Business
Goldgroup Announces Tunnel Assays Confirming Drilling Results at Caballo Blanco
49 metr es of 1.13 g/t gold 28 metres of 1.26 g/t gold Update on Guidance R...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\n\n\n49 metres of 1.13 g/t gold\n\n28 metres of 1.26 g/t gold\n\n\nUpdate on Guidance Regarding the Release of the Preliminary Economic Assessment\n\n\nVANCOUVER, March 29, 2012 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or\n the \"Company\") (TSX: GGA) is pleased to announce further assay results\n from the continuation of underground tunnel development at the\n Company's 100%-owned Caballo Blanco gold project in Veracruz, Mexico. \n Both the main tunnel and a new crosscut tunnel to the west of the main\n tunnel continue to encounter mineralized, massive and brecciated\n massive silica. Assay results from the channel sampling in the main\n tunnel returned 49.40 metres of 1.13 g/t gold and 28.25 metres of 1.26\n g/t gold from channel sampling in the crosscut tunnel. The average gold\n grades of the mineralized zones in the tunnel continue to correspond\n well with the grades of the drill holes completed in the area\n surrounding the tunnel.  These results provide indirect confirmation\n for a robust resource model, serving to de-risk the Caballo Blanco\n project.\n\n\nGoldgroup expects to release initial results of its Preliminary Economic\n Assessment (\"PEA\") for Caballo Blanco in mid-April. Goldgroup has\n received delivery of a draft PEA report, but is still awaiting final\n determination of a few key parameters before the results can be\n issued.  The completion of the Caballo Blanco PEA, the first such\n report in the history of Goldgroup, represents a significant milestone\n for the Company.  The PEA report will provide details of the\n operational and financial nature of the project.\n\n\nTunnel Results\n\n\nThe main tunnel and west crosscut tunnel at the La Paila Zone are being driven to collect bulk-sample material for ongoing\n metallurgical test work.  The tunnelling also provides direct access to\n the mineralized zone allowing the Company to enhance its understanding\n of the geological and geotechnical characteristics of the\n mineralization at the La Paila Zone.  Since the previous tunnel news\n release dated February 27, 2012, the main tunnel has advanced an\n additional 49 metres to a total length of approximately 225 metres. A\n new crosscut tunnel to the west of the main tunnel has been driven 28\n metres to date.\n\n\nThe results disclosed today from the current tunnel...