GoGold Drills Highest Grade Hole to Date at Los Ricos
GoGold Drills Highest Grade Hole to Date at Los
Ricos
Shares Outstanding: 296,097,011
Trading Symbols: TSX: GGD
OTCQX: GLGDF
55.0m
of 2,738 g/t AgEq, including
7.0m
of 20,715 g/t AgEq
Also includes 63,658 g/t AgEq over
2.0m
HALIFAX, NS
,
Jan. 23, 2023
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold",
"the Company")
is pleased to announce additional drilling results from Los Ricos South, within the Eagle and
Main Deposits. Hole LRGAG-22-218 is the best hole drilled to date in the Los Ricos district and intercepted
55.0m
of 2,738 g/t silver equivalent ("AgEq"), containing 20,715 g/t AgEq over
7.0m
. The hole also contained an
extremely high grade intercept of 63,658 g/t AgEq over
2.0m
. See Table 1 for breakdown of silver and gold
values.
"Hole 118 represents not only the best drill hole drilled by our team at Los Ricos, but it is also the best hole ever
drilled by any member of our technical team on any of our previous projects," said
Brad Langille
, President and
CEO. "In mining, grade is king, and Los Ricos has demonstrated time and time again that it has very high
grades, with hole 118 being an extraordinary example of that."
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)
LRGAG-22-118
Eagle
95.6
150.6
55.0
7.80
2,152.7
36.51
2,737.9
including
95.6
120.6
25.0
16.07
4,664.2
78.26
5,869.3
including
104.6
119.6
15.0
26.74
7,755.8
130.15
9,761.3
including
107.6
114.6
7.0
55.87
16,524.6
276.19
20,714.5
including
107.6
110.6
3.0
121.97
36,953.0
614.67
46,100.5
including
108.6
110.6
2.0
145.25
52,764.5
848.78
63,658.3
LRGAG-22-087
Eagle
94.5
103.5
9.0
0.87
38.5
1.39
103.9
including
94.5
97.5
3.0
1.77
24.7
2.10
157.2
LRGAG-22-090
Eagle
148.5
216.1
66.8
0.54
33.3
0.98
73.5
including
203.0
212.1
9.1
1.89
96.3
3.17
237.7
LRGAG-22-092
Eagle
312.0
313.4
1.4
4.42
12.7
4.59
344.2
LRGAG-22-094
Eagle
116.8
135.0
18.2
1.37
146.0
3.32
248.9
including
118.5
128.5
10.0
2.39
235.0
5.53
414.5
including
122.6
123.6
1.0
7.51
448.0
13.48
1,011.3
LRGAG-22-095
Eagle
254.3
257.3
3.1
0.52
58.6
1.30
97.8
LRGAG-22-097
Eagle
148.9
153.0
4.2
3.20
169.4
5.46
409.6
including
148.9
150.0
1.2
10.75
521.0
17.70
1,327.2
LRGAG-22-098
Eagle
318.6
329.6
11.0
0.69
73.2
1.67
125.3
including
324.2
326.6
2.4
2.88
224.8
5.87
440.6
LRGAG-22-099
Eagle
256.0
259.4
3.4
2.05
54.7
2.78
208.6
including
256.0
257.3
1.3
5.23
129.8
6.96
522.1
and
272.6
275.0
2.4
1.11
30.7
1.52
113.8
LRGAG-22-100
Eagle
393.8
406.3
12.5
0.52
59.5
1.32
98.8
including
394.8
398.8
4.0
1.35
148.3
3.33
249.7
including
396.8
397.8
1.0
2.95
349.0
7.60
570.3
LRGG-22-219
Main Area
126.3
128.8
2.5
0.65
66.6
1.54
115.6
LRGG-22-220
Main Area
63.8
79.4
15.6
0.50
98.9
1.82
136.2
including
70.7
74.1
3.4
1.34
156.5
3.42
256.8
LRGG-22-221
Main Area
194.9
224.2
29.4
0.85
138.3
2.69
202.1
including
202.0
206.4
4.4
4.98
748.7
14.97
1,122.5
including
203.9
204.9
0.9
12.70
2,370.0
44.30
3,322.5
LRGG-22-222
Main Area
127.7
136.3
8.7
0.94
104.8
2.34
175.6
including
134.3
134.9
0.6
7.60
592.0
15.49
1,162.0
1.
Not true width
2.
AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGAG-22-086, 088, 089, 091, 093, 096 did not intercept significant mineralization
The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined
Mineral Resource Estimate in the Los Ricos South PEA. The Eagle concession covers 1,107 hectares, including
the area between the Main Deposit and the Company's
Jamaica
concession located 3km to the northwest,
where the Company holds the rights to additional concessions. Drilling at the Eagle has returned the highest
grade intercepts to date in the district. These wide high grade intercepts are consistent with geophysical targets
on the new concession.
The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit. The
purpose of the program is to better define the very high grade portions of the current deposit that may be
amenable to bulk underground mining. The Company is carrying out a trade-off study to better define what
portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more
selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed
part of the initial resource upon which the Los Ricos South Preliminary Economic Assessment ("PEA") was
based upon when it was released on
January 20, 2021
.
Following are maps including Figure 1 - a cross section of hole LRGAG-22-118 showing the high grade intercept.
A summary of Eagle zone drilling highlights is included as Table 2 below.
Figure 1: Eagle – Cross Section Hole LRGAG-22-218 (CNW Group/GoGold Resources Inc.)
Figure 2: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Table 2 : Eagle Deposit Drill Intercept Highlights
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)
LRGAG-22-118
Eagle
95.6
150.6
55.0
7.80
2,152.7
36.51
2,737.9
including
95.6
120.6
25.0
16.07
4,664.2
78.26
5,869.3
including
104.6
119.6
15.0
26.74
7,755.8
130.15
9,761.3
including
107.6
114.6
7.0
55.87
16,524.6
276.19
20,714.5
including
107.6
110.6
3.0
121.97
36,953.0
614.67
46,100.5
including
108.6
110.6
2.0
145.25
52,764.5
848.78
63,658.3
LRGAG-22-035
Eagle
69.0
179.6
110.6
1.64
264.6
5.17
387.5
including
129.0
140.5
11.5
11.31
2,198.3
40.62
3,046.7
including
130.4
133.8
3.5
30.24
6,392.5
115.48
8,660.8
including
130.4
131.9
1.5
63.24
12,729.3
232.96
17,472.0
including
131.0
131.9
0.9
104.50
13,742.5
287.73
21,580.0
LRGAG-21-014
Eagle
144.3
216.9
72.6
5.13
76.0
6.14
460.6
including
198.8
210.7
11.9
28.58
115.9
30.13
2,259.8
including
208.6
210.7
2.1
146.03
176.8
148.39
11,128.9
including
208.6
209.3
0.7
266.00
319.0
270.25
20,269.0
LRGAG-22-031
Eagle
58.0
126.0
68.0
4.25
109.4
5.71
428.4
including
78.0
113.9
35.9
7.83
184.9
10.29
771.8
including
80.0
95.0
15.0
15.61
273.3
19.26
1,444.4
including
84.0
86.0
2.0
46.80
272.5
50.43
3,782.5
LRGAG-22-032
Eagle
48.1
113.8
65.8
1.36
107.7
2.79
209.6
including
85.8
113.8
28.1
2.96
216.6
5.85
439.0
including
88.5
92.9
4.3
7.17
1,012.8
20.68
1,550.7
including
88.5
89.1
0.6
25.00
3,020.0
65.27
4,895.0
LRGAG-22-041
Eagle
109.5
145.5
36.0
1.46
134.5
3.26
244.3
including
134.0
143.5
9.5
4.55
389.9
9.75
731.1
including
134.0
134.8
0.8
6.01
577.0
13.70
1,027.7
also including
137.0
143.5
6.6
5.62
453.6
11.67
875.3
including
141.0
142.2
1.2
17.10
1,345.0
35.03
2,627.5
LRGAG-22-043
Eagle
146.0
154.2
8.2
0.67
78.4
1.72
129.0
and
166.0
186.7
20.7
1.32
215.8
4.20
315.1
including
176.5
185.8
9.3
2.73
428.2
8.44
633.1
including
182.0
184.5
2.5
7.89
999.1
21.21
1,591.1
including
182.0
182.7
0.7
17.20
2,130.0
45.60
3,420.0
LRGAG-21-018
Eagle
127.6
163.0
33.6
1.57
85.5
2.71
203.5
including
156.9
159.3
2.4
10.51
436.5
16.33
1,225.0
including
156.9
157.6
0.8
15.00
1,155.0
30.40
2,280.0
and
177.9
178.6
0.7
36.20
1,500.0
56.20
4,215.0
LRGAG-22-030
Eagle
42.9
79.5
36.7
1.77
156.2
3.85
289.0
including
51.9
61.0
9.1
6.00
553.3
13.38
1,003.2
including
54.1
54.8
0.7
14.00
1,260.0
30.80
2,310.0
LRGAG-22-029
Eagle
74.0
94.6
20.6
1.52
217.5
4.42
331.3
including
75.5
77.5
2.0
8.00
1,865.5
32.87
2,465.5
including
75.5
76.5
1.0
14.15
3,520.0
61.08
4,581.3
LRGAG-21-007
Eagle
148.5
191.0
42.5
1.64
137.5
3.47
260.6
including
188.6
190.2
1.6
6.83
1,269.5
23.76
1,781.8
Figure 3: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
The Eagle concession connects the Company's concessions held in the southern portion of its Los Ricos South
project, including the Main area where the Initial Resource was released, to its northern concessions in Los
Ricos South, which includes the
Jamaica
exploration target. As a result, all of the concessions in Los Ricos
South are now contiguous (Figure 4).
Figure 4: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGAG-22-118
610066
2328475
1277
0
-90
181
LRGAG-22-087
609958
2328624
1268
50
-45
132
LRGAG-22-088
609404
2329006
1160
50
-45
61
LRGAG-22-089
609403
2329005
1160
0
-90
68
LRGAG-22-090
609966
2328360
1252
50
-60
270
LRGAG-22-091
609947
2328639
1268
0
-90
218
LRGAG-22-092
609808
2328145
1297
50
-45
443
LRGAG-22-093
609808
2328145
1297
50
-55
443
LRGAG-22-094
610142
2328156
1330
50
-70
255
LRGAG-22-095
609963
2328104
1325
50
-60
323
LRGAG-22-096
609913
2328448
1243
0
-90
348
LRGAG-22-097
610139
2328150
1329
0
-90
246
LRGAG-22-098
609963
2328103
1325
50
-75
377
LRGAG-22-099
609965
2328359
1252
50
-75
312
LRGAG-22-100
609962
2328103
1325
0
-90
446
LRGG-22-219
610307
2327836
1257
50
-58
162
LRGG-22-220
610401
2327885
1293
50
-46
125
LRGG-22-221
610220
2327768
1234
50
-56
261
LRGG-22-222
610289
2327820
1256
50
-57
198
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.
The VRIFY 3D Slide Deck for GoGold can be viewed at:
https://vrify.com/companies/gogold-resources-inc
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 Mineral Resource was announced on
July 29, 2020
which
disclosed 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 Mineral 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 Eagle Concession was acquired in
October 2022
and is adjacent to the
Main Area which contains the initial Mineral Resource.
The Los Ricos North Project was launched in
March 2020
and an initial Mineral Resource was announced on
December 7, 2021
, which disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t
AgEq contained in 22.3 million tonnes, and an Inferred Mineral Resource of 73.2 million ounces AgEq grading
111 g/t AgEq contained in 20.5 million tonnes. The Company has a drill program for an additional 100,000
metres of drilling for 2022 in place.
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
Guadalajara, 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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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 23-JAN-23