GoGold Announces Highest Grade Drill Intercept To Date at El Favor East in Los Ricos North
GoGold Announces Highest Grade Drill Intercept To Date at El Favor
East in Los Ricos North
Shares Outstanding: 278,301,117
Trading Symbols: TSX: GGD
OTCQX: GLGDF
11,307 g/t AgEq over
1.0m
within
21.2m
of 1,079 g/t AgEq at El Favor East
HALIFAX, NS
,
Feb. 2, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release
the results of 6 drill holes at El Favor East within Los Ricos North. Hole LRGF-21-107 intersected
1.0m
of 11,307 g/t silver equivalent ("AgEq")
contained within
21.2m
of 1,079 g/t AgEq. See Table 1 for breakdown of silver and gold values and Figure 1 for a cross section of LRGF-21-107.
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.
Last fall, the drill program at El Favor East was focused on following the zone along strike to the east with drill pads built along the historical road to
the
Constancia
mine workings. The first phase of drilling has cut wide zones of high-grade mineralization at vertical depths near 300 metres from
surface (see Figure 1). Phase 2 of the drill program will progressively drill both the fill-in holes along strike and the up-dip holes required for the 2022
Mineral Resource estimation. Crews are currently building the roadways and drill pads required to drill the new holes to follow-up on the zones
discovered in holes LRGF-21-107 and LRGF-21-109.
"The results from these new holes demonstrate the importance of the El Favor East zone," said
Brad Langille
, President and CEO. "With these high
grades and widths at depth as shown in holes 107 and 109, we have the opportunity to quickly increase the mineral resource by simply drilling the
zone up to surface. 2022 will be another year of aggressive resource expansion in the Los Ricos district."
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-21-102
El Favor East
36.1
36.7
0.6
0.51
179.8
2.91
218.1
and
262.5
264.3
1.8
0.08
105.1
1.49
111.4
and
305.2
315.6
10.5
0.05
72.3
1.01
76.0
LRGF-21-104
El Favor East
30.5
31.3
0.9
0.35
88.8
1.53
114.8
and
67.2
69.6
2.4
0.14
66.4
1.03
77.0
including
68.0
68.6
0.6
0.30
177.5
2.66
199.7
and
154.1
157.5
3.4
0.68
101.4
2.04
152.6
including
154.6
155.3
0.7
1.75
230.1
4.82
361.1
LRGF-21-106
El Favor East
243.3
269.5
26.3
0.43
106.6
1.85
138.8
including
256.1
268.5
12.4
0.79
184.2
3.24
243.3
including
259.7
260.5
0.8
2.52
593.0
10.43
782.3
LRGF-21-107
El Favor East
249.3
275.0
25.7
1.55
776.4
11.90
892.3
including
250.1
271.2
21.2
1.87
938.0
14.38
1,078.5
including
258.4
262.7
4.3
8.65
4,163.8
64.17
4,812.8
including
259.1
260.2
1.0
18.23
9,940.1
150.76
11,307.3
LRGF-21-108
El Favor East
223.2
228.3
5.1
0.17
69.2
1.09
81.8
including
223.2
224.8
1.6
0.43
155.0
2.49
187.0
and
357.9
366.0
8.1
0.46
90.2
1.66
124.5
including
358.5
359.6
1.1
2.52
353.5
7.24
542.6
LRGF-21-109
El Favor East
49.5
53.2
3.7
0.34
157.9
2.45
183.4
and
223.6
287.2
63.6
0.23
109.0
1.69
126.4
including
262.2
265.2
2.9
2.36
1,109.2
17.15
1,286.0
including
264.3
265.2
0.8
4.17
2,261.9
34.33
2,574.8
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
Figure 1: El Favor East Hole LRFG-21-107 Cross Section (CNW Group/GoGold Resources Inc.)
Figure 2: 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 2. 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-21-102
586505
2336784
1320
180
-50
444
LRGF-21-103
586723
2336748
1291
180
-45
383
LRGF-21-104
586751
2336780
1269
180
-50
236
LRGF-21-105
586608
2336751
1344
180
-45
431
LRGF-21-106
586631
2336743
1341
180
-43
433
LRGF-21-107
586425
2336743
1321
180
-44
343
LRGF-21-108
586574
2336750
1344
180
-45
446
LRGF-21-109
586454
2336740
1325
180
-45
329
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 3 below.
Figure 3: 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 longitudinal section in Figure 5 below shows that
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 4: Favor Long Section (CNW Group/GoGold Resources Inc.)
Figure 5: Favor-Orito 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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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 02-FEB-22