GoGold Announces Excellent Drilling at Los Ricos South, Including Second Best Hole Drilled to Date
GoGold Announces Excellent Drilling at Los Ricos South, Including
Second Best Hole Drilled to Date
Shares Outstanding: 326,033,527
Trading Symbols: TSX: GGD
OTCQX: GLGDF
1,519 g/t AgEq over
31.0m
within
8.1m
of 5,375 g/t AgEq including
0.7m
of 47,119 g/t AgEq
HALIFAX, NS
,
May 3, 2023
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to announce
additional drilling results from Los Ricos South, within the Eagle Deposit, including an exceptionally wide, high grade intercept from hole LRGAG-22-162.
The hole intercepted
31.0m
of 1,519 g/t silver equivalent ("AgEq"), within
8.1m
of 5,375 g/t AgEq which also included a very high grade core of 47,119 g/t
AgEq over
0.7m
. This is one of the best holes drilled to date within the Los Ricos district. See Table 1 for breakdown of silver and gold values.
"Our drilling campaign at the Eagle deposit continues to provide us with excellent results, including the exceptional hole 162 which is one of the best holes
drilled to date within the Los Ricos district. This hole exemplifies why we believe so strongly in this deposit with very wide, high grade intersections
exceeding a kilo and a half of silver equivalent over 31 metres. We continue to intersect exceptional metal values with the drill bit at the Eagle deposit within
Los Ricos South," said
Brad Langille
, President and CEO. "Our team continues to work toward our upcoming updated Los Ricos South Mineral Resource
and Preliminary Economic Assessment, which we expect by the end of June."
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)
LRGAG-22-162
Eagle
100.7
131.7
31.0
6.07
1,063.9
20.26
1,519.2
including
105.7
113.8
8.1
19.38
3,921.7
71.67
5,375.2
including
107.7
108.4
0.7
144.00
36,319.0
628.25
47,119.0
LRGAG-22-147
Eagle
53.2
99.8
46.6
1.08
40.8
1.63
122.0
including
85.6
99.0
13.4
3.24
76.0
4.25
319.1
including
96.0
96.8
0.8
24.30
45.0
24.90
1,867.5
LRGAG-22-148
Eagle
138.3
143.3
5.0
1.13
137.1
2.96
221.7
LRGAG-22-150
Eagle
209.4
220.7
11.3
6.96
64.9
7.83
587.0
including
211.1
217.4
6.3
12.02
100.0
13.35
1,001.6
including
215.1
216.2
1.1
32.10
157.0
34.19
2,564.5
LRGAG-22-151
Eagle
194.4
201.7
7.3
1.77
74.9
2.77
207.8
including
195.0
196.3
1.3
3.48
154.2
5.54
415.3
LRGAG-22-152
Eagle
73.2
85.3
12.1
0.55
70.6
1.49
111.8
including
83.3
85.3
2.0
1.35
124.3
3.01
225.5
LRGAG-22-153
Eagle
65.1
66.6
1.5
0.35
143.5
2.26
169.8
LRGAG-22-154
Eagle
88.2
92.8
4.6
0.52
113.2
2.03
152.2
including
88.9
89.9
1.0
1.16
202.5
3.86
289.5
LRGAG-22-155
Eagle
205.0
211.0
6.0
1.93
30.4
2.34
175.3
including
205.0
205.6
0.6
9.20
74.7
10.20
764.7
and
229.3
233.6
4.3
2.79
64.8
3.65
273.8
including
231.6
232.6
1.0
8.19
52.1
8.88
666.4
LRGAG-22-156
Eagle
38.4
47.3
9.0
1.86
161.0
4.01
300.9
including
43.9
45.1
1.2
7.59
697.9
16.89
1,266.8
LRGAG-22-157
Eagle
153.1
155.4
2.3
0.46
86.9
1.62
121.6
LRGAG-22-158
Eagle
78.2
102.8
24.6
2.19
137.9
4.03
302.0
including
79.2
88.0
8.8
3.87
340.5
8.41
630.9
including
80.0
80.7
0.8
13.05
2,660.0
48.52
3,638.8
LRGAG-22-159
including
99.1
100.1
1.0
2.71
91.0
3.92
294.3
LRGAG-22-160
Eagle
173.9
175.4
1.5
2.09
176.9
4.45
334.0
and
200.4
202.5
2.2
5.77
50.1
6.44
483.0
and
214.9
227.7
12.9
2.13
70.2
3.07
230.3
including
219.7
220.5
0.8
14.30
255.0
17.70
1,327.5
LRGAG-22-161
Eagle
91.4
124.4
33.0
2.51
338.9
7.03
527.0
including
93.4
103.0
9.6
5.16
945.4
17.76
1,332.0
including
94.8
96.1
1.3
19.58
3,665.4
68.46
5,134.2
1.
Not true width
2.
AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos
South PEA. The Eagle 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. Drilling at the Eagle 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.
Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 3: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Figure 3, above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South projects. The map includes an
outline of the concession areas and a summary of the current Mineral Resource Estimates ("MRE") on the projects, as well as stars locating each of the
deposits included within the current MREs.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGAG-22-147
610054
2328536
1274
50
-87
155
LRGAG-22-148
610144
2328260
1312
50
-69
175
LRGAG-22-149
610231
2328101
1334
50
-50
160
LRGAG-22-150
609998
2328327
1264
50
-72
271
LRGAG-22-151
610036
2328260
1305
50
-53
258
LRGAG-22-152
610295
2328146
1344
50
-51
115
LRGAG-22-153
610202
2328299
1319
50
-72
110
LRGAG-22-154
610217
2328254
1331
50
-72
128
LRGAG-22-155
609997
2328326
1265
50
-76
304
LRGAG-22-156
610142
2328445
1312
50
-71
105
LRGAG-22-157
610146
2328029
1291
50
-56
193
LRGAG-22-158
610058
2328444
1278
50
-60
126
LRGAG-22-159
610107
2328342
1293
50
-61
177
LRGAG-22-160
610009
2328321
1268
50
-75
294
LRGAG-22-161
610058
2328443
1278
50
-74
156
LRGAG-22-162
610034
2328438
1270
50
-67
162
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.
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 03-MAY-23