GoGold Announces More Excellent Drilling Results at Mololoa in Los Ricos North 5,879 g/t AgEq over 1.0m within 14.6m of 877 g/t AgEq 8,073 g/t AgEq over 0.6m within 5.3m of 1,286 g/t AgEq
GoGold Announces More Excellent Drilling Results at Mololoa in
Los Ricos North
5,879 g/t AgEq over
1.0m
within
14.6m
of 877 g/t AgEq
8,073 g/t AgEq over
0.6m
within
5.3m
of 1,286 g/t AgEq
HALIFAX, NS
,
Jan. 26, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased
to release the results of 9 drill holes from the Mololoa deposit within Los Ricos North. Hole LRGM-21-088 intersected
1.0m
of 5,879 g/t
silver equivalent ("AgEq") contained within
14.6m
of 877 g/t AgEq, and hole LRGM-21-090 intersected
0.6m
of 8,073 g/t AgEq within
5.3m
of 1,286 g/t AgEq. See Table 1 for breakdown of silver and gold values.
"The drilling program at Mololoa is providing us with some of our highest grades we've seen on the project, up to 8 kilos of silver
equivalent per tonne in hole 90," said
Brad Langille
, President and CEO. "As we continue drilling the next 100,000 metres after the release
of our initial Mineral Resource Estimate in December, we are focussed on additional resource ounces as our primary goal. We expect
more results like these will contribute significantly to that, and we see 2022 as the year to add ounces and value for our shareholders."
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)
LRGM-21-087
Mololoa - Tamara
166.7
186.7
20.0
0.89
211.5
3.71
278.6
including
166.7
168.2
1.5
8.77
1,995.0
35.37
2,652.8
LRGM-21-088
Mololoa - Tamara
282.0
296.6
14.6
2.58
683.7
11.70
877.4
including
283.3
287.0
3.8
9.73
2,577.3
44.10
3,307.4
including
285.0
286.0
1.0
16.25
4,660.0
78.38
5,878.8
LRGM-21-090
Mololoa - Tamara
160.2
165.5
5.3
3.84
998.6
17.15
1,286.2
including
163.3
164.0
0.6
23.50
6,310.0
107.63
8,072.5
and
181.5
187.2
5.7
0.49
129.2
2.22
166.3
including
186.5
187.2
0.7
3.00
876.0
14.68
1,101.0
and
203.0
205.5
2.5
0.27
85.2
1.40
105.4
LRGM-21-091
Mololoa - Tamara
288.4
299.0
10.7
0.48
114.8
2.01
150.8
including
289.7
291.1
1.4
2.22
605.0
10.29
771.5
LRGM-21-092
Mololoa
50.0
67.5
17.5
0.37
32.1
0.79
59.5
including
60.0
62.6
2.6
2.38
107.4
3.81
286.0
LRGM-21-094
Mololoa
52.3
52.9
0.6
0.59
66.0
1.47
110.1
LRGM-21-096
Mololoa - Tamara
89.2
129.0
39.8
0.16
55.1
0.89
67.1
including
117.0
129.0
12.0
0.40
128.4
2.11
158.1
including
122.5
124.9
2.4
1.21
413.1
6.72
504.1
LRGM-21-097
Mololoa
21.7
22.7
0.9
0.32
55.1
1.06
79.4
LRGM-21-098
Mololoa
150.9
151.8
1.0
0.25
38.0
0.75
56.6
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Holes LRGM-21-93 and 95 are pending assays.
Figure 1: Mololoa Plan View (CNW Group/GoGold Resources Inc.)
The Mololoa deposit is located approximately 1 km north of the El Favor deposit and may be an eastward extension of the Casados
deposit. The deposit consists of multiple veins with a total strike length exceeding
1,000m
to date and numerous historical workings have
been encountered in the drilling to date.
Figure 2: Los Ricos Overview (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGM-21-087
584432
2338490
1035
180
-60
237.4
LRGM-21-088
584487
2338640
1099
180
-55
343.0
LRGM-21-090
584432
2338491
1035
180
-75
228.0
LRGM-21-091
584487
2338640
1099
180
-65
341.3
LRGM-21-092
584865
2337815
1014
240
-57
135.0
LRGM-21-094
584977
2337995
1064
240
-50
214.5
LRGM-21-096
584712
2338397
968
240
-72
178.5
LRGM-21-097
584817
2337869
992
240
-60
51.0
LRGM-21-098
584983
2338031
1038
240
-50
220.5
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 ALS Chemex facility in
Zacatecas, 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 26-JAN-22