GoGold Drills 1,956 g/t AgEq over 1.0m within 6.1m of 526 g/t AgEq at Newly Drilled Mololoa in Los Ricos North
GoGold Drills 1,956 g/t AgEq over 1.0m within 6.1m of 526 g/t AgEq at
Newly Drilled Mololoa in Los Ricos North
Shares Outstanding: 277,766,117
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Sept. 29, 2021
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the
initial drill holes at Mololoa within Los Ricos North, which is located approximately one kilometre north of the El Favor deposit and may be an easterly
extension of the Casados deposit. Hole LRGM-21-006 intersected
1.0m
of 1,956 g/t silver equivalent ("AgEq"), within
6.1m
of 526 g/t AgEq. See Table
1 for breakdown of silver and gold values.
"These are the first holes drilled at Mololoa which show a vein structure with high grades of silver and gold that we believe will add additional ounces
and grade to the upcoming initial resource at Los Ricos North," said
Brad Langille
, President and CEO. "We encountered numerous old workings
while drilling Mololoa and will attempt to drill below the level of the old workings, so we are able to see the full extent of the intact mineralized zone."
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-21-001
Soledad Vein
8.6
18.5
9.9
0.21
67.1
1.10
82.6
including
15.0
17.2
2.2
0.46
163.5
2.64
197.7
LRGM-21-002
Mined Void
14.1
18.5
4.4
*
*
*
*
Soledad Vein
18.5
21.4
2.9
0.18
100.0
1.51
113.3
LRGM-21-003
Soledad Vein
34.5
42.3
7.8
0.38
162.2
2.54
190.5
including
35.4
37.7
2.3
1.08
456.2
7.16
537.4
LRGM-21-004
Mined Void
45.0
48.6
3.6
*
*
*
*
Soledad Vein
48.6
61.6
13.0
0.06
86.3
1.21
90.6
including
52.3
55.4
3.1
0.13
182.6
2.56
192.1
LRGM-21-005
Soledad Vein
46.5
61.3
14.8
0.02
49.0
0.67
50.6
including
57.0
61.3
4.3
0.05
89.3
1.24
92.9
LRGM-21-006
Mined Void
104.0
109.7
5.7
*
*
*
*
Soledad Vein
109.7
115.8
6.1
0.95
454.7
7.01
525.7
including
110.8
112.8
2.0
2.58
1,177.5
18.28
1,371.2
including
111.8
112.8
1.0
3.95
1,660.0
26.08
1,956.3
LRGM-21-007
Soledad Vein
9.9
17.5
7.6
0.34
83.1
1.45
108.7
including
14.0
16.0
2.0
0.66
137.0
2.49
186.5
LRGM-21-008
Soledad Vein
18.1
29.1
11.0
0.83
276.3
4.51
338.5
including
23.9
26.1
2.2
2.11
774.5
12.43
932.4
including
23.9
24.5
0.6
3.63
1,180.0
19.36
1,452.3
LRGM-21-009
Mined Void
6.3
9.0
2.7
*
*
*
*
Soledad Vein
13.1
25.1
12.0
0.16
58.1
0.93
69.8
including
20.3
24.1
3.8
0.32
78.9
1.37
102.9
LRGM-21-010
Soledad Vein
22.0
33.5
11.5
0.09
26.3
0.44
33.4
including
23.0
25.0
2.0
0.47
67.5
1.37
102.5
and
81.9
83.0
1.1
0.37
128.0
2.08
156.0
LRGM-21-011
Tamara Vein
26.0
31.4
5.4
1.02
196.0
3.63
272.2
including
28.5
30.4
2.0
1.68
317.4
5.91
443.3
including
28.5
29.0
0.6
3.46
418.0
9.03
677.5
LRGM-21-012
Soledad Vein
114.2
121.8
7.6
0.14
80.0
1.21
90.5
including
118.7
120.3
1.6
0.32
197.3
2.95
221.5
LRGM-21-013
Tamara Vein
26.4
31.8
5.5
1.64
298.9
5.62
421.8
including
28.5
31.2
2.7
2.96
532.2
10.06
754.4
including
28.5
29.5
0.9
4.50
607.0
12.59
944.5
and
41.6
42.8
1.2
0.54
143.0
2.44
183.2
LRGM-21-014
Soledad Vein
28.4
41.0
12.7
0.42
178.0
2.79
209.5
including
33.7
36.3
2.6
1.56
595.0
9.49
711.7
including
33.7
34.6
0.9
1.67
922.0
13.96
1,046.9
LRGM-21-015
Tamara Vein
46.1
46.7
0.7
0.10
39.4
0.62
46.5
LRGM-21-016
Soledad Vein
42.9
47.7
4.9
0.29
69.8
1.22
91.5
including
43.6
46.7
3.2
0.39
93.6
1.64
123.0
LRGM-21-017
Soledad Vein
116.0
120.0
4.0
0.79
263.8
4.30
322.9
including
116.0
118.3
2.3
1.33
437.4
7.16
537.1
including
116.9
117.6
0.7
3.67
1,080.0
18.07
1,355.3
LRGM-21-018
Tamara Vein
30.2
32.0
1.8
0.44
45.5
1.04
78.2
and
98.0
99.0
1.0
0.39
117.0
1.95
145.9
and
107.0
107.9
0.8
0.80
152.0
2.83
212.1
and
143.0
144.5
1.5
0.01
218.0
2.92
218.8
LRGM-21-021
Mined Void
43.2
44.5
1.3
*
*
*
*
Soledad Vein
89.0
89.5
0.5
0.07
92.0
1.30
97.3
LRGM-21-022
Soledad Vein
53.0
58.5
5.5
0.34
145.4
2.28
170.7
including
54.3
56.5
2.3
0.74
280.2
4.48
336.0
LRGM-21-023
Soledad Vein
7.7
9.0
1.3
0.34
40.6
0.88
66.0
LRGM-21-024
Tamara Vein
116.9
120.9
4.0
0.29
63.4
1.14
85.1
including
116.9
118.5
1.6
0.55
128.4
2.26
169.4
LRGM-21-025
Soledad Vein
16.9
23.5
6.7
0.22
66.4
1.10
82.8
including
19.9
21.9
2.0
0.54
132.0
2.30
172.1
including
19.9
20.9
1.0
0.60
165.0
2.80
210.0
LRGM-21-026
Soledad Vein
10.7
16.3
5.6
0.25
54.4
0.98
73.3
including
13.5
16.3
2.9
0.38
77.7
1.41
105.8
LRGM-21-027
Soledad Vein
87.5
120.5
33.0
0.02
30.2
0.43
32.0
including
94.6
97.4
2.8
0.03
71.3
0.98
73.2
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Hole LRGM-21-019 and LRGM-21-020 are excluded as they did not intercept significant mineralization
Figure 1: Mololoa Plan View
Figure 1: Mololoa Plan View (CNW Group/GoGold Resources Inc.)
Figure 2: Cross Section LRGM-21-006 & LRGM-21-014
Figure 2: Cross Section LRGM-21-006 & LRGM-21-014 (CNW Group/GoGold Resources Inc.)
Figure 3: Plan View – La Trini to El Favor Area of Los Ricos North
Figure 3: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGM-21-001
584713
2337783
1040
245
-60
154.4
LRGM-21-002
584726
2337761
1034
240
-60
109.5
LRGM-21-003
584966
2337646
1013
210
-60
160.5
LRGM-21-004
585168
2337668
964
210
-50
160.0
LRGM-21-005
585169
2337668
964
180
-50
172.5
LRGM-21-006
584926
2337808
1038
240
-50
200.0
LRGM-21-007
584731
2337737
1032
240
-60
118.0
LRGM-21-008
584707
2337814
1043
240
-60
107.1
LRGM-21-009
584887
2338029
1019
240
-50
194.0
LRGM-21-010
584897
2338089
993
240
-50
221.0
LRGM-21-011
584891
2338277
901
240
-50
54.2
LRGM-21-012
584935
2337788
1047
240
-55
209.2
LRGM-21-013
584890
2338276
901
240
-55
228.5
LRGM-21-014
584761
2337727
1039
240
-50
83.0
LRGM-21-015
584803
2338305
913
240
-50
173.2
LRGM-21-016
584773
2337706
1046
240
-50
113.0
LRGM-21-017
584947
2337776
1050
240
-55
164.0
LRGM-21-018
584773
2338342
942
240
-50
151.7
LRGM-21-019
584770
2337774
1026
240
-60
101.0
LRGM-21-020
584695
2337832
1045
240
-50
89.0
LRGM-21-021
584772
2338342
941
240
-80
163.5
LRGM-21-022
584782
2337683
1043
240
-50
101.0
LRGM-21-023
584676
2337853
1036
240
-50
98.0
LRGM-21-024
584810
2338338
936
240
-50
184.9
LRGM-21-025
584713
2337843
1035
240
-50
110.0
LRGM-21-026
584746
2337778
1031
240
-60
86.0
LRGM-21-027
584913
2337842
1016
240
-55
152.0
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, Mololoa, 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 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: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 29-SEP-21