GoGold Drills 3,034 g/t AgEq over 0.8m and 24.2m of 139 g/t AgEq at El Favor East in Los Ricos North
GoGold Drills 3,034 g/t AgEq over 0.8m and 24.2m of 139 g/t AgEq at El
Favor East in Los Ricos North
Shares Outstanding: 277,847,367
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Oct. 13, 2021
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the results
of 10 new drill holes from the El Favor East zone, extending the newly area's mineralized zone by over 450 metres. Drill hole LRGF-21-076 intersected
0.8m
of
3,034 g/t silver equivalent ("AgEq"). Drill hole LRGF-21-075 intersected
24.2m
of 139 g/t AgEq, including
2.0m
of 1,106 g/t AgEq. See Table 1 for breakdown of
silver and gold values.
"The El Favor East zone is truly developing into a significant discovery in Los Ricos North," said
Brad Langille
, President and CEO. "We are currently drilling 900
metres to the east of the original discovery hole 48, and we are seeing what appears to be strong mineralization. These results and other pending results may
impact on the upcoming initial resource for Los Ricos North."
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-21-073
El Favor East
59.7
61.1
1.3
0.42
139.0
2.28
170.8
and
159.5
186.5
27.0
0.44
64.2
1.29
96.8
including
169.4
170.9
1.6
6.26
763.0
16.43
1,232.2
LRGF-21-074
El Favor East
39.0
42.0
3.0
0.51
86.3
1.66
124.7
including
41.0
41.5
0.5
2.59
355.8
7.33
550.1
and
3
70.0
93.8
22.3
0.31
117.8
1.88
140.8
including
87.5
88.5
1.0
3.96
943.9
16.55
1,241.0
LRGF-21-075
El Favor East
128.5
136.2
7.7
0.46
147.0
2.42
181.8
including
131.0
132.3
1.3
2.20
680.6
11.27
845.5
El Favor East
175.4
199.5
24.2
0.45
105.4
1.85
139.0
including
195.8
197.8
2.0
4.16
793.9
14.74
1,105.6
and
248.7
250.9
2.2
0.23
83.5
1.34
100.7
LRGF-21-076
El Favor East
119.5
125.6
6.1
1.32
328.4
5.70
427.5
including
121.4
122.2
0.8
9.75
2,302.5
40.45
3,033.9
and
157.6
159.6
2.0
0.38
134.6
2.17
162.9
and
182.8
183.5
0.8
0.47
117.1
2.03
152.4
and
186.4
187.2
0.8
1.13
279.9
4.86
364.5
LRGF-21-077
El Favor East
129.0
132.1
3.1
0.22
67.2
1.12
83.7
and
171.7
174.1
2.4
0.24
136.3
2.05
154.0
and
259.0
265.0
6.0
0.31
79.5
1.37
102.6
including
261.2
263.3
2.1
0.63
178.9
3.02
226.4
LRGF-21-078
El Favor East
119.1
120.0
1.0
0.31
197.5
2.94
220.5
and
170.7
172.1
1.4
0.24
137.6
2.07
155.3
and
210.0
211.0
0.9
0.63
119.1
2.22
166.4
LRGF-21-079
El Favor East
24.9
26.4
1.5
0.69
147.5
2.66
199.5
and
103.1
105.7
2.6
0.35
102.9
1.73
129.4
and
148.1
151.3
3.2
0.33
98.5
1.64
123.2
and
258.7
273.2
14.5
0.35
105.7
1.76
132.3
and
306.6
318.0
11.4
0.26
136.5
2.08
156.1
including
310.5
316.5
6.0
0.38
179.1
2.77
207.4
LRGF-21-080
El Favor East
49.5
51.7
2.2
0.46
154.1
2.51
188.4
and
220.5
240.6
20.1
0.22
67.8
1.12
84.3
including
231.5
232.5
1.0
2.59
563.2
10.10
757.3
and
270.9
272.0
1.1
0.74
182.2
3.17
237.6
LRGF-21-081
El Favor East
82.4
83.2
0.8
0.25
118.5
1.83
137.2
LRGF-21-082
El Favor East
132.0
133.5
1.5
0.56
156.9
2.65
198.7
and
235.3
253.5
18.3
0.30
97.9
1.60
120.1
including
245.8
251.3
5.6
0.90
254.7
4.29
321.9
including
250.1
250.8
0.7
4.39
972.0
17.35
1,301.5
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Excludes 1.5m of historically mined void
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
600m
of El Favor East has been
drilled showing the strong mineralization.
Figure 2: El Favor East (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 3). Wide zones of precious and
base metal mineralization were cut by drill holes at El Orito at elevations between 600 to
800m
.
Figure 3: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)
Figure 4: 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
LRGF-21-073
586106
2336764
1299
180
-45
266
LRGF-21-074
585982
2336753
1245
180
-45
240
LRGF-21-075
586083
2336824
1280
180
-45
323
LRGF-21-076
586159
2336747
1340
180
-45
267
LRGF-21-077
586297
2336778
1369
180
-45
318
LRGF-21-078
586328
2336775
1353
180
-45
318
LRGF-21-079
586475
2336781
1318
180
-45
353
LRGF-21-080
586373
2336752
1340
180
-45
332
LRGF-21-081
586247
2336789
1383
180
-45
168
LRGF-21-082
586349
2336784
1344
180
-45
308
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
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 13-OCT-21