GoGold Releases Additional Strong Drilling Results at Los Ricos South

2023-03-08 / @newswire

 

2,017 g/t AgEq over 2.8m within 42.3m of 288 g/t AgEq

Halifax, NS, March 8, 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-22-125 intercepted 42.3m of 288 g/t silver equivalent ("AgEq"), containing 2,017 g/t AgEq over 2.8m.  See Table 1 for breakdown of silver and gold values. 

"We continue to see strong results from our drilling program at Los Ricos South, such as those from hole 125 which expands on the high-grade area shown in Figure 1," said Brad Langille, President and CEO. "It is drilling results such as these which we anticipate will provide a very positive impact when our Mineral Resource Estimate and Preliminary Economic Assessment at  Los Ricos South is updated 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-22-116

Eagle

57.6

72.3

14.7

1.45

68.9

2.37

177.6


including

57.6

62.6

5.0

2.56

162.0

4.72

353.9


including

58.6

59.6

1.0

5.18

257.0

8.61

645.5

LRGAG-22-117

Eagle

64.5

89.5

25.0

1.09

133.1

2.87

214.9


including

65.5

74.5

9.0

1.96

306.8

6.06

454.1


including

65.5

66.5

1.0

8.08

1,460.0

27.55

2,066.0

LRGAG-22-119

Eagle

162.0

174.5

12.5

0.89

81.5

1.98

148.3


including

186.0

187.4

1.4

2.77

321.0

7.05

529.1

LRGAG-22-120

Eagle

229.0

242.3

13.4

1.44

44.9

2.04

152.7


including

239.2

240.3

1.2

9.92

119.7

11.52

863.9

LRGAG-22-122

Eagle

203.7

216.0

12.4

1.54

28.2

1.91

143.6


including

205.1

207.3

2.2

6.05

45.6

6.65

499.0

LRGAG-22-124

Eagle

128.7

130.7

2.0

2.07

95.1

3.33

250.1


and

140.2

142.6

2.4

7.05

56.3

7.80

584.9


including

141.0

141.9

0.8

14.35

66.0

15.23

1,142.3

LRGAG-22-125

Eagle

127.9

170.2

42.3

2.14

127.9

3.84

288.3


including

153.9

161.3

7.3

9.66

485.8

16.13

1,210.0


including

153.9

156.7

2.8

15.35

865.7

26.89

2,016.8

LRGG-22-228

Main Area

235.7

251.5

11.9

1.30

120.1

2.90

217.5

LRGG-22-231

Main Area

30.0

32.0

2.0

0.59

95.3

1.86

139.8

LRGG-22-232

Main Area

112.6

122.8

10.2

2.60

60.9

3.41

255.7


including

113.4

114.2

0.8

24.60

238.0

27.77

2,083.0

LRGG-22-233

Main Area

280.2

299.0

18.9

0.51

78.2

1.56

116.7


including

281.1

282.0

0.9

1.84

400.0

7.17

538.0



1.

Not true width

2.

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

3.

Holes LRGG-22-121, LRGG-22-229 and LRGG-22-230 did not intercept significant mineralization

4.

Hole LRGG-22-123 was abandoned due to technical difficulties

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: 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 are 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 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)

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

Table 3: Drill Hole Locations  

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGAG-22-116

610068

2328476

1277

50

-45

127

LRGAG-22-117

610067

2328475

1277

50

-70

146

LRGAG-22-118

610066

2328475

1277

0

-90

181

LRGAG-22-119

610050

2328304

1283

50

-63

256

LRGAG-22-120

610014

2328144

1319

50

-68

297

LRGAG-22-121

610141

2328156

1329

50

-56

234

LRGAG-22-122

609993

2328421

1259

50

-77

253

LRGAG-22-123

610141

2328185

1325

50

-60

173

LRGAG-22-124

610057

2328341

1282

50

-61

202

LRGAG-22-125

609956

2328624

1267

50

-78

210

LRGG-22-228

610432

2327584

1263

50

-53

270

LRGG-22-229

610243

2327712

1236

50

-56

164

LRGG-22-230

610337

2327788

1256

50

-60

190

LRGG-22-231

610312

2328038

1299

50

-44

77

LRGG-22-232

610384

2327771

1264

50

-45

150

LRGG-22-233

610396

2327552

1251

50

-55

305

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.

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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