Goldgroup Mining Inc. has closed the previously announced acquisition of a 100% interest in the fully permitted for construction Pinos gold/silver project located in the highly productive Zacatecas gold and silver mining belt. Zacatecas is the second largest mining state in Mexico and the location of several world-renowned operations including Newmont’s Peñasquito and Capstone’s Cozamin mines.
Pinos comprises 30 contiguous mining concessions over 3,816 hectares and hosts low-sulphidation epithermal gold and silver vein systems within primary structures related to major regional shears, including multiple high-grade vein structures. Additionally, there is a larger-scale mineralized stockwork target with open-pit potential.
Ralph Shearing, CEO, commented, “We recognized Pinos as a unique opportunity to acquire a largely de-risked, fully permitted, past producing underground gold mine offering published resources, development potential and exploration upside. Our team excels at recognizing quality undervalued assets and advancing them to their full potential, and we look forward to achieving this with Pinos.”
The Company’s immediate plan for the Pinos asset is to update the 2018 Preliminary Economic Assessment (PEA) with the objective of determining potential economics in the current robust gold and silver market and thereafter, advancing the project towards a production decision.
The 2018 PEA was based solely on the Cinco Estrellas vein, which is open in all directions. In addition, there are multiple other vein targets existing on the project, all presenting significant resource expansion potential. A near mine drill campaign is being planned to assess resource expansion and test additional exploration targets
The Company has received approval from the TSX-V for the Pinos acquisition and the transaction is now closed.
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