GoGold Announces Excellent Drilling at Los Ricos South, Including Second Best Hole Drilled to Date

2023-05-03 / @newswire

 

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1,519 g/t AgEq over 31.0m within 8.1m of 5,375 g/t AgEq including 0.7m of 47,119 g/t AgEq

HALIFAX, NS, May 3, 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 Deposit, including an exceptionally wide, high grade intercept from hole LRGAG-22-162. The hole intercepted 31.0m of 1,519 g/t silver equivalent ("AgEq"), within 8.1m of 5,375 g/t AgEq which also included a very high grade core of 47,119 g/t AgEq over 0.7m. This is one of the best holes drilled to date within the Los Ricos district. See Table 1 for breakdown of silver and gold values. 

"Our drilling campaign at the Eagle deposit continues to provide us with excellent results, including the exceptional hole 162 which is one of the best holes drilled to date within the Los Ricos district. This hole exemplifies why we believe so strongly in this deposit with very wide, high grade intersections exceeding a kilo and a half of silver equivalent over 31 metres. We continue to intersect exceptional metal values with the drill bit at the Eagle deposit within Los Ricos South," said Brad Langille, President and CEO. "Our team continues to work toward our upcoming updated Los Ricos South Mineral Resource and Preliminary Economic Assessment, which we expect by the end of June."

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-22-162

Eagle

100.7

131.7

31.0

6.07

1,063.9

20.26

1,519.2


including

105.7

113.8

8.1

19.38

3,921.7

71.67

5,375.2


including

107.7

108.4

0.7

144.00

36,319.0

628.25

47,119.0

LRGAG-22-147

Eagle

53.2

99.8

46.6

1.08

40.8

1.63

122.0


including

85.6

99.0

13.4

3.24

76.0

4.25

319.1


including

96.0

96.8

0.8

24.30

45.0

24.90

1,867.5

LRGAG-22-148

Eagle

138.3

143.3

5.0

1.13

137.1

2.96

221.7

LRGAG-22-150

Eagle

209.4

220.7

11.3

6.96

64.9

7.83

587.0


including

211.1

217.4

6.3

12.02

100.0

13.35

1,001.6


including

215.1

216.2

1.1

32.10

157.0

34.19

2,564.5

LRGAG-22-151

Eagle

194.4

201.7

7.3

1.77

74.9

2.77

207.8


including

195.0

196.3

1.3

3.48

154.2

5.54

415.3

LRGAG-22-152

Eagle

73.2

85.3

12.1

0.55

70.6

1.49

111.8


including

83.3

85.3

2.0

1.35

124.3

3.01

225.5

LRGAG-22-153

Eagle

65.1

66.6

1.5

0.35

143.5

2.26

169.8

LRGAG-22-154

Eagle

88.2

92.8

4.6

0.52

113.2

2.03

152.2


including

88.9

89.9

1.0

1.16

202.5

3.86

289.5

LRGAG-22-155

Eagle

205.0

211.0

6.0

1.93

30.4

2.34

175.3


including

205.0

205.6

0.6

9.20

74.7

10.20

764.7


and

229.3

233.6

4.3

2.79

64.8

3.65

273.8


including

231.6

232.6

1.0

8.19

52.1

8.88

666.4

LRGAG-22-156

Eagle

38.4

47.3

9.0

1.86

161.0

4.01

300.9


including

43.9

45.1

1.2

7.59

697.9

16.89

1,266.8

LRGAG-22-157

Eagle

153.1

155.4

2.3

0.46

86.9

1.62

121.6

LRGAG-22-158

Eagle

78.2

102.8

24.6

2.19

137.9

4.03

302.0


including

79.2

88.0

8.8

3.87

340.5

8.41

630.9


including

80.0

80.7

0.8

13.05

2,660.0

48.52

3,638.8

LRGAG-22-159

including

99.1

100.1

1.0

2.71

91.0

3.92

294.3

LRGAG-22-160

Eagle

173.9

175.4

1.5

2.09

176.9

4.45

334.0


and

200.4

202.5

2.2

5.77

50.1

6.44

483.0


and

214.9

227.7

12.9

2.13

70.2

3.07

230.3


including

219.7

220.5

0.8

14.30

255.0

17.70

1,327.5

LRGAG-22-161

Eagle

91.4

124.4

33.0

2.51

338.9

7.03

527.0


including

93.4

103.0

9.6

5.16

945.4

17.76

1,332.0


including

94.8

96.1

1.3

19.58

3,665.4

68.46

5,134.2

1.

Not true width

2.

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

 

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.)

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

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

Figure 3, 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

LRGAG-22-147

610054

2328536

1274

50

-87

155

LRGAG-22-148

610144

2328260

1312

50

-69

175

LRGAG-22-149

610231

2328101

1334

50

-50

160

LRGAG-22-150

609998

2328327

1264

50

-72

271

LRGAG-22-151

610036

2328260

1305

50

-53

258

LRGAG-22-152

610295

2328146

1344

50

-51

115

LRGAG-22-153

610202

2328299

1319

50

-72

110

LRGAG-22-154

610217

2328254

1331

50

-72

128

LRGAG-22-155

609997

2328326

1265

50

-76

304

LRGAG-22-156

610142

2328445

1312

50

-71

105

LRGAG-22-157

610146

2328029

1291

50

-56

193

LRGAG-22-158

610058

2328444

1278

50

-60

126

LRGAG-22-159

610107

2328342

1293

50

-61

177

LRGAG-22-160

610009

2328321

1268

50

-75

294

LRGAG-22-161

610058

2328443

1278

50

-74

156

LRGAG-22-162

610034

2328438

1270

50

-67

162

 

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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