GoGold Intersects 11m of 424 g/t Silver Equivalent in Rascadero area of Los Ricos South
GoGold Intersects 11m of 424 g/t Silver Equivalent in Rascadero
area of Los Ricos South
Shares Outstanding: 222,274,246
Trading Symbols:TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
June 24, 2020
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to
release the assay results from 3 diamond drill holes at the Los Ricos South Project, including 1 at
San Juan
, 1 at Rascadero and the second hole
released at the East Vein.
Longitudinal Section Los Ricos South (CNW Group/GoGold Resources Inc.)
Hole LRGG-20-177 was drilled on section 1025N in the Rascadero area of the project and intersected the Los Ricos quartz vein from 104.0 to
143.0m
for
39.0m
of 151 g/t silver equivalent, consisting of 2.01 g/t gold and 117 g/t silver. The intersect included
11.0m
of 424 g/t silver
equivalent.
"This hole drilled in the Rascadero area of the Los Ricos South project is our northernmost hole drilled to date in the area and it is encouraging to
see such a wide intersect of high grade mineralization in this area," said
Brad Langille
, President and CEO. "This may represent the beginning of
a new ore shoot on the northwesternmost area of Los Ricos South."
Detailed intersections are listed in Table 1, and the hole locations are shown 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/LosRicos_LongSec_20200624.pdf
Table 1: Drill Hole Intersections
Hole ID
Area
Section
From
To
Length
1
Au
Ag
AuEq
2
AgEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
LRGG-20-166
San Juan
850N
288.0
315.0
27.0
0.09
27.57
0.46
34.1
292.0
296.0
4.0
0.45
89.45
1.65
123.5
LRGG-20-177
Rascadero
1025N
104.0
143.0
39.0
0.45
116.9
2.01
151.0
118.0
129.0
11.0
1.40
319.1
5.66
424.4
LRGG-20-179
East Vein
125N
178.7
181.9
3.2
0.15
25.0
0.48
36.1
1
Not true width
2
AuEq and AqEq converted using a silver to gold ratio of 75:1
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-20-166
850N
610080
2327869
1299
50
-65
LRGG-20-177
1025N
610243
2328239
1344
0
-90
LRGG-20-179
175N
611070
2327852
1419
50
-70
Los Ricos Exploration Projects
The Company's two exploration projects at its Los Ricos property are in
Jalisco
state, Mexico. The South Project began in
March 2019
and
includes the 'Main' area, which is focused on drilling around a number of historical mines including
El Abra
, El Troce,
San Juan
, and Rascadero.
The South Project also includes the
Cerro Colorado
, Las Lamas and East Vein targets. The North Project was launched in
March 2020
and
includes drilling at the Monte del Favor, Salomon, La Trini, and Mololoa targets.
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 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.
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For further information:
please contact: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 08:00e 24-JUN-20