GoGold Announces Strong Drilling Results at El Favor 2,529 g/t AgEq over 0.7m within 13.9m of 294 g/t AgEq at El Favor
GoGold Announces Strong Drilling Results at El
Favor
2,529 g/t AgEq over
0.7m
within
13.9m
of 294 g/t AgEq at El Favor
HALIFAX, NS
,
Dec. 14, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold",
"the Company")
is pleased to release the results of 9 drill holes from the El Favor East deposit within Los
Ricos North property. Hole LRGF-22-140 intersected
0.7m
of 2,529 g/t silver equivalent ("AgEq") contained
within
13.9m
of 294 g/t AgEq, and hole LRGF-22-137 intersected
61.5m
of 165 g/t AgEq containing
24.3m
of
350 g/t AgEq.
"We're pleased with the additional strong results coming from El Favor. This drilling in the western portion of the
deposit increases our confidence in this area, particularly when we see holes like LRGF-22-137," said
Brad
Langille
, President and CEO. "This will aide in our work in Los Ricos North towards publishing a preliminary
economic assessment on the project which we intend to complete in the first half of 2023."
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-22-129
El Favor East
137.2
141.4
4.3
0.32
109.1
1.77
132.9
including
138.5
139.4
1.0
0.90
320.1
5.17
387.9
and
305.3
307.0
1.8
0.45
172.1
2.75
206.2
LRGF-22-131
El Favor
2.3
43.5
41.3
0.22
76.1
1.24
93.0
including
15.7
24.9
9.3
0.67
220.4
3.60
270.3
LRGF-22-132
El Favor East
79.8
84.0
4.2
0.39
138.2
2.23
167.3
including
79.8
80.6
0.8
1.66
635.5
10.13
759.8
and
92.5
95.8
3.3
0.70
168.1
2.94
220.3
LRGF-22-134
El Favor East
407.7
409.3
1.7
0.28
76.3
1.29
97.1
LRGF-22-137
El Favor - Salomon
9.8
75.5
61.5
0.29
142.8
2.20
164.7
including
39.0
67.5
24.3
0.66
300.1
4.66
349.8
including
46.3
47.0
0.7
1.71
881.0
13.46
1,009.4
LRGF-22-138
El Favor
24.7
28.6
4.0
0.30
75.3
1.30
97.5
LRGF-22-139
El Favor - Salomon
9.6
13.8
4.2
0.65
116.8
2.20
165.3
and
66.6
88.2
20.1
0.32
138.3
2.17
162.5
including
80.5
81.7
1.2
2.12
1,030.6
15.86
1,189.4
and
141.9
145.1
3.2
0.38
170.8
2.66
199.2
LRGF-22-140
El Favor East
53.3
55.8
2.5
1.39
139.2
3.24
243.1
and
189.3
203.1
13.9
0.48
257.4
3.92
293.8
including
198.5
201.6
3.2
1.84
960.5
14.65
1,098.8
including
199.2
199.8
0.7
2.96
2,306.9
33.72
2,529.0
LRGF-22-141
El Favor - Salomon
37.8
39.8
2.0
0.57
141.5
2.46
184.4
and
54.5
74.0
19.5
0.18
124.2
1.84
137.6
including
61.8
65.3
3.6
0.57
423.7
6.22
466.3
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Holes LRGF-22-135 is pending assays.
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-22-129
586829
2336810
1236
180
-45
525
LRGF-22-131
585353
2336581
1286
180
-45
286
LRGF-22-132
586423
2336857
1319
180
-45
119
LRGF-22-134
587025
2336869
1241
180
-45
435
LRGF-22-137
585078
2336451
1287
180
-45
129
LRGF-22-138
585552
2336671
1248
180
-45
184
LRGF-22-139
585277
2336485
1357
180
-45
147
LRGF-22-140
586527
2336721
1356
180
-45
404
LRGF-22-141
585356
2336498
1325
180
-45
99
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 (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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SOURCE
GoGold Resources Inc.
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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 14-DEC-22