October 25, 2011
PR 15 - 2011
Trading Symbol: TSXV: GGD
Shares Issued: 56,716,665
GoGold Drills 95 Metres True Width of 1.48 g/t Gold Equivalent (AuEq) Within a Larger Polymetallic Zone at its Breccia Hill Open Pit Target in Mexico
Terry Coughlan, President and CEO of GoGold Resources Inc. (TSX-V: GGD), is pleased to announce initial drill results from its Breccia Hill Open Pit Target (San Diego North) at its San Diego Project in Durango, Mexico. The first five holes of the planned 11,000 metre program intersected gold and silver mineralization over significant widths in a breccia that when drilled was discovered to be in a larger polymetallic stockwork zone. Highlights of assay results returned from the gold/silver breccia zone (true widths) include Hole GG5 with 95 metres of 1.48 g/t AuEq; Hole GG2 with 100 metres of 0.92 g/t gold AuEq, including 45 metres of 1.61 g/t AuEq; and, Hole GG1 with 54 metres of 1.05 g/t AuEq. See Table 1 for Gold and Silver results, Table 2 for Copper results and Table 3 for Molybdenum results.
Table 1: Gold and silver results
*Silver/Gold ratio of 46:1 used for Gold Equivalent. (Metallurgical recoveries and net smelter returns are assumed to be 100%)
Of the holes drilled to date, Hole GG2 produced the deepest intercept through the gold/silver breccia zone. GG2 indicates that gold and silver mineralization can be traced vertically 350 metres below Trench #L-001 which returned 59 metres of 0.81 g/t gold equivalent (AuEq) at the top of Breccia Hill (please see the Company’s May 09, 2011 Press Release for Trench Results).
All holes drilled to date intersected significant mineralization (between 20 metres and 447.9 metres of intercept length) of low grade copper and molybdenum within a large stockwork zone in the footwall of Breccia Hill. Drilling was terminated in the stockwork while still in mineralization, thus the true extent of the mineralized zone is unknown. Within the stockwork zone, assays returned higher grade areas which included 20 metre intercept of 0.4% copper in hole GG1 and 199.5 metre intercept of 0.026% molybdenum in hole GG2. Given the discovery of this stockwork footwall zone and the wide zones of copper/molybdenum, the Company has concluded that the mineralized system at Breccia Hill is much larger than first thought. The Company’s geological team has interpreted the style of mineralization to potentially be part of a porphyry system that may be below or adjacent to the breccia hill area (see the Copper and Molybdenum results in Tables 2 and 3 below).
Table 2: Copper results
|Hole||From (metres)||To (metres)||Interval (metres)||Cu%|
True width is not yet determined. The chart represents core intercepts. The orientation of the mineralization is not yet determined. (Metallurgical recoveries and net smelter returns are assumed to be 100%)
Table 3: Molybdenum results
|Hole||From (metres)||To (metres)||Interval (metres)||Mo%|
True width is not yet determined. The chart represents core intercepts.The orientation of the mineralization is not yet determined. (Metallurgical recoveries and net smelter returns are assumed to be 100%)
Table 4: Coordinates of the Initial Five Drill Holes
The Company plans to systematically drill off the Breccia Hill target on 20x25 metre centres with a goal to generate a resource in 2012. The resource will be located on the first of many targets that are being generated by the geological team. The Company also expects to commence a two to three thousand metre drill program on the Chispa De Oro target in November/December. Our geological team believes that the Chispa De Oro alteration zone is high sulphidation system based on rock mineralogy and field observations. With significant results of gold and silver on surface and the belief that this is a high sulphidation system, Chispa De Oro has become a higher priority target for drilling. Further work and diamond drilling on other selected targets are also planned for the upcoming months. Our goal is to demonstrate the potential of this large unexplored region (for more information on the Chispa De Oro target, please see the Company’s press release dated August 10, 2011).
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 current drilling is sampled at 3.0 metre lengths until the stockwork beside the quartz breccia/vein is reached. The sample length is reduced to 1.5 metres when in the stockwork zone, one metre in the quartz breccia/vein section and remains at one metre to the end of the hole.
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.
For further information please contact:
Terence F. Coughlan, President and CEO
Sean Tufford, Vice President -Corporate Development
GoGold Resources Inc.
T: 902 482-1998
F: 902 442-1898
Or visit : www.gogoldresources.com
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.
(Not for distribution to US wire services or for dissemination in the United States of America)