GoGold Announces Additional Positive Drilling at El Favor East
GoGold Announces Additional Positive Drilling at El
Favor East
Shares Outstanding: 295,518,506
Trading Symbols: TSX: GGD
OTCQX: GLGDF
1,625 g/t AgEq over
1.1m
within
47.6m
of 147 g/t AgEq at El Favor East
HALIFAX, NS
,
Sept. 7, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to release the results of 7 drill holes from the El Favor East deposit within Los Ricos North
property. Hole LRGF-22-136 intersected
1.1m
of 1,625 g/t silver equivalent ("AgEq") contained within
47.6m
of 147 g/t
AgEq, and hole LRGF-22-124 intersected
0.9m
of 1,835 g/t AgEq contained within
22.0m
of 134 g/t AgEq.
"Further holes from El Favor East show both wider bulk tonnage potential and very high grade portions included within.
They show extension of the zone to the east and additional high grade infill," said
Brad Langille
, President and CEO.
"Throughout the Los Ricos district, we continue to see drill intercepts that have both the potential for bulk open pit mining
and/or bulk underground mining. Both of these mining methods will be fully evaluated for best economics while keeping in
mind our high ESG standards."
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-22-123
El Favor East
205.7
207.5
1.8
0.21
112.0
1.70
127.5
and
223.4
224.2
0.8
0.24
83.7
1.36
101.7
LRGF-22-124
El Favor East
247.1
269.1
22.0
0.31
110.6
1.79
134.2
including
262.4
265.8
3.4
1.65
530.4
8.72
654.3
including
263.4
264.3
0.9
5.05
1,456.0
24.46
1,834.9
LRGF-22-125
El Favor East
204.9
207.2
2.3
0.35
144.0
2.27
170.1
including
205.8
207.2
1.3
0.56
229.8
3.63
272.1
and
365.4
366.2
0.8
1.28
240.6
4.49
337.0
LRGF-22-126
El Favor East
215.3
227.0
11.8
0.52
188.7
3.03
227.5
including
222.6
223.5
0.9
3.24
1,132.2
18.34
1,375.2
LRGF-22-128
El Favor East
88.8
89.9
1.1
1.89
82.9
3.00
225.0
and
192.3
203.5
11.2
0.23
113.7
1.75
131.0
including
200.4
203.5
3.1
0.62
260.0
4.09
306.8
and
222.2
226.4
4.2
0.34
75.7
1.35
100.9
LRGF-22-133
El Favor East
239.0
327.0
88.0
0.21
79.3
1.27
95.1
including
296.9
314.9
18.0
0.89
271.1
4.50
337.6
including
306.4
309.5
3.1
4.00
771.6
14.28
1,071.3
LRGF-22-136
El Favor East
173.4
178.3
4.9
0.24
83.9
1.35
101.5
and
257.7
305.3
47.6
0.52
108.5
1.96
147.2
including
275.9
286.5
10.7
2.07
318.8
6.32
473.8
including
278.1
279.3
1.1
13.47
614.6
21.66
1,624.8
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGF-22-129, 130, 131, 132, 134 and 135 are pending assays.
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-22-123
586579
2336571
1455
180
-45
380
LRGF-22-124
587074
2336814
1237
180
-45
545
LRGF-22-125
586798
2336787
1255
180
-45
437
LRGF-22-126
586929
2336815
1263
180
-45
505
LRGF-22-128
586502
2336947
1338
180
-50
521
LRGF-22-133
586376
2336859
1338
180
-45
404
LRGF-22-136
586504
2336701
1361
180
-45
362
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 (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 (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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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 07-SEP-22