GoGold Announces Results of Regional Exploration Drilling Program
GoGold Announces Results of Regional Exploration
Drilling Program
Shares Outstanding: 295,599,756
Trading Symbols: TSX: GGD
OTCQX: GLGDF
2,192 g/t AgEq over
1.3m
within
18.2m
of 241 g/t AgEq at
El Nayar
905 g/t AgEq over
1.6m
within
17.3m
of 132 g/t AgEq at Gran Cabrera
HALIFAX, NS
,
Sept. 14, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to release the results of 6 drill holes from the
El Nayar
area and 15 drill holes from the Gran Cabrera
area within Los Ricos North property. The
El Nayar
and Gran Cabrera areas are targets of the Los Ricos North regional
exploration drilling program. Hole LRGNY-21-027 at
El Nayar
intersected 2,192 g/t silver equivalent ("AgEq") over
1.3m
,
contained within
18.2m
of 241 g/t AgEq. At Gran Cabrera, hole LRGCB-22-020 intersected 905 g/t AgEq over
1.6m
,
contained within
17.3m
of 132 g/t AgEq. See Table 1 for a breakdown of gold and silver values at
El Nayar
and Table 2 for
Gran Cabrera.
"This drilling represents results from exploration from outside of our resource areas and are some of the first results from
these new targets. These targets will require future drilling which will be aimed at developing future resources. At Gran
Cabrera, we encountered voids in our drilling due to historical underground mining on half of the holes which we drilled, with
the voids averaging about 4 metres. As we continue exploring this area, our focus is locating areas where the high grade
portion of the veins has not been mined out," said
Brad Langille
, President and CEO. "We've shifted some of our drilling rigs to
Los Ricos South as a re-evaluation of our data has opened up additional areas for potential growth of the mineral resource. In
addition to our drilling, we continue to work on consolidation of additional ground in Los Ricos South and expect an update on
that in the near future."
Table 1: El Nayar 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)
LRGNY-21-022
El Nayar
261.7
262.9
1.2
0.45
45.0
1.05
79.0
and
283.9
285.1
1.2
0.26
126.0
1.94
145.5
LRGNY-21-024
El Nayar
0.0
10.5
10.5
0.18
60.8
0.99
74.0
including
8.5
9.5
1.0
0.83
275.0
4.50
337.3
LRGNY-21-025
El Nayar
65.7
71.0
5.3
0.38
66.5
1.27
95.1
including
68.7
69.7
1.0
1.42
124.0
3.07
230.5
and
170.0
171.8
1.8
0.15
116.3
1.70
127.8
LRGNY-21-026
El Nayar
105.9
106.8
0.9
6.66
0.2
6.66
499.7
LRGNY-21-027
El Nayar
47.1
49.2
2.1
1.27
137.2
3.09
232.1
and
57.5
58.5
1.0
0.77
152.0
2.80
209.8
and
185.9
195.2
9.3
0.15
89.0
1.33
100.1
including
190.1
191.7
1.6
0.77
454.7
6.83
512.2
and
207.6
225.7
18.2
1.54
125.4
3.21
241.0
including
212.8
217.3
4.6
6.02
440.5
11.90
892.1
including
213.5
214.8
1.3
20.40
662.0
29.23
2,192.0
LRGNY-21-030
El Nayar
82.0
86.4
4.5
0.18
53.3
0.89
66.6
including
84.9
85.4
0.6
0.93
254.0
4.32
323.7
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGNY-21-028 and LRGNY-21-029 did not intersect significant mineralization.
El Nayar
is located approximately 6 kilometres north-west of the La Trini deposit within Los Ricos North (see Figure 3). It
consists of multiple subvertical veins and stockwork mineralization, and limited historical underground mining. La Castellana
vein is an epithermal argentiferous quartz vein ranging from
1m
to
2m
in width and averaging about
1.20 m
. The vein contains
minor credits in gold, zinc, lead and copper in addition to the silver. The mineralization is a mixture of sulphide and oxide
species; galena, sphalerite, pyrite, unidentified argentiferous minerals (mostly black), copper carbonates and some
manganese minerals were observed underground.
Gran
Cabrera
is located approximately 2 kilometres northwest of La Trini (see Figure 3). The Gran Cabrera mega-system
contains stockworks, breccia hosted ore bodies, and large vein feeder sub-systems at the intersection of the Sierra Madre
and the Trans Mexican Volcanic Arc. Within the property there are more than fifteen significant old precious metals mines that
historically produced high grade silver-gold ore periodically over a period of more than 350 years beginning with their
discovery by early Spanish Conquistadors. The Company's exploration team has conducted a detailed sampling and mapping
program within the last year and has identified dozens of historical underground workings along an E-W trending structure over
a distance of 1,700 metres along strike and widths extending more than 20 metres.
Table 2: Gran Cabrera 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)
LRGCB-22-001
Gran Cabrera
50.0
60.3
10.3
0.07
111.5
1.56
116.7
including
50.0
50.7
0.7
0.17
335.2
4.64
347.7
and
115.7
118.8
3.1
0.13
116.4
1.68
126.0
LRGCB-22-002
Gran Cabrera
18.2
78.2
60.1
0.06
45.4
0.67
50.1
including
63.0
65.7
2.7
0.10
152.3
2.13
159.7
and
84.0
102.0
18.0
0.21
61.7
1.04
77.7
including
84.0
86.3
2.3
0.02
153.8
2.07
155.5
LRGCB-22-003
Gran Cabrera
23.5
41.4
18.0
0.13
105.0
1.53
114.4
including
35.7
40.0
4.3
0.39
199.4
3.05
228.7
including
36.6
38.6
2.0
0.34
252.7
3.71
278.5
and
68.0
69.0
1.0
2.81
25.3
3.15
236.3
LRGCB-22-004
Gran Cabrera
24.1
24.7
0.6
0.07
66.3
0.95
71.5
LRGCB-22-007
Gran Cabrera
52.5
55.0
2.5
0.06
130.9
1.81
135.6
LRGCB-22-009
Gran Cabrera
26.0
31.5
5.5
0.09
100.4
1.43
107.4
including
29.5
30.5
1.0
0.23
291.3
4.12
308.7
and
138.6
139.5
0.9
1.82
115.1
3.35
251.5
LRGCB-22-010
Gran Cabrera
88.6
98.2
9.6
0.17
73.7
1.15
86.6
including
91.9
92.4
0.6
1.83
368.3
6.74
505.2
LRGCB-22-012
Gran Cabrera
20.2
22.6
2.5
0.20
147.9
2.17
162.7
including
21.7
22.6
1.0
0.22
244.7
3.49
261.5
LRGCB-22-013
Gran Cabrera
49.5
56.3
6.8
0.31
77.7
1.35
101.1
including
55.6
56.3
0.7
1.60
541.8
8.82
661.5
LRGCB-22-015
Gran Cabrera
4.8
5.7
1.0
1.11
7.6
1.21
90.9
and
35.3
38.8
3.5
0.35
107.9
1.79
134.0
including
36.2
37.0
0.8
1.17
326.8
5.53
414.5
and
55.5
57.0
1.5
0.78
180.7
3.18
238.9
LRGCB-22-016
Gran Cabrera
47.6
56.3
8.7
0.23
128.3
1.94
145.4
including
52.6
53.3
0.7
0.64
356.9
5.40
404.7
LRGCB-22-017
Gran Cabrera
69.5
74.9
4.1
0.26
199.6
2.92
218.8
including
69.5
70.2
0.7
0.47
313.4
4.65
348.5
LRGCB-22-018
Gran Cabrera
1.5
2.2
0.7
0.11
100.0
1.44
107.9
including
25.2
26.1
1.0
0.28
193.8
2.87
215.1
LRGCB-22-019
Gran Cabrera
38.1
70.9
30.7
0.06
64.4
0.92
68.9
including
53.9
59.7
3.8
0.31
354.6
5.03
377.6
including
56.5
57.2
0.6
0.37
648.5
9.02
676.5
LRGCB-22-020
Gran Cabrera
76.0
93.3
17.3
0.19
118.1
1.76
132.1
including
82.4
83.9
1.6
1.28
808.9
12.06
904.6
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGCB-22-005,006,008,011,014 did not intercept significant mineralization
Figure 1: El Nayar Plan View (CNW Group/GoGold Resources Inc.)
Figure 2: Gran Cabrera Plan View (CNW Group/GoGold Resources Inc.)
Figure 3: Los Ricos North Site Map (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGNY-21-022
578393
2344249
765
319
200
-70
LRGNY-21-024
578477
2344118
726
235
200
-45
LRGNY-21-025
578505
2344191
741
322
200
-45
LRGNY-21-026
578361
2344458
705
195
200
-65
LRGNY-21-027
578506
2344191
741
235
200
-57
LRGNY-21-030
578452
2344488
651
143
200
-45
LRGCB-22-001
583580
2343010
712
152
200
-45
LRGCB-22-002
583581
2343011
712
113
200
-55
LRGCB-22-003
583581
2343011
712
288
0
-90
LRGCB-22-004
583537
2343048
684
213
200
-45
LRGCB-22-007
583622
2342978
725
125
200
-65
LRGCB-22-009
583788
2342562
783
249
200
-45
LRGCB-22-010
583647
2342892
748
138
200
-50
LRGCB-22-012
583544
2342325
815
141
200
-45
LRGCB-22-013
583607
2342323
832
116
200
-45
LRGCB-22-015
582666
2342521
930
62
200
-45
LRGCB-22-016
582666
2342521
930
113
200
-70
LRGCB-22-017
582667
2342521
930
116
0
-90
LRGCB-22-018
582698
2342513
942
110
200
-55
LRGCB-22-019
582649
2342542
917
91
200
-55
LRGCB-22-020
582649
2342542
917
105
0
-90
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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%SEDAR: 00029249E
For further information:
Please contact: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 14-SEP-22