GoGold Intersects 29.8m of 713 g/t AgEq, including 4.5m of 4,251 g/t AgEq in First Holes Drilled at Los Ricos North
GoGold Intersects 29.8m of 713 g/t AgEq,
including 4.5m of 4,251 g/t AgEq in First Holes
Drilled at Los Ricos North
Shares Outstanding: 224,370,609
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Aug. 5, 2020
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the assay results from the first 3 holes drilled at
the Company's La Trini silver-gold deposit on the Los Ricos North project, and 4 drill holes from the
Los Ricos South project.
Cross Section of Drill Holes at La Trini Deposit, included in GoGold's Los Ricos North project (CNW
Group/GoGold Resources Inc.)
Hole LRGT-20-003 was drilled on the La Trini deposit and intersected a silicified and altered quartz
rhyolite unit from 128.0 to
157.8m
for
29.8m
of 713 g/t silver equivalent ("AgEq"), consisting of 532
g/t silver and 2.41 g/t gold. The intersect included
4.5m
of 4,251 g/t AgEq, which was made up of
3,289 g/t silver and 12.83 g/t gold. The hole was set up to twin historical RC drill hole TRRC-32
completed by TUMI Resources in 2007, with both holes entering and exiting the mineralized zone at
similar depths and both carrying high grade silver and gold mineralization.
"We are very excited that our initial holes on the La Trini deposit have confirmed significant widths of
high-grade silver and gold mineralization. The La Trini deposit is a flat-lying zone that outcrops on
surface, strikes approximately east-west and dips gently to the north around 20 degrees. These
characteristics, combined with the gentle topography, will allow GoGold to rapidly develop the
Mineral Resource of the deposit by drilling a series of short holes from surface over the next 4 to 6
months. We're following the same exploration strategy and approach that we used to develop the
initial Mineral Resource Estimate at Los Ricos South," said
Brad Langille
, President and CEO.
"Post-resource, we continue to hit very encouraging results at the Rascadero target within our Los
Ricos South project, which we will continue to follow up on."
Table 1: Drill Hole Intersections – Los Ricos North
Hole ID
Area
From
To
Length
1
Au
Ag
AuEq
2
AgEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
LRGT-20-001
La Trini
72.0
115.1
43.1
0.70
91.0
1.91
143.6
including
96.0
113.8
17.8
0.89
132.0
2.65
198.9
including
96.0
100.0
4.0
1.92
224.8
4.92
369.0
LRGT-20-002
La Trini
35.4
78.1
42.8
0.40
51.8
1.09
81.5
including
39.0
49.5
10.5
1.23
55.7
1.97
148.0
LRGT-20-003
La Trini
128.0
157.8
29.8
2.41
531.7
9.50
712.6
including
137.5
142.0
4.5
12.83
3289.3
56.68
4,251.3
1.
Not true width
2.
AuEq and AqEq converted using a silver to gold ratio of 75:1
Currently the Company has 3 drill rigs operating at Los Ricos North, with the initial focus on the La
Trini, Mololoa and Solomon targets. The Company is currently on the 14
th
drill hole at the La Trini
deposit and more results will be announced shortly.
At Los Ricos South, hole LRGG 20-202 was drilled on section 1100N in the Rascadero area of the
project and intersected the Los Ricos vein near surface from 85.5 to
106.0m
for
20.5m
of 364 g/t
silver equivalent, consisting of 2.86 g/t gold and 150 g/t silver. The intersect included
11.5m
of 613
g/t silver equivalent.
Detailed intersections for drilling at Los Ricos North are listed in Table 1, details for drilling at Los
Ricos South are listed in Table 2, and the hole locations for both projects are shown in Table 3.
A cross section of the La Trini drill holes showing the mineralized vein intersections is available at
https://gogoldresources.com/images/uploads/files/2020_08_05_La_Trini_Cross_Section.pdf
Table 2: Drill Hole Intersections – Los Ricos South
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-20-199
East Vein
375N
157.7
162.0
4.3
0.74
70.3
1.68
125.8
including
158.5
160.5
2.1
1.27
130.1
3.00
225.2
LRGG-20-200
East Vein
375N
244.5
247.1
2.6
0.09
50.3
0.76
57.2
LRGG-20-201
Rascadero
1100N
47.7
51.5
3.8
0.15
40.0
0.69
51.4
LRGG-20-202
Rascadero
1100N
85.5
106.0
20.5
2.86
149.7
4.85
364.0
including
90.0
101.5
11.5
4.95
242.3
8.18
613.4
1.
Not true width
2.
AuEq and AqEq converted using a silver to gold ratio of 75:1
Table 3: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGT-20-001
582964
2339720
918
210
-60
200.5
LRGT-20-002
582920
2339687
909
0
-90
123.0
LRGT-20-003
583008
2339822
961
180
-60
214.0
LRGG-20-199
610929
2327967
1437
50
-45
175.5
LRGG-20-200
610929
2327967
1473
50
-70
298.5
LRGG-20-201
610196
2328298
1317
50
-45
75.0
LRGG-20-202
610196
2328298
1317
0
-90
195.0
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 includes the 'Main' area, which is focused on
drilling around a number of historical mines including
El Abra
, El Troce,
San Juan
, and Rascadero,
as well as the
Cerro Colorado
, Las Lamas and East Vein targets. An initial resource on the Los
Ricos South project was announced on
July 29, 2020
and 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.
The Los Ricos 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 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 Parral tailings project, the Los Ricos South and
North projects, 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 to download multimedia:
http://www.newswire.ca/en/releases/archive/August2020/05/c9473.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 08:00e 05-AUG-20