GoGold Drills 23.3m Averaging 2.68 g/t Gold Equivalent including 5.5m of 9.91 g/t at Los Ricos
GoGold Drills 23.3m Averaging 2.68 g/t Gold
Equivalent including 5.5m of 9.91 g/t at Los Ricos
Trading Symbol: TSX: GGD
Shares Outstanding: 185,823,461
HALIFAX
,
Sept. 24, 2019
/CNW/ -
GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company")
is
pleased to release the assay results from four new diamond drill holes (LRGG-19-038, 040, 041 and 042) at the
Los Ricos Main area and three new diamond drill holes (LRGG-19-044, 045 and 046) from the
San Juan
area.
Drill holes were drilled to test the Los Ricos vein in an area of known underground workings.
Hole LRGG-19-038 intersected
25.5m
of the Los Ricos vein from 99.0 to
125.5m
down the hole but a total of
4.3m
of the vein was mined out and the stopes were backfilled (and assigned zero grade). The remaining
unmined
21.2m
of the Los Ricos vein averaged 2.92 g/t gold equivalent made up of 1.33 g/t gold and 164.7 g/t
silver; including a
10.2m
interval averaging 5.36 g/t gold equivalent made up of 1.33 g/t gold and 302.2 g/t silver
on the hanging wall of the open stope.
Hole LRGG-19-041 intersected
28.5m
of the Los Ricos vein from 97.5 to 126.0 down the hole but a total of
5.2m
of the vein was mined out and the stopes were backfilled (and assigned zero grade). The remaining
unmined
23.3m
of the Los Ricos vein averaged 2.68 g/t gold equivalent made up of 1.14 g/t gold and 115.5 g/t
silver; including a
5.5m
interval averaging 9.91 g/t gold equivalent made up of 4.60 g/t gold and 398.0 g/t silver
on the hanging wall of the open stope.
"We are encouraged with our drilling results to date as we continue to see the Los Ricos vein is up to 25 metres
wide, and past mining has only removed 1-5 metres, with the remainder showing exceptional grades for
potential bulk extraction. The San Juan and El Troce areas,
400m
northwest of the main area, is beginning to
demonstrate the potential for near surface mineralization and we have expanded the drilling program to continue
testing in this area. Our current work around
San Juan
and El Troce leads us to believe that there is potential for
a new high grade ore shoot," stated
Brad Langille
, President and CEO.
Hole LRGG-19-045 intersected
20.0m
of the Los Ricos vein from 61.0 to 81.0 down the hole and averaged 1.04
g/t gold equivalent made up of 0.59 g/t gold and 33.7 g/t silver; including a
3.5m
interval averaging 4.13 g/t gold
equivalent made up of 2.92 g/t gold and 90.9 g/t silver. Hole LRGG-19-046 intersected
36.0m
of the Los Ricos
vein from 99.5 to 135.5 down the hole and averaged 1.19 g/t gold equivalent made up of 0.36 g/t gold and 62.2
g/t silver; including a
5.5m
interval averaging 4.24 g/t gold equivalent made up of 1.30 g/t gold and 220.5 g/t
silver.
Detailed intersections are in Table 1, and drill holes locations are included in Table 2. A longitudinal section
summary of all the holes drilled at Los Ricos to date is available at
https://gogoldresources.com/component/rsfiles/preview?path=diagrams%252FLosRicos_LongSec_20190924.pdf
Table 1: Drill Hole Intersections
Hole ID
Area
From
To
Length
1
Au
Ag
AuEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
LRGG-19-038
Main
3
99.0
124.5
21.2*
0.72
164.7
2.92
including
100.5
110.7
10.2
1.33
302.2
5.36
LRGG-19-040
Main
4
42.0
63.6
17.5*
0.40
115.0
1.93
including
42.0
46.5
4.5
0.89
281.5
4.64
LRGG-19-041
Main
5
97.5
126.0
23.3
1.14
115.5
2.68
including
99.8
105.2
5.5
4.60
398.0
9.91
LRGG-19-042
Main
6
28.0
58.5
29.2*
0.47
69.5
1.40
including
31.0
37.7
6.7
1.65
223.9
4.63
LRGG-19-044
San Juan
31.8
50.5
18.8
0.29
33.4
0.73
including
35.5
39.0
4.5
0.50
27.4
0.86
LRGG-19-045
San Juan
61.0
81.0
20.0
0.59
33.7
1.04
including
67.5
71.0
3.5
2.92
90.9
4.13
LRGG-19-046
San Juan
99.5
135.5
36.0
0.36
62.2
1.19
including
129.0
134.5
5.5
1.30
220.5
4.24
1.
Not true width
2.
AuEq converted using a silver to gold ratio of 75:1
3.
Excludes 4.3m of open stopes from historical underground workings
4.
Excludes 4.1m of open stopes from historical underground workings
5.
Excludes 5.2m of open stopes from historical underground workings
6.
Excludes 1.4m of open stopes from historical underground workings
The
San Juan
area is located approximately
400m
northwest along strike of the Los Ricos Main area. Two holes
(LRGG-19-039 and 043) were suspended due to technical issues, with drilling to resume shortly.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-19-038
610622
2327578
1449
50
-45
165
LRGG-19-040
610636
2327655
1457
50
-45
81
LRGG-19-041
610572
2327634
1454
50
-45
132
LRGG-19-042
610636
2327688
1466
50
-45
70.5
LRGG-19-044
610340
2327962
1471
50
-45
201
LRGG-19-045
610442
2327852
1477
50
-45
102
LRGG-19-046
610287
2327889
1429
50
-45
168
GoGold commenced a
10,000 m
diamond drilling program of HQ size core in conjunction with a field program of
geological mapping, sampling and trenching on the property in
March 2019
. The core drilling campaign is
focused on defining the mineralized halo around the historical high grade ore shoots as defined by the
underground workings and the 65 historical RC drill holes on the property. The program has now been expanded
for additional testing along 3.2 km of the Los Ricos mineralized zone.
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 / 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.
View original content:
http://www.newswire.ca/en/releases/archive/September2019/24/c1979.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 07:30e 24-SEP-19