GoGold Intercepts High Grade at Los Ricos South
GoGold Intercepts High Grade at Los Ricos South
Shares Outstanding: 326,138,511
Trading Symbols: TSX: GGD
OTCQX: GLGDF
1,126 g/t AgEq over
50.0m
including
7.8m
of 6,334 g/t AgEq including
0.8m
of 46,822 g/t AgEq
HALIFAX, NS
,
May 31, 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 Deposit, including an exceptionally wide, high-grade intercept from hole LRGAG-22-165. The hole
intercepted
50.0m
of 1,126 g/t silver equivalent ("AgEq"), including
7.8m
of 6,334 g/t AgEq which also
included a very high-grade interval of 46,822 g/t AgEq over
0.8m
. This is one of the best holes drilled to
date within the Los Ricos district. See Table 1 for breakdown of silver and gold values.
"We continue to intercept wide zones of high grades at the Los Ricos South Eagle deposit. We anticipate
that results like these will could add significantly to our upcoming revised resource and preliminary economic
assessment to be completed this summer," said
Brad Langille
, President and CEO. "We continue to
execute on the objectives that we laid out for 2023 in our January press release. The next milestones will
be our updated resource and preliminary economic assessment in Los Ricos South to be followed by a pre-
feasibility study to be completed before year end."
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-22-163
Eagle
117.5
132.5
15.0
0.78
92.3
2.01
150.5
including
125.9
129.7
3.8
1.40
200.3
4.07
305.5
LRGAG-22-164
Eagle
199.0
221.1
22.1
3.21
32.6
3.64
273.0
including
214.3
217.5
3.2
20.21
86.8
21.37
1,602.9
LRGAG-22-165
Eagle
110.9
160.9
50.0
4.61
780.2
15.01
1,125.9
including
117.7
125.5
7.8
22.90
4,616.9
84.45
6,334.1
including
119.6
122.5
2.9
59.98
11,858.2
218.09
16,357.0
including
121.8
122.5
0.8
201.00
31,747.0
624.29
46,822.0
LRGAG-22-166
Eagle
118.7
127.8
9.1
3.08
199.5
5.75
430.9
including
119.2
120.6
1.3
8.12
609.9
16.25
1,219.1
and
141.5
151.6
10.1
2.32
114.6
3.85
288.9
LRGAG-22-167
Eagle
135.3
150.8
15.5
2.16
102.3
3.53
264.6
including
139.0
139.8
0.8
18.60
76.0
19.61
1,471.0
LRGAG-22-168
Eagle
99.8
102.0
2.3
2.56
75.8
3.57
267.6
and
132.9
138.0
5.1
2.12
226.3
5.14
385.3
LRGAG-22-169
Eagle
55.4
99.9
44.5
1.51
52.3
2.21
165.5
including
84.7
99.2
14.5
3.78
47.3
4.41
331.1
including
85.9
87.1
1.3
18.38
105.9
19.80
1,484.7
LRGAG-22-170
Eagle
139.7
145.1
5.4
0.87
99.3
2.19
164.2
including
142.2
144.1
1.9
2.23
230.1
5.29
397.1
LRGAG-22-171
Eagle
172.6
182.5
9.9
2.00
78.5
3.04
228.1
including
180.4
182.5
2.2
5.43
107.0
6.86
514.6
LRGAG-22-172
Eagle
155.3
209.1
53.8
3.27
123.8
4.92
369.3
including
165.6
185.0
19.4
8.09
193.1
10.67
800.1
including
166.1
171.3
5.2
13.72
288.8
17.57
1,317.7
LRGAG-22-173
Eagle
107.8
148.2
40.5
3.67
281.6
7.43
556.9
including
108.7
112.7
4.1
5.35
1,267.0
22.24
1,668.0
including
108.7
110.1
1.4
8.90
1,878.9
33.95
2,546.5
including
142.6
143.6
1.0
11.80
1,430.0
30.87
2,315.0
LRGAG-22-174
Eagle
95.9
102.8
6.9
1.23
197.3
3.86
289.9
including
99.3
100.3
1.0
3.45
454.0
9.50
712.8
LRGAG-22-175
Eagle
72.5
83.7
11.2
1.55
50.2
2.22
166.6
including
75.2
76.4
1.2
4.11
55.4
4.85
363.6
LRGAG-22-176
Eagle
131.5
147.3
15.9
2.54
119.8
4.14
310.5
including
141.9
143.5
1.6
9.03
627.5
17.40
1,304.8
LRGAG-22-177
Eagle
133.7
165.3
31.7
1.21
145.3
3.15
236.0
including
154.8
164.6
9.8
3.03
392.8
8.27
619.9
including
160.7
163.0
2.3
10.15
1,357.2
28.25
2,118.4
1. Not true width
2. AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
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.
Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 3: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Figure 3, above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los
Ricos South projects. The map includes an outline of the concession areas and a summary of the current
Mineral Resource Estimates ("MRE") on the projects, as well as stars locating each of the deposits included
within the current MREs.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGAG-22-163
609965
2328563
1261
50
-52
165
LRGAG-22-164
610009
2328368
1269
50
-75
279
LRGAG-22-165
610058
2328443
1278
50
-84
187
LRGAG-22-166
610033
2328438
1269
50
-74
176
LRGAG-22-167
609964
2328562
1260
50
-72
187
LRGAG-22-168
610033
2328437
1269
50
-80
195
LRGAG-22-169
610061
2328412
1282
50
-45
159
LRGAG-22-170
609973
2328501
1254
50
-66
181
LRGAG-22-171
610029
2328417
1270
50
-78
227
LRGAG-22-172
610037
2328361
1279
50
-80
260
LRGAG-22-173
610060
2328411
1282
50
-76
199
LRGAG-23-174
610009
2328500
1261
50
-73
162
LRGAG-23-175
610053
2328537
1274
50
-76
135
LRGAG-23-176
609958
2328621
1268
50
-75
187
LRGAG-23-177
609945
2328511
1250
50
-68
199
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. An initial PEA on the project was announced on
May
17, 2023
, indicating an NPV
5%
of
US$413M
.
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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SOURCE
GoGold Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2023/31/c0202.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 31-MAY-23