GoGold Reports Additional Excellent Drilling at Main Area of Los Ricos South
GoGold Reports Additional Excellent Drilling at Main Area of
Los Ricos South
Shares Outstanding: 326,382,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
491 g/t AgEq over
27.3m
including
7.6m
of 1,670 g/t AgEq including
0.9m
of 8,115 g/t AgEq
HALIFAX, NS
,
Aug. 23, 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-23-316. The hole intercepted
27.3m
of 491 g/t silver equivalent ("AgEq"), including
7.6m
of 1,670 g/t AgEq which also included
a very high-grade interval of 8,115 g/t AgEq over
0.9m
.
"We're happy with the results from our additional hundred drill holes in the Main zone at Los Ricos South since our initial
July 2020
Mineral Resource Estimate, including todays results. We believe they will prove to be quite impactful on our upcoming updated
Resource and Preliminary Economic Assessment," said
Brad Langille
, President and CEO. "We look forward to the release of our
updated resource and PEA for Los Ricos South including the Eagle concession expected to be completed within the next few weeks."
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-23-316
Main area
249.0
276.3
27.3
1.27
395.6
6.54
490.6
including
255.0
262.7
7.6
4.43
1,337.6
22.26
1,669.5
including
261.0
261.9
0.9
11.80
7,230.0
108.20
8,115.0
LRGG-23-303
Main area
33.3
43.4
10.1
0.53
91.7
1.75
131.3
including
40.5
42.0
1.5
0.99
150.0
2.99
224.3
LRGG-23-304
Main area
53.9
63.8
10.0
1.82
181.2
4.24
318.1
including
59.0
60.5
1.5
4.34
633.0
12.78
958.5
LRGG-23-305
Main area
20.3
33.0
12.7
0.51
111.8
2.00
150.2
including
27.7
28.9
1.2
1.69
487.0
8.18
613.8
LRGG-23-306
Main area
36.1
47.8
11.7
4.99
604.8
13.05
979.0
including
37.7
39.2
1.5
30.50
3,550.0
77.83
5,837.5
LRGG-23-308
Main area
159.7
173.2
13.6
1.36
157.9
3.46
259.6
including
164.0
169.0
5.0
2.78
246.9
6.08
455.8
LRGG-23-309
Main area
115.3
133.9
18.6
1.50
89.4
2.69
201.8
including
122.3
122.9
0.6
12.05
144.0
13.97
1,047.8
LRGG-23-310
Main area
39.8
55.0
15.3
0.50
74.4
1.49
112.0
including
47.0
49.8
2.8
1.53
249.4
4.85
364.0
LRGG-23-311
Main area
137.4
139.1
1.7
0.42
97.6
1.72
129.0
LRGG-23-312
Main area
157.0
158.0
1.0
0.80
204.0
3.52
264.0
and
165.5
166.5
1.0
2.14
158.0
4.25
318.5
LRGG-23-313
Main area
125.4
134.6
9.2
3.23
234.8
6.36
477.2
including
131.4
134.6
3.2
4.64
460.8
10.79
808.9
LRGG-23-314
Main area
123.0
131.2
8.2
0.58
98.9
1.90
142.6
including
130.0
131.2
1.2
0.78
291.0
4.66
349.5
LRGG-23-315
Main area
193.3
206.7
13.4
0.66
56.6
1.42
106.2
including
196.3
197.6
1.3
4.87
172.5
7.18
538.1
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-23-303
610444
2327886
1303
50
-45
82
LRGG-23-304
610444
2327885
1303
50
-67
110
LRGG-23-305
610367
2328148
1350
50
-45
59
LRGG-23-306
610350
2328133
1345
50
-45
78
LRGG-23-307
610255
2328050
1306
50
-42
59
LRGG-23-308
610426
2327675
1282
50
-45
216
LRGG-23-309
610437
2327744
1274
50
-47
188
LRGG-23-310
610329
2328131
1339
55
-57
77
LRGG-23-311
610183
2327997
1280
50
-59
179
LRGG-23-312
610183
2327997
1280
50
-74
221
LRGG-23-313
610604
2327564
1259
50
-46
139
LRGG-23-314
610548
2327620
1268
50
-41
169
LRGG-23-315
610324
2327703
1246
45
-47
234
LRGG-23-316
610324
2327703
1246
45
-70
306
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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SOURCE
GoGold Resources Inc.
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For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 23-AUG-23