GoGold Releases Los Ricos South Drilling Results
GoGold Releases Los Ricos South Drilling
Results
Shares Outstanding: 325,952,277
Trading Symbols: TSX: GGD
OTCQX: GLGDF
5,818 g/t AgEq over
0.8m
within
23.3m
of 617 g/t AgEq
HALIFAX, NS
,
March 29, 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-22-126 intercepted
23.3m
of 617 g/t silver equivalent
("AgEq"), containing 5,818 g/t AgEq over
0.8m
. See Table 1 for breakdown of silver and gold values.
"We continue to be impressed with the results which we're seeing from Los Ricos South, particularly in the
Eagle deposit. Hole 126 is a great example of why we believe this deposit is so special – as it has
excellent grades over wide intercepts," said
Brad Langille
, President and CEO. "We continue moving
towards our targets for 2023, which are as follows: Completion of the preliminary economic assessment at
Los Ricos North by the end of April, a revised mineral resource and revised preliminary economic
assessment including the effects of the Eagle at Los Ricos South targeting the end of June, and a pre-
feasibility study, final engineering, and permitting for Los Ricos South targeting a construction decision by
the end of the year. We feel that all of this is very achievable and 2023 is truly a catalyst rich year and we
anticipate will bring great value to the shareholders of GoGold."
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-22-126
Eagle
165.7
189.0
23.3
7.07
86.2
8.22
616.5
including
181.5
184.2
2.7
45.01
106.2
46.42
3,481.6
including
182.5
183.3
0.8
75.60
148.0
77.57
5,818.0
and
205.2
210.6
5.4
0.64
120.1
2.24
168.1
LRGAG-22-127
Eagle
112.8
119.0
6.3
0.65
54.9
1.38
103.4
LRGAG-22-128
Eagle
103.5
143.4
39.9
1.28
86.6
2.43
182.5
including
125.0
136.4
11.4
3.48
209.7
6.28
470.7
including
125.0
126.0
1.0
11.40
659.0
20.19
1,514.0
LRGAG-22-129
Eagle
56.6
72.9
16.3
1.09
28.0
1.46
109.8
including
68.5
71.0
2.5
4.59
47.4
5.22
391.4
LRGAG-22-130
Eagle
50.5
68.7
18.2
1.72
118.4
3.30
247.5
including
50.5
52.0
1.5
10.28
785.2
20.75
1,556.4
including
51.3
52.0
0.7
19.20
1,275.0
36.20
2,715.0
LRGAG-22-131
including
91.5
97.2
5.8
0.75
127.9
2.46
184.2
including
93.3
95.0
1.8
1.34
318.0
5.58
418.4
LRGAG-22-132
Eagle
50.8
54.7
3.9
0.99
55.5
1.73
129.5
LRGAG-22-133
Eagle
151.4
153.7
2.3
0.34
91.2
1.56
117.0
and
173.6
174.7
1.1
0.89
104.5
2.29
171.6
LRGG-22-235
Main Area
112.5
126.4
13.9
3.63
144.6
5.56
417.0
including
118.5
122.0
3.5
12.34
350.7
17.01
1,275.9
LRGG-22-236
Main Area
27.8
38.7
10.9
0.50
94.4
1.76
132.2
including
31.7
32.7
1.0
3.83
686.0
12.98
973.2
LRGG-22-237
Main Area
148.0
149.8
1.8
0.87
139.8
2.73
204.7
including
148.0
148.7
0.7
1.15
264.0
4.67
350.2
LRGG-22-238
Main Area
164.3
166.3
2.1
1.08
102.0
2.44
182.7
LRGG-22-239
Main Area
112.7
118.0
5.3
0.77
163.0
2.94
220.6
including
112.7
114.2
1.5
2.28
374.0
7.27
545.0
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.)
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
.
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-22-126
610056
2328341
1282
50
-82
250
LRGAG-22-127
609975
2328600
1268
50
-48
149
LRGAG-22-128
609974
2328600
1268
50
-72
191
LRGAG-22-129
610045
2328566
1279
50
-46
122
LRGAG-22-130
610073
2328489
1276
50
-64
119
LRGAG-22-131
610005
2328596
1275
50
-49
169
LRGAG-22-132
610090
2328471
1286
50
-54
105
LRGAG-22-133
609991
2328422
1259
50
-65
216
LRGG-22-235
610427
2327746
1271
50
-52
137
LRGG-22-236
610327
2328009
1294
50
-45
57
LRGG-22-237
610218
2327887
1250
50
-54
184
LRGG-22-238
610311
2327773
1250
50
-60
212
LRGG-22-239
610360
2327817
1264
50
-59
142
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.
View original content to download multimedia:
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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 29-MAR-23