Goldgroup Mining, in coordination with DynaResource, said that drilling from the current 18,500m diamond drilling program at the San Jose de Gracia project in Sinaloa, Mexico, has found gold mineralization yielding 89.95g/t Au over 1.42m (Hole SJG-10-217).
The company said that the program also yielded many intercepts above the 2.0g/t Au cut-off grade.
Significant assay results from this diamond drill program (SJG-10-189 to SJG-10-224) drilled in the San Pablo, La Union and Purisima veins.
The San Jose de Gracia District is 100%-owned by DynaResource de Mexico.
Goldgroup currently owns 25% of DynaMexico after completing the initial stages of its earn-in and has the right to earn an additional 25% (total of 50%) by advancing a remaining $4m by 15 March 2011.
The recent drilling expenditures were incurred in connection with the earn-in of the additional 25% of DynaMexico.
The remaining interest in DynaMexico is owned by DynaUSA.
San Jose de Gracia is a high-grade advanced exploration project hosting a NI 43-101 compliant mineral resource estimate contained in four separate veins.