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Fresh Drill Results In Sonora Have (NYSE American: GORO) On Our Radar Today
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September 22nd Greetings Readers,
See our Monday profile? It popped off.
After closing Friday at $1.64, it shot vertically to a high of $2.10 to kick off the week.
The resulting move created a surge of approx. 28% short term.
When a mine stops producing, it usually gets taken apart.
The plants go to auction, the crushers leave on trucks, and what remains is a hole with a fence around it.
The San Francisco mine in Sonora, Mexico was never dismantled.
Two open pits, 16,875 tonnes per day of crushing capacity, twin gold recovery plants, ore pads, workshops and haul roads running to the highway are all still standing.
Goldgroup Mining Inc. (NYSE American: GORO) owns every hectare of it.
That inventory is why the company calls it a built mine rather than a greenfield prospect, and it explains the work going on there now.
An independent resource estimate with an effective date of April 30th, 2026 puts measured and indicated resources at 105.1Mn tonnes grading 0.36 grams per tonne gold, or 1.23Mn contained ounces, plus 178,400 inferred ounces. |
Goldgroup is not treating that estimate as a filing exercise.
A 26,000 metre drill program is turning there now on an $8.5Mn budget, and on September 8th the company released an update on the first six holes.
Highlights include:
GGD-174: 23.4 metres grading 1.71 g/t gold, including 6.4m grading 4.84 g/t;
GGD-178: 16.8 metres grading 4.36 g/t gold, including 10.9m grading 6.34 g/t;
GGD-178: 10.0 metres grading 2.00 g/t gold, including 2.2m grading 7.83 g/t;
GGD-179: 51.0 metres grading 0.58 g/t gold, including 3.9m grading 2.53 g/t.
All of it came from inside the existing pit, against a stated resource averaging 0.36 grams per tonne.
A technical study is due this quarter, with plant refurbishment and a restart targeted for the first quarter of 2027.
Then a funding announcement arrived days later. On September 9th the company announced a $75Mn private placement of units at $3.65, with $60Mn committed by Trafigura, Eric Sprott, Rick Rule and other resource funds, then raised it to $125Mn on September 14th as demand grew.
Each unit carries half a warrant exercisable at $5.10, and closing is set for on or about September 30th. |
About Goldgroup Mining Inc.
Revenue comes from mining and selling gold and silver, with copper, lead and zinc credits alongside.
Don David sits on a 55,000 hectare package in Oaxaca, where the Arista complex feeds a 1,800 tonne per day flotation plant and a 300 tonne per day leach circuit producing three concentrates, with 37,000 to 52,000 ounces of gold equivalent expected in 2026.
Cerro Prieto has run since 2013 as a shallow open pit heap leach in Sonora's Cucurpe district, historically near 11,500 ounces a year, with an in house 2026 estimate of 17,000 to 20,000 plus ounces.
San Francisco arrived in June 2026 through the purchase of Molimentales del Noroeste, and the Back Forty project in Michigan completes the portfolio. |
Behind The Scenes
The portfolio took its present shape on July 17th, 2026, when Goldgroup and Gold Resource Corporation closed a business combination that brought Don David and Back Forty under one roof.
Ten days later Allen Palmiere stepped down as President and Chief Executive Officer, staying on as an advisor, with board chair Javier Reyes stepping in, an appointment made permanent on August 31st.
Reyes has framed the work plainly: the objective "isn't simply to replace what we mine, but also to continue discovering and defining mineralization with potential to extend mine life, grow our resource base and create long-term shareholder value." |
Where The Drills Go Next
The figures behind that sentence are substantial: 25,726 metres across 123 holes at Don David in the seven months to July 31st, with as many as six rigs turning at once.
The follow up list is already named, covering the Marena North, Splay 31, Isabel SE and Laura targets.
At Cerro Prieto the company reports a mineralized shear zone running more than 2.5 kilometres that has only been partly tested. |
6 Potential Catalysts Putting (NYSE American: GORO) On Our Watchlist
#1. Almost Every Barchart Technical Indicator Is Currently Reading Bullish. At the time of writing on Monday, Barchart shows 12 of its technical indicators flashing bullish on GORO which includes the website’s composite “Trend Seeker” indicator triggered as well.
#2. A Built Mine Waiting On A Decision, Not A Discovery. Open pits, twin recovery plants, grid power and haul roads already stand at San Francisco, which is why GORO frames a restart as low capital rather than new construction.
#3. A $125Mn Raise Anchored By Named Resource Funds. Trafigura, Eric Sprott, and Rick Rule sit behind a placement GORO upsized from $75Mn within six days, closing at the end of September.
#4. First Holes Returning Multiples Of The Resource Average. GGD-178 cut 16.8 metres at 4.36 grams per tonne gold and GGD-179 ran 51.0 metres, inside a pit whose resource averages 0.36, which is why GORO has a restart study running.
#5. A North American Asset In Definitive Feasibility Work. Back Forty carries a 14.5Mn tonne polymetallic resource and an assessment that models a $556Mn after tax net present value at consensus pricing, keeping GORO exposed beyond Mexico.
#6. High Grade Silver Landing Outside The Producing Veins. Alta Gracia returned 2.55 metres of 1.66 grams per tonne gold and 1,695 grams per tonne silver, placing GORO in front of targets beyond its mine plan. |
In Closing
Idle infrastructure is the quietest asset in mining. It earns nothing, costs little, and sits there until somebody decides what to do with it.
Goldgroup Mining Inc. (NYSE American: GORO) has spent this year getting into position to decide with data rather than hope: an independent resource estimate in hand, first holes grading well above it, a technical study due this quarter, and a $125Mn financing.
Two mines produce in the meantime and a fourth asset is in feasibility work in Michigan.
None of that removes the ordinary risks of mining or of a commodity market, and mineral resources are not mineral reserves.
The questions ahead have dates attached. Readers who follow precious metals producers may want to keep GORO on their watch list and review the company's filings and technical reports directly.
We’re initiating coverage on Goldgroup Mining Inc. (NYSE American: GORO).
Be on the lookout for updates heading your way soon. Talk again shortly.
Sincerely, Kai Parker StockWireNews
(Always Remember The St-ock Prices Could Be Significantly Lower Now From The Dates I Provided.)
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