|Trading Symbol:||TSX: GGD|
|Shares Issued:|| 128,288,331
HALIFAX, April 11, 2013 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold") is pleased to announce drilling results from the recently discovered Las Europas underground target within GoGold's San Diego Project in Durango, Mexico. Seven exploratory holes were drilled to test below previously released trenching results (see press release dated February 13, 2013).
Highlights from recent drilling at Las Europas include hole GGS-66 with 7 meters true width of 938 g/t silver and hole GGS-71 with 4 meters true width of 472 g/t silver, which correlate with the surface sampling. Mapping has identified eight main structures, with some of these structures extending up to 1.2 km in length and ranging from 2 meters to 10 meters in width. Based on the initial trench samples previously released, high grade zones have been identified within these structures. Highlights from previously released trenching at this new target zone include:
- Trench SDL-903 which returned 10 m of 318.2 g/t silver and 0.62 gold including 4 m of 555.2 silver and 0.67 g/t gold;
- Trench SDL-904 returned 6 m of 331.5 g/t silver and 0.33 g/t gold including 4 m of 452.3 g/t silver and 0.47 g/t gold;
- Trench SDL-901 returned 6 m of 146.6 g/t silver, including 4 m of 202.4 g/t silver; and
- Trench SDL-909, returned 4 m of 451.5 g/t silver.
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 in the San Diego area systematically mapped and sampled, the discovery of three distinct zones of significant mineralization bodes well for discovery of additional areas within this prospective land package. The other two areas of confirmed significant mineralization are Chispa De Oro and Breccia Hill, areas where GoGold has released multiple exciting silver, gold and copper drill intercepts to date.
Table 1: New Drilling Results:
|Drill Hole||From (m)||To (m)||Interval (m)||True Width (m)||Gold g/t||Silver g/t|
Note: Metallurgical recoveries and net smelter returns are assumed to be 100%.
Table 2: Coordinates of the New Las Europa drill holes:
Drilling was completed using NQ size diamond drill core. Core was logged by employees of the Company. During the logging process mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site.
Lab Preparation and Assay
Sample preparation and assays are performed by Activation Laboratories Ltd. ("Actlabs"). Actlabs is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of GoGold. The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent of the pulp passing Tyler 150 mesh (106μm).
The pulps are assayed for gold/silver using a 30 g charge by fire assay (Codes 1A2) and over limits greater than 3 g/t are re-assayed using a gravimetric finish (Code 1A3). Silver analysis is performed using atomic absorption spectrometry (Code ME-AR) after multi-acid digestion. Over limit values greater than 100 g/t silver are re-assayed using fire assay with a gravimetric finish (Code 8-Ag). Copper, lead, zinc and other element analysis is completed using the ICP-41 (Code 1E3DD) for all the other elements.
Quality Assurance/Quality Control and Data Verification
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the drill core 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 quality assurance and quality control ("QA/QC") protocols.
Mr. Ramon Luna, P.Geo, an independent contractor and project manager of the San Diego Project who is not independent of GoGold, is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects and has approved the scientific and technical information in this release.
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 potential mineralization and reserves, exploration results, and future plans and objectives of GoGold, 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, and the accuracy of mineral resource estimates. 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 risks detailed herein, 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 are made as of the date of this release and GoGold does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
No regulatory authority has approved or disapproved the adequacy or accuracy of this news release.
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