GoGold Releases Additional Excellent Drilling Results at Los Ricos South

2023-02-22 / @newswire

 

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6,490 g/t AgEq over 0.8m within 16.3m of 605 g/t AgEq

HALIFAX, NS, Feb. 22, 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-22-113 intercepted 16.3m of 605 g/t silver equivalent ("AgEq"), containing 6,490 g/t AgEq over 0.8m, and.  The hole also intercepted an additional 12.3m of 462 g/t AgEq. See Table 1 for breakdown of silver and gold values.  A cross section of hole LRGAG-22-113 is included as Figure 1 below.

"Impressive drill results continue to come in for the Eagle," said Brad Langille, President and CEO. "We expect these holes, along with our previously released drilling results, will provide a very positive impact when we update our Mineral Resource Estimate and Preliminary Economic Assessment at  Los Ricos South later this year. "

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)

LRGAG-22-101

Eagle

196.1

198.0

1.9

1.00

11.3

1.15

86.6

LRGAG-22-102

Eagle

203.6

205.2

1.6

2.39

67.9

3.29

247.0


and

218.4

219.4

1.0

2.36

3.4

2.41

180.4

LRGAG-22-104

Eagle

182.0

184.0

2.0

4.71

12.6

4.87

365.5


including

182.0

183.0

1.0

9.04

18.0

9.28

696.0

LRGAG-22-105

Eagle

309.0

318.5

9.5

0.46

55.7

1.20

90.3


including

313.0

315.5

2.5

1.12

117.5

2.69

201.7


and

335.4

349.4

14.0

0.91

35.7

1.38

103.8

LRGAG-22-106

Eagle

192.2

205.2

13.0

0.69

71.8

1.65

123.4


including

189.2

192.2

3.0

0.93

162.1

3.09

231.8

LRGAG-22-108

Eagle

130.5

138.0

7.5

0.44

78.7

1.49

111.8


including

132.0

133.0

1.0

1.35

179.0

3.74

280.3

LRGAG-22-110

Eagle

62.0

124.4

62.4

1.43

42.8

2.00

149.7


including

98.7

114.7

16.0

4.57

70.7

5.52

413.6


including

102.6

103.9

1.4

17.05

189.0

19.57

1,467.7

LRGAG-22-112

Eagle

322.6

331.1

8.5

0.80

114.5

2.33

174.8


including

323.6

324.6

1.0

1.64

365.0

6.51

488.0

LRGAG-22-113

Eagle

132.8

149.0

16.3

3.29

357.7

8.06

604.8


including

133.8

135.6

1.8

20.05

2,000.0

46.72

3,503.7


including

134.8

135.6

0.8

40.00

3,490.0

86.53

6,490.0


and

160.5

190.0

29.5

2.32

57.8

3.09

231.7


including

165.1

177.4

12.3

5.20

72.1

6.16

462.4


including

169.0

170.0

1.0

21.10

170.0

23.37

1,752.5

LRGAG-22-115

Eagle

180.1

211.6

31.5

1.44

75.1

2.45

183.4


including

191.6

202.6

11.0

3.38

147.2

5.34

400.4


including

200.6

201.6

1.0

12.85

64.0

13.70

1,027.8

LRGG-22-224

Main area

97.6

102.8

5.2

1.51

145.0

3.44

258.3


including

99.8

102.8

3.0

2.32

193.0

4.89

366.8

LRGG-22-225

Main area

254.4

260.2

5.8

0.50

91.0

1.71

128.2

LRGG-22-226

Main area

136.5

137.9

1.4

1.10

153.1

3.14

235.8

LRGG-22-227

Main area

124.0

153.0

29.0

1.28

105.2

2.68

200.9


including

130.6

137.0

6.3

4.84

352.0

9.54

715.2


including

132.0

132.7

0.7

24.00

335.0

28.47

2,135.0

1.

Not true width

2.

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

3.

Holes LRGAG-22-103, 107, 109, 111, 114 did not intercept significant mineralization



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: Cross Section – LRGAG-22-113 (CNW Group/GoGold Resources Inc.)

Figure 2: 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.

A summary of Eagle zone drilling highlights is included as Table 2 below.

Table 2: Eagle Deposit Drill Intercept Highlights

Hole ID

Area / Vein

From

To

Length1

Au

Ag

AuEq2

AgEq2



(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

(g/t)

LRGAG-22-118

Eagle

95.6

150.6

55.0

7.80

2,152.7

36.51

2,737.9


including

95.6

120.6

25.0

16.07

4,664.2

78.26

5,869.3


including

104.6

119.6

15.0

26.74

7,755.8

130.15

9,761.3


including

107.6

114.6

7.0

55.87

16,524.6

276.19

20,714.5


including

107.6

110.6

3.0

121.97

36,953.0

614.67

46,100.5


including

108.6

110.6

2.0

145.25

52,764.5

848.78

63,658.3

LRGAG-22-035

Eagle

69.0

179.6

110.6

1.64

264.6

5.17

387.5


including

129.0

140.5

11.5

11.31

2,198.3

40.62

3,046.7


including

130.4

133.8

3.5

30.24

6,392.5

115.48

8,660.8


including

130.4

131.9

1.5

63.24

12,729.3

232.96

17,472.0


including

131.0

131.9

0.9

104.50

13,742.5

287.73

21,580.0

LRGAG-21-014

Eagle

144.3

216.9

72.6

5.13

76.0

6.14

460.6


including

198.8

210.7

11.9

28.58

115.9

30.13

2,259.8


including

208.6

210.7

2.1

146.03

176.8

148.39

11,128.9


including

208.6

209.3

0.7

266.00

319.0

270.25

20,269.0

LRGAG-22-031

Eagle

58.0

126.0

68.0

4.25

109.4

5.71

428.4


including

78.0

113.9

35.9

7.83

184.9

10.29

771.8


including

80.0

95.0

15.0

15.61

273.3

19.26

1,444.4


including

84.0

86.0

2.0

46.80

272.5

50.43

3,782.5

LRGAG-22-032

Eagle

48.1

113.8

65.8

1.36

107.7

2.79

209.6


including

85.8

113.8

28.1

2.96

216.6

5.85

439.0


including

88.5

92.9

4.3

7.17

1,012.8

20.68

1,550.7


including

88.5

89.1

0.6

25.00

3,020.0

65.27

4,895.0

LRGAG-22-041

Eagle

109.5

145.5

36.0

1.46

134.5

3.26

244.3


including

134.0

143.5

9.5

4.55

389.9

9.75

731.1


including

134.0

134.8

0.8

6.01

577.0

13.70

1,027.7


also including

137.0

143.5

6.6

5.62

453.6

11.67

875.3


including

141.0

142.2

1.2

17.10

1,345.0

35.03

2,627.5

LRGAG-22-113

Eagle

132.8

149.0

16.3

3.29

357.7

8.06

604.8


including

133.8

135.6

1.8

20.05

2,000.0

46.72

3,503.7


including

134.8

135.6

0.8

40.00

3,490.0

86.53

6,490.0


and

160.5

190.0

29.5

2.32

57.8

3.09

231.7


including

165.1

177.4

12.3

5.20

72.1

6.16

462.4


including

169.0

170.0

1.0

21.10

170.0

23.37

1,752.5

LRGAG-21-018

Eagle

127.6

163.0

33.6

1.57

85.5

2.71

203.5


including

156.9

159.3

2.4

10.51

436.5

16.33

1,225.0


including

156.9

157.6

0.8

15.00

1,155.0

30.40

2,280.0


and

177.9

178.6

0.7

36.20

1,500.0

56.20

4,215.0

LRGAG-22-030

Eagle

42.9

79.5

36.7

1.77

156.2

3.85

289.0


including

51.9

61.0

9.1

6.00

553.3

13.38

1,003.2


including

54.1

54.8

0.7

14.00

1,260.0

30.80

2,310.0

LRGAG-22-029

Eagle

74.0

94.6

20.6

1.52

217.5

4.42

331.3


including

75.5

77.5

2.0

8.00

1,865.5

32.87

2,465.5


including

75.5

76.5

1.0

14.15

3,520.0

61.08

4,581.3

LRGAG-21-007

Eagle

148.5

191.0

42.5

1.64

137.5

3.47

260.6


including

188.6

190.2

1.6

6.83

1,269.5

23.76

1,781.8

 

Figure 3: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)

Figure 4, which follows, 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.

Figure 4: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)

Table 3: Drill Hole Locations  

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGAG-22-101

609964

2328357

1252

0

-90

327

LRGAG-22-102

609942

2328282

1272

50

-67

273

LRGAG-22-103

609823

2328439

1231

50

-50

306

LRGAG-22-104

609822

2328438

1231

50

-65

351

LRGAG-22-105

609942

2328282

1272

0

-90

386

LRGAG-22-106

610034

2328128

1317

50

-55

274

LRGAG-22-107

609820

2328437

1231

0

-90

386

LRGAG-22-108

610126

2328072

1310

50

-45

184

LRGAG-22-109

610126

2328072

1310

50

-65

239

LRGAG-22-110

610062

2328411

1283

50

-60

170

LRGAG-22-111

610126

2328072

1310

50

-85

296

LRGAG-22-112

609931

2328050

1326

50

-55

377

LRGAG-22-113

610060

2328410

1282

0

-90

266

LRGAG-22-114

609404

2328744

1247

50

-45

310

LRGAG-22-115

610035

2328259

1306

50

-63

308

LRGG-22-224

610410

2327788

1276

50

-45

138

LRGG-22-225

610220

2327768

1233

50

-70

320

LRGG-22-226

610306

2327803

1254

50

-56

185

LRGG-22-227

610440

2327718

1270

50

-56

177

 

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. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

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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