GoGold Intersects 3.2m of 1,094 g/t Silver Equivalent
GoGold Intersects 3.2m of 1,094 g/t Silver
Equivalent
Shares Outstanding: 222,106,496
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX
,
May 13, 2020
/CNW/ -
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold",
"the Company")
is pleased to release the assay results from 15 diamond drill holes at the Los Ricos
South Project, including 7 at
San Juan
, 3 at the Main area, and the first 5 reported results from the Las
Lamas target.
Hole LRGG-20-155 was drilled on section 600N in the Main area of the project and intersected the Los
Ricos quartz vein from
223.7m
to
276.0m
for an estimated true width of
19.0m
of 275 g/t silver
equivalent, consisting of 0.89 g/t gold and 208 g/t silver. The intersect included
3.2m
of 1,094 g/t silver
equivalent.
Hole LRGG-20-152 was drilled on section 800N in the
San Juan
area and intersected
14.6m
of 260 g/t
silver equivalent from 15.0 to
29.6m
, consisting of 137 g/t silver and 1.64 g/t gold. The intersect also
included
9.0m
of 385 g/t silver equivalent.
"The drilling at Los Ricos South continues to demonstrate the grade and continuity of this zone, with some
grades in excess of 1 kilogram silver equivalent per tonne. Drill hole LRGG-20-152 continues to show
more near surface mineralization at the newly delineated
San Juan
ore shoot," said
Brad Langille
,
President and CEO. "We're anticipating restarting our drilling program within the next two weeks as we
put on a final push to complete the drilling for our initial resource at Los Ricos South. Restarting of drilling
operations is contingent on the Mexican government and complying with all COVID-19 mandates and
policies to ensure the safety of our employees, contractors and communities."
The results from the Las Lamas target are the first five drill holes completed at that target. The Las
Lamas target is approximately one kilometre southeast of the Main area. Four of the five holes at Las
Lamas intersected mineralization, while the fifth was abandoned in the hanging wall above the Los Ricos
Vein due to faulting. Hole LRGG-20-153 was drill at Las Lamas and intersected the Los Ricos quartz
vein from 27.0 to
42.7m
, for
15.7m
of 62 g/t silver equivalent which included
2.2m
of 344 g/t silver
equivalent, consisting of 83 g/t silver and 3.48 g/t gold.
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_20200513.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-20-150
Las Lamas
350S
Abandoned in HW above Los Ricos Vein due to fault
LRGG-20-151
San Juan
750N
Abandoned in HW above Los Ricos Vein due to fault
LRGG-20-152
San Juan
800N
15.0
29.6
14.6
1.64
136.5
3.46
259.6
including
18.0
27.0
9.0
2.53
194.4
5.13
384.5
LRGG-20-153
Las Lamas
775S
27.0
42.7
15.7
0.52
22.5
0.82
61.7
including
40.6
42.7
2.2
3.48
82.3
4.58
343.6
LRGG-20-154
San Juan
3
825N
0.0
21.0
18.0
0.65
85.4
1.53
134.0
including
6.4
12.0
5.6
1.52
151.4
3.54
265.5
LRGG-20-155
Main
4
600N
223.7
276.0
19.0
0.89
207.8
3.66
274.8
Including
4
243.5
258.5
5.4
2.28
559.2
9.74
730.5
Including
4
247.5
256.5
3.2
3.13
858.5
14.58
1,093.6
LRGG-20-156
Main
225N
No Significant Mineralization
LRGG-20-157
San Juan
800N
154.0
170.0
16.1
0.18
40.9
0.72
54.3
including
160.0
168.0
8.0
0.29
55.4
1.03
77.1
LRGG-20-158
Las Lamas
925S
6.3
11.3
5.1
0.68
58.0
1.46
109.2
LRGG-20-159
San Juan
800N
71.8
84.5
12.7
0.20
36.0
0.68
51.0
LRGG-20-160
Las Lamas
775S
74.4
77.0
2.7
1.25
13.4
1.43
107.1
LRGG-20-161
San Juan
800N
100.0
111.5
11.5
0.86
60.6
1.66
124.8
108.0
111.5
3.5
2.58
130.3
4.32
323.7
LRGG-20-162
Main
275N
153.0
181.5
28.5
0.09
20.9
0.37
27.4
LRGG-20-163
San Juan
800N
175.3
177.3
2.0
0.79
7.4
0.89
66.6
LRGG-20-164
Las Lamas
925S
37.0
46.1
9.1
0.34
13.9
0.52
39.3
1.
Not true width
2.
AuEq and AqEq converted using a silver to gold ratio of 75:1
3.
Excluding 3.0m of open stopes from historical underground workings.
4.
Estimated true widths are shown
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-20-150
611075
2327143
1135
50
-50
162.0
LRGG-20-151
610077
2327741
1269
50
-65
410.8
LRGG-20-152
610329
2328018
1297
50
-20
57.0
LRGG-20-153
611414
2326873
1123
50
-50
117.0
LRGG-20-154
610321
2328050
1304
50
-20
30.0
LRGG-20-155
610595
2327980
1443
230
-60
276.0
LRGG-20-156
610871
2327722
1412
230
-40
211.5
LRGG-20-157
610215
2327923
1253
50
-65
198.0
LRGG-20-158
611515
2326777
1128
50
-45
141.0
LRGG-20-159
610269
2327968
1267
50
-45
134.0
LRGG-20-160
611371
2326836
1123
50
-45
171.0
LRGG-20-161
610238
2327942
1261
50
-45
138.0
LRGG-20-162
610828
2327752
1423
230
-40
190.5
LRGG-20-163
610172
2327886
1262
50
-65
210.0
LRGG-20-164
611477
2326746
1109
50
-45
75.0
Los Ricos Exploration Projects
Drilling at the Los Ricos projects is temporarily suspended due to COVID-19 to ensure the safety of the
Company's employees, contractors, and surrounding communities, in compliance with the Mexican
Federal government's mandate that all non-essential business temporarily suspend activities. The
Company continues to receive assaying results on drill holes completed previous to the suspension of
drilling, which are in the assaying process.
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
and Las Lamas targets. The North Project was launched in
March 2020
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/May2020/13/c8933.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 08:00e 13-MAY-20