Goldgroup Mining Inc. has intersected multiple higher-grade intervals and broader mineralized zones, including 16.8 metres grading 4.36 g/t gold, in the first assay results from an ongoing 26,000-metre diamond drilling program at the San Francisco Gold Project in Sonora, Mexico.

The initial assays cover the first six holes drilled within the existing open pit. Drill hole GGD-178 returned 16.8 metres grading 4.36 g/t gold, which included a 10.9-metre higher-grade core grading 6.34 g/t gold, alongside a separate intercept of 10.0 metres grading 2.00 g/t gold, including 2.2 metres at 7.83 g/t gold.

Further drilling in hole GGD-174 intersected 23.4 metres grading 1.71 g/t gold, including 6.4 metres at 4.84 g/t gold, while hole GGD-179 returned 51.0 metres grading 0.58 g/t gold, including 3.9 metres at 2.53 g/t gold.

Goldgroup completed the acquisition of 100% of Molimentales del Noroeste through a Concurso Mercantil process on June 15, 2026, securing the San Francisco Mine concessions. The project hosts Measured and Indicated mineral resources containing approximately 1.23 million ounces of gold, alongside an Inferred resource of approximately 178,000 ounces, based on an April 30, 2026 effective date.

The current core drilling program is designed to refine geological models, support pit design and evaluate potential restart scenarios for the formerly producing operation. Assays for the remaining holes in the program remain pending.

"These first results from our 26,000-metre San Francisco drill program represent a highly encouraging start and reinforce our belief that there is significant opportunity to unlock additional value from this established gold project."

"What makes San Francisco particularly compelling is that we are not starting from scratch. This is a formerly producing operation with existing infrastructure and an established mineral resource. Our drilling is designed to build on that foundation by improving our understanding of the deposit and generating the technical information required to evaluate a potential restart, while also testing opportunities for longer-term resource growth."

— Javier Reyes, Chief Executive Officer

Goldgroup expects to complete a broader technical study for the San Francisco Project in Q4 2026, which will integrate updated geological and cost considerations. Subject to the study's results and a subsequent development decision, the company targets a potential restart of operations in Q1 2027.

Read the full announcement: Goldgroup Reports Strong First Results from 26,000 Metre San Francisco Drill Program