Trading Symbol: TSX-V: GGD
Shares Issued: 128,288,331
HALIFAX, Nov. 1, 2012 /CNW/ - GoGold Resources Inc. (TSXV: GGD) is pleased to announce that the Company has discovered several zones of high grade silver mineralization in a number of structures at its Europa Target Zone within the San Diego project in Durango State, Mexico. Mapping has identified eight main structures, some up to 1.2 kilometers in length, ranging between 2 and 10 meters in width. Initial sampling of these structures has identified numerous high grade zones within the structures.
The highlights of trench channel assays received include Trench SDL -903 which returned 10 meters of 346.7 silver Eq. (0.62 gold and 318.2 silver) including 4 meters of 586.2 g/t silver Eq. (0.67 g/t gold and 555.2 g/t silver), Trench SDL- 904 returned 6 meters of 346.5 silver Eq. (0.33 g/t gold and 331.5 g/t silver) including 4 meters of 473.7 silver Eq. (0.47 g/t gold and 452.3 g/t silver), Trench SDL-901 returned 6 meters of 146.6 g/t silver including 4 meters of 202.4 g/t silver, and Trench SDL- 909 returned 4 meters of 451.5 g/t silver.
Table 1 - Highlights of Channel Sampling
|Sample||Interval (m)||Ag g/t||Au g/t||Silver Equivalent g/t|
|SDL - 901||4||202.4||-||202.4|
|SDL - 903||10||318.2||0.62||346.7|
|SDL - 904||6||331.5||0.33||346.5|
|SDL - 909||4||451.5||0.07||455.0|
|SDL - 927||2||587.74||1.08||637.2|
|SDL - 928||2||185.87||0.03||187.12|
Selected assay results: Silver/Gold ratio of 46:1 used for Silver Equivalent, metallurgical recoveries and net smelter returns are assumed to be 100%
The Europa discovery is a third area of high potential for resource development within the San Diego project. With only about 10% of the 71,495 hectare project systematically mapped and sampled to date, the discovery of three zones of significant mineralization identified thus far bodes well for the discovery of more areas within this prospective land package as exploration continues. The other two mineralized discoveries made to date are the Chispa De Oro and Breccia Hill areas where the Company has previously released some very exciting silver, gold and copper drill intercepts.
Table 2 - Previously Released Drilling Highlights from Breccia Hill
|Drill Hole||From (m)||To (m)||True Width (m)||Au (g/t)||Ag (g/t)||Gold Equivalent* (g/t)|
Note: Silver / Gold ratio of 46:1 used for Gold Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%. Source: October 25, 2011 and January 17, 2012 GoGold Resources Press Releases. See Press Releases for Location, Azimuth and Dip.
The results from Breccia Hill have been reported as gold equivalents since the dominant precious metal in the results to date is gold. However, the results below from the Chispa De Oro have been reported as silver equivalents due to silver being the dominant precious metal found in the area to date.
Table 3 - Previously Released Drilling Highlights from Chispa De Oro
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Copper (%)||Silver Equivalent* (g/t)|
Note: *Silver / Gold ratio of 46:1 used for Silver Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%. Source: March 22, 2012 and October 04, 2012 and October 11, 2012 GoGold Resources Press Releases. See Press Releases for Location, Azimuth and Dip. Orientation of the mineralization is not yet understood.
A fourth target area has been identified south of Breccia Hill. The company has completed a large systematic soil sampling program and geophysical survey which has resulted in the discovery of a 1 kilometer by 1 kilometer strong copper in soil anomaly with a corresponding IP anomaly.
Terry Coughlan, President and CEO stated, "The San Diego claim group is developing into a very exciting multiple target district as we continue to explore and expand the scope of geological work on the multitude of mineralized prospects on the project."
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 of 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.
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,
Sean Tufford, Vice President, Corporate Development
GoGold Resources Inc.,
T: 902 482-1998
F: 902 442-1898
Email : email@example.com
Or visit : www.gogoldresources.com