Trading Symbol:TSX: GGD
Shares Issued: 128,288,331
HALIFAX, Feb. 13, 2013 /CNW/ - GoGold Resources Inc. (TSX: GGD), is pleased to announce new drilling results from its Chispa De Oro target at the company's San Diego Project in Durango, Mexico. Highlights include: Hole GGS-064 intercepted 42.05 meters of 190 g/t silver, 1.90% copper, and 0.70 g/t gold which included an intercept of 24.1 meters of 304.65 g/t silver, 2.08% copper and 1.03 g/t gold. Hole GGS-62 returned 31.3 meters of 234.88 g/t silver 0.50% copper and 1.15 g/t gold at a potential open pit target developing at the Chispa South area.
The company intends to define a resource at Chispa South through definition drilling and to continue to define other high grade areas within the San Diego Project that we believe can develop into resources quickly.
Table 1: New Drill Results:
|Drill Hole||From (m)||To (m)||Interval (m)||Silver g/t||Copper %||Gold g/t|
Note: True Widths are not yet determined. Orientation of the mineralization is not yet understood. Metallurgical recoveries and net smelter returns are assumed to be 100%. GGS-59 contained low grade quantities of Ag, Cu, and Au mineralization.
The drills on the property have been moved from the Chispa South location while the company awaits a drilling road permit. Up to this date drilling activity in the area has required helicopter support. Current successful results warrant the construction of a road to greatly reduce the cost of drilling. Construction is expected to take approximately three months to complete. In the meantime, drilling will continue at the Las Europas high grade silver target located approximately four kilometers to the south. Mapping has identified eight main structures some up to 1.2 km in length ranging from 2 to 10 m in width. Initial sampling of these structures has identified numerous high grade zones within the structures. The highlights of this new target zone are trench SDL -903 had 10 m of 318.2 g/t silver 0.62 gold including 4 m of 555.2 silver 0.67g/t gold, trench SDL- 904 had 6 m of 331.5 g/t silver 0.33 g/t gold including 4 m of 452.3 g/t silver 0.47 g/t gold, trench SDL-901 6m of 146.6 g/t silver including 4 m of 202.4 g/t silver, and trench SDL- 909 had 4 m of 451.5 g/t silver highlight the recent discovery. The Las Europas discovery is the third area of high importance for potential resource development within the San Diego claim group. With only about 10% of the 71,495 Hectares San Diego area systematically mapped and sampled the discovery of three zones of significant mineralization identified so far bodes well for the additional discovery of more areas within this perspective land package. The other two areas are Chispa De Oro and Breccia Hill where the company has some very exciting silver, gold and copper drill intercepts to date.
The San Diego project claim group covers a 35 km x 10 km corridor of gold, silver and copper showings and alteration zones which may be related to underlying porphyry systems in the area.
Table 2: Coordinates of the New Chispa South Drill Holes:
The core was either HQ or NQ in size in the surface holes. Holes were started at the larger HQ size and reduced to NQ if necessary. The drilling crew boxes the core and GoGold employees transport it to the core shack. In the core shack the core is geologically logged with sample lengths indicated. When the sample lengths are determined the core is split using an impact splitter with one half of the core being bagged and tagged for assay. The other half is returned to the core trays for storage.
The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs sample preparation facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples. Ninety percent of the pulp will pass Tyler 150 mesh (106μm). The pulps are sent to ActLabs in Canada for analysis for Au/Ag fire assays with a gravimetric finish and ICP-41 for all the other elements. This process is expected to continue as additional drill core continues to arrive.
Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the geological information of this release.
Neither TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX 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