GoGold Intersects 17.3m at 317 g/t Silver Equivalent at Los Ricos South Project
GoGold Intersects 17.3m at 317 g/t Silver Equivalent
at Los Ricos South Project
Shares Outstanding: 221,943,996
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX
,
Feb. 26, 2020
/CNW/ -
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company")
is pleased to release the assay results from 9 diamond drill holes at the South Project in the
Company's Los Ricos district project. Diamond drilling resumed on
January 12, 2020
and a fifth drill has been
added to the program. Three drills are testing the Los Ricos vein north of the historical stopes and two drills are
completing a series of short holes along the el Abra outcrop.
Hole LRGG-20-100 was drilled on Section 275N and intersected the up-dip extension of Los Ricos quartz vein
from 9.9 to
29.1m
. The vein consisted of white quartz with pyrite boxwork and black sulphide minerals and
averaged 4.23 g/t gold equivalent or 317.2 g/t silver equivalent, made up of 1.51 g/t gold and 204.3 g/t silver
over 17.3 metres and included 6.9 metres of 6.56 g/t gold equivalent or 492 g/t silver equivalent.
Hole LRGG-20-98 encountered a
7.5m
historical working with the hanging portion of the vein showing 4.0
metres of 452 g/t silver equivalent, made up of 1.78 g/t gold and 319 g/t silver.
"We are drilling these short holes in order to obtain assay information on the upper
100m
portion of the Los
Ricos vein that forms the face of the el Abra hill. This part of the deposit has not been drilled in the past and is
essential to complete these drill holes for estimating the resource," said
Brad Langille
, President and CEO. "We
are also very excited to drill below hole 88 (intercepted 647 g/t silver equivalent for
18.9m
, see press release
#03 dated
January 22, 2020
) to further test the down dip extensions."
Hole LRGG-19-092 was drilled on Section 650N and intersected the Los Ricos quartz vein from 147 to
166m
and averaged 2.78 g/t gold equivalent or 208.4 g/t silver equivalent, made up of 1.27 g/t gold and 113.4 g/t
silver over 19.0 metres. A higher-grade section of the interval averaged 7.38 g/t gold equivalent or 554 g/t silver
equivalent over
6.5m
. No historical workings were encountered in this hole.
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%252FLosRicos_LongSec_20200226.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-19-092
M ain
650N
147.0
166.0
19.0
1.27
113.4
2.78
208.4
including
147.0
159.2
12.2
1.94
172.6
4.25
318.4
including
149.0
155.5
6.5
3.39
299.2
7.38
553.7
LRGG-20-093
M ain
600N
36.7
45.5
8.8
0.41
75.7
1.42
106.6
LRGG-20-094
M ain
500N
61.5
65.4
3.8
0.66
173.9
2.97
223.1
LRGG-20-095
M ain
500N
30.9
48.0
17.1
0.61
121.4
2.23
167.1
including
34.1
41.3
7.2
1.20
207.5
3.97
297.6
LRGG-20-096
M ain
400N
30.9
47.5
16.6
1.40
62.8
2.24
167.9
LRGG-20-097
M ain
375N
72.4
78.9
6.4
0.23
81.2
1.31
98.6
LRGG-20-098
M ain
3
425N
62.0
66.0
4.0
1.78
318.6
6.03
452.2
and
79.0
93.5
14.5
0.12
31.1
0.53
39.9
LRGG-20-099
M ain
750N
53.4
72.7
19.4
0.49
68.1
1.39
104.5
including
54.5
60.8
6.3
1.08
108.8
2.53
190.1
LRGG-20-100
M ain
4
275N
9.9
29.1
17.3
1.51
204.3
4.23
317.2
including
11.1
18.0
6.9
2.92
272.7
6.56
492.1
1.
Not true width
2.
AuEq and AqEq converted using a silver to gold ratio of 75:1
3.
Hanging portion of vein above a 7.5m wide mined void
4.
Excludes 1.9m of historically mined void
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-19-092
610304
2327801
1440
50
-65
201.0
LRGG-20-093
610459
2327873
1304
50
-45
57.0
LRGG-20-094
610515
2327784
1297
50
-45
120.0
LRGG-20-095
610537
2327806
1312
50
-45
90.0
LRGG-20-096
610592
2327724
1281
50
-45
70.5
LRGG-20-097
610585
2327678
1283
50
-45
115.5
LRGG-20-098
610554
2327717
1294
50
-45
120.0
LRGG-20-099
610301
2327962
1281
50
-45
99.0
LRGG-20-100
610695
2327640
1267
50
-20
57.0
The Company is undertaking two drilling and exploration projects at its Los Ricos property located 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
and Las Lamas targets. The North Project was launched this month and
includes 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
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/February2020/26/c5717.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 08:30e 26-FEB-20