GoGold Releases First Results from Salomon- Favor at Los Ricos North, including 11m of 529 g/t AgEq and 5m of 737 g/t AgEq
GoGold Releases First Results from Salomon-
Favor at Los Ricos North, including 11m of 529
g/t AgEq and 5m of 737 g/t AgEq
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Sept. 23, 2020
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to release the first assay results from the Company's
Salomon-Favor target on the Los Ricos North project, which is located approximately 5km southeast
of the La Trini deposit. The drill program is testing the known zones of mineralization along strike
and down dip from the historical underground workings.
Drill plan map showing the Salomon-Favor target, including surface sampling details (CNW
Group/GoGold Resources Inc.)
Hole LRGF-20-001 was drilled on the El Favor target and intersected a quartz vein and brecciated
stockwork zone hosted in andesite tuffs from 15.0 to
56.7m
for
41.7m
of 168 g/t silver equivalent
("AgEq"), consisting of 142 g/t silver and 0.36 g/t gold. The intersect included
11.0m
of 529g/t
AgEq, which was made up of 444 g/t silver and 1.12 g/t gold, which began at a depth of
18.7m
.
The hole encountered further mineralization from
131.3m
to
147.0m
, for
15.7m
of 59 g/t AgEq.
Hole LRGS-20-001 was the first hole drilled on the Salomon target and intersected
14.0m
of 298 g/t
AgEq, consisting of 280 g/t silver and 0.24 g/t gold from
223.5m
to
237.5m
, including
5.0m
of 737
g/t AgEq. The hole intercepted mineralization at multiple depths, including
19.9m
from
2.6m
to
22.5m
,
10.4m
from
45.0m
to
55.4m
, and
20.3m
from
90.0m
to
110.3m
.
"We're extremely encouraged with our initial drilling results at Salomon-Favor to see four stacked
zones of wide mineralization starting from surface," said
Brad Langille
, President and CEO. "With
the completion of our
C$34.5 million
financing last week, we have the funds to explore aggressively
and drill multiple targets at Los Ricos North simultaneously, including La Trini and Salomon-Favor,
and move the project to an initial resource estimate by the second calendar quarter of 2021."
Hole LRGF-20-004 at El Favor intersected
4.1m
of 528 g/t AgEq from
34.0m
to
38.1m
, which was
included in a
41.1m
intersect of 93 g/t AgEq, after excluding
6.4m
of historically mined voids. In
addition, this hole intersected
15.8m
of 93 g/t AgEq beginning at surface. The mineralization dips
steeply to the north where it has been intersected in mine workings along the valley floor some 300
meters down dip. Hole LRGF-20-003 was lost at a shallow depth due to a technical issue where it
didn't cut the complete mineralized package. Hole LRGF-20-004 was collared at the same location
at a steeper angle and was able to pass through the entire zone.
The 2020 field work began in June after compiling the work conducted by former operators.
GoGold initiated a program of geological mapping and sampling along the historical El Favor,
Salomon and El Orito structures. These structures are characterized by quartz veins and
stockworks over a 2.5 km strike length and several hundred channel samples were collected from
outcrops along the zones. Currently the Company has 6 drill rigs operating at Los Ricos North, with
3 operating at the La Trini target, and 3 drilling at the Salomon-Favor target. Detailed intersections
are listed in Table 1 and the hole locations are shown in Table 2.
A drill plan map showing the Salomon-Favor target, including surface sampling details is available at
https://gogoldresources.com/images/uploads/files/LRN20200923.pdf
Table 1: Drill Hole Intersections
Hole ID
Area
From
To
Length
1
Au
Ag
AuEq
2
AgEq
2
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
LRGS-20-001
Salomon
2.6
22.5
19.9
0.18
52.4
0.88
65.9
and
45.0
55.4
10.4
0.18
50.5
0.85
63.8
and
90.0
110.3
20.3
0.18
54.9
0.91
68.6
and
223.5
237.5
14.0
0.24
280.4
3.98
298.2
including
225.8
230.9
5.0
0.51
698.7
9.82
736.6
LRGF-20-001
El Favor
15.0
56.7
41.7
0.36
141.8
2.25
168.4
including
18.7
29.7
11.0
1.12
444.4
7.05
528.6
and
131.3
147.0
15.7
0.14
48.1
0.79
58.9
LRGF-20-002
El Favor
0.0
18.0
18.0
0.16
64.2
1.01
76.0
and
29.7
71.0
41.3
0.07
16.5
0.29
21.9
including
29.7
36.0
6.3
0.20
40.2
0.74
55.2
LRGF-20-003
El Favor
1.5
34.5
33.0
0.13
68.2
1.04
77.8
including
32.5
34.5
2.0
0.37
186.7
2.86
214.3
LRGF-20-004
El Favor
0.0
15.8
15.8
0.26
73.1
1.23
92.6
including
9.0
14.8
5.8
0.57
151.5
2.59
194.4
and
3
23.0
70.5
41.1
0.24
74.6
1.24
92.7
including
34.0
38.1
4.1
1.45
418.9
7.04
527.6
1.
Not true width
2.
AuEq and AqEq converted using a silver to gold ratio of 75:1
3.
Excludes 6.4m of historically mined voids
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGS-20-001
585328
2336544
1137
180
-45
253.5
LRGF-20-001
585404
2336613
1200
180
-45
285.0
LRGF-20-002
585659
2336799
1136
180
-70
201.0
LRGF-20-003
585750
2336767
1138
180
-45
37.5
LRGF-20-004
585750
2336767
1138
180
-60
120.0
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 includes the 'Main' area, which is focused on
drilling around a number of historical mines including
El Abra
, El Troce,
San Juan
, and Rascadero,
as well as the
Cerro Colorado
, Las Lamas and East Vein targets. An initial resource on the Los
Ricos South project was announced on
July 29, 2020
and indicated 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 Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes.
The Los Ricos North Project was launched in
March 2020
and includes drilling at the Salomon-Favor,
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 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 Parral tailings project, the Los Ricos South and
North projects, future operating margins, future production and processing, and future plans and
objectives of GoGold, including the timing for completing an initial resources estimate at Los Ricos
North, 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.
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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 23-SEP-20