January 31, 2012
PR# 2 - 2012
Trading Symbol: TSX-V: GGD
Shares Issued: 60,966,665
GoGold Discovers Further Gold and Silver Mineralization on Surface at Chispa De Oro - High Sulphidation Project in Mexico Now Exceeds 2000 Meters
Terry Coughlan, President and CEO of GoGold Resources Inc. (TSX-V: GGD) is pleased to announce that mapping, sampling and trenching continues to produce encouraging results at Chispa De Oro (San Diego East) as company geologists working at the high sulphidation area have confirmed gold and silver mineralization on surface for over 2000 meters. The company also announces that drilling has commenced at Chispa De Oro with initial results expected in the coming weeks.
Highlights of the most recent surface trenches include: SDL-630 with 36 meters of 0.99 g/t gold equivalent, SDL-648 with 86 meters of 0.83 g/t gold equivalent, SDL-655 with 22 meters of 4.26 g/t gold equivalent, and SDL-772 with 34 meters of 1.78 g/t gold equivalent.
A 2000 meter x 750 meter area of the 3000 meter x 1000 meter alteration zone has been mapped and assayed to date. Additional mapping and sampling of the remaining area continues. The samples were taken in 2 meter intervals and are continuous trenches where the terrain allowed. With such encouraging results to date, this target area has become one of the company’s highest priority targets.
Exploration at Chispa De Oro is focused on a network of high sulphidation, feeder zones, and structures within a 3000 meter x 1000 meter mineralized alteration zone. Chispa De Oro shares many similarities to other high sulphidation epithermal gold and silver deposits around the world including Yanacocha and Tucari in Peru, some of the largest gold deposits in the world. Some of the more significant new trench results can be found in the table below:
Table #1 – Highlights from New Trenches at Chispa De Oro (San Diego East)
*Silver/Gold ratio of 46:1 used for Gold Equivalent.
(Metallurgical recoveries and net smelter returns are assumed to be 100%)
The orientation of the mineralization is not yet determined.
The size and potential of Chispa De Oro’s mineralized area is currently being interpreted by the company’s geological team and further updates will follow as mapping and sampling continues. Should a significant portion of the area be mineralized, Chispa De Oro (San Diego East) has the potential to represent a very large bulk tonnage target at GoGold’s San Diego Project.
The San Diego Project
The geology of the 70,987 hectare San Diego Project contains both high and low sulphidation systems within Andesitic volcanic complex and may have the potential to be underlain by a porphyry or porphyries. Several mineralized intrusive phases and related breccia zones outcrop on the property. In addition to the gold and silver potential of the project, the potential exists for large tonnage porphyry targets as demonstrated by the wide copper and moly… drill intercepts at Breccia Hill.
Sample Protocol and Trench Techniques
Samples were collected on surface and underground with hammer and chisel along a continuous line of exposed rock. Fragments or chip samples from a channel approximately 5cm or less in depth were collected in numbered plastic sample bags, and approximately 2 to 3 kg of rock was collected. Sample intervals are marked on the rock with spray paint along with the sample number. All samples collected by GoGold were supervised by Ramon Luna P.Geo. These samples were bagged, tagged and sealed at the sample site and delivered to ACTLAB in Zacatecas, Mexico.
All samples were processed by method (A.A) Atomic Absorption FAG323 and ICP14. All samples were first assayed by method FAG323 for gold and silver which has detection limits for Au of 3 g/t and Ag 5 g/t. A 30g sample was assayed by Fire Assay with an AAS finish for Au and a gravimetric finish for Ag.
Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the preparation 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)