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GoGold shares rise after securing option on Los Ricos project in Mexico

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GoGold shares rise after securing option on Los Ricos project in Mexico

Shares in GoGold Resources Inc. rose about 19% on March 26 after it secured an option to acquire 29 concessions comprising the Los Ricos project in Mexico.

The 22,000-hectare property is home to several historical gold-silver mining operations, according to a March 26 release.

The company can own Los Ricos within six years by paying C$1.2 million, granting the vendors a 2% net smelter royalty on five of the concessions, and paying at most C$11 million any time.

During the option period, GoGold will have exclusive exploration rights over the property. So far, the company has completed several kilometers of trenching and is currently drilling the property.

Exploration of Los Ricos has been stalled due to past litigation. As a Mexican court declared the vendors the property's rightful owners in 2016, the company said it is confident that any pending or future appeals regarding the decision will be dismissed.