November 7, 2011
PR#16 - 2011
Trading Symbol: TSX-V: GGD
Shares Issued: 56,716,665
GoGold Identifies Significant Widths of Gold Mineralization Resampling Gold Zone at Rambler Project in Newfoundland Canada
Terry Coughlan, President and CEO of GoGold Resources Inc. (TSX-V: GGD), would like to thank the Government of Newfoundland for the $100,000 Junior Company Exploration Program (JCEP) grant and is pleased to announce that confirmation sampling from previous drilling at the Main Mine deposit located at GoGold’s Rambler Property in Newfoundland, Canada is now complete. Confirmation sampling of historic drill holes has provided significant results including holes MZ88-23 with 11.0 g/t gold over 14.78 metres, MZ88-24 with 1.6 g/t gold over 74.95 metres including 10.1 g/t over 8.38 metres and hole MZ89-27 2.3 g/t gold over 34.82 metres including 6.2 g/t gold over 9.11 metres. These and other results suggest the potential for an underground bulk tonnage target. The gold zone starts at surface and extends to a known depth of 570 metres along the foot wall of the Main Mine deposit. In addition four of the five holes GoGold drilled targeted the down dip extension of this gold zone and the previously mined massive sulphide zone. All four holes hit the zone extending it approximately 450 metres past the old workings. Assays are pending and should be received shortly. The Ming Mine to the north has traced similar mineralization down to a depth of 1100 metres in a similarly mineralized horizon in the same stratigraphic setting as the Main Mine deposit. The company is awaiting assays from five holes from the 2011 drilling of IP anomalies along the periphery of the Main Mine deposit.
The Main Mine deposit is one of several northeast plunging VMS style deposits at the former Consolidated Rambler Camp. The mineralized target occurs immediately south of Rambler Metals and Mining PLC Ming deposit which is permitted and is currently under development to go into production. Previous drilling of the area around the Main Mine deposit includes 1988 to 1989 drilling by MPH Consulting Ltd., and later drilling by Ming Minerals in 1995. Both attempts proved the existence of significant widths of gold mineralization as a potential resource, notably along the footwall and down-plunge extension of the deposit, but assay data generated during these operations by a non-certified local lab cannot be relied upon in an NI 43-101 compliant report. As a check on previous assays 872 matching samples of the core previously drilled by MPH and Ming were (re)collected and sent to Accuracy Laboratories Ltd., a certified lab in Thunder Bay, Ontario for analysis. A preliminary comparison has been made by subtracting corresponding Au values (the most significant commodity) from current and previous analysis and averaging the differences. Results indicate an average difference between MPH Consulting Ltd. data and current data of + 25 ppb Au, which is negligible. Analysis of matching samples recollected from the core drilled by Ming Minerals Ltd in 1995 indicate an average difference of + 415 ppb suggesting the previous assays were too high by 0.415 g/t Au. The table that follows reports the original data generated by MPH Consulting Ltd and adjusted data for Ming Minerals Ltd now confirmed by a certified Laboratory.
Table 1: New Certified Laboratory Results Data
|Drill Hole #||From (metres)||To (metres)||Intercept (metres)||Gold g/t||Cu %||Zn %|
Note: Intervals are core intercepts only. True width is estimated assuming an approximate dip in the mineralized horizon of 30° and intersection by a vertical hole, at 86% of apparent widths reported above.
Re-assay data incorporated from MZ88 and MZ89 holes: Grades from the data collected by MPH Consulting Ltd converted from English (troy oz/t per ft) to Metric Units (g/t per m) using a conversion factor of 34.2857 grams per metric tonne (g/t) per troy ounce. Average grades were calculated assuming a 1.0 g/t Au cut off to a minimum width of 3 metres.
Re-assay data incorporated in MZ95 Holes: Grades from the data collected by Ming Minerals Inc. converted from feet to metres and adjusted downward by subtracting 0.415 g/t gold as the average difference between current and previous values. Averages grades calculated using a 1.0 g/t Au cut off to a minimum width of 3 meters.
GoGold’s diamond drilling in 2011 targeting IP Anomalies along the periphery of the deposit and has successfully extended the Main Mine target zone 460 metres down plunge beyond the existing mine workings. Significant widths of what is interpreted to be the Main Mine target zone were intercepted in four of five holes targeting IP Anomalies along the periphery of the deposit including:
DDH 11-001: 310 metres to 415.1 metres = 104.6 metres of Main Mine target zone
DDH 11-002: 325.9 metres to 453.6 metres = 127.76 metres of Main Mine target zone
DDH 11-004: 358.7 metres to 490.2 = 102.5 metres of Main Mine target zone
DDH 11-005: 498.7 metres to 542.3 = 43.6 metres of Main Mine target zone
Assays are currently pending for the these five holes and will be released upon receipt.
Collection and shipment of matching samples was completed under the supervision of a professional geologist registered with the Professional Engineers and Geoscientists of Newfoundland and Labrador in Newfoundland (PEG-NL). The core was cut on site at the government core storage facility in Baie Verte Newfoundland by employees of the Newfoundland and Labrador Department of Natural Resources. All of the samples were collected by hand, bagged and tagged, and shipped to Accurassay Laboratories Ltd in Gambo Newfoundland where they were crushed, prepped for analysis (as pulps), and shipped from Gambo to Accurassay Laboratories Ltd for chemical analyses in Thunder Bay, Ontario.
All core samples were analysed for gold by fire assay and 32 element ICP. Internal QA/QC procedures for all samples at Accurassay include the analysis of a duplicate every 10 samples and crusher replicate every 60 samples. For gold by fire assay (as reported above) furnace batches are made up to include 28 crucibles of which 22 are samples, two are duplicate/replicates, one is a certified reference material, and one is a blank. During the analysis of each fire assay batch the machine calibration is checked for accuracy. Machine drift is monitored at the start and at the end of the analysis.
Mr. James Weick P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the geological technical 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.
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