GoGold Drills 1,975 g/t AgEq over 0.6m and 19.9m of 119 g/t AgEq at Los Ricos North

2021-11-10 / @newswire

 

Shares Outstanding: 277,928,617
Trading Symbols: TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Nov. 10, 2021 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the results of 11 drill holes at Mololoa and the initial 19 drill holes at El Nayar within Los Ricos North. Hole LRGM-21-030 intersected 0.6m of 1,975 g/t silver equivalent ("AgEq"), and Hole LRGM-21-038 intersected 0.8m of 1,170 g/t AgEq within 19.9m of 119 g/t AgEq. At El Nayar, Hole LRGNY-21-002 intersected 1,976 g/t AgEq over 0.7m and Hole LRGNY-21-004 intersected 16.6m of 154 g/t AgEq. See Table 1 for breakdown of silver and gold values.

El Nayar is located approximately 6 kilometres north-west of the La Trini deposit within Los Ricos North. It consists of multiple subvertical veins and stockwork mineralization, and limited historical underground mining.  The Company has been drilling the target with two drill rigs for the last several months.

"Over the next few days, we will reach the data cut-off for our initial Los Ricos North mineral resource estimate. This data cut-off represents a point in time and the 9 drill rigs are currently and will continue to drill at Los Ricos. This upcoming resource represents the completion of the first 100,000 metres of drilling at Los Ricos North, and the Company is progressing on the next 100,000 metres which is budgeted for the Los Ricos district through 2022," said Brad Langille, President and CEO. "Today's release introduces the El Nayar zone, with our first drill holes completed. Also, we report continued successful drilling at the previously mentioned Mololoa target."

Table 1:  Drill Hole Intersections

Hole ID

Area / Vein

From

To

Length1

Au

Ag

AuEq2

AgEq2



(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

(g/t)

LRGM-21-030

Mololoa - Tamara

70.8

79.3

8.5

0.12

49.6

0.78

58.8


including

76.2

77.0

0.8

0.80

289.0

4.65

349.0


and

93.5

117.0

23.5

0.25

78.3

1.29

96.8


including

94.1

94.8

0.7

1.66

534.0

8.78

658.5


and

110.9

112.2

1.4

1.87

796.7

12.50

937.2


including

110.9

111.5

0.6

4.00

1,675.0

26.33

1,975.0

LRGM-21-031

Mololoa - Soledad

12.5

14.8

2.3

0.19

46.8

0.81

60.7


including

13.9

14.8

0.9

0.36

94.9

1.63

122.0

LRGM-21-033

Mololoa - Soledad

12.5

14.6

2.1

0.09

35.8

0.57

42.6


including

13.7

14.6

0.9

0.20

55.7

0.94

70.3

LRGM-21-034

Mololoa - Tamara

118.6

119.4

0.8

0.69

80.4

1.76

132.3

LRGM-21-035

Mololoa

51.1

56.0

5.0

0.23

74.9

1.22

91.8


including

51.9

52.7

0.9

1.03

249.0

4.35

326.2

LRGM-21-038

Mololoa - Tamara

81.1

81.9

0.8

1.04

295.0

4.97

373.0


and

101.0

120.9

19.9

0.39

90.0

1.59

119.4


including

114.3

119.9

5.7

1.05

253.1

4.42

331.7


including

114.3

115.1

0.8

2.35

994.0

15.60

1,170.3

LRGM-21-042

Mololoa - Tamara

108.0

112.6

4.6

0.12

108.1

1.56

116.7


including

111.1

112.6

1.5

0.28

289.0

4.13

310.0


including

111.1

111.6

0.5

0.79

669.0

9.71

728.3

LRGM-21-043

Mololoa - Tamara

96.7

97.5

0.8

0.48

94.0

1.73

130.0

LRGM-21-044

Mololoa - Soledad

28.7

35.5

6.8

0.12

51.4

0.80

60.2


Including

32.2

33.6

1.4

0.40

183.0

2.84

213.0

LRGM-21-045

Mololoa - Soledad

10.4

20.1

9.7

0.35

96.9

1.64

123.2


including

15.4

19.1

3.7

0.84

232.7

3.94

295.9

LRGM-21-051

Mololoa - Soledad

35.3

41.5

6.2

0.58

99.5

1.91

143.2


including

35.3

36.3

1.0

2.53

420.0

8.13

609.8

LRGNY-21-001

El Nayar - Rubi

63.2

66.4

3.2

0.33

92.0

1.55

116.4


El Nayar - New

182.8

185.0

2.2

1.52

360.3

6.32

474.2


including

183.8

184.4

0.5

5.99

1,135.7

21.13

1,585.0


El Nayar - Castellana

222.6

233.0

8.0

0.21

70.5

1.14

85.9


and

223.2

226.7

2.7

0.41

127.4

2.11

158.2

LRGNY-21-002

El Nayar - Rubi

64.9

71.9

7.1

0.33

125.6

2.01

150.5


including

66.8

68.1

1.3

1.14

358.6

5.92

444.4


El Nayar - Castellana

221.8

231.0

3.9

1.73

288.4

5.58

418.1


including

228.8

229.5

0.7

8.44

1,343.2

26.34

1,975.9


El Nayar - New

319.8

320.5

0.7

0.35

136.1

2.17

162.6

LRGNY-21-003

El Nayar - Castellana

180.4

181.8

1.4

0.21

109.6

1.67

125.5


and

197.1

199.2

2.1

0.51

59.8

1.31

98.3

LRGNY-21-004

El Nayar - Rubi

64.3

80.8

16.6

0.50

116.5

2.05

154.0


including

67.6

72.3

4.7

1.51

259.8

4.97

372.7

LRGNY-21-005

El Nayar - Castellana

161.2

163.8

2.6

0.16

68.2

1.068

80.1

LRGNY-21-006

El Nayar - Rubi

89.5

91.3

1.8

0.37

97.5

1.67

124.9

LRGNY-21-007

El Nayar - Rubi

69.1

74.7

5.6

0.27

81.2

1.35

101.5


including

73.1

73.7

0.6

0.83

486.0

7.31

547.9


and

98.7

101.5

2.8

0.19

67.6

1.09

81.9

LRGNY-21-008

El Nayar - Rubi

96.1

97.6

1.6

0.41

85.5

1.55

116.5


and

143.6

149.1

5.5

0.01

157.4

2.11

158.3


including

145.1

146.6

1.5

0.01

413.0

5.51

413.6


El Nayar - Castellana

234.9

236.2

1.3

0.79

180.0

3.19

239.4

LRGNY-21-010

El Nayar - Castellana

140.1

141.3

1.2

0.21

95.4

1.48

110.8

LRGNY-21-012

El Nayar - Rubi

77.3

79.3

2.0

0.22

94.9

1.49

111.6


and

105.3

106.8

1.5

0.36

335.3

4.83

362.4

LRGNY-21-013

El Nayar - Castellana

98.7

100.7

2.0

0.13

53.8

0.85

63.4

LRGNY-21-014

El Nayar - Castellana

97.2

99.4

2.1

0.23

65.0

1.09

81.9

LRGNY-21-016

El Nayar - Rubi

12.1

13.9

1.8

0.46

186.0

2.94

220.5


and

90.0

92.0

2.0

0.20

144.5

2.12

159.1


and

98.6

103.9

5.4

0.26

102.0

1.62

121.8


including

98.6

100.0

1.5

0.41

173.6

2.72

204.3


and

111.7

115.5

3.8

0.87

161.5

3.03

226.9


including

112.7

113.4

0.8

4.02

648.0

12.66

949.5

LRGNY-21-017

El Nayar - Castellana

71.7

90.1

14.1

0.12

92.5

1.36

101.9


including

77.8

81.1

3.3

0.12

197.6

2.76

206.9

LRGNY-21-018

El Nayar - Castellana

242.3

243.8

1.5

0.14

121.0

1.75

131.5

LRGNY-21-019

El Nayar - Rubi

209.1

211.5

2.4

0.10

93.7

1.35

101.4


El Nayar - Castellana

228.9

232.0

3.1

3.20

67.6

4.10

307.6

1.

Not true width

2.

AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

3.

Holes LRGM-21-032, LRGM-21-037, LRGM-21-039, LRGNY-21-009, LRGNY-21-011 and LRGNY-21-015 are excluded as they did not intercept significant mineralization.

4.

Holes LRGM-21-040, LRGM-21-041 and LRGM-21-046 to 050 are pending assays.

Figure 1: Mololoa Plan View

Figure 1: Mololoa Plan View (CNW Group/GoGold Resources Inc.)

Figure 2: El Nayar Plan View

Figure 2: El Nayar Plan View (CNW Group/GoGold Resources Inc.)

Figure 3: Los Ricos Overview

Figure 3: Los Ricos Overview (CNW Group/GoGold Resources Inc.)

Table 2: Drill Hole Locations  

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGM-21-030

584742

2338376

946

240

-55

164

LRGM-21-031

584742

2337858

1018

240

-50

114

LRGM-21-032

584787

2337652

1030

240

-50

73

LRGM-21-033

584804

2337638

1019

240

-50

71

LRGM-21-034

584742

2338376

946

240

-75

165

LRGM-21-035

584926

2338022

1040

240

-50

191

LRGM-21-036

584486

2338435

1025

180

-45

266

LRGM-21-037

584953

2338004

1056

240

-50

199

LRGM-21-038

584765

2338359

948

240

-55

175

LRGM-21-039

584837

2337703

1034

240

-50

104

LRGM-21-040

584814

2337727

1032

240

-57

101

LRGM-21-041

584840

2337683

1020

240

-50

92

LRGM-21-042

584765

2338358

948

240

-75

178

LRGM-21-043

584383

2338344

970

180

-60

183

LRGM-21-044

584801

2337751

1027

240

-50

107

LRGM-21-045

584733

2337827

1029

240

-60

84

LRGM-21-051

584825

2337791

1016

240

-57

82

LRGNY-21-001

578485

2344202

753

200

-57

323

LRGNY-21-002

578484

2344199

752

200

-45

346

LRGNY-21-003

578514

2344158

724

200

-70

326

LRGNY-21-004

578485

2344201

753

200

-80

314

LRGNY-21-005

578514

2344158

724

200

-55

317

LRGNY-21-006

578514

2344158

723

0

-90

313

LRGNY-21-007

578440

2344227

750

200

-57

300

LRGNY-21-008

578441

2344223

757

200

-45

297

LRGNY-21-009

578563

2344136

695

200

-60

207

LRGNY-21-010

578563

2344132

693

196

-45

201

LRGNY-21-011

578563

2344137

696

200

-82

207

LRGNY-21-012

578441

2344233

750

200

-70

287

LRGNY-21-013

578589

2344085

660

200

-60

134

LRGNY-21-014

578588

2344090

664

200

-45

156

LRGNY-21-015

578589

2344085

660

0

-90

174

LRGNY-21-016

578394

2344244

767

200

-58

287

LRGNY-21-017

578505

2344051

665

200

-55

214

LRGNY-21-018

578331

2344211

807

206

-45

267

LRGNY-21-019

578307

2344246

825

200

-45

299

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.

Access the GoGold Company Profile on VRIFY at: https://vrify.com

The VRIFY Slide Deck and 3D Presentation for GoGold can be viewed at: https://vrify.com/decks/10437 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 resource was announced on July 29, 2020 which 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.  An initial PEA on the project was announced on January 20, 2021 indicating an NPV5% of US$295M.

The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, Mololoa, Casados and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill 10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.

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 Zacatecas, 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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