GoGold Discovers Further Gold and Silver Mineralization on Surface at Chispa De Oro - High Sulphidation Project in Mexico Now Exceeds 2000 Meters

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HALIFAX, Jan. 31, 2012 /CNW/ - Terry Coughlan, President and CEO of GoGold Resources Inc. (TSXV: GGD) is pleased to announce that mapping, sampling and trenching continues to produce encouraging results at Chispa De Oro (San Diego East) as company geologists working at the high sulphidation area have confirmed gold and silver mineralization on surface for over 2000 meters. The company also announces that drilling has commenced at Chispa De Oro with initial results expected in the coming weeks.

Highlights of the most recent surface trenches include: SDL-630 with 36 meters of 0.99 g/t gold equivalent, SDL-648 with 86 meters of 0.83 g/t gold equivalent, SDL-655 with 22 meters of 4.26 g/t gold equivalent, and SDL-772 with 34 meters of 1.78 g/t gold equivalent.

A 2000 meter x 750 meter area of the 3000 meter x 1000 meter alteration zone has been mapped and assayed to date. Additional mapping and sampling of the remaining area continues. The samples were taken in 2 meter intervals and are continuous trenches where the terrain allowed. With such encouraging results to date, this target area has become one of the company's highest priority targets.

Exploration at Chispa De Oro is focused on a network of high sulphidation, feeder zones, and structures within a 3000 meter x 1000 meter mineralized alteration zone. Chispa De Oro shares many similarities to other high sulphidation epithermal gold and silver deposits around the world including Yanacocha and Tucari in Peru, some of the largest gold deposits in the world. Some of the more significant new trench results can be found in the table below:

Table #1 - Highlights from New Trenches at Chispa De Oro (San Diego East)

Sample Line Interval
(meters)
Gold Equivalent
(g/t)*
Gold (g/t) Silver (g/t)
SDL-609 12 0.63 0.18 20.66
SDL-611 18 0.60 0.18 19.33
SDL-614 12 1.40 0.9 22.83
SDL-623 30 1.03 0.21 37.92
and SDL-623 6 0.59 0.14 20.66
SDL-624 20 0.92 0.24 31.2
SDL-625 6 0.61 0.17 20.28
SDL-626 10 0.78 0.29 22.6
SDL-628 68 0.37 0.13 10.88
SDL-630 36 0.99 0.32 30.7
SDL-633 4 1.00 0.36 29.5
SDL-646 12 1.14 0.47 30.66
SDL-647 16 1.64 1.15 22.62
SDL-648 86 0.83 0.3 24.32
SDL-649 22 0.92 0.27 29.9
SDL-651 8 0.75 0.14 28.25
SDL-652 10 0.50 0.14 16.5
SDL-654 10 0.93 0.14 36.2
SDL-655 22 4.26 0.83 157.59
SDL-656 62 0.64 0.123 23.61
SDL-657 14 0.49 0.19 13.57
SDL-659 14 0.66 0.18 22
SDL-660 22 0.45 0.19 12
SDL-662 14 1.76 0.77 45.42
SDL-663 12 0.41 0.12 13.16
SDL-665 8 1.14 0.37 35.5
SDL-666 6 1.22 0.18 48
SDL-667 28 0.87 0.27 27.57
SDL-669 8 0.86 0.2695 27
SDL-676 12 0.52 0.15 17
SDL-677 36 0.46 0.08 17.27
SDL-687 10 0.71 0.28 19.8
SDL-689 20 0.54 0.3 11
SDL-696 8 0.58 0.31 12.25
SDL-698 14 0.52 0.23 13.14
SDL-705 52 0.50 0.14 16.34
SDL-709 48 0.48 0.23 11.45
SDL-714 12 0.44 0.12 14.83
SDL-716 10 0.69 0.32 17
SDL-717 18 1.74 0.62 51.33
SDL-718 14 0.63 0.37 12
SDL-720 6 3.62 3.24 17.33
SDL-724 6 0.67 0.30 17
SDL-725 20 0.34 0.13 9.6
SDL-734 30 0.57 0.09 22.27
SDL-735 30 1.29 0.08 55.44
SDL-736 14 1.29 0.08 55.44
SDL-736 22 0.65 0.07 26.9
SDL-740 34 0.56 0.09 21.7
SDL-758 6 1.06 0.63 19.66
SDL-766 4 0.76 0.61 7
SDL-767 4 0.77 0.29 22
SDL-771 6 0.54 0.16 17.33
SDL-771 46 0.56 0.24 14.71
SDL-772 34 1.78 0.85 42.83
SDL-776 4 1.66 0.70 44

*Silver/Gold ratio of 46:1 used for Gold Equivalent.
(Metallurgical recoveries and net smelter returns are assumed to be 100%)
The orientation of the mineralization is not yet determined.

The size and potential of Chispa De Oro's mineralized area is currently being interpreted by the company's geological team and further updates will follow as mapping and sampling continues. Should a significant portion of the area be mineralized, Chispa De Oro (San Diego East) has the potential to represent a very large bulk tonnage target at GoGold's San Diego Project.

The San Diego Project

The geology of the 70,987 hectare San Diego Project contains both high and low sulphidation systems within Andesitic volcanic complex and may have the potential to be underlain by a porphyry or porphyries. Several mineralized intrusive phases and related breccia zones outcrop on the property. In addition to the gold and silver potential of the project, the potential exists for large tonnage porphyry targets as demonstrated by the wide copper and moly… drill intercepts at Breccia Hill.

Sample Protocol and Trench Techniques

Samples were collected on surface and underground with hammer and chisel along a continuous line of exposed rock. Fragments or chip samples from a channel approximately 5cm or less in depth were collected in numbered plastic sample bags, and approximately 2 to 3 kg of rock was collected. Sample intervals are marked on the rock with spray paint along with the sample number. All samples collected by GoGold were supervised by Ramon Luna P.Geo. These samples were bagged, tagged and sealed at the sample site and delivered to ACTLAB in Zacatecas, Mexico.

All samples were processed by method (A.A) Atomic Absorption FAG323 and ICP14. All samples were first assayed by method FAG323 for gold and silver which has detection limits for Au of 3 g/t and Ag 5 g/t. A 30g sample was assayed by Fire Assay with an AAS finish for Au and a gravimetric finish for Ag.

Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the preparation of this release.

CAUTIONARY STATEMENT:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward-looking statements".  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of GoGold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from GoGold's expectations are exploration risks detailed herein and from time to time in the filings made by GoGold with securities regulators.

 

 

SOURCE GOGOLD RESOURCES INC.

For further information:

Terence F. Coughlan, President and CEO,
Or,
Sean Tufford, Vice President, Corporate Development
GoGold Resources Inc.,
T: 902 482-1998
F: 902 442-1898

Email : sean@gogoldresources.com
Or visit : www.gogoldresources.com

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