TSX:GGD

A Canadian-based gold and silver producer
with properties in Mexico

GoGold’s First Hole GGS-18 at Chispa De Oro Intercepts a 110 metre zone which contained a 74.45 metre Interval of 1.89 g/t Gold Equivalent and 54 metres of 1.25% Copper And Chispa De Oro Hole GGS-20 Intercepts 50 metres of 3.85 g/t Gold Equivalent

NEWS RELEASE

March 22, 2012
PR# 5 - 2012

Trading Symbol: TSX-V: GGD
Shares Issued: 61,016,665


GoGold’s First Hole GGS-18 at Chispa De Oro Intercepts a 110 metre zone which contained a 74.45 metre Interval of 1.89 g/t Gold Equivalent and 54 metres of 1.25% Copper And Chispa De Oro Hole GGS-20 Intercepts 50 metres of 3.85 g/t Gold Equivalent


Drilling Discovery - Chispa De Oro “Chispa” (Gold, Silver and Copper)

GoGold Resources Inc. (TSX-V: GGD), is pleased to announce initial drilling results from its high sulphidation Chispa De Oro target at its San Diego Project in Durango, Mexico. The three holes reported from Chispa (See Table 1 below) intersected gold, silver and copper mineralization over significant widths which may be part of a newly discovered silver, gold, copper, molybdenum porphyry system. GoGold geologists have interpreted that the copper zone intersected may be part of supergene enrichment associated with a copper porphyry and is primarily dominated by chalcocite. The copper zone appears to lie near the bottom and below the oxidized gold and silver zones.

This initial drilling on the Chispa De Oro 3.5 kilometre by 1 kilometre alteration zone is very positive and the company believes that further drilling will help define the high sulphidation system and may confirm the presence of a porphyry system. Company geologists are encouraged by the fact that drilling results from both the Chispa De Oro target and the Breccia Hill Open Pit target (See Table 2. below for new drill results from Breccia Hill) display the same porphyry style characteristics. The Chispa De Oro alteration zone and the Breccia Hill Open Pit target are 12 kilometers apart.

Table #1 – Most Recent Drill results- (Chispa De Oro)

Drill Hole
From
(m)
To
(m)
Interval
(m)
Copper %
Au
(g/t)
Ag
( g/t)
Gold Equivalent*
(AuEq) g/t
GGS-18
3.05
77.5
74.45
 
0.24
76.36
1.89
GGS-18
59.6
113.5
53.9
1.25
     
GGS-19
36.4
131
94
 
0.04
54
1.2
GGS-19
26.4
92
65.6
0.45
     
GGS-20
1
51
50
 
0.35
161
3.85
GGS-20
40
54
14
1.07
     

True Widths are not yet determined. Orientation of the mineralization is not yet understood.
*Silver/Gold ratio of 46:1 used for Gold Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%
(Metallurgical recoveries and net smelter returns are assumed to be 100%) The orientation of the mineralization is not yet determined.

 

The San Diego project claim group covers a 35 km x 10 km corridor of gold and silver showings and alteration zones which may be related to underlying porphyry systems in the area. A detailed ground geophysical program is being implemented to better define and direct future exploration on these targets.

The initial drilling continues at the southern portion of Chispa De Oro, and a second drill pad has been prepared one kilometer north of the current drilling location where the Company trench sampled up to 50.63 meters of 1.58 g/t AuEq (0.31 g/t Au / 58.7 g/t Ag) on surface. A third drill pad will be constructed 2.5 kilometres north of the current drill pad where the Company trench sampled 110 metres of 0.50 g/t AuEq (0.16 g/t Au and 15.54 g/t Ag) on surface (see Press Release dated August 10, 2011). The Company has taken 5,128 surface samples from the Chispa De Oro alteration area which has a weighted average grade of 0.34 g/t AuEq (0.12 g/t Au and 9.9 g/t Ag) which includes all mineralized and non-mineralized surface samples taken over a strike length of 3.5 kilometers.

New Drilling Breccia Hill Zone – San Diego North

The Breccia Hill target is located 12 kilometers northwest from the current drilling location at Chispa De Oro. The new holes (Table 2. Below) are from the Breccia Hill Open Pit target and previously released drill holes from this target returned up to 84 metres of 2.43 g/t gold equivalent (1.98 g/t Au and 20.5 g/t Ag) and 95 metres of 1.48 g/t gold equivalent. (1.22 g/t Au and 12.1 g/t Ag) (See Press Releases dated January 17, 2012 and October 25, 2011).

Most Recent Drill Results From Breccia Hill

Table 2: Breccia Hill Zone - Gold, Silver results

Hole
From
(m)
To
(m)
Interval
(m)
True Width
(m)
Au
Ag
AuEq
GGS-12
0
18
18
17
0.07
11
0.31
GGS-12
47.7
85.7
38
36
0.54
4.6
0.64
Including
48.7
59.7
11
10
1.36
7.9
1.53
GGS-12
106.7
114.7
8
8
2.05
5
2.16
GGS-12
175.7
209.7
34
34
0.23
39.4
1.09
GGS-12
253.7
277.7
24
15
0.21
84.8
2.05
GGS-13
98
108.5
10.5
9.5
0.2
7
0.35
GGS-13
133.5
154
20.5
18.5
0.08
42.5
1
GGS-13
182
220
38
34
0.03
13
0.31
GGS-14
37
44
7
6
0.18
4
0.27
GGS-14
62
66
4
3.6
0.4
4
0.49
GGS-14
96.5
116
19.5
17.5
0.37
13
0.65
GGS-14
164
185
21
19
0.16
3.8
0.24
GGS-15
78.7
80.2
1.5
1.35
1.38
9
1.58
GGS-15
134.9
138.7
3.8
3.4
0.96
36
1.74
GGS-15
309.1
309.6
0.5
0.5
0.05
127
2.81

*Silver/Gold ratio of 46:1 used for Gold Equivalent.
Metallurgical recoveries and net smelter returns are assumed to be 100%
GGS-16 and GGS-17 were targeted for copper and molybdenum and were anomalous

 

Additionally, at the Breccia Hill target there were several significant intercepts of copper and molybdenum in what appeared to be a porphyry environment. All holes drilled in this area intercepted copper and moly mineralization see highlights in Tables 3 & 4 below:

Table 3: Breccia Hill Zone - Copper Results

Hole
From
(m)
To
(m)
Interval
Cu%
GGS-13
0
347
347
0.12
Including
187
277
90
0.27

True Widths are not yet determined orientation of the mineralization is not yet understood.
Metallurgical recoveries and net smelter returns are assumed to be 100%

 

Table 4: Breccia Hill Zone - Molybdenum Results

Hole
From
(m)
To
(m)
Interval
Mo%
GGS-13
0
133.5
133.5
0.012
GGS-15
0
419.2
419.2
0.026
Including
249.5
373.2
123.7
0.038

True Widths are not yet determined orientation of the mineralization is not yet understood.
Metallurgical recoveries and net smelter returns are assumed to be 100%

 

Table 5: Coordinates of the Chispa De Oro holes

HOLE_ID
EAST
NORTH
ELEV
AZ
DIP
DEPTH
GGS-018
471052
2576280
765
170°
(-45°)
397.8
GGS-019
471052
2576280
765
170°
(-75°)
470.4
GGS-020
471052
2576280
765
215
(-50)
294

 

Table 6: Coordinates of the Breccia Hill Zone holes

HOLE_ID
EAST
NORTH
ELEV
AZ
DIP
DEPTH
GGS-005
460899
2585236
1770
115°
-45
253
GGS-006
460899
2585236
1770
115°
-70
248
GGS-007
460898
2585235
1771
90
-50
271
GGS-008
460898
2585235
1760
90
-75
200
GGS-009
460898
2585235
1760
99
(-)45°
292.2
GGS-010
460898
2585235
1760
99
(-)60°
496.5
GGS-011
460970
2585190
1740
90
(-)54
334.4
GGS-012
460970
2585190
1740
90°
(-)65°
384.2
GGS-013
461154
2585185
1625
270°
(-62°)
356
GGS-014
461154
2585185
1625
270°
(-73°)
431
GGS-015
461154
2585185
1625
270°
(-85)
998.2

 

Core Samples

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. 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 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 per cent of the pulp will pass Tyler 150 mesh (106μm). The pulps are analysed for Au/Ag fire assays with a gravimetric finish and copper is analysed with atomic absorption 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,
Or,
Sean Tufford, Vice President, Corporate Development
GoGold Resources Inc.,
T: 902 482-1998
F: 902 442-1898

Email : This email address is being protected from spambots. You need JavaScript enabled to view it.
Or visit : www.gogoldresources.com

CAUTIONARY STATEMENT:

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)