TSX:GGD

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

New Drilling from GoGold Intercepts 124.3 Meters of 51.85 g/t Silver Equivalent (AgEq) and 0.34% Copper also Discovers Thick Zones of Significant Mineralization Along 2.5 km of Chispa De Oro’s Trend

NEWS RELEASE

September 13, 2012
PR# 20 - 2012

Trading Symbol: TSX-V: GGD
Shares Issued: 128,288,331


New Drilling from GoGold Intercepts 124.3 Meters of 51.85 g/t Silver Equivalent (AgEq) and 0.34% Copper also Discovers Thick Zones of Significant Mineralization Along 2.5 km of Chispa De Oro’s Trend


GoGold Resources Inc. (TSX-V: GGD), is pleased to announce new drilling results from the Chispa De Oro target within the company’s San Diego Project in Durango, Mexico. The company has opted to release the results in silver equivalents because silver is the dominant precious metal followed by gold and copper. Thick zones of mineralization were encountered in all four locations including gold, silver, and copper which have been intercepted over significant widths. Hole GGS-032 intercepted 124.3 meters of 51.85 g/t silver equivalent 46:1 (0.10 g/t gold, 47 g/t silver) and 0.34% copper. The new drilling results in this release show indications of a thick horizon of mineralization stretching 2.5 km in length along the 3.5 km trend. The company drilled four locations along the trend which are named “Chispa South”, “Chispa Central”, “Chispa North”, as well as a hole between Chispa Central and Chispa North http://www.gogoldresources.com/index.php/component/rsfiles/view?path=diagrams/Chispa_Long%20Section_web_v2.pdf&Itemid=178 . This new drilling together with the previously released widespread trenching has demonstrated that higher grade zones exist within a large halo of lower grade mineralization which could represent a large tonnage deposit when fully explored.

Highlights from Four New Drilling Locations over 2.5 km of the Chispa De Oro Trend:
(See: Table 1 below for details)

Chispa South

  • GGS-032: 124.3 meters of 51.85 g/t AgEq and 0.34% copper
  • GGS-033: 92.1 meters of 36.87 g/t AgEq and 0.55% copper

Chispa Central

  • GGS-025: 347.2 meters of 15.74 g/t AgEq including
  • 148.1 meters of 23.19 g/t AgEq

Chispa North

  • GGS-030: 342.5 meters of 11.75 g/t AgEqBetween

Chispa Central & Chispa North

  • GGS-031: 179 meters of 21.91 g/t AgEq including
  • 65 meters of 40.21 g/t AgEq

Thick zones were encountered in all four new locations, and the drill has now been returned to the known areas of higher grade at Chispa South where the company had previously drilled GGS-018 which intercepted 74.5 meters of 87.4 g/t AgEq and 54 meters of 1.25% copper. (See Press Release #5 dated March 22, 2012). NewHole GGS-032 intersected 236.7 meters of 29.91 g/t AgEq and 0.21% copper including 124.3 meters of 51.85 g/t AgEq and 0.34% copper also including 18.3 meters of 257.88 g/t AgEq and 1.10% copper. NewHoleGGS-033 in the same area intersected 163.3 meters of 23.75 g/t AgEq including 92.1 meters of 36.87 g/t AgEq and 0.55% copper. The company intends to define a resource at Chispa South through definition drilling and to also continue with step out drilling. The plan is to extend the higher grade zones while continuing to develop the overall Chispa zone.

Drilling at the second location, Chispa Central, located 1.5 km north of Chispa South, the company drilled Hole GGS-025 which intercepted 347.2 meters of 15.74 g/t AgEq including 148.1 meters of 23.19 g/t AgEq and GGS-029 intercepted 51.7 meters of 21.12 g/t AgEq including 19 meters of 41.48 g/t AgEq.

Significant gold and silver mineralization from trenching approximately 1 km north of Chispa Central prompted the company to prepare a third drill pad at “Chispa North” (approximately 2.5 km north of Chispa South). The company drilled Hole GGS-030 which returned 342.5 meters of 11.75 g/t AgEq including 71 meters of 18.67 g/t AgEq indicating a very large mineralized horizon.

The decision was made for a fourth drill hole between Chispa Central and Chispa North where Hole GGS-031 returned 280 meters of 16.67 g/t AgEq including 65 meters of 40.21 g/t AgEq demonstrating that the mineralization may be continuous over the entire zone.

The entire Chispa De Oro area has proven to be a high priority target for further exploration and drilling.  The company previously released (See: Press Release #5 dated March 22, 2012) that 5,128 surface samples from the Chispa De Oro alteration area collectively returned a weighted average grade of 0.34 g/t AuEq. (0.12 g/t Au and 9.9 g/t Ag) This average includes all mineralized and non-mineralized surface samples taken an alteration zone over a strike length of 3.5 kilometers x 750 meters wide zone. The new drill holes in this release are the initial follow up test holes that continued to confirm this mineralization to depth.

President’s Comments

Terry Coughlan, President and CEO stated: “Recent drilling at Chispa De Oro (see Table 1 below) has further identified zones of higher grade within a large halo of lower grade that could represent a very large tonnage deposit when fully explored.  Going forward, the company plans to establish resources in the known higher grade areas first, and then step out drill to further define the Chispa De Oro area.  

Table 1: Most Recent Drill results:

Chispa South

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) AgEq46 (g/t)
GGS-033 7.05 170.3 163.3 0.06 21 0.37 23.75
Including 78.2 170.3 92.1 0.09 33 0.55 36.87
GGS-032 0 236.7 236.7 0.06 27 0.21 29.91
including 0 187.35 187.4 0.08 33 0.26 36.92
including 0 129.5 129.5 0.1 46 0.33 50.15
including 4.8 40.74 35.9 0.13 31 0.46 36.98
including 4.8 129.05 124.3 0.1 47 0.34 51.85
including 109.7 128 18.3 0.28 245 1.1 257.88
GGS-024 19 28 9 0.27 6 - 18.42
and 63.5 68 4.5 0.2 2 - 11.2
and 111.8 117.2 5.4 0.15 27 - 33.9
and 161.8 175.8 14 0.06 9 0.26 11.76
GGS-023 36 110 74 0.04 9 0.34 10.25
including 36 76 40 0.05 14 0.52 16.34
including 54 76 22 0.07 21 0.62 24.11
including 59 76 17 0.08 25 0.56 28.63
GGS-022 43.8 93.8 50 0.07 45 0.11 47.96
including 60.8 93.8 33 0.06 65 0.15 67.34
and 214 276.2 62.2 0.07 28 0.25 30.77
including 214 240 26 0.09 56 0.36 60.08
GGS-021 140.1 148.1 8 0.05 15  - 17.12
and 280.4 301.4 21 0.04 10  - 11.63
and 365 382 17 0.03 9  - 10.51
and 399 407 8 0.14 152  - 158.7

Chispa Central

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) AgEq46 (g/t)
GGS-025 0 347.2 347.2 0.11 11  - 15.74
 including 0 173.2 173.2 0.14 14  - 20.75
 including 25.2 173.3 148.1 0.16 16  - 23.19
 including 25.2 234.7 209.5 0.12 13  - 18.7
GGS-026 0 172 172 0.09 9  - 12.9
including 77.4 112 34.6 0.15 14  - 20.9
GGS-027 0 93.15 93.2 0.23 9  - 19.67
GGS-028 0 93.35 93.4 0.08 6  - 9.75
including 0 46.69 46.7 0.125 7.5  - 13.25
GGS-029 24.75 76.4 51.7 0.18 13  - 21.12
Including 24.75 43.75 19 0.38 24  - 41.48
and 220 244 24 0.35 7  - 23.06

Chispa North

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) AgEq46 (g/t)
GGS-030 45.3 387.8 342.5 0.06 9  - 11.75
including 45.3 116.3 71 0.09 15  - 18.67
including 241.5 327.8 86.3 0.07 12  - 15.51

Hole Between Chispa North & Chispa Central

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) AgEq46 (g/t)
GGS-031 18 298 280 0.11 11  - 16.67
including 119 298 179 0.15 15  - 21.91
including 203 268 65 0.27 28  - 40.21

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

The San Diego project claim group covers a 35 km x 10 km corridor of gold, silver and copper 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.

Table 5: Coordinates of the Chispa De Oro drill holes:

HOLE_ID  EAST  NORTH  ELEV  AZ  DIP  DEPTH
GGS-021 471060 2576288 765 73.6 -50.6 423.25
GGS-022 471060 2576288 765 139.8 -46.5 415.8
GGS-023 471060 2576288 765 143.8 -75.6 437.4
GGS-024 470929 2576291 790 179.5 -45 440
GGS-025 472152 2577388 800 39.9 -55.7 485.2
GGS-026 472152 2577388 800 40 -80 361.8
GGS-027 472152 2577388 800 174.6 -54.6 227
GGS-028 472152 2577388 800 173.3 -79.9 350.2
GGS-029 472152 2577388 800 262.3 -76.5 393.3
GGS-030 472540 2578182 710 326 -59 664.6
GGS-031 472471 2577747 580 87.6 -89 443.6
GGS-032 471154 2576165 695 0 -90 259.9
GGS-033 471126 2576204 723 300 -45 218.2

 

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 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.

Lab Preparation
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.

The sealed and tagged core 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 present 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.

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)