GoGold Reports Additional Strong Drilling at Main Area of Los Ricos South
GoGold Reports Additional Strong Drilling at Main Area of
Los Ricos South
Shares Outstanding: 326,382,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
404 g/t AgEq over
30.2m
including
9.7m
of 1,110 g/t AgEq including
0.8m
of 5,468 g/t AgEq
HALIFAX, NS
,
Aug. 2, 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-23-302. The hole intercepted
30.2m
of 404 g/t silver equivalent ("AgEq"), including
9.7m
of 1,110 g/t AgEq which also
included a very high-grade interval of 5,468 g/t AgEq over
0.8m
.
"We've drilled an additional 100 holes in the Main zone at Los Ricos South since our initial
July 2020
Mineral Resource Estimate and
we believe they are proving to be quite impactful on our upcoming updated Resource and Preliminary Economic Assessment," said
Brad Langille
, President and CEO. "Our team is diligently working to complete the studies expected to release before end of
summer."
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-23-302
Main area
52.8
83.0
30.2
1.68
277.7
5.39
404.0
including
67.0
76.7
9.7
4.54
769.1
14.79
1,109.5
including
72.0
73.8
1.8
18.99
3,484.3
65.44
4,908.2
including
73.0
73.8
0.8
30.10
3,210.0
72.90
5,467.5
LRGG-22-281
Main area
135.8
147.5
11.7
0.93
387.3
6.10
457.2
including
136.6
138.0
1.4
5.36
2,780.4
42.43
3,182.6
LRGG-22-282
Main area
175.1
190.8
13.0
0.99
216.0
3.87
290.0
including
186.8
188.8
1.9
2.59
474.0
8.91
668.3
LRGG-22-283
Main area
106.1
118.0
12.0
0.67
80.2
1.74
130.7
including
106.1
107.1
1.1
5.06
169.0
7.31
548.5
LRGG-23-284
Main area
91.1
96.3
5.3
1.62
144.6
3.55
265.9
including
94.6
96.3
1.7
2.98
180.9
5.39
404.3
LRGG-23-285
Main area
68.7
74.8
6.1
1.01
173.4
3.32
249.3
and
90.2
92.6
2.4
1.84
366.0
6.72
503.9
LRGG-23-286
Main area
142.4
165.5
23.1
0.80
143.3
2.71
203.0
including
144.4
146.0
1.7
9.03
1,352.8
27.07
2,030.0
LRGG-23-287
Main area
62.5
72.6
10.1
1.48
81.9
2.58
193.3
including
62.5
69.3
6.8
2.02
97.3
3.31
248.6
and
79.2
80.2
1.1
1.55
459.0
7.67
575.3
LRGG-23-288
Main area
114.6
121.3
6.7
0.45
111.1
1.93
144.8
including
120.2
121.3
1.1
0.36
222.0
3.32
249.0
LRGG-23-289
Main area
101.3
129.4
28.1
0.71
128.7
2.42
181.9
including
111.5
112.5
1.1
3.38
1,080.0
17.78
1,333.5
LRGG-23-291
Main area
87.0
121.8
34.8
1.37
132.4
3.14
235.3
including
113.8
120.8
7.0
4.68
440.4
10.55
791.1
including
116.7
117.7
1.0
19.30
1,935.0
45.10
3,382.5
LRGG-23-292
Main area
141.0
152.8
11.8
0.91
224.1
3.89
292.1
including
141.0
145.3
4.3
2.33
563.1
9.84
737.7
including
144.2
145.3
1.1
3.24
1,295.0
20.51
1,538.0
LRGG-23-293
Main area
8.1
40.7
32.7
1.19
124.4
2.85
213.4
including
26.2
27.3
1.1
3.33
518.0
10.24
767.7
LRGG-23-294
Main area
145.2
161.4
16.3
1.02
69.8
1.95
146.6
including
145.2
146.3
1.1
5.53
125.0
7.20
539.8
LRGG-23-295
Main area
121.9
123.1
1.2
1.30
91.0
2.51
188.1
and
137.3
140.5
3.1
0.43
85.7
1.57
117.7
LRGG-23-296
Main area
147.6
150.2
2.6
0.75
62.4
1.58
118.6
LRGG-23-297
Main area
221.6
232.2
10.6
1.15
189.9
3.68
276.4
including
228.5
230.0
1.6
3.06
414.4
8.59
644.2
LRGG-23-298
Main area
196.2
204.5
8.3
0.83
121.7
2.45
183.6
including
199.1
201.8
2.7
1.71
222.2
4.68
350.7
LRGG-23-299
Main area
233.5
244.8
11.3
1.36
223.7
4.35
325.9
including
242.4
243.4
1.0
3.92
662.0
12.75
956.0
LRGG-23-300
Main area
135.4
138.4
3.1
1.23
112.5
2.73
204.5
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-22-281
610614
2327542
1253
50
-53
177
LRGG-22-282
610423
2327672
1280
50
-53
191
LRGG-22-283
610665
2327547
1251
50
-53
156
LRGG-23-284
610272
2327935
1278
50
-51
129
LRGG-23-285
610722
2327532
1245
50
-49
125
LRGG-23-286
610571
2327568
1254
50
-52
183
LRGG-23-287
610300
2327962
1281
50
-59
104
LRGG-23-288
610272
2327935
1278
50
-67
164
LRGG-23-289
610699
2327512
1246
50
-49
153
LRGG-23-290
610248
2328048
1306
50
-55
104
LRGG-23-291
610300
2327928
1284
50
-64
149
LRGG-23-292
610428
2327742
1270
50
-64
160
LRGG-23-293
610422
2327934
1312
50
-60
65
LRGG-23-294
610272
2327902
1278
50
-66
186
LRGG-23-295
610317
2327812
1256
50
-56
170
LRGG-23-296
610207
2327916
1251
50
-52
186
LRGG-23-297
610223
2327766
1233
50
-61
290
LRGG-23-298
610223
2327766
1233
50
-50
250
LRGG-23-299
610281
2327717
1237
50
-65
302
LRGG-23-300
610604
2327563
1258
50
-45
144
LRGG-23-301
610604
2327563
1258
50
-49
136
LRGG-23-302
610318
2327943
1286
50
-51
116
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:
please contact: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E:
CO: GoGold Resources Inc.
CNW 06:30e 02-AUG-23