GoGold Provides Drilling Update at Main Area of Los Ricos South
GoGold Provides Drilling Update at Main Area of Los
Ricos South
Shares Outstanding: 326,301,011
Trading Symbols: TSX: GGD
OTCQX: GLGDF
706 g/t AgEq over
14.0m
including
2.3m
of 4,081 g/t AgEq including
0.6m
of 9,283 g/t AgEq
HALIFAX, NS
,
July 19, 2023
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the
Company")
is pleased to announce additional drilling results from Los Ricos South, within the Main area, including a high-
grade intercept from hole LRGG-22-280. The hole intercepted
14.0m
of 706 g/t silver equivalent ("AgEq"), including
2.3m
of
4,081 g/t AgEq which also included a very high-grade interval of 9,283 g/t AgEq over
0.6m
.
"We've drilled over 100 additional holes in the Main zone at Los Ricos South since our initial drilling which was included in
our
July 2020
Mineral Resource Estimate. Our additional drilling has helped us better define the continuity of the high grade
ore shoots in the deposit," said
Brad Langille
, President and CEO. "We believe this will be invaluable as we complete our
mine plan for the upcoming Preliminary Economic Assessment and Pre-Feasibility Study at Los Ricos South."
Table 1: Drill Hole Intersections
Hole ID
Area / Vein
From
To
Length
1
Au
Ag
AuEq
2
AgEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
LRGG-22-280
Main area
1.2
16.7
14.0
1.77
573.7
9.42
706.2
including
10.1
12.4
2.3
10.30
3,308.2
54.41
4,080.8
including
10.1
10.7
0.6
22.70
7,580.0
123.77
9,282.5
LRGG-22-241
Main area
53.2
59.6
6.3
0.59
86.0
1.74
130.5
including
54.5
55.5
1.0
1.93
321.0
6.21
465.7
LRGG-22-242
Main area
128.4
144.6
16.2
0.70
72.0
1.66
124.7
including
133.8
136.2
2.4
2.29
94.9
3.56
266.7
LRGG-22-243
Main area
195.4
199.8
4.5
0.76
142.9
2.67
199.9
LRGG-22-245
Main area
79.2
81.8
2.6
0.90
239.8
4.10
307.4
LRGG-22-246
Main area
185.0
199.0
14.0
2.90
84.6
4.03
302.3
including
193.6
194.6
1.0
31.80
261.0
35.28
2,646.0
LRGG-22-247
Main area
167.6
185.0
17.5
0.60
93.1
1.84
138.1
including
175.0
180.0
5.0
1.28
160.0
3.41
255.9
LRGG-22-248
Main area
120.8
122.2
1.4
0.66
78.3
1.70
127.8
LRGG-22-249
Main area
125.4
135.3
9.9
0.95
333.9
5.40
404.9
LRGG-22-250
Main area
151.2
157.5
6.3
1.54
101.5
2.89
217.1
including
152.3
154.1
1.8
3.12
213.0
5.96
447.0
LRGG-22-251
Main area
161.0
162.6
1.6
1.09
128.5
2.80
210.2
LRGG-22-252
Main area
123.6
133.2
7.4
1.39
167.6
3.62
271.6
including
126.1
126.8
0.7
4.81
429.0
10.53
789.7
LRGG-22-253
Main area
210.4
212.4
2.0
0.94
146.2
2.88
216.3
LRGG-22-254
Main area
167.7
179.6
11.9
1.28
183.1
3.72
279.2
including
170.5
171.1
0.6
7.06
1,830.0
31.46
2,359.5
and
189.4
192.9
3.4
0.45
166.1
2.67
200.1
LRGG-22-255
Main area
174.8
184.3
9.5
1.08
185.8
3.55
266.6
including
183.0
184.3
1.3
4.50
727.8
14.20
1,065.3
LRGG-22-256
Main area
135.3
142.0
5.4
1.97
136.1
3.79
284.0
including
138.0
139.0
1.1
5.28
336.0
9.76
732.0
LRGG-22-257
Main area
60.5
72.0
11.6
1.50
164.7
3.69
277.0
including
71.4
72.0
0.7
8.64
261.0
12.12
909.0
LRGG-22-258
Main area
144.8
151.0
6.2
1.14
162.5
3.31
248.3
LRGG-22-260
Main area
115.3
137.7
22.5
1.20
124.1
2.85
213.8
including
119.6
120.1
0.5
11.50
427.0
17.19
1,289.5
LRGG-22-261
Main area
50.6
56.2
5.6
0.67
58.1
1.45
108.6
LRGG-22-262
Main area
135.0
140.9
5.8
2.27
41.6
2.82
211.8
including
135.0
136.0
1.0
7.91
28.2
8.29
621.5
LRGG-22-263
Main area
150.2
155.6
5.4
1.50
85.7
2.64
198.3
including
153.0
153.5
0.5
0.87
472.0
7.16
537.3
LRGG-22-264
Main area
131.6
159.0
24.9
1.01
104.5
2.40
180.3
including
149.5
156.5
7.0
2.46
247.5
5.76
431.8
including
153.0
154.7
1.7
8.78
746.8
18.74
1,405.5
LRGG-22-265
Main area
134.7
141.8
7.1
1.25
416.6
6.81
510.7
including
136.0
139.0
3.0
2.69
905.0
14.76
1,106.7
including
137.1
138.0
0.9
5.70
2,300.0
36.37
2,727.5
and
151.9
156.2
4.3
0.86
215.8
3.73
280.0
LRGG-22-267
Main area
57.0
73.5
16.5
1.32
153.2
3.36
251.9
including
66.0
68.5
2.5
6.44
571.5
14.06
1,054.5
LRGG-22-268
Main area
17.7
20.6
2.9
3.54
264.6
7.07
530.1
LRGG-22-269
Main area
42.1
59.4
17.3
2.53
159.8
4.66
349.5
including
50.2
51.0
0.9
26.70
1,215.0
42.90
3,217.5
LRGG-22-271
Main area
39.5
43.3
3.8
2.19
197.0
4.82
361.5
LRGG-22-272
Main area
79.9
84.4
4.5
1.54
73.5
2.52
188.7
LRGG-22-273
Main area
40.2
49.5
9.3
0.74
92.7
1.98
148.3
LRGG-22-274
Main area
55.6
66.0
8.3
0.63
100.6
1.97
148.1
LRGG-22-275
Main area
67.5
71.8
4.3
0.51
170.4
2.78
208.7
LRGG-22-276
Main area
135.0
148.7
13.7
1.48
213.4
4.32
324.1
including
137.5
140.0
2.5
4.26
439.7
10.13
759.5
LRGG-22-277
Main area
138.0
142.2
4.2
1.45
254.4
4.85
363.4
LRGG-22-278
Main area
170.2
176.3
6.1
1.02
76.7
2.04
153.2
LRGG-22-279
Main area
179.5
185.5
6.0
1.44
199.2
4.09
306.9
1. Not true width
2. AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
The Main area drilling campaign's purposes is to better define the very high-grade portions of the current deposit that may
be amenable to bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of
the initial Mineral Resource Estimate ("Resource") upon which the Los Ricos South Preliminary Economic Assessment
("PEA") was based upon when it was released on
January 20, 2021
. It is expected that these holes will be included in an
updated Resource to be released by the end of the summer.
Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 2: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Figure 2, above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South
projects. The map includes an outline of the concession areas and a summary of the current Mineral Resource Estimates
("MRE") on the projects, as well as stars locating each of the deposits included within the current MREs.
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGG-22-241
610277
2328012
1285
50
-45
87
LRGG-22-242
610266
2327866
1265
50
-45
180
LRGG-22-243
610484
2327564
1261
50
-51
228
LRGG-22-244
610240
2327843
1249
50
-50
175
LRGG-22-245
610276
2328011
1285
50
-85
112
LRGG-22-246
610392
2327710
1263
50
-63
226
LRGG-22-247
610256
2327791
1247
50
-57
230
LRGG-22-248
610278
2327846
1259
50
-59
171
LRGG-22-249
610589
2327583
1263
50
-51
137
LRGG-22-250
610411
2327725
1266
50
-61
201
LRGG-22-251
610207
2327821
1239
50
-52
216
LRGG-22-252
610578
2327607
1268
50
-53
175
LRGG-22-253
610156
2327906
1274
50
-50
247
LRGG-22-254
610419
2327707
1273
50
-65
213
LRGG-22-255
610283
2327782
1247
50
-59
237
LRGG-22-256
610533
2327604
1260
50
-49
164
LRGG-22-257
610730
2327536
1246
50
-46
77
LRGG-22-258
610556
2327585
1257
50
-53
185
LRGG-22-259
610156
2327906
1275
50
-68
260
LRGG-22-260
610684
2327505
1247
50
-50
167
LRGG-22-261
610812
2327478
1246
50
-56
85
LRGG-22-262
610684
2327505
1247
50
-63
189
LRGG-22-263
610183
2327997
1279
50
-66
198
LRGG-22-264
610651
2327508
1245
50
-50
182
LRGG-22-265
610586
2327550
1252
50
-46
205
LRGG-22-266
610316
2328106
1328
50
-45
101
LRGG-22-267
610250
2328049
1306
50
-45
101
LRGG-22-268
610310
2328071
1312
50
-44
99
LRGG-22-269
610806
2327506
1252
50
-59
90
LRGG-22-270
610823
2327456
1243
50
-56
86
LRGG-22-271
610859
2327485
1264
50
-51
65
LRGG-22-272
610768
2327467
1232
50
-54
112
LRGG-22-273
610282
2328044
1300
50
-45
111
LRGG-22-274
610764
2327510
1242
50
-48
107
LRGG-22-275
610246
2328081
1318
50
-45
114
LRGG-22-276
610524
2327627
1270
50
-44
193
LRGG-22-277
610524
2327627
1270
50
-57
171
LRGG-22-278
610523
2327626
1270
50
-71
179
LRGG-22-279
610591
2327520
1242
50
-61
237
LRGG-22-280
610324
2328087
1321
50
-45
84
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining
assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android
apps.
The VRIFY 3D Slide Deck for GoGold can be viewed at:
https://vrify.com/companies/gogold-resources-inc
and on the
Company's website at:
www.gogoldresources.com
.
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 an initial Mineral Resource was announced on
July 29, 2020
, which disclosed 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 Mineral Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes. An initial PEA
on the project was announced on
January 20, 2021
, indicating an NPV
5%
of
US$295M
. The Eagle Concession was acquired
in
October 2022
and is adjacent to the Main Area which contains the initial Mineral Resource.
The Los Ricos North Project was launched in
March 2020
and an initial Mineral Resource was announced on
December 7,
2021
, which disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3
million tonnes, and an Inferred Mineral Resource of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 million
tonnes. An initial PEA on the project was announced on
May 17, 2023
, indicating an NPV
5%
of
US$413M
.
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 ALS Chemex facility in
Guadalajara, Mexico
. ALS Chemex
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 30-gram charge by fire assay (Code AA23) and over limits greater than 10 grams per
tonne are re-assayed using a gravimetric finish (Code ME-GRAV21). Silver and multi-element analysis is completed using
total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed
using a gravimetric finish (ME-GRA21).
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 Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to
undertake further exploration at Los Ricos North, and the prospect of further discoveries there, 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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GoGold Resources Inc.
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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 06:30e 19-JUL-23