GoGold Provides Drilling Update at Main Area of Los Ricos South

2023-07-19 / @newswire

 

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706 g/t AgEq over 14.0m including 2.3m of 4,081 g/t AgEq including 0.6m of 9,283 g/t AgEq

HALIFAX, NS, July 19, 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-22-280. The hole intercepted 14.0m of 706 g/t silver equivalent ("AgEq"), including 2.3m of 4,081 g/t AgEq which also included a very high-grade interval of 9,283 g/t AgEq over 0.6m

"We've drilled over 100 additional holes in the Main zone at Los Ricos South since our initial drilling which was included in our July 2020 Mineral Resource Estimate. Our additional drilling has helped us better define the continuity of the high grade ore shoots in the deposit," said Brad Langille, President and CEO. "We believe this will be invaluable as we complete our mine plan for the upcoming Preliminary Economic Assessment and Pre-Feasibility Study at Los Ricos South."

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)

LRGG-22-280

Main area

1.2

16.7

14.0

1.77

573.7

9.42

706.2


including

10.1

12.4

2.3

10.30

3,308.2

54.41

4,080.8


including

10.1

10.7

0.6

22.70

7,580.0

123.77

9,282.5

LRGG-22-241

Main area

53.2

59.6

6.3

0.59

86.0

1.74

130.5


including

54.5

55.5

1.0

1.93

321.0

6.21

465.7

LRGG-22-242

Main area

128.4

144.6

16.2

0.70

72.0

1.66

124.7


including

133.8

136.2

2.4

2.29

94.9

3.56

266.7

LRGG-22-243

Main area

195.4

199.8

4.5

0.76

142.9

2.67

199.9

LRGG-22-245

Main area

79.2

81.8

2.6

0.90

239.8

4.10

307.4

LRGG-22-246

Main area

185.0

199.0

14.0

2.90

84.6

4.03

302.3


including

193.6

194.6

1.0

31.80

261.0

35.28

2,646.0

LRGG-22-247

Main area

167.6

185.0

17.5

0.60

93.1

1.84

138.1


including

175.0

180.0

5.0

1.28

160.0

3.41

255.9

LRGG-22-248

Main area

120.8

122.2

1.4

0.66

78.3

1.70

127.8

LRGG-22-249

Main area

125.4

135.3

9.9

0.95

333.9

5.40

404.9

LRGG-22-250

Main area

151.2

157.5

6.3

1.54

101.5

2.89

217.1


including

152.3

154.1

1.8

3.12

213.0

5.96

447.0

LRGG-22-251

Main area

161.0

162.6

1.6

1.09

128.5

2.80

210.2

LRGG-22-252

Main area

123.6

133.2

7.4

1.39

167.6

3.62

271.6


including

126.1

126.8

0.7

4.81

429.0

10.53

789.7

LRGG-22-253

Main area

210.4

212.4

2.0

0.94

146.2

2.88

216.3

LRGG-22-254

Main area

167.7

179.6

11.9

1.28

183.1

3.72

279.2


including

170.5

171.1

0.6

7.06

1,830.0

31.46

2,359.5


and

189.4

192.9

3.4

0.45

166.1

2.67

200.1

LRGG-22-255

Main area

174.8

184.3

9.5

1.08

185.8

3.55

266.6


including

183.0

184.3

1.3

4.50

727.8

14.20

1,065.3

LRGG-22-256

Main area

135.3

142.0

5.4

1.97

136.1

3.79

284.0


including

138.0

139.0

1.1

5.28

336.0

9.76

732.0

LRGG-22-257

Main area

60.5

72.0

11.6

1.50

164.7

3.69

277.0


including

71.4

72.0

0.7

8.64

261.0

12.12

909.0

LRGG-22-258

Main area

144.8

151.0

6.2

1.14

162.5

3.31

248.3

LRGG-22-260

Main area

115.3

137.7

22.5

1.20

124.1

2.85

213.8


including

119.6

120.1

0.5

11.50

427.0

17.19

1,289.5

LRGG-22-261

Main area

50.6

56.2

5.6

0.67

58.1

1.45

108.6

LRGG-22-262

Main area

135.0

140.9

5.8

2.27

41.6

2.82

211.8


including

135.0

136.0

1.0

7.91

28.2

8.29

621.5

LRGG-22-263

Main area

150.2

155.6

5.4

1.50

85.7

2.64

198.3


including

153.0

153.5

0.5

0.87

472.0

7.16

537.3

LRGG-22-264

Main area

131.6

159.0

24.9

1.01

104.5

2.40

180.3


including

149.5

156.5

7.0

2.46

247.5

5.76

431.8


including

153.0

154.7

1.7

8.78

746.8

18.74

1,405.5

LRGG-22-265

Main area

134.7

141.8

7.1

1.25

416.6

6.81

510.7


including

136.0

139.0

3.0

2.69

905.0

14.76

1,106.7


including

137.1

138.0

0.9

5.70

2,300.0

36.37

2,727.5


and

151.9

156.2

4.3

0.86

215.8

3.73

280.0

LRGG-22-267

Main area

57.0

73.5

16.5

1.32

153.2

3.36

251.9


including

66.0

68.5

2.5

6.44

571.5

14.06

1,054.5

LRGG-22-268

Main area

17.7

20.6

2.9

3.54

264.6

7.07

530.1

LRGG-22-269

Main area

42.1

59.4

17.3

2.53

159.8

4.66

349.5


including

50.2

51.0

0.9

26.70

1,215.0

42.90

3,217.5

LRGG-22-271

Main area

39.5

43.3

3.8

2.19

197.0

4.82

361.5

LRGG-22-272

Main area

79.9

84.4

4.5

1.54

73.5

2.52

188.7

LRGG-22-273

Main area

40.2

49.5

9.3

0.74

92.7

1.98

148.3

LRGG-22-274

Main area

55.6

66.0

8.3

0.63

100.6

1.97

148.1

LRGG-22-275

Main area

67.5

71.8

4.3

0.51

170.4

2.78

208.7

LRGG-22-276

Main area

135.0

148.7

13.7

1.48

213.4

4.32

324.1


including

137.5

140.0

2.5

4.26

439.7

10.13

759.5

LRGG-22-277

Main area

138.0

142.2

4.2

1.45

254.4

4.85

363.4

LRGG-22-278

Main area

170.2

176.3

6.1

1.02

76.7

2.04

153.2

LRGG-22-279

Main area

179.5

185.5

6.0

1.44

199.2

4.09

306.9

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-22-241

610277

2328012

1285

50

-45

87

LRGG-22-242

610266

2327866

1265

50

-45

180

LRGG-22-243

610484

2327564

1261

50

-51

228

LRGG-22-244

610240

2327843

1249

50

-50

175

LRGG-22-245

610276

2328011

1285

50

-85

112

LRGG-22-246

610392

2327710

1263

50

-63

226

LRGG-22-247

610256

2327791

1247

50

-57

230

LRGG-22-248

610278

2327846

1259

50

-59

171

LRGG-22-249

610589

2327583

1263

50

-51

137

LRGG-22-250

610411

2327725

1266

50

-61

201

LRGG-22-251

610207

2327821

1239

50

-52

216

LRGG-22-252

610578

2327607

1268

50

-53

175

LRGG-22-253

610156

2327906

1274

50

-50

247

LRGG-22-254

610419

2327707

1273

50

-65

213

LRGG-22-255

610283

2327782

1247

50

-59

237

LRGG-22-256

610533

2327604

1260

50

-49

164

LRGG-22-257

610730

2327536

1246

50

-46

77

LRGG-22-258

610556

2327585

1257

50

-53

185

LRGG-22-259

610156

2327906

1275

50

-68

260

LRGG-22-260

610684

2327505

1247

50

-50

167

LRGG-22-261

610812

2327478

1246

50

-56

85

LRGG-22-262

610684

2327505

1247

50

-63

189

LRGG-22-263

610183

2327997

1279

50

-66

198

LRGG-22-264

610651

2327508

1245

50

-50

182

LRGG-22-265

610586

2327550

1252

50

-46

205

LRGG-22-266

610316

2328106

1328

50

-45

101

LRGG-22-267

610250

2328049

1306

50

-45

101

LRGG-22-268

610310

2328071

1312

50

-44

99

LRGG-22-269

610806

2327506

1252

50

-59

90

LRGG-22-270

610823

2327456

1243

50

-56

86

LRGG-22-271

610859

2327485

1264

50

-51

65

LRGG-22-272

610768

2327467

1232

50

-54

112

LRGG-22-273

610282

2328044

1300

50

-45

111

LRGG-22-274

610764

2327510

1242

50

-48

107

LRGG-22-275

610246

2328081

1318

50

-45

114

LRGG-22-276

610524

2327627

1270

50

-44

193

LRGG-22-277

610524

2327627

1270

50

-57

171

LRGG-22-278

610523

2327626

1270

50

-71

179

LRGG-22-279

610591

2327520

1242

50

-61

237

LRGG-22-280

610324

2328087

1321

50

-45

84

 

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 NPV5% 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 NPV5% 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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