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