GoGold Completes 23 Trenches Identifying Mineralization for 3.2km Along Strike and Mobilizes Additional Drill Rig
GoGold Completes 23 Trenches Identifying
Mineralization for 3.2km Along Strike and
Mobilizes Additional Drill Rig
Trading Symbol: TSX: GGD
Shares Outstanding: 171,776,481
HALIFAX
,
May 30, 2019
/CNW/ -
GoGold Resources Inc. (TSX: GGD) ("GoGold", "the
Company")
is pleased to report the assay results from 23 exploration trenches completed at the
Los Ricos Property identifying mineralization for 1.5 km along strike to the southeast of the
El Abra
zone.
Brad Langille
, President and CEO, states "we are very pleased to see the results from our
geological mapping, sampling and trenching program has defined at least 5 new targets, where we
are currently mobilizing an additional drilling rig, along strike to the south of the former Cinco Minas
El Abra underground mine. The largest zone is known as
Cerro Colorado
and extends for a strike
length of
500m
. With these widths and grades at surface, we feel there is an excellent chance to
discover new high-grade deposits along the Los Ricos vein system that have not been previously
mined. Based on our trenching and mapping to date, the limited historical drilling in this area may
have missed the mineralized zone which we have identified."
GoGold commenced a diamond drilling program of HQ size core in conjunction with a field program
of geological mapping, sampling and trenching on the property. With the drilling program testing the
El Abra
zone which has historical underground workings, the surface exploration program has been
focused on following the mineralized Los Ricos structure along strike to the southeast towards the
Cerro Colorado
prospect. Gold and silver mineralization has been exposed in numerous locales
along the system in surface outcrops, trenches and historical shallow pits and workings over a
distance of 3.2km, with the mineralized zone widths varying between 1 and 25 metres, averaging
between 10 to 15 metres, dipping west at approximately 70 degrees. A total of 930 samples varying
in length between
1m
to
2m
have been collected and sent for gold and silver assay and multi-
element ICP analysis.
The drilling results from the first 10 holes at the
El Abra
zone have shown excellent results as
previously announced on
May 14
,
May 1
,
April 24
, and
April 17
. These drill results focused on drilling
the halo around historical underground workings mined in the early 1900s. The Company has
reviewed historical mining data showing that in the early 1900s the operators mined approximately
218,000 gold and 31.6 million silver ounces for 640,000 gold equivalent ounces at an average grade
of approximately 10 g/t gold equivalent. The trenching results below will direct the Company's next
phase of drilling with a goal to discover high-grade deposits similar to the
El Abra
deposit.
Figure 1 provides a 3D view of the Los Ricos property surrounding the historical underground
workings at the
El Abra
zone, with the location of the other zones shown.
Figure 1: Los Ricos Zones 3D View (CNW Group/GoGold Resources Inc.)
Highlights of the trenching program at
Cerro Colorado
include Composite 2, at an estimated true
length of
16.0m
and gold equivalent grade of 5.02 g/t, and Composite 5 at a length of
18.0m
and
gold equivalent grade of 4.45 g/t. Full details of the trench intersections are provided in Table 1 and
Figure 2.
Table 1: List of Trench Intersections at Cerro Colorado
Trench Name
Length
1
True Length
2
Grade - Au
Grade - Ag
Grade – AuEq
3
(m)
(m)
(g/t)
(g/t)
(g/t)
Composite 1
41.3
22.0
0.92
53.6
1.64
Composite 2
37.2
16.0
2.53
186.7
5.02
Composite 3
69.6
21.0
0.44
46.9
1.07
Composite 4
11.8
11.8
0.74
12.9
0.92
Composite 5
22.2
18.0
3.50
71.2
4.45
Composite 6
7.4
7.4
2.16
30.7
2.57
Composite 7
5.6
5.6
3.32
49.1
3.97
Composite 8
1.1
1.1
4.83
9.8
4.96
1.
Not true length
2.
Estimated true length
3.
AuEq converted using a silver to gold ratio of 75:1
Figure 2: Location Map for Cerro Colorado Trenches (CNW Group/GoGold Resources Inc.)
In addition to the strong results at
Cerro Colorado
, trenching was completed at other zones on the
property including
San Pedro
which intersected
8.8m
of 3.66 g/t gold equivalent, Las Lamas which
intersected
1.0m
of 42.60 g/t gold equivalent, and at
El Abra
, with results including
10.1m
at 3.61 g/t
gold equivalent. Details of all trench intersections are shown in Table 2 below, while Figure 1 shows
the locations of each zone on the property.
Table 2: List of Other Trench Intersections
Zone
Trench Name
Length
1
True Length
2
Grade - Au
Grade - Ag
Grade – AuEq
3
(m)
(m)
(g/t)
(g/t)
(g/t)
Las Lamas
Composite 9
10.0
9.1
1.73
112.2
3.23
Las Lamas
Composite 10
1.5
1.0
29.50
986.3
42.60
Las Lamas
Composite 11
17.7
10.5
0.39
62.8
1.23
Las Lamas
Composite 12
4.0
3.5
1.04
66.0
1.92
Las Lamas
Composite 13
7.8
3.3
0.62
75.2
1.63
Las Lamas
Composite 14
1.6
1.6
1.98
272.4
5.61
El Abra
Composite 15
57.0
16.0
0.55
163.3
2.73
El Abra
Composite 16
3.3
2.9
2.41
356.3
7.16
El Abra
Composite 17
20.6
17.6
0.76
120.8
2.37
El Abra
Composite 18
12.0
10.1
1.42
164.5
3.61
San Pedro
Composite 19
12.0
8.8
1.95
128.6
3.66
San Pedro
Composite 20
5.5
1.9
3.25
389.1
8.44
San Pedro
Composite 21
5.8
3.7
0.26
68.7
1.18
San Pedro
Composite 22
3.2
1.4
0.23
55.5
0.97
San Pedro
Composite 23
18.9
12.6
0.24
59.4
1.03
1.
Not true length
2.
Estimated true length
3.
AuEq converted using a silver to gold ratio of 75:1
Lab Preparation and Assay
The channel samples are collected from surface outcrops and exposures in hand or mechanically
dug trenches. After mapping and photographing the trench, the geologists mark out the sample
intervals and supervise the collection of the samples. Some of the trenches are suspended either
due to talus debris or large boulders on the hillside.
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 / Quality Control and Data Verification
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 project in the
state of Chihuahua
and has the Los Ricos exploration
project 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 Parral tailings project, the Los Ricos project,
future operating margins, future production and processing, and future plans and objectives of
GoGold, 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.
SOURCE
GoGold Resources Inc.
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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 08:30e 30-MAY-19