Goldgroup in line with the typical response time of 60 working days.
OKALLA CAMP – Fresh core emerging in smooth cylinders and catalogued row by row at this Cambodia gold camp is pale rose.
Dr. Adrian Mann’s contract drillers just pulled this sample from the ground (Hole 29). The column of rock from perhaps 100 meters deep shows potassic alteration and what looks like secondary feldspar.
Minerals explorer Angkor Gold (ANK in Canada; ANKOF in USA) is little known to those who visit this bountiful country seeking Buddhist temples and irrawaddy fresh-water dolphins flipping in the Mekong River.
Goldgroup Mining Inc. (TSX: GGA; OTC Other: GGAZF) was covered by Dundee Securities with a “Buy, Speculative Risk” rating in a New Idea of Interest report published today which outlines the Company’s Caballo Blanco gold project just north of Veracruz, Mexico.
Goldgroup anticipates starting up material gold production at Caballo Blanco in late 2012/early 2013 and targeting first year production of 100,000 ounces.
To read the full report, just click on the graphic below or go to: http://research.dundeesecurities.com/Research/GGA031412.pdf
Goldgroup Mining Inc. (TSX: GGA; OTC Other: GGAZF) responded today to recent unconfirmed Mexican newspaper articles quoting certain statements by the Governor of the State of Veracruz on the environmental permitting regarding Goldgroup’s Caballo Blanco project.
In the release Keith Piggott, President and CEO of Goldgroup, stated, “We agree with the reported comment by the Governor of the State of Veracruz that our project should be designed with the welfare of all stakeholders in mind. The Federal Government has not denied our mining operating permit and we continue to work closely with all stakeholders of the Caballo Blanco project to create a sustainable mining operation for all parties involved. Our current work program at Caballo Blanco is being conducted under already issued Federal permits and is not affected by the current permitting process. We will continue to be in discussions with, and take into consideration the views of, both the Federal and State Governments in Mexico to continue to move our mining project forward.”
Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) has completed 175 metres of underground tunnel development at Caballo Blanco, further confirming past drill results and the Company’s recently announced updated resource estimate. The tunnel at the La Paila Zone is being driven to collect bulk-sample material for ongoing metallurgical test work. The tunnelling also provides direct access to the mineralized zone allowing the Company to enhance its understanding of the geological and geotechnical characteristics of the mineralized silica body. Assay highlights from the tunnel include 34.2 metres of 0.77 g/t Au and 30.9 metres of 0.68 g/t Au from channel sampling in the main tunnel, and 42.2 metres of 0.46 g/t Au from sampling in the cross cut off the main tunnel. The results to date show good correlation between the channel sample results and blast material sample results.
We recently traveled to Goldgroup Mining’s (OTC Other: GGAZF; TSX: GGA) Caballo Blanco gold project just north of Veracruz, Mexico. Goldgroup released an updated NI 43-101 resource estimate for the La Paila zone at Caballo Blanco earlier this week with total indicated and inferred gold of just under 1 million ounces (994,000). The Company is expecting to release their Preliminary Economic Assessment (PEA) in the first quarter of 2012 and targeting the April/May timeframe to recieve their Environmental Impact Statement approval, which will greenlight the project to move towards production start-up in late 2012/early 2013.
With targeted annual production of 100,000 ounces once started, Goldgroup could be poised for a significant change in their market value over the next few quarters as we approach that milestone. If you would like to get a first hand look at operations and expectations at Caballo Blanco – we invite you to sit back and do a little armchair traveling to Goldgroup Mining’s Caballo Blanco project:
Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) has increased its indicated mineral resources at the La Paila Zone at Caballo Blanco by 314%, from 139,000 ounces to 575,000 ounces of gold. Inferred mineral resources were 419,000 ounces of gold, resulting in total MII of 1 million gold ounces. In addition, this updated report now includes a component of silver mineral resources, including 2,150,000 ounces in the indicated category and 1,930,000 ounces in the inferred category.
According to Keith Piggott, the Company’s President and CEO, “The updated resource estimate on the Caballo Blanco project is a significant milestone for the Company. Goldgroup has been able to grow substantially the resources in the La Paila Zone, which is expected to form the basis of our upcoming PEA in the first quarter of 2012. We continue to achieve our Company targets and are currently in-line to commence production on the project by 2012 year-end. Furthermore, we intend to continue growing our resources in 2012 as we continue to conduct infill drilling at the La Paila Zone, as well as exploration drilling at multiple identified anomalies in the south, southwest and northeast of the Northern Zone, in addition to drilling new targets in the Highway Zone.”
Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) continues to yield significant gold intercepts at its 100% owned Caballo Blanco property in Veracruz, Mexico. Of the 19 drill holes reported herein, 16 of them contain intervals above the established cut-off grade, 7 of them further define the La Paila mineral resource, and the remaining 12 drill holes were drilled to expand the southwestern flank of the La Paila Zone. The zone currently remains open to the south and southwest.
According to Keith Piggott, Goldgroup’s President and CEO, “We are pleased with these new diamond drill results, which continue to confirm, define and expand the La Paila Zone. As we continue to receive positive results from our 2011 drill program and conduct our additional 30,000 metre drill program in 2012, we expect to increase resources at the La Paila Zone. Furthermore, Management expects to identify new zones of mineralization in both the Northern Zone and Highway Zone through its 2012 diamond drill program.”