GoGold Announces Additional Excellent Results at Los Ricos South Main and Eagle Areas
GoGold Announces Additional Excellent Results at Los Ricos South
Main and Eagle Areas
Shares Outstanding: 295,884,511
Trading Symbols: TSX: GGD
OTCQX: GLGDF
2,558 g/t AgEq over
4.8m
within
15.0m
of 828 g/t AgEq in Main Area
HALIFAX, NS
,
Nov. 30, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to
announce additional drilling results from the Main Deposit within Los Ricos South as well as from the newly acquired Eagle concession, which
contains the northern strike extension of the Main Deposit on the Los Ricos South property. Highlights of the Main Deposit drilling include hole
LRGG-22-218, which intercepted 7,093 g/t silver equivalent ("AgEq") over
0.9m
, contained within
4.8m
of 2,558 g/t AgEq within a wider intercept of
15.0m
of 828 g/t AgEq. See Table 1 for breakdown of silver and gold values.
"Drilling continues to expand the size of the newly acquired Eagle zone and continues to confirm high grade wide intercepts in the Main deposit,"
said
Brad Langille
, President and CEO. "These results further confirm that both the Main zone and the Eagle are developing into bulk mineable high
grade deposits which should significantly increase the value of Los Ricos South."
Table 1: Drill Hole Intersections
Hole ID
Area / Vein
From
To
Length
1
Au
Ag
AuEq
2
AgEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
LRGG-22-214
Main area
117.5
128.8
11.3
0.54
69.4
1.47
110.0
LRGG-22-215
Main area
141.9
145.0
3.1
0.55
76.2
1.56
117.0
LRGG-22-216
Main area
99.0
105.7
6.7
0.36
62.9
1.20
90.1
including
102.1
102.8
0.7
1.58
267.0
5.14
385.5
LRGG-22-217
Main area
179.8
198.9
15.1
0.52
109.6
1.98
148.3
LRGG-22-218
Main area
57.0
74.1
15.0
3.98
529.2
11.04
827.8
including
57.0
63.9
4.8
12.43
1,625.6
34.10
2,557.6
including
60.5
63.0
2.5
20.32
2,774.1
57.31
4,298.2
including
61.2
62.2
0.9
37.90
4,250.0
94.57
7,092.5
LRGAG-22-065
Eagle
73.0
76.0
3.0
5.00
19.7
5.26
394.4
including
75.0
76.0
1.0
13.15
17.0
13.38
1,003.3
Eagle
83.0
86.4
3.4
1.02
63.9
1.87
140.3
LRGAG-22-067
Eagle
363.5
377.0
13.5
0.15
67.8
1.06
79.2
including
364.4
366.6
2.2
0.53
127.5
2.23
167.3
and
375.7
377.0
1.4
0.30
204.6
3.03
227.0
LRGAG-22-068
Eagle
50.0
51.0
1.0
0.61
55.4
1.35
101.2
LRGAG-22-069
Eagle
1.5
4.5
3.0
0.55
50.4
1.22
91.4
LRGAG-22-070
Eagle
49.5
51.0
1.5
0.47
54.7
1.20
90.0
LRGAG-22-071
Eagle
11.1
12.6
1.5
1.11
95.0
2.38
178.3
LRGAG-22-072
Eagle
33.0
51.0
18.0
0.33
48.2
0.98
73.1
including
35.4
40.7
5.4
0.97
118.3
2.54
190.8
LRGAG-22-075
Eagle
26.3
29.5
3.3
0.34
90.1
1.54
115.6
LRGAG-22-076
Eagle
130.2
164.0
33.8
0.76
45.5
1.37
102.5
including
149.0
164.0
15.0
1.30
79.5
2.36
176.8
including
151.9
152.7
0.8
14.70
640.0
23.23
1,742.5
LRGAG-22-077
Eagle
111.3
115.3
4.0
0.78
65.7
1.66
124.2
and
147.0
168.5
21.5
0.66
67.7
1.56
117.1
including
163.5
164.5
1.0
4.95
460.0
11.08
831.3
LRGAG-22-078
Eagle
31.7
52.7
21.0
0.43
79.4
1.49
111.6
including
38.6
49.2
10.6
0.70
122.8
2.34
175.6
including
41.6
45.3
3.8
1.12
196.1
3.73
279.8
including
44.6
45.3
0.8
1.96
512.0
8.79
659.0
LRGAG-22-080
Eagle
172.2
173.2
1.0
1.30
36.4
1.78
133.5
and
206.7
213.5
6.8
2.43
23.6
2.74
205.6
including
207.9
209.4
1.5
10.60
25.0
10.93
820.0
LRGAG-22-081
Eagle
15.2
16.7
1.5
0.69
59.2
1.48
111.2
LRGAG-22-083
Eagle
212.5
215.4
2.8
1.94
42.1
2.51
187.9
LRGAG-22-085
Eagle
111.0
128.5
17.5
0.54
29.8
0.94
70.5
including
120.0
121.5
1.5
4.77
92.0
6.00
449.8
1.
Not true width
2.
AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGAG-22-066, 073, 074, 079, 082, 084 did not intercept significant mineralization
The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit. The purpose of the program is to better
define the very high grade portions of the current deposit that may be amenable to bulk underground mining. The Company is carrying out a trade-
off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more
selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which
the Los Ricos South Preliminary Economic Assessment ("PEA") was based upon when it was released on
January 20, 2021
.
The Eagle concession adjoins the Main Deposit where the Los Ricos South PEA is contained. This represents an extension to this previously
defined Mineral Resource Estimate at Los Ricos South. The concession covers 1,107 hectares, including the area between the Main Deposit and
the Company's
Jamaica
concession located 3km to the northwest, where the Company holds the rights to additional concessions. Due diligence
drilling has returned the highest grade intercepts to date in the district. These wide high grade intercepts are consistent with geophysical targets on
the new concession.
Following are maps including a cross section of hole LRGG-22-218 showing the high grade intercept (Figure 1), and a cross section of hole
LRGAG-22-076 showing the continuation of the high grade intercepts in the vein as drilling progresses deeper (Figure 2).
Figure 1: Main Area – Cross Section Hole LRGG-22-218 (CNW Group/GoGold Resources Inc.)
Figure 2: Eagle – Cross Section Hole LRGAG-22-076 (CNW Group/GoGold Resources Inc.)
Figure 3: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 4: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 5: Main Area Longitudinal Section (CNW Group/GoGold Resources Inc.)
The Eagle concession connects the Company's concessions held in the southern portion of its Los Ricos South project, including the Main area
where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the
Jamaica
exploration target. As a result,
all of the concessions in Los Ricos South are now contiguous (Figure 6).
The Company exploration team has been completing detailed mapping and sampling at
Jamaica
over the last year and sees the same structure that
was drilled in the main zone at Los Ricos South extending for several kilometres over the
Jamaica
concessions. This offers the potential for an
additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.
Figure 6: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-22-213
610210
2328051
1312
50
-75
187
LRGG-22-214
610473
2327777
1293
50
-56
177
LRGG-22-215
610254
2327822
1251
50
-54
197
LRGG-22-216
610251
2328176
1362
50
-50
132
LRGG-22-217
610478
2327617
1279
50
-58
224
LRGG-22-218
610698
2327577
1256
50
-45
130
LRGAG-22-064
609653
2328759
1210
0
-90
175
LRGAG-22-065
610176
2328378
1311
0
-90
113
LRGAG-22-066
609632
2328800
1204
50
-45
110
LRGAG-22-067
609999
2328159
1318
0
-90
427
LRGAG-22-068
610118
2328660
1325
50
-45
72
LRGAG-22-069
609630
2328799
1204
0
-90
141
LRGAG-22-070
610104
2328675
1326
50
-45
80
LRGAG-22-071
609627
2328823
1199
50
-45
100
LRGAG-22-072
610082
2328687
1325
50
-45
102
LRGAG-22-073
609625
2328822
1199
0
-90
170
LRGAG-22-074
610050
2328702
1325
50
-45
102
LRGAG-22-075
609555
2328880
1180
50
-45
80
LRGAG-22-076
609916
2328450
1243
50
-55
236
LRGAG-22-077
609957
2328623
1268
0
-90
231
LRGAG-22-078
609554
2328879
1179
0
-90
104
LRGAG-22-079
609449
2328961
1164
50
-45
65
LRGAG-22-080
609969
2328426
1252
50
-75
239
LRGAG-22-081
609449
2328960
1164
0
-90
103
LRGAG-22-082
609915
2328449
1243
50
-75
235
LRGAG-22-083
609969
2328426
1252
0
-90
297
LRGAG-22-084
609612
2328849
1196
50
-45
93
LRGAG-22-085
609958
2328623
1268
50
-70
167
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and
interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.
The VRIFY 3D Slide Deck for GoGold can be viewed at:
https://vrify.com/companies/gogold-resources-inc
and on the Company's website at:
www.gogoldresources.com
.
Los Ricos District Exploration Projects
The Company's two exploration projects at its Los Ricos Property are in
Jalisco
state,
Mexico
. The Los Ricos South Project began in
March 2019
and an initial Mineral Resource was announced on
July 29, 2020
which disclosed a Measured & Indicated Mineral Resource of 63.7 million ounces
AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an Inferred Mineral Resource of 19.9 million ounces AgEq grading 190 g/t AgEq
contained in 3.3 million tonnes. An initial PEA on the project was announced on
January 20, 2021
indicating an NPV
5%
of
US$295M
. The Eagle
Concession was acquired in
October 2022
and is adjacent to the Main Area which contains the initial Mineral Resource.
The Los Ricos North Project was launched in
March 2020
and an initial Mineral Resource was announced on
December 7, 2021
, which disclosed
an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3 million tonnes, and an Inferred Mineral
Resource of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 million tonnes. The Company has a drill program for an additional
100,000 metres of drilling for 2022 in place.
Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full
core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to
the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags are transported to the ALS Chemex facility in
Guadalajara, Mexico
. ALS Chemex crushes the samples and
prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram
charge by fire assay (Code AA23) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code ME-GRAV21).
Silver and multi-element analysis is completed using total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 100 grams per
tonne silver are re-assayed using a gravimetric finish (ME-GRA21).
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and
monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the
QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed
GoGold's QA/QC protocols.
Mr.
David Duncan
, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this
release.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high
quality projects in
Mexico
. The Company operates the Parral Tailings mine in the
state of Chihuahua
and has the Los Ricos South and Los Ricos
North exploration projects in the state of
Jalisco
. Headquartered in
Halifax, NS
, GoGold is building a portfolio of low cost, high margin projects. For
more information visit
gogoldresources.com
.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be offered or sold within
the United States
or to, or for the benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to
buy of any of GoGold's securities in
the United States
.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than
statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and
future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, and the prospect of further
discoveries there, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a
number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited
to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions,
mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such
information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking
information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks
associated with GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices,
variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference
should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's
Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.
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SOURCE
GoGold Resources Inc.
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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 30-NOV-22