GoGold Announces Additional Positive Drilling at El Favor East 1,124 g/t AgEq over 2.0m within 18.8m of 203 g/t AgEq at El Favor East
GoGold Announces Additional Positive Drilling at El
Favor East
1,124 g/t AgEq over
2.0m
within
18.8m
of 203 g/t AgEq at El Favor East
HALIFAX, NS
,
July 6, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to release the results of 6 drill holes from the El Favor East deposit within Los Ricos North
property. Hole LRGF-21-118 intersected
2.0m
of 1,124 g/t silver equivalent ("AgEq") contained within
18.8m
of 203 g/t
AgEq. See Table 1 for breakdown of silver and gold values.
"Our continued drilling program at El Favor East shows additional positive results. Our program is also focussing on
Gran Cabrera in the northerly section of Los Ricos North, and we expect to provide an update on that shortly," said
Brad
Langille
, President and CEO. "In addition to our drilling, we continue to work on consolidation of additional ground in Los
Ricos South and expect to have an update on this in the coming weeks."
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)
LRGF-22-115
El Favor East
51.0
53.8
2.8
0.36
75.7
1.37
102.5
and
194.4
196.3
2.0
0.37
127.0
2.06
154.9
and
345.1
346.0
0.9
0.19
120.9
1.80
135.0
LRGF-22-116
El Favor East
134.6
135.3
0.8
0.56
240.6
3.76
282.3
and
227.3
229.1
1.8
0.24
137.6
2.07
155.5
and
271.0
273.2
2.2
0.80
226.7
3.82
286.8
including
272.2
272.7
0.5
2.87
847.0
14.17
1,062.4
LRGF-22-118
El Favor East
223.0
241.8
18.8
0.62
156.4
2.71
203.2
including
233.7
241.1
7.4
1.50
344.5
6.09
456.9
including
238.2
240.2
2.0
3.59
854.5
14.98
1,123.8
LRGF-22-120
El Favor East
125.0
125.7
0.7
0.82
225.0
3.82
286.8
and
235.7
245.0
9.3
0.64
154.7
2.71
203.0
including
243.3
244.0
0.7
5.23
1,195.0
21.16
1,587.0
and
339.1
339.6
0.5
0.21
95.6
1.49
111.5
and
351.5
352.2
0.7
0.24
107.7
1.67
125.6
and
357.1
357.8
0.7
4.34
1,294.9
21.60
1,620.2
LRGF-22-122
El Favor East
190.9
195.4
4.5
0.27
75.8
1.28
96.3
and
271.1
273.0
1.9
0.49
83.6
1.60
120.3
including
272.1
273.0
0.9
0.90
152.8
2.94
220.6
LRGF-22-127
El Favor East
69.3
80.7
11.4
0.37
89.8
1.57
117.7
including
73.1
73.6
0.5
1.92
213.7
4.76
357.3
1
.
Not true width
2
.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3
.
Holes LRGF-22-117, LRGF-22-119, and LRGF 22-121 did not intercept significant mineralization
4
.
Holes LRGF-22-123 to 126 are pending assays.
Figure 1: El Favor Drill Hole Locations
Figure 1: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)
In early 2022, the exploration team began a systematic stepout drilling program to test the eastern strike extension of the
El Favor deposit in the area between Discovery Hole 48 and the underground workings at the Constancia Mine. This area
is known as the El Favor East zone, and the mapping and drilling program has extended the presence of mineralization
900m
to the east of hole 48 (El Favor East zone discovery hole), as shown in Figure 1. To date, approximately
800m
of
El Favor East has been drilled showing the strong mineralization. The drill holes in this release were not included in the
initial Mineral Resource Estimate for Los Ricos North released on
December 7, 2021
, hole LRGF-21-094 was the final
drill hole included in that resource.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGF-22-115
586554
2336781
1322
180
-50
346
LRGF-22-116
587028
2336809
1263
180
-45
515
LRGF-22-118
586880
2336845
1233
180
-45
435
LRGF-22-120
586977
2336827
1264
180
-45
504
LRGF-22-122
586858
2336828
1235
180
-45
487
LRGF-22-127
586499
2336939
1337
180
-46
101
In September, the company commissioned TMC Exploracion to complete an IP survey using the Pole:Dipole array on the
El Favor property. The grid consists of a network of 28 N/S profiles spaced every
100 m
from L-2W to L-25E ranging in
length from 0.85 to 2.0 km. The survey outlined several high chargeability anomalies representative of the sulphide
mineralization along the El Favor – El Favor East zone. A geophysical map showing anomalies and drilling targets is
included as Figure 2 below.
Figure 2: Geophysical Map – El Favor
Figure 2: Geophysical Map – El Favor (CNW Group/GoGold Resources Inc.)
El Favor is located approximately 800 meters along strike to the east of the El Orito deposit. The combined systems
cover approximately 2.9km in mineralized strike length over a 3.7km distance. At El Orito, wide zones of precious and
base metal mineralization were cut by drill holes at El Orito at elevations between 600 to
900m
. The drill holes at El
Favor have cut primarily silver-gold mineralization with trace to minor amounts of base metals at a higher elevation in the
system, between
1,050m
to
1,400m
, compared to the semi-massive to massive base metal sulphide mineralization seen
deeper in the El Orito deposit.
Figure 3: Favor Long Section
Figure 3: Favor Long Section (CNW Group/GoGold Resources Inc.)
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 Slide Deck and 3D Presentation for GoGold can be viewed at:
https://vrify.com/decks/10437
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 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 ActLabs facility in
Zacatecas, Mexico
. ActLabs 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 50-gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne
are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total
digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a
gravimetric finish (Code 8-Ag FA-GRAV Ag).
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:
CO: GoGold Resources Inc.
CNW 06:30e 06-JUL-22