GoGold Drills 1,127 g/t AgEq over 8.1m within 82.9m of 265 g/t AgEq at El Favor in Los Ricos North
GoGold Drills 1,127 g/t AgEq over 8.1m within 82.9m of 265 g/t AgEq at El
Favor in Los Ricos North
Shares Outstanding: 277,741,117
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Sept. 8, 2021
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the
results of 5 new drill holes from the El Favor deposit in the Los Ricos North project. Drill hole LRGF-21-060 intersected
82.9m
of 265 g/t silver equivalent
("AgEq"), including
8.1m
of 1,127 g/t AgEq, which also included
1.4m
of 2,587 g/t AgEq. See Table 1 for breakdown of silver and gold values.
"El Favor is providing us with exciting drilling results at both the eastern and western ends. Hole 60 is near the west end of the deposit, and gave us an
excellent high grade intercept of over 2 kilos, enveloped in a very wide
83m
intercept of 265 g/t AgEq. At the other end, in El Favor East, hole 59 is a strong
hole which is
100m
to the east of hole 56, previously our most easterly hole in El Favor East," said
Brad Langille
, President and CEO. "We continue to
extend strike length at El Favor with excellent widths and grades, which we anticipate will contribute greatly to the upcoming resource."
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-21-057
El Favor East
13.5
64.9
51.4
0.32
79.4
1.38
103.5
including
31.2
33.0
1.9
2.74
779.6
13.14
985.1
and
83.8
100.5
16.8
0.20
107.9
1.64
123.1
including
97.1
99.1
2.0
0.54
380.1
5.61
420.7
LRGF-21-058
El Favor
3
5.8
91.0
84.2
0.18
78.7
1.23
92.0
including
11.5
13.8
2.3
0.70
388.7
5.88
441.1
including
12.0
12.8
0.8
1.36
817.8
12.27
920.0
incl. Salomon
3
50.0
73.0
22.0
0.47
190.0
3.00
225.2
including
3
60.0
67.0
6.0
1.35
587.9
9.19
689.4
including
61.2
63.0
1.9
2.92
1,356.1
21.01
1,575.4
LRGF-21-059
El Favor East
112.2
139.4
27.2
0.38
11.8
2.27
170.5
including
133.8
135.7
1.9
2.45
1,073.2
16.76
1,257.2
LRGF-21-060
El Favor
4
8.0
93.0
82.9
0.36
238.3
3.54
265.3
including
4
45.6
92.0
44.4
0.62
407.7
6.05
454.1
including
4
66.7
82.6
13.8
1.09
700.3
10.43
782.2
including
4
72.5
82.6
8.1
1.56
1,009.2
15.02
1,126.5
including
77.4
78.8
1.4
5.66
2,162.8
34.49
2,587.0
LRGF-21-061
El Favor East
75.5
118.2
40.7
0.21
124.7
1.87
140.2
including
76.5
79.8
3.3
0.56
583.6
8.34
625.6
including
77.5
78.3
0.8
1.80
1,629.3
23.52
1,764.2
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Excludes 1.0m of historically mined void
4.
Excludes 2.1m of historically mined void
Figure 1: El Favor Drill Hole Locations
Figure 1: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)
Figure 2: El Favor East
Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)
The exploration team has been moving east of El Favor with drilling in
25m
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 in addition to these drill holes, additional drill holes further
to the east are pending assays. The mapping program at El Favor East has extended the presence of mineralization
900m
to the east of hole 48 (El Favor
East zone discovery hole), as shown in Figure 2.
Three of the four major veins (Salomon, Guitarrillas and
Los Chivos
) appear to converge into a
100m
wide zone at the western end of the El Favor deposit in
the vicinity of the Hundido Pit at an elevation of
1300m
. The wallrock in between the veins is strongly silicified, altered and mineralized. The merging of these
veins continue to provide significant widths of good grade which could be potentially amenable to bulk mining.
The El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 3). Wide zones of precious
and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to
800m
. Geological mapping, sampling and Induced Polarization
("IP") surveying programs in the area between El Orito and El Favor are underway.
Figure 3: Favor-Orito Long Section
Figure 3: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGF-21-057
585878
2336762
1198
180
-45
244
LRGF-21-058
585134
2336469
1301
180
-45
189
LRGF-21-059
586028
2336759
1266
180
-45
220
LRGF-21-060
585103
2336463
1295
180
-45
228
LRGF-21-061
586002
2336759
1254
180
-45
252
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos North
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos North (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.
Access the GoGold Company Profile on VRIFY at:
https://vrify.com
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 resource was announced on
July 29, 2020
which indicated 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 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 includes drilling at the El Favor, La Trini, Casados and El Orito targets. During 2020, GoGold's
exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill
10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in
Mexico
.
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
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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435,
CO: GoGold Resources Inc.
CNW 06:30e 08-SEP-21