GoGold Announces More Strong Drilling Results at El Favor
GoGold Announces More Strong Drilling Results at El
Favor
Shares Outstanding: 296,097,011
Trading Symbols: TSX: GGD
OTCQX: GLGDF
4,209 g/t AgEq over
1.2m
within
19.9m
of 436 g/t AgEq at El Favor
HALIFAX, NS
,
Jan. 18, 2023
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to release the results of 8 drill holes from the El Favor East deposit within Los Ricos North
property. Hole LRGF-22-147 intersected
1.2m
of 4,209 g/t silver equivalent ("AgEq") contained within
19.9m
of 436
g/t AgEq.
"The holes which we have been drilling in El Favor, along with our large resource and the data which we've collected
over the last two years of drilling, will be invaluable when included with our upcoming preliminary economic analysis
("PEA") study," said
Brad Langille
, President and CEO. "We believe the investment we've made in Los Ricos North
will return tremendous value to 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)
LRGF-22-142
El Favor
5.4
7.6
2.3
0.38
125.7
2.05
153.9
including
14.5
15.2
0.7
1.17
330.3
5.58
418.2
and
25.9
28.5
2.6
0.49
212.8
3.33
249.8
LRGF-22-143
El Favor
5.3
93.0
84.5
0.24
78.6
1.28
96.3
including
51.0
54.0
3.0
0.72
274.0
4.37
328.0
LRGF-22-144
El Favor East
239.6
284.4
44.8
0.30
110.8
1.78
133.6
including
243.2
260.5
17.3
0.71
225.5
3.71
278.6
including
258.1
259.5
1.4
3.61
1,136.8
18.76
1,407.2
LRGF-22-145
El Favor
17.4
19.0
1.6
0.45
202.0
3.15
236.0
and
26.7
29.1
2.4
0.36
143.5
2.27
170.5
LRGF-22-146
El Favor - Salomon
31.2
36.0
4.9
0.29
99.1
1.61
120.5
and
54.0
60.0
6.0
0.03
119.8
1.63
122.3
LRGF-22-147
El Favor
50.6
51.5
0.9
0.70
202.8
3.41
255.4
and
95.5
103.3
7.8
0.45
189.6
2.98
223.2
including
101.1
102.5
1.4
2.04
609.8
10.17
763.1
El Favor - Salomon
126.7
146.5
19.9
0.59
392.0
5.82
436.3
including
138.5
143.5
5.0
1.97
1,300.1
19.30
1,447.6
including
138.5
139.7
1.2
6.48
3,722.2
56.11
4,208.5
LRGF-22-148
El Favor
49.5
50.4
0.9
0.13
130.5
1.87
140.0
and
149.3
152.8
3.5
0.26
97.2
1.55
116.3
El Favor - Salomon
218.9
237.1
18.3
0.21
97.4
1.51
113.5
including
219.5
228.1
8.7
0.26
142.2
2.16
162.0
including
221.5
222.1
0.6
1.69
969.1
14.61
1,095.5
LRGF-22-149
El Favor
78.5
113.7
35.2
0.18
129.5
1.91
143.1
including
99.1
107.0
8.0
0.43
388.2
5.61
420.4
including
104.3
105.8
1.5
1.41
1,409.5
20.21
1,515.5
1. Not true width
2. AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
Figure 1: El Favor Drill Hole Locations
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-22-142
585675
2336753
1172
180
-45
54
LRGF-22-143
585675
2336754
1171
180
-53
93
LRGF-22-144
586476
2336711
1345
180
-45
317
LRGF-22-145
585675
2336754
1171
180
-70
123
LRGF-22-146
585376
2336508
1315
180
-45
72
LRGF-22-147
585253
2336549
1317
180
-45
214
LRGF-22-148
585927
2336902
1262
180
-50
341
LRGF-22-149
585155
2336496
1310
180
-50
117
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 2: Favor Long Section
Figure 2: 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 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. 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:
For further information please contact: Steve Low, Corporate Development, GoGold
Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 18-JAN-23