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
“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.
New Drill Results:
|Drill Hole||From (m)||To (m)||Interval (m)||Au g/t||Ag g/t||AgEq46 g/t||Copper %|
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.
Coordinates of the new Chispa De Oro drill holes
Significant Drill Holes from Chispa South
|Drill Hole||From (m)||To (m)||Interval (m)||Copper (%)||Au (g/t)||Ag (g/t)||AgEq46|
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 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 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,
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.