Mining Intelligence and News

Los Ricos South Project

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Mine TypeOpen Pit & Underground
StagePreliminary Economic Assessment
  • Gold
  • Silver
  • Copper
Mining Method
  • Truck & Shovel / Loader
  • Longhole stoping
  • Sub-level stoping
  • Longitudinal retreat
  • Transverse stoping
Backfill type ... Lock
Production Start... Lock
Mine Life... Lock
SnapshotThe Los Ricos South project is the part of the Los Ricos property.

The most recent PEA on the Los Ricos South project was announced on September 12, 2023. The projected cash flows and economics of the project are very robust, especially when combined with Los Ricos North PEA that was completed in March of this year.

Work on the Pre-Feasibility Study is ongoing and GoGold Resources is currently completing the advanced geotechnical work with consultants. GoGold Resources will also continue to focus our efforts on the mine plan as it believe further optimization opportunities may be possible. With strong balance sheet GoGold Resources will continue to advance the Los Ricos South project rapidly.
Related Asset


GoGold Resources Inc. 100 % Indirect
The Los Ricos South Property is held by GoGold’s wholly-owned Mexican subsidiary Minera CM Jalisco, S.A. de C.V., previously known as Minera Durango Dorado S.A. de C.V.



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Deposit type

  • Volcanic hosted
  • Epithermal


The Cinco Minas Vein system at Los Ricos is a classic epithermal precious metal deposit, which exhibits at least three phases of quartz and sulphide mineralization and deformation. The vein, which is up to 30 m in width and has been traced over 3.5 km on the concessions, occurs along a northwesterly trending structure that roughly marks the boundary between two calc-alkaline magmatic arcs: 1) the older Sierra Madre Occidental volcanic province to the north; and 2) the younger Trans-Mexican volcanic arc to the south. The Sierra Madre Occidental province is the largest accumulation of pyroclastic flows and ignimbrites in the world (Nebocat, 2002). The age of these volcanics ranges from Cretaceous (100 Ma) to Neogene (18 Ma) (previously Tertiary).

Los Ricos (Cinco Minas) is a classic Neogene (previously Tertiary) age, volcanic-hosted and low-sulphidation epithermal precious metal deposit.

The mineralized vein at Los Ricos South, which is as much as approximately 30 m wide, has had at least three quartz vein formation and metal precipitation events (Nebocat, 2004). The vein strikes across the Property for 3.5 km, following a northwest-southeast trending fault, and dips approximately 65° to 70° to the west.

The chief gangue mineral is quartz, whereas crystalline quartz is plentiful and colourless, cream colored, milky or occasionally even amethyst, the bulk of the quartz is a dense fine-grained grey, yellowish of greenish porcelain quartz intermixed with chalcedonic quartz of a slightly later origin. This quartz is associated with less grey, brown and white calcite. Some of the calcite was deposited contemporaneously with the quartz, however, most of it post-dates the latter. The contemporaneous calcite is more abundant in the vein near surface than at depth. Comb quartz and open vugs in the quartz vein were more abundant in the upper workings near surface. Siderite, rhodochrosite and adularia were also noted as rare occurrences, whereas kaolinite was also present near secondary enriched oxidized mineralized materials. Chlorite and possibly epidote were also in evident in association with the quartz, or in partially replaced rock fragments.

The chief sulphide minerals are galena, chalcopyrite, sphalerite, pyrite, covellite, bornite and silver sulphides. The higher-grade sulphide zones are generally associated with finegrained galena and minute specks of chalcopyrite. Coarse-grained sulphides generally carry low metal values. Recognizable silver sulphides are rare. However, specks of pyrargyrite were observed in the high-grade sulphides that might have been tetrahedrite, argentite or other silver sulphide minerals. Native silver flakes and specks were observed coating fractures in high-grade sulphide mineralized zones.

There appear to have been either several periods of vein deposition or a long period of mineralization interrupted periodically by faulting and brecciation of the quartz. The mineralization appears to have formed relatively early. The location of the mineralized shoots, which appear to rake at 65° to 70° northwestwards, seems to have been controlled by:
• segregation of the minerals during deposition from the original primary solutions;
• periods of movement and brecciation that followed the first period of mineralization; and
• formation of the diagonal slips or cross-faults that confined or diverted the later primary mineralizing solutions into these breccia-filled channels.

The portions of the quartz vein between the various mineralized shoots show little evidence of brecciation of the original quartz. The richest mineralized shoots appear to have been associated with the greatest width of quartz and the portions of the veins showing the greatest number of periods of brecciation.

The Magdalena and the San Pedro-San Juan mineralized shoots, although of minor importance, appear to have a true shoot-like character and plunge approximately 65° to the northwest. On the Destajos Level and above, there was originally almost continuous mineralization from the southeast edge of the San Nicolas Stope to the northwest edge of the Main Destajos Stopes at approximately 320 m northwest of the main shaft.

Garrey (1923) reports that the San Nicolas, San Diego, Destajos, Cinco Minas and North Cinco Minas deposits were probably part of what appears to have been one large, mineralized shoot, subsequently broken-up along faults into smaller shoots. Drill hole LRGG-19-079 intersected the Los Ricos Vein from 128.2 m to 144.7 m, which displays typical gold and silverbearing quartz veins in the area of the historical Cinco Minas underground mine.



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Mining Methods


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Crushers and Mills


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CommodityUnitsAvg. AnnualLOM
Gold koz 493
Silver M oz 47
Copper M lbs 14
Silver Equivalent M oz 888
All production numbers are expressed as payable metal.

Operational metrics

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Annual processing capacity  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

Cash costs Silver Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Silver Equivalent USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

OP mining costs ($/t mined) USD 1.64 *  
OP mining costs ($/t milled) USD  ....  Subscribe
UG mining costs ($/t milled) USD  ....  Subscribe
Combined mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
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Expansion CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Backfill costs $M USD  ......  Subscribe
Total OpEx $M USD  ......  Subscribe
Mining Taxes $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax NPV @ 7% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 7% $M USD  ......  Subscribe
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After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment


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Mine Management

Job TitleNameEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Sep 12, 2023
....................... Subscription required ....................... Subscription required ........... Subscription required Sep 12, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 12, 2023

...... Subscription required 2023

Aerial view:


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