GoGold Begins Drilling at Los Ricos North
Shares Outstanding: 222,274,246
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, June 11, 2020 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce that they have began drilling at their Los Ricos North project.
The Company has began drilling with one drill rig at the La Trini target, which is included in the Los Ricos North project. The first holes will be drilled using HQ triple tube core drilling equipment to maximize core recoveries at shallow depths and are being laid out to 'twin' historical drill holes completed by Tumi Resources and National Lead. Details of the historical drill holes are included in the table below. The Company's exploration team has located the monuments from these historical holes. Upon completion of the 'twinning' of these holes, the Company expects that the historical data from these holes will then be able to be used in future resource reporting.
The Company expects to add additional drill rigs to the Los Ricos North project in the near future at the La Trini, Mololoa, and Salomon targets.
Table 1: Historical Drill Hole Intersections
Hole ID | Year Drilled | From | To | Length3 | Au | Ag | AuEq4 | AgEq4 |
(m) | (m) | (m) | (g/t) | (g/t) | (g/t) | (g/t) | ||
TRRC-321 | 2005 | 130.0 | 154.4 | 24.4 | 6.4 | 1,629 | 28.1 | 2,109 |
TRRC-061 | 2007 | 8.1 | 26.4 | 18.3 | 3.1 | 150 | 5.1 | 383 |
TRRC-381 | 2007 | 136.2 | 142.3 | 6.1 | 2.8 | 174 | 5.1 | 384 |
T1E.12 | 1971 | 0.0 | 19.7 | 19.7 | 4.9 | 193 | 7.4 | 557 |
T0E.12 | 1971 | 47.2 | 61.3 | 14.1 | 4.9 | 261 | 8.4 | 629 |
T1W.22 | 1971 | 34.7 | 45.2 | 10.5 | 5.7 | 188 | 8.3 | 619 |
1. | Historical drilling data comes from technical report for Tumi Resources Limited dated Jan. 15, 2008, available on SEDAR as filed by Kingsmen Resources Ltd. on Feb. 11, 2008. |
2. | Historical drilling data from 1977 resource report of National Lead. |
3. | Not true width. |
4. | AuEq converted using a gold to silver exchange ratio of 75:1. |
The Company's two exploration projects at its Los Ricos property are in Jalisco state, Mexico. The South Project began in March 2019 and includes the 'Main' area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero. The South Project also includes the Cerro Colorado and Las Lamas targets. The Company is nearing completion of resource drilling at the South Project for its upcoming 43-101 compliant resource calculation. The North Project was launched in March 2020 and includes the Monte del Favor, Salomon, La Trini, and Mololoa targets.
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 project in the state of Chihuahua and has the Los Ricos exploration project 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 Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, 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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