GoGold Announces Strong Drilling Results at El Favor East in Los Ricos North 1,703 g/t AgEq over 1.4m within 28.3m of 189 g/t AgEq at El Favor East
GoGold Announces Strong Drilling Results at El Favor East in
Los Ricos North
1,703 g/t AgEq over
1.4m
within
28.3m
of 189 g/t AgEq at El Favor East
HALIFAX, NS
,
Jan. 19, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is
pleased to release the results of 9 drill holes at El Favor East within Los Ricos North. Hole LRGF-21-099 intersected
1.4m
of 1,703
g/t silver equivalent ("AgEq") contained within
28.3m
of 189 g/t AgEq. See Table 1 for breakdown of silver and gold values. These drill
holes represent data that is post resource cut-off date, will form part of a future resource update. The drill program at El Favor East is
primarily focussed on expansion of the resources with up-dip and down-dip drilling in addition to strike expansion on the zone towards
the east.
"The initial Resource Estimate which we released
December 7, 2021
was a point in time and represented the results of the first
100,000 metres of drilling at Los Ricos North. The additional post data cut-off drilling will contribute to a future Resource update in Los
Ricos North," said
Brad Langille
, President and CEO. "We have embarked on the next 100,000 metres of drilling which is primarily
focused on continued resource expansion and look forward to many more excellent drilling results such as these at El Favor East. We
anticipate that in 2022 we will continue to grow the ounces in the Los Ricos district significantly as we did in 2021."
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-21-090
El Favor East
201.7
255.7
54.0
0.15
63.8
1.00
75.0
including
229.7
235.0
5.3
0.44
161.9
2.59
194.6
LRGF-21-091
El Favor East
242.9
251.5
8.6
0.15
66.8
1.04
77.8
including
245.7
248.9
3.2
0.27
113.0
1.78
133.2
LRGF-21-096
El Favor East
63.9
75.6
11.7
0.41
128.7
2.12
159.2
including
67.7
68.3
0.6
1.36
1,218.4
17.60
1,320.0
and
284.5
310.0
25.5
0.07
60.1
0.87
65.1
including
285.3
287.3
2.0
0.24
498.6
6.89
516.6
LRGF-21-098
El Favor East
196.2
210.3
14.1
0.35
95.1
1.61
121.0
including
196.2
196.9
0.7
3.63
1,114.4
18.49
1,386.4
LRGF-21-099
El Favor East
287.4
315.6
28.3
0.46
154.4
2.52
188.9
including
300.8
302.1
1.4
5.24
1,309.6
22.70
1,702.7
LRGF-21-100
El Favor East
267.6
302.7
35.1
0.23
87.1
1.39
104.6
including
267.6
270.9
3.3
0.70
261.9
4.19
314.4
including
284.8
293.0
8.3
0.61
200.6
3.28
246.1
including
287.8
288.4
0.6
4.86
985.5
18.00
1,350.2
LRGF-21-101
El Favor East
233.6
244.2
10.6
0.95
201.9
3.64
273.3
LRGF-21-103
El Favor East
61.9
69.1
7.2
0.27
61.5
1.09
81.5
including
64.6
67.2
2.6
0.63
141.2
2.51
188.4
and
346.6
366.0
19.4
0.06
55.0
0.80
59.7
including
357.1
358.5
1.4
0.23
298.7
4.21
315.9
LRGF-21-105
El Favor East
241.3
293.3
52.0
0.18
60.6
0.99
74.5
including
245.2
246.3
1.1
2.52
838.7
13.70
1,027.7
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGF-21-102 and 104 are pending assays.
Figure 1: 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.
Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)
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 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-Orito Long Section (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGF-21-090
586407
2336751
1317
180
-45
255.7
LRGF-21-091
586277
2336762
1385
180
-45
283.0
LRGF-21-096
586752
2336750
1282
180
-45
338.5
LRGF-21-098
586202
2336763
1363
180
-45
283.2
LRGF-21-099
586452
2336783
1309
180
-45
356.1
LRGF-21-100
586401
2336782
1323
180
-50
354.0
LRGF-21-101
586202
2336793
1358
180
-45
315.3
LRGF-21-103
586727
2336750
1287
180
-45
382.5
LRGF-21-105
586602
2336751
1349
180
-45
431.5
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 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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/gogold-announces-strong-drilling-results-at-el-favor-east-in-los-ricos-north-301463715.html
SOURCE
GoGold Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2022/19/c0388.html
%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 19-JAN-22