HALIFAX, NS, Nov. 17, 2021 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the results of 5 drill holes at El Favor East, 2 at El Orito, 1 at Mololoa and 1 at El Nayar within Los Ricos North. Hole LRGF-21-095 intersected 0.7m of 1,523 g/t silver equivalent ("AgEq") within 13.3m of 139 g/t AgEq. See Table 1 for breakdown of silver and gold values.
Figure 1: El Favor Plan View (CNW Group/GoGold Resources Inc.)
Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)
Figure 3: El Favor – El Orito Long Section (CNW Group/GoGold Resources Inc.)
Figure 4: Los Ricos Overview (CNW Group/GoGold Resources Inc.)
"With these final drill holes, we've reached the data cut-off for our initial Los Ricos North mineral resource estimate, which we expect to release shortly. While the data cut-off for the resources has been hit, the drills continue to progress on the next 100,000 metres which is budgeted for the Los Ricos district through 2022," said Brad Langille, President and CEO. "Today's release includes results from the El Favor East target which continue to extend the discovery to the east. This is one key area where we plan to continue drilling and exploring in our 2022 drilling program."
Table 1: Drill Hole Intersections
Hole ID
Area / Vein
From
To
Length1
Au
Ag
Cu
Pb
Zn
AuEq2
AgEq2
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(g/t)
LRGF-21-084
El Favor East
64.5
69.6
5.1
1.07
193.1
-
-
-
3.65
273.6
and
123.0
129.0
6.0
0.22
105.9
-
-
-
1.63
122.4
and
154.4
158.2
3.8
0.29
88.3
-
-
-
1.47
110.0
El Favor East
228.5
294.6
66.1
0.17
57.7
-
-
-
0.94
70.3
including
228.5
231.7
3.2
1.26
255.8
-
-
-
4.67
349.9
including
270.0
283.5
13.5
0.37
110.6
-
-
-
1.85
138.5
including
270.0
273.0
3.0
1.03
167.3
-
-
-
3.26
244.6
including
278.0
283.5
5.5
0.31
153.9
-
-
-
2.36
177.1
LRGF-21-092
El Favor East
82.8
86.1
3.3
0.46
83.6
-
-
-
1.58
118.4
and
207.0
226.0
19.0
0.43
105.0
-
-
-
1.83
137.1
including
208.4
218.2
9.8
0.79
186.1
-
-
-
3.27
245.6
including
215.6
217.5
1.9
1.91
509.2
-
-
-
8.70
652.2
and
338.6
346.9
8.3
0.22
90.5
-
-
-
1.43
107.2
including
361.2
361.9
0.7
0.29
238.8
-
-
-
3.48
260.9
LRGF-21-094
El Favor East
83.8
92.0
8.2
0.24
76.2
-
-
-
1.26
94.1
including
85.9
88.0
2.1
0.72
226.5
-
-
-
3.74
280.8
and
297.5
309.5
12.1
0.23
85.7
-
-
-
1.37
102.8
including
300.6
305.5
4.9
0.47
169.4
-
-
-
2.73
204.7
including
302.8
304.6
1.8
1.15
337.1
-
-
-
5.65
423.7
including
303.9
304.6
0.7
1.96
543.6
-
-
-
9.21
690.4
LRGF-21-095
El Favor East
72.1
75.0
2.9
0.44
101.1
-
-
-
1.79
134.1
and
233.8
247.0
13.3
0.35
113.0
-
-
-
1.85
139.0
including
244.4
245.0
0.7
3.81
1,236.9
-
-
-
20.30
1,522.6
and
283.7
284.9
1.2
0.56
156.4
-
-
-
2.65
198.6
LRGF-21-097
El Favor East
244.6
248.0
3.4
0.35
130.9
-
-
-
2.09
156.9
and
303.3
304.9
1.6
0.16
87.7
-
-
-
1.33
99.4
LRGO-21-069
El Orito Vein
36.6
52.4
15.9
0.14
96.5
0.02
0.13
0.04
1.52
114.0
including
47.0
48.0
1.0
1.30
640.0
0.02
0.13
0.02
9.90
742.8
LRGO-21-070
El Orito Vein
281.4
311.2
29.8
0.02
10.7
0.10
0.41
2.87
1.68
126.0
including
285.0
294.4
9.4
0.03
18.9
0.11
0.91
5.52
3.14
235.8
LRGM-21-063
Mololoa - Soledad
14.0
20.9
7.0
0.52
141.3
-
-
-
2.41
180.5
including
17.0
19.2
2.2
1.46
396.4
-
-
-
6.75
506.1
LRGNY-21-023
El Nayar - Rubi
200.4
210.8
10.5
0.19
74.3
-
-
-
1.18
88.2
including
202.4
203.2
0.8
1.83
555.0
-
-
-
9.23
692.2
and
216.8
225.7
8.9
0.32
144.4
-
-
-
2.24
168.2
including
216.8
222.2
5.3
0.44
220.1
-
-
-
3.37
252.7
including
216.8
218.3
1.5
1.08
489.0
-
-
-
7.60
570.0
1.
Not true width
2.
AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
Table 2: Drill Hole Locations
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Length
LRGF-21-084
586427
2336782
1313
180
-45
324.0
LRGF-21-092
586552
2336758
1333
180
-45
406.5
LRGF-21-094
586779
2336768
1261
180
-45
356.0
LRGF-21-095
586227
2336793
1373
180
-45
339.8
LRGF-21-097
586627
2336787
1326
180
-45
469.0
LRGO-21-069
583695
2336835
888
210
-58
235.5
LRGO-21-070
583896
2336929
943
210
-66
459.5
LRGM-21-063
584720
2337870
1021
240
-50
83.0
LRGNY-21-023
578306
2344246
825
200
-60
329.4
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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 resource was announced on July 29, 2020 which indicated 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 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 Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, Mololoa, Casados and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The Company plans to drill 10 of these targets as part of its 2021 drilling program which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.
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 Zacatecas, 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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