September 23, 2010
Shares Issued: 16,916,666
GOGOLD RESOURCES INITIATES EXPLORATION PROGRAM AT ITS RAMBLER PROJECT, NEWFOUNDLAND, CANADA
GoGold Resources Inc. (GGD-TSXV)(“GoGold” or the “Company”) has initiated an exploration program on its Rambler gold-copper project in Newfoundland Canada. The project is located approximately 9 kilometres southeast of the town of Baie Verte and consists of 85 claims covering 21.25 square kilometers. The claim block contains three past producing mines and is adjacent to the Ming Mine, owned by Rambler Metals and Mining Canada Ltd., which has recently received permits to construct the mine.
The Rambler deposits belong to the gold-rich class of Volcanogenic Massive Sulphide (VMS) deposits which contain base metal sulphides (mainly copper and zinc with lesser lead) and significant amounts of gold and silver. A number of promising exploration targets have been outlined by previous work on the project. This work found anomalous to high grade gold and copper values on a number of prospects throughout the property which have not been fully tested.
Previous historic drilling at the Main Rambler Mine intersected significant gold mineralization with intervals of up to 6.9 metres grading 15.76 grams per tonne gold (gpt), including 1.5 metres of 52.44 gpt gold in the unmined footwall zone.
Highlights of previous drilling:
MZ 88-6 6.6 metres of 3.77 gpt gold;
MZ 88-32b 10.3 metres of 4.45 gpt gold;
MZ 88-23 6.0 metres of 8.91 gpt gold and 6.9 metres of 15.76 gpt gold.
These intercepts are within a known “Footwall Gold Zone” at the Main Rambler mine that starts at surface, extends to at least 520 metres and is open down plunge. The gold zone is adjacent to the underground workings which may allow for lower cost of development in the future if it is determined to be economic. A Historic study (NOT 43-101 COMPLIANT) (Caution: The issuer has not done the work necessary to verify the classification of the resource or reserve, the issuer is not treating them as a NI 43101 defined resource or reserve verified by a qualified person, and the historical estimate should not be relied upon) was done in 1997 that determined that 71,000 ounces were present, using 20% dilution factor and 80% recovery at a gold price of US$380. At the time it was not considered economic. With today’s higher gold prices and potential to expand the size of the deposit management believes that potential exists for this zone to be significant.
Exploration at Rambler has commenced this week and will include an initial reinterpretation of a geophysics program that was completed in 2008. The historic diamond drilling will be digitized and interpreted to better understand the mineral distribution and to produce a 3-D model of the existing gold zone at the Main Mine, East Mine and The Big Rambler Pond Deposit. Ground prospecting and sampling has commenced on the numerous other prospects as well. In particular, the Hill Bog showing which was subject to a previous drill program. Hole HB89-7 was reported to have intersected 2.5 feet of 1.06 ounces per ton (36.34 gpt) gold and 1.42% copper in a zone of 25 feet of pyrite mineralization associated with siliceous and quartz-phyric sericitic schists.
In phase two of the exploration program if warranted, approximately 1000 metres of diamond drilling will test the highest-priority targets. This will likely start as soon as phase one is completed.
All technical information contained in this release can be found in a report named Technical Report on the Rambler Property, Newfoundland, Canada License 9060M for GoGold Resources Ltd. which can be found on SEDAR or on our web site at www.gogoldresources.com under the project section.
Terence F. Coughlan P.Geo is a qualified person as defined by National Instrument 43-101 and has reviewed the technical information reported in the news release for accuracy.
Forward Looking Statement
Certain information regarding GoGold contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although GoGold believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. GoGold cautions that actual performance will be affected by a number of factors, many of which are beyond GoGold’s control, and that future events and results may vary substantially from what GoGold currently foresees.
For further information please contact:
Terry Coughlan, President
or Dan Whittaker, CFO
Gogold Resources Inc.
T: 902 482-1998
F: 902 442-1898.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.