GoGold Drills 1,494 g/t AgEq over 0.9m within 20m of 150 g/t AgEq at El Favor East in Los Ricos North
GoGold Drills 1,494 g/t AgEq over 0.9m within 20m of 150 g/t AgEq at El
Favor East in Los Ricos North
TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Oct. 27, 2021
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the results
of 4 new drill holes from the El Favor East zone. Drill hole LRGF-21-086 intersected
0.9m
of 1,494 g/t silver equivalent ("AgEq"), included within
20.0m
of 150 g/t
AgEq. See Table 1 for breakdown of silver and gold values. Drill hole LRGF-21-089 extended the drilling of the newly discovered El Favor East zone by an
additional 150 metres.
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.
"Our geophysics in El Favor East shows a significant anomaly which at this point is correlating visually with the mineralization in our drill holes. We're awaiting the
assays as they could significantly impact our upcoming initial resource estimate at Los Ricos North," said
Brad Langille
, President and CEO.
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-21-083
El Favor East
334.5
344.5
10.1
0.14
41.6
0.69
51.8
and
353.3
380.8
27.5
0.04
40.1
0.57
43.0
including
366.5
369.5
3.1
0.02
152.1
2.05
153.8
LRGF-21-085
El Favor East
243.6
265.5
22.0
0.45
151.1
2.46
184.6
including
256.6
257.9
1.3
4.16
827.1
15.18
1,138.9
LRGF-21-086
El Favor East
188.9
208.8
20.0
0.37
122.5
2.00
150.1
including
196.6
197.5
0.9
4.12
1,185.3
19.92
1,494.1
and
239.7
244.4
4.8
0.28
107.0
1.71
128.3
including
242.3
243.4
1.2
1.09
399.1
6.41
480.7
LRGF-21-088
El Favor East
228.6
230.0
1.4
0.40
28.9
0.79
58.9
and
252.3
253.5
1.3
0.15
60.2
0.95
71.5
LRGF-21-089
El Favor East
275.1
287.2
12.1
0.32
89.4
1.51
113.6
including
278.6
279.9
1.3
1.94
348.5
6.59
494.3
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Hole LRGF-21-084 is pending assays. Hole LRGF-21-087 did not intercept significant mineralization.
Figure 1: El Favor Drill Hole Locations (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 a mapping 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
750m
of El Favor East has been
drilled showing the strong mineralization.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGF-21-083
586531
2336774
1324
180
-45
381
LRGF-21-084
586433
2336789
1310
180
-45
324
LRGF-21-085
586378
2336783
1335
180
-45
339
LRGF-21-086
586179
2336796
1342
240
-50
316
LRGF-21-087
586307
2336754
1373
180
-45
91
LRGF-21-088
586250
2336767
1393
181
-43
293
LRGF-21-089
586650
2336747
1332
180
-45
398
Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)
Figure 3: Geophysical Map – El Favor (CNW Group/GoGold Resources Inc.)
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 4). Wide zones of precious and
base metal mineralization were cut by drill holes at El Orito at elevations between 600 to
800m
.
Figure 4: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)
VRIFY Slide Deck and 3D Presentation
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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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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 27-OCT-21