GoGold Announces Drilling Results at El Favor East
GoGold Announces Drilling Results at El Favor
East
Shares Outstanding: 294,609,617
Trading Symbols: TSX: GGD
TCQX: GLGDF
1,695 g/t AgEq over
0.9m
within
45.5m
of 136 g/t AgEq at El Favor East
HALIFAX, NS
,
March 16, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX:
GLGDF)
("GoGold", "the Company")
is pleased to release the results of 5 drill holes at El Favor East within
Los Ricos North. Hole LRGF-21-113 intersected
0.9m
of 1,695 g/t silver equivalent ("AgEq") contained within
45.5m
of 136 g/t AgEq. See Table 1 for breakdown of silver and gold values and Figure 1 for a cross section
of LRGF-21-113. These drill holes represent data that is post resource cut-off date and will form part of a
future resource update. The drill program at El Favor East is primarily focused on expansion of the resources
with up-dip and down-dip drilling in addition to strike expansion on the zone towards the east.
"El Favor East continues to provide great results for us, with high grade intercepts surrounded by wider zones
of good potentially bulk mineable grades such as those shown in hole 113," said
Brad Langille
, President and
CEO. "Results such as these are what we believe will help us achieve our goal of aggressively expanding our
mineral resources at Los Ricos in 2022."
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-21-110
El Favor East
30.7
31.7
1.0
0.15
72.7
1.12
84.2
and
132.6
133.8
1.2
0.24
81.8
1.33
99.9
LRGF-21-111
El Favor East
171.0
177.0
6.0
0.18
100.5
1.52
114.0
including
171.0
172.1
1.1
0.09
210.0
2.89
216.9
and
234.1
236.5
2.4
0.47
140.1
2.34
175.4
LRGF-21-112
El Favor East
117.6
118.8
1.2
0.50
151.8
2.52
189.2
LRGF-21-113
El Favor East
157.4
159.1
1.7
0.90
257.0
4.33
324.5
and
274.2
319.6
45.5
0.52
97.0
1.81
135.7
including
280.9
281.8
0.9
13.05
716.3
22.60
1,695.0
LRGF-21-114
El Favor East
74.5
79.5
5.0
0.42
92.7
1.66
124.4
including
76.4
78.5
2.1
0.69
169.2
2.95
221.1
and
381.1
388.5
7.4
0.36
107.5
1.79
134.5
including
386.7
387.9
1.2
1.03
327.9
5.40
405.0
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
Figure 1: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)
The exploration team has been moving east of El Favor with drilling stepouts in the eastern end of El Favor,
beginning with discovery hole 48, and continuing to intersect wide strong mineralization. This area is known as
the El Favor East zone, and a 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-21-110
586353
2336742
1350
180
-45
287
LRGF-21-111
586276
2336791
1374
180
-45
329
LRGF-22-112
586643
2336801
1315
180
-50
425
LRGF-22-113
586501
2336741
1338
180
-45
349
LRGF-22-114
586675
2336767
1313
180
-50
434
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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SOURCE
GoGold Resources Inc.
View original content to download multimedia:
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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 16-MAR-22