GoGold Releases Additional Excellent Los Ricos South Drilling Results
GoGold Releases Additional Excellent Los Ricos South
Drilling Results
Shares Outstanding: 326,033,527
Trading Symbols: TSX: GGD
OTCQX: GLGDF
6,951 g/t AgEq over
0.5m
within
14.2m
of 977 g/t AgEq
HALIFAX, NS
,
April 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 Eagle Deposit. Hole LRGAG-22-145
intercepted
42.2m
of 417 g/t silver equivalent ("AgEq"), including
14.2m
of 977 g/t AgEq which also contained 6,951 g/t AgEq
over
0.5m
. See Table 1 for breakdown of silver and gold values.
"We continue to intersect exceptional metal values with the drill bit at the Eagle deposit within Los Ricos South. These holes,
combined with additional drilling in the Los Ricos South Main area, should add value to the upcoming updated Los Ricos South
Mineral Resource and Preliminary Economic Assessment," said
Brad Langille
, President and CEO. "We expect to have these
updated studies on Los Ricos South by the end of June."
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)
LRGAG-22-134
Eagle
66.6
103.5
36.9
1.13
69.2
2.05
153.8
including
78.9
95.3
16.5
2.28
134.0
4.06
304.6
including
80.7
81.9
1.3
8.55
823.9
19.53
1,465.1
LRGAG-22-135
Eagle
133.9
138.0
4.2
0.80
96.3
2.08
156.2
including
151.8
152.6
0.8
3.96
448.0
9.93
745.0
and
188.4
199.2
10.8
1.32
42.5
1.89
141.7
including
195.8
198.1
2.3
5.10
37.2
5.60
419.8
LRGAG-22-136
Eagle
47.0
100.0
53.0
1.03
64.8
1.90
142.2
including
78.1
98.2
20.2
2.16
55.6
2.90
217.6
including
78.1
78.8
0.7
9.54
490.0
16.07
1,205.5
LRGAG-22-137
Eagle
120.6
122.8
2.3
0.64
157.5
2.74
205.5
including
121.2
122.0
0.8
1.52
390.0
6.72
504.0
and
142.8
149.8
7.0
0.99
77.8
2.03
152.1
LRGAG-22-138
Eagle
109.0
136.3
27.3
3.06
193.4
5.64
423.1
including
110.8
112.2
1.4
15.64
907.7
27.74
2,080.6
also including
121.9
122.7
0.8
14.00
19.0
14.25
1,069.0
also including
124.3
125.3
1.0
5.43
563.0
12.94
970.3
LRGAG-22-139
Eagle
76.3
97.4
21.1
1.77
43.7
2.35
176.6
including
93.0
94.0
1.1
20.04
71.2
20.99
1,574.0
including
93.5
94.0
0.5
29.10
67.0
29.99
2,249.5
LRGAG-22-140
Eagle
157.6
163.7
6.1
0.77
135.8
2.58
193.7
including
159.2
160.8
1.6
2.32
309.3
6.44
483.2
LRGAG-22-141
Eagle
156.6
185.0
28.4
3.82
113.9
5.34
400.1
including
177.1
178.0
0.9
43.30
99.0
44.62
3,346.5
and
192.0
203.4
11.4
2.10
188.6
4.61
345.7
including
196.4
197.7
1.3
9.43
709.8
18.89
1,416.7
LRGAG-22-142
Eagle
99.0
107.0
8.0
2.79
138.9
4.64
348.2
including
99.6
101.1
1.5
3.01
393.5
8.26
619.5
including
99.6
100.2
0.7
4.00
704.0
13.39
1,004.0
LRGAG-22-143
Eagle
123.9
133.4
9.6
2.29
198.9
4.94
370.8
including
126.7
128.2
1.5
7.41
708.0
16.85
1,263.8
LRGAG-22-144
Eagle
35.1
43.5
8.5
2.80
472.7
9.11
682.9
including
35.1
40.4
5.4
4.38
727.3
14.07
1,055.6
including
37.4
39.7
2.4
8.19
1,400.5
26.87
2,015.1
LRGAG-22-145
Eagle
112.5
154.6
42.2
1.94
271.7
5.56
417.2
including
128.4
142.5
14.1
3.70
699.7
13.03
977.2
including
132.9
133.4
0.5
16.15
5,740.0
92.68
6,951.3
LRGAG-22-146
Eagle
75.5
78.7
3.2
1.99
57.8
2.76
206.7
1. Not true width
2. AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource
Estimate in the Los Ricos South PEA. The Eagle concession covers 1,107 hectares, including the area between the Main
Deposit and the Company's
Jamaica
concession located 3km to the northwest, where the Company holds the rights to
additional concessions. Drilling at the Eagle has returned the highest grade intercepts to date in the district. These wide high-
grade intercepts are consistent with geophysical targets on the new concession.
Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 3: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Figure 3, 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
LRGAG-22-134
610103
2328383
1291
50
-59
151
LRGAG-22-135
609989
2328393
1263
50
-64
234
LRGAG-22-136
610091
2328421
1291
50
-71
132
LRGAG-22-137
610009
2328481
1258
50
-74
170
LRGAG-22-138
610055
2328369
1282
50
-59
168
LRGAG-22-139
610015
2328570
1273
50
-48
169
LRGAG-22-140
610199
2328136
1353
50
-46
194
LRGAG-22-141
610055
2328367
1282
50
-82
260
LRGAG-22-142
610015
2328569
1273
50
-68
150
LRGAG-22-143
610014
2328569
1273
50
-89
194
LRGAG-22-144
610278
2328104
1323
50
-45
101
LRGAG-22-145
610099
2328217
1307
50
-79
182
LRGAG-22-146
610054
2328537
1274
50
-62
129
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.
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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SOURCE
GoGold Resources Inc.
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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 19-APR-23