GoGold Releases Additional Strong Drilling Results at Los Ricos South 2,017 g/t AgEq over 2.8m within 42.3m of 288 g/t AgEq
GoGold Releases Additional Strong Drilling Results at Los
Ricos South
2,017 g/t AgEq over
2.8m
within
42.3m
of 288 g/t AgEq
Halifax, NS
,
March 8, 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 and Main Deposits. Hole LRGAG-22-125
intercepted
42.3m
of 288 g/t silver equivalent ("AgEq"), containing 2,017 g/t AgEq over
2.8m
. See Table 1 for breakdown of
silver and gold values.
"We continue to see strong results from our drilling program at Los Ricos South, such as those from hole 125 which expands on
the high-grade area shown in Figure 1," said
Brad Langille
, President and CEO. "It is drilling results such as these which we
anticipate will provide a very positive impact when our Mineral Resource Estimate and Preliminary Economic Assessment at
Los Ricos South is updated later this year. "
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-22-116
Eagle
57.6
72.3
14.7
1.45
68.9
2.37
177.6
including
57.6
62.6
5.0
2.56
162.0
4.72
353.9
including
58.6
59.6
1.0
5.18
257.0
8.61
645.5
LRGAG-22-117
Eagle
64.5
89.5
25.0
1.09
133.1
2.87
214.9
including
65.5
74.5
9.0
1.96
306.8
6.06
454.1
including
65.5
66.5
1.0
8.08
1,460.0
27.55
2,066.0
LRGAG-22-119
Eagle
162.0
174.5
12.5
0.89
81.5
1.98
148.3
including
186.0
187.4
1.4
2.77
321.0
7.05
529.1
LRGAG-22-120
Eagle
229.0
242.3
13.4
1.44
44.9
2.04
152.7
including
239.2
240.3
1.2
9.92
119.7
11.52
863.9
LRGAG-22-122
Eagle
203.7
216.0
12.4
1.54
28.2
1.91
143.6
including
205.1
207.3
2.2
6.05
45.6
6.65
499.0
LRGAG-22-124
Eagle
128.7
130.7
2.0
2.07
95.1
3.33
250.1
and
140.2
142.6
2.4
7.05
56.3
7.80
584.9
including
141.0
141.9
0.8
14.35
66.0
15.23
1,142.3
LRGAG-22-125
Eagle
127.9
170.2
42.3
2.14
127.9
3.84
288.3
including
153.9
161.3
7.3
9.66
485.8
16.13
1,210.0
including
153.9
156.7
2.8
15.35
865.7
26.89
2,016.8
LRGG-22-228
Main Area
235.7
251.5
11.9
1.30
120.1
2.90
217.5
LRGG-22-231
Main Area
30.0
32.0
2.0
0.59
95.3
1.86
139.8
LRGG-22-232
Main Area
112.6
122.8
10.2
2.60
60.9
3.41
255.7
including
113.4
114.2
0.8
24.60
238.0
27.77
2,083.0
LRGG-22-233
Main Area
280.2
299.0
18.9
0.51
78.2
1.56
116.7
including
281.1
282.0
0.9
1.84
400.0
7.17
538.0
1.
Not true width
2.
AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.
Holes LRGG-22-121, LRGG-22-229 and LRGG-22-230 did not intercept significant mineralization
4.
Hole LRGG-22-123 was abandoned due to technical difficulties
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.)
The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit. The purpose of the
program is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground
mining. The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower
strip ratio pit and what portion would best be mined in more selective bulk underground mining. These holes are in addition to
those drilled in 2019 and 2020 which formed part of the initial resource upon which the Los Ricos South Preliminary Economic
Assessment ("PEA") was based upon when it was released on
January 20, 2021
.
A summary of Eagle zone drilling highlights are included as Table 2 below.
Table 2 : Eagle Deposit Drill Intercept Highlights
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-22-118
Eagle
95.6
150.6
55.0
7.80
2,152.7
36.51
2,737.9
including
95.6
120.6
25.0
16.07
4,664.2
78.26
5,869.3
including
104.6
119.6
15.0
26.74
7,755.8
130.15
9,761.3
including
107.6
114.6
7.0
55.87
16,524.6
276.19
20,714.5
including
107.6
110.6
3.0
121.97
36,953.0
614.67
46,100.5
including
108.6
110.6
2.0
145.25
52,764.5
848.78
63,658.3
LRGAG-22-035
Eagle
69.0
179.6
110.6
1.64
264.6
5.17
387.5
including
129.0
140.5
11.5
11.31
2,198.3
40.62
3,046.7
including
130.4
133.8
3.5
30.24
6,392.5
115.48
8,660.8
including
130.4
131.9
1.5
63.24
12,729.3
232.96
17,472.0
including
131.0
131.9
0.9
104.50
13,742.5
287.73
21,580.0
LRGAG-21-014
Eagle
144.3
216.9
72.6
5.13
76.0
6.14
460.6
including
198.8
210.7
11.9
28.58
115.9
30.13
2,259.8
including
208.6
210.7
2.1
146.03
176.8
148.39
11,128.9
including
208.6
209.3
0.7
266.00
319.0
270.25
20,269.0
LRGAG-22-031
Eagle
58.0
126.0
68.0
4.25
109.4
5.71
428.4
including
78.0
113.9
35.9
7.83
184.9
10.29
771.8
including
80.0
95.0
15.0
15.61
273.3
19.26
1,444.4
including
84.0
86.0
2.0
46.80
272.5
50.43
3,782.5
LRGAG-22-032
Eagle
48.1
113.8
65.8
1.36
107.7
2.79
209.6
including
85.8
113.8
28.1
2.96
216.6
5.85
439.0
including
88.5
92.9
4.3
7.17
1,012.8
20.68
1,550.7
including
88.5
89.1
0.6
25.00
3,020.0
65.27
4,895.0
LRGAG-22-041
Eagle
109.5
145.5
36.0
1.46
134.5
3.26
244.3
including
134.0
143.5
9.5
4.55
389.9
9.75
731.1
including
134.0
134.8
0.8
6.01
577.0
13.70
1,027.7
also including
137.0
143.5
6.6
5.62
453.6
11.67
875.3
including
141.0
142.2
1.2
17.10
1,345.0
35.03
2,627.5
LRGAG-22-113
Eagle
132.8
149.0
16.3
3.29
357.7
8.06
604.8
including
133.8
135.6
1.8
20.05
2,000.0
46.72
3,503.7
including
134.8
135.6
0.8
40.00
3,490.0
86.53
6,490.0
and
160.5
190.0
29.5
2.32
57.8
3.09
231.7
including
165.1
177.4
12.3
5.20
72.1
6.16
462.4
including
169.0
170.0
1.0
21.10
170.0
23.37
1,752.5
LRGAG-21-018
Eagle
127.6
163.0
33.6
1.57
85.5
2.71
203.5
including
156.9
159.3
2.4
10.51
436.5
16.33
1,225.0
including
156.9
157.6
0.8
15.00
1,155.0
30.40
2,280.0
and
177.9
178.6
0.7
36.20
1,500.0
56.20
4,215.0
LRGAG-22-030
Eagle
42.9
79.5
36.7
1.77
156.2
3.85
289.0
including
51.9
61.0
9.1
6.00
553.3
13.38
1,003.2
including
54.1
54.8
0.7
14.00
1,260.0
30.80
2,310.0
LRGAG-22-029
Eagle
74.0
94.6
20.6
1.52
217.5
4.42
331.3
including
75.5
77.5
2.0
8.00
1,865.5
32.87
2,465.5
including
75.5
76.5
1.0
14.15
3,520.0
61.08
4,581.3
LRGAG-21-007
Eagle
148.5
191.0
42.5
1.64
137.5
3.47
260.6
including
188.6
190.2
1.6
6.83
1,269.5
23.76
1,781.8
Figure 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)
Figure 3, which follows, 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.
Figure 3: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)
Table 3: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGAG-22-116
610068
2328476
1277
50
-45
127
LRGAG-22-117
610067
2328475
1277
50
-70
146
LRGAG-22-118
610066
2328475
1277
0
-90
181
LRGAG-22-119
610050
2328304
1283
50
-63
256
LRGAG-22-120
610014
2328144
1319
50
-68
297
LRGAG-22-121
610141
2328156
1329
50
-56
234
LRGAG-22-122
609993
2328421
1259
50
-77
253
LRGAG-22-123
610141
2328185
1325
50
-60
173
LRGAG-22-124
610057
2328341
1282
50
-61
202
LRGAG-22-125
609956
2328624
1267
50
-78
210
LRGG-22-228
610432
2327584
1263
50
-53
270
LRGG-22-229
610243
2327712
1236
50
-56
164
LRGG-22-230
610337
2327788
1256
50
-60
190
LRGG-22-231
610312
2328038
1299
50
-44
77
LRGG-22-232
610384
2327771
1264
50
-45
150
LRGG-22-233
610396
2327552
1251
50
-55
305
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
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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 08-MAR-23