GoGold Intersects 4.4m of 1,120 g/t Silver Equivalent
GoGold Intersects 4.4m of 1,120 g/t Silver
Equivalent
Shares Outstanding: 222,274,246
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
June 17, 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 Los Ricos South
Project, including 3 at
San Juan
, 4 at the Main area, 1 at Rascadero and the first results from the East Vein.
Hole LRGG-20-174 was drilled on section 475N in the Main area of the project and intersected the Los Ricos
quartz vein from 214.5 to
229.5m
for
15.0m
of 365 g/t silver equivalent, consisting of 2.56 g/t gold and 173 g/t
silver. The intersect included
4.4m
of 1,120 g/t silver equivalent.
Hole LRGG-20-178 is the Company's first hole drilled at the East Vein. The vein sits
400m
to the east of the
Main area and parallels the Los Ricos vein structure. The mineralization and alteration observed in the East
Vein is very similar to the Main area and was explored in the 1920's by underground workings from the Cinco
Minas Level. The initial drill holes are testing the up-dip projection towards surface. The drill hole intersected
4.4m
of 178 g/t silver equivalent from 118.0 to
122.4m
, including
2.0m
of 312 g/t silver equivalent.
Hole LRGG-20-169 was drilled on section 750N in the
San Juan
area and intersected the Los Ricos quartz vein
from 245.9 to
250.0m
for
4.1m
of 426 g/t silver equivalent, consisting of 3.18 g/t gold and 188 g/t silver.
"These holes represent the first round of drill results from our restarted drilling program, and also include our
first drill intercept from the East Vein which is encouraging. With the drilling at Los Ricos North underway, we
await assay results over the coming weeks which we believe could substantially broaden the potential of the Los
Ricos district," said
Brad Langille
, President and CEO.
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_20200617.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-20-168
Main
300N
147.5
172.9
25.4
0.13
33.6
0.58
43.5
including
166.5
172.9
6.3
0.22
72.2
1.18
88.6
LRGG-20-169
San Juan
750N
245.9
250.0
4.1
3.18
187.7
5.68
426.2
LRGG-20-170
Main
250N
174.0
199.5
25.5
0.09
27.8
0.46
34.4
LRGG-20-171
San Juan
1000N
154.4
168.0
13.7
0.40
40.8
0.94
70.4
LRGG-20-172
San Juan
950N
280.0
291.3
11.3
0.22
33.7
0.66
49.9
LRGG-20-173
Main
325N
213.4
235.5
22.2
0.15
63.8
1.00
75.4
including
230.6
235.5
4.9
0.44
177.7
2.81
210.9
LRGG-20-174
Main
475N
214.5
229.5
15.0
2.56
172.7
4.86
364.8
including
225.1
229.5
4.4
8.33
496.0
14.94
1,120.4
LRGG-20-175
Rascadero
1000N
96.9
104.9
8.1
0.15
36.5
0.63
47.5
LRGG-20-178
East Vein
125N
118.0
122.4
4.4
1.09
97.0
2.38
178.4
including
119.0
121.0
2.0
1.88
171.3
4.17
312.4
1
.
Not true width
2
.
AuEq and AqEq converted using a silver to gold ratio of 75:1
3
.
Holes LRGG-20-176 and LRG-20-177 are excluded as they are pending assays
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-20-168
0300N
610801
2327757
1425
230
-40
LRGG-20-169
0750N
610158
2327824
1257
50
-65
LRGG-20-170
0250N
610855
2327741
1418
230
-40
LRGG-20-171
1000N
610168
2328144
1341
50
-45
LRGG-20-172
950N
610062
2327989
1323
50
-65
LRGG-20-173
325N
610809
2327801
1442
230
-43
LRGG-20-174
475N
610703
2327908
1471
230
-45
LRGG-20-175
1000N
610219
2328186
1354
50
-45
LRGG-20-178
175N
611070
2327824
1419
50
-45
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
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.
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SOURCE
GoGold Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2020/17/c2953.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 08:00e 17-JUN-20