TSX:GGD

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

New Drilling from GoGold’s Chispa South Intercepts 70.1 Meters of 130.8 g/t Silver Equivalent (AgEq) PLUS 1.08% Copper including 22.0 Meters of 109.2 g/t AgEq PLUS 3.37% Copper

NEWS RELEASE

October 4, 2012
PR# 22 - 2012

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


New Drilling from GoGold’s Chispa South Intercepts 70.1 Meters of 130.8 g/t Silver Equivalent (AgEq) PLUS 1.08% Copper including 22.0 Meters of 109.2 g/t AgEq PLUS 3.37% Copper


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. Hole GGS-035 intercepted 70 meters of 130.8 g/t AgEq46 (0.42 g/t gold, 111.5 g/t silver) plus 1.08% copper (starting just 10.35 meters from surface), 22.0 meters of 109.2 g/t AgEq (0.28 g/t Au, 96.3 g/t Ag) plus 3.37% copper was included in the same intercept. Exploration efforts continue to target and further define other high grade areas throughout the San Diego Project with accelerated drilling at Chispa South.

Chispa South Target
The Chispa South Target located within the larger Chispa De Oro 3.5 kilometer mineralized zone has returned significant drill results from an intrusive quartz diorite and injection breccia which is believed to be part of the porphyry system. The breccia and the quartz diorite intrusive are exposed on surface and drilling to date within these rock units has indicated wide intervals of significant silver, gold, and copper grades as shown below.

Significant Drill Holes from Chispa South
(See: Table 1 - new results and Table 3 - previously released for details)

  • GGS-18: 74.45 meters of 86.94 g/t AgEq and 53.9 meters of 1.25% copper
  • GGS-19: 94 meters of 55 g/t AgEq and 65.6 meters of 0.45% copper
  • GGS-20: 50 meters of 177.10 g/t AgEq and 14 meters of 1.07 % copper
  • GGS-032: 124.3 meters of 51.98 g/t AgEq PLUS 0.34% copper
  • GGS-033: 92.1 meters of 36.8 g/t AgEq PLUS 0.55% copper
  • GGS-035: 70.1 meters of 130.8 g/t AgEq PLUS 1.08% copper

President’s Comments
“We are very encouraged by the grade and the width of the intervals at Chispa South and further drill holes will be released as they become available. We are accelerating the work at this target as we interpret the current drilling to be extremely encouraging.”

The company has added an additional drill rig focused on determining the size of the significantly mineralized target at Chispa South. The drilling indicates that the breccia and the quartz dioritic targets within the porphyry environment mentioned above are increasing in volume with additional drilling. The current focus of the company on the overall San Diego Project is one of target generation and discovery drilling outside of Chispa South as well as resource definition drilling at the Chispa South target.

 

Table 1:
New Drill Results:

Drill Hole From (m) To (m) Interval (m) Au g/t Ag g/t AgEq46 g/t Copper %
GGS-034 219.3 323.5 104.2 0.02 11 11.9 0.36%
including 222.7 277.8 55.1 0.02 17 17.9 0.48%
               
GGS-035 10.4 140 129.7 0.21 56.9 66.7 0.65%
including 10.4 80.4 70.1 0.42 111.5 130.8 1.08%
including 58.5 80.4 22 0.28 96.3 109.2 3.37%
               
GGS-036 4.3 11.3 7 0.04 36 37.8 0.01%
and 46.3 60.8 14.5 0.03 9 10.4 0.01%
               
GGS-037 13 19 6 0.11 18 23.1 0.08%
and 157.7 167.2 9.5 0.03 23 24.4 0.15%
               
GGS-038 51.4 78 26.6 0.04 11 12.8 0.03%
and 104 115.4 11.4 0.03 9 10.4 0.04%
               
GGS-039 166 176 10 0.02 14 14.9 0.05%
               
GGS-040 109.3 117.8 8.5 0.02 13 13.9 0.07%
               
GGS-042 4.5 83.5 83.5 0.09 33.4 37.5 0.25%
including 0 47.5 47.5 0.13 43 49 0.28%
including 66.5 83.5 17 0.11 35 40.1 0.32%
               
GGS-043 313.4 432 118.6 0.02 12.6 13.6 0.31%
including 314.5 333 18.5 0.1 70.5 75.1 1.30%
               
GGS-044 0 15 15 0.13 6 12 0.05%
and 31 52 21 0.04 11 12.8 0.17%
and 86.7 91.7 5 0.09 13 16.9 0.05%
and 116 127 11 0.03 11 12.5 0.06%
               
GGS-045 25.1 38.6 13.5 0.03 8 9.4 0.32%
and 52.6 64.6 12 0.08 11 14.7 0.15%
and 92.6 111.6 19 0.05 16 18.3 0.13%
and 166.6 172.6 6 0.03 13 14.4 0.13%
and 265.7 272.9 7.2 0.01 12 12.5 0.44%
and 277.2 291.4 14.2 0.02 21 21.9 0.64%
and 300.1 320.6 20.5 0.02 16 16.9 0.44%
               
GGS-045 265.7 320.6 54.9 0.01 14.2 14.7 0.59%
including 305.1 320.6 15.5 0.01 19.9 20.4 0.96%

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%
GGS-041 was low grade

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 has been completed and interpretation is being implemented to better define and direct future exploration on these targets.

 

Table 2:
Coordinates of the new Chispa De Oro drill holes

HOLE_ID EAST NORTH ELEV Az Dip DEPTH
GGS-034 471125 2576205 721 300 -60 323.5
GGS-035 471052 2576280 776 129.6 -63 263.3
GGS-036 471317 2575884 730 137.8 -55 354.3
GGS-037 471316 2576106 687 316.1 -47 257
GGS-038 471377 2576263 580 311.4 -46 357.3
GGS-039 471199 2576441 585 120 -45 185.1
GGS-040 471201 2576438 608 165.5 -45 257.2
GGS-041 471300 2575988 718 0 -90 332.5
GGS-042 471106 2576116 742 0 -90 463
GGS-043 470984 2576356 740 143.1 -80 443
GGS-044 471216 2576291 668.9 0 -90 200.7
GGS-045 471037 2576196 766.6 0 -90 320

 

Table 3:
Significant Drill Holes from Chispa South

Drill Hole From (m) To (m) Interval (m) Copper (%) Au (g/t) Ag (g/t) AgEq46
GGS-18 3.05 77.5 74.45   0.24 76.36 86.94
GGS-18 59.6 113.5 53.9 1.25      
GGS-19 36.4 131 94   0.04 54 55.2
GGS-19 26.4 92 65.6 0.45      
GGS-20 1 51 50   0.35 161 177.1
GGS-20 40 54 14 1.07      
GGS-32 4.8 129 124 0.34 0.1 47.3 51.98
GGS-33 78 170 92 0.55 0.1 32.8 36.8

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%

 

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.

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.

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.