GoGold Announces Strong Drilling Results at Mololoa in Los Ricos North
GoGold Announces Strong Drilling Results at Mololoa in Los
Ricos North
Shares Outstanding: 295,009,405
Trading Symbols: TSX: GGD
OTCQX: GLGDF
4,366 g/t AgEq over
1.1m
contained within
33.4m
of 317 g/t AgEq
HALIFAX, NS
,
March 23, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the results of 6 drill holes from the Mololoa deposit within Los Ricos North. Hole LRMG-21-104 intersected
1.1m
of 4,366 g/t silver equivalent ("AgEq") contained within
33.4m
of 317 g/t AgEq. See Table 1 for breakdown of silver and
gold values.
"Mololoa continues to contribute strong results with high grade intercepts in addition to wider intercepts of potentially bulk
mineable material," said
Brad Langille
, President and CEO. "We believe these results will contribute to our goal of aggressively
expanding our mineral resources at Los Ricos in 2022."
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-21-093
Mololoa
85.4
87.0
1.7
0.19
111.5
1.68
126.1
and
91.1
93.4
2.3
0.16
213.4
3.01
225.6
including
92.9
93.4
0.5
0.59
912.0
12.75
956.2
and
99.0
133.5
31.9
0.28
100.5
1.62
121.9
including
124.3
124.9
0.6
3.33
827.0
14.36
1,076.7
LRGM-21-095
Mololoa Vein
269.0
273.5
4.5
0.85
219.7
3.78
283.2
including
271.0
272.0
1.0
2.03
632.0
10.46
784.3
LRGM-21-099
Mololoa - Tamara
136.5
138.0
1.5
0.83
298.0
4.80
360.3
LRGM-21-102
Mololoa - Tamara
134.8
136.5
1.8
0.08
77.7
1.11
83.6
LRGM-21-103
Mololoa - Tamara
305.5
309.2
3.6
0.28
69.6
1.21
90.7
including
305.5
306.7
1.2
0.69
176.0
3.04
227.8
LRGM-21-104
Mololoa - Tamara
266.4
299.8
33.4
1.09
235.1
4.22
316.6
including
266.4
276.1
9.8
3.56
765.2
13.76
1,032.4
including
268.6
272.2
3.5
8.48
1,681.6
30.90
2,317.4
including
271.0
272.2
1.1
17.15
3,080.0
58.22
4,366.3
1
.
Not true width
2
.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3
.
Holes LRGM-21-100 and 101 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-21-093
584712
2338397
968
208
240
-50
LRGM-21-095
584463
2338642
1090
323
180
-58
LRGM-21-099
584586
2338478
1003
177
180
-70
LRGM-21-102
584976
2337818
1040
140
240
-55
LRGM-22-103
584511
2338651
1105
354
180
-52
LRGM-22-104
584438
2338608
1079
352
180
-65
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:
CO: GoGold Resources Inc.
CNW 06:30e 23-MAR-22