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

GoGold Drills 23.3m averaging 4.47 g/t Gold Equivalent at Los Ricos

NEWS RELEASE

July 31, 2019
PR #18-2019
Trading Symbol: TSX: GGD


GoGold Drills 23.3m averaging 4.47 g/t Gold Equivalent at Los Ricos


Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) is pleased to release the assay results from five new diamond drill holes at the Los Ricos project located about 100 km northwest of the city of Guadalajara, Mexico.   

Drill hole LRGG-19-022 intersected 23.3m of the Los Ricos quartz vein from 170.4m to 193.7m averaging 1.78 g/t gold, 201.5 g/t silver and 4.47 g/t gold equivalent, including a 10.0m interval averaging 3.58 g/t gold, 389.6 g/t silver and 8.78 g/t gold equivalent.    No workings were encountered in the hole and core recoveries were excellent.  This hole intersected the Los Ricos vein to the north of the prolific North Cinco Minas Stope in the historical underground workings.

Drill holes LRGG-19-023 to 026 are the short holes testing the upper portion of the deposit at intervals of 25m along strike.  LRGG-19-026 intersected an open void where the high grade gold-silver mineralization was mined out.

Drill hole LRGG-19-025 intersected the Los Ricos vein from 34.9m to 59.5m and averaged 1.30 g/t gold, 135.0 g/t silver and 3.10 g/t gold equivalent over 24.6m, including a 15.5m interval averaging 2.00 g/t gold, 203.3 g/t silver and 4.71 g/t gold equivalent.  Core recoveries were excellent and no mine workings were encountered.

Detailed intersections are in Table 1, and drill holes locations are included in Table 2.  A longitudinal section summary of all the holes drilled at Los Ricos to date is available at this link.

 

Table 1:  Drill Hole Intersections

Hole ID Area From
(m)
To
(m)
Length1
(m)
Au
(g/t)
Ag
(g/t)
AuEq2
(g/t)
LRGG-19-022 Main 170.4 193.7 23.3 1.78 201.5 4.47
  including 171.5 181.5 10 3.58 389.6 8.78
LRGG-19-023 Main 34 58 24 0.61 126 2.29
  including 34 48.7 14.7 0.93 200.8 3.61
LRGG-19-024 Main 25 30 5 0.36 30.8 0.77
LRGG-19-025 Main 34.9 59.5 24.6 1.3 135 3.1
  including 34.9 50.4 15.5 2 203.3 4.71
LRGG-19-026 Main 4 9.7 5.7 1.29 201.1 3.98
  Open Stope3 9.7 11.3 1.6 * * *
  Main 11.3 29.5 18.2 0.16 34.5 0.62
  1. Not true width
  2. AuEq converted using a silver to gold ratio of 75:1
  3. 1.6m underground working, no sample

 

Table 2: Drill Hole Locations

Hole ID Easting Northing Elev Azimuth Dip Length
LRGG-19-022 610446 2327659 1462 50 -50 145.4
LRGG-19-023 610792 2327525 1436 50 -45 76.5
LRGG-19-024 610814 2327544 1432 50 -45 60
LRGG-19-025 610770 2327540 1434 50 -45 81
LRGG-19-026 610786 5357567 1432 50 -45 51

 

GoGold commenced a 10,000 m diamond drilling program of HQ size core in conjunction with a field program of geological mapping, sampling and trenching on the property in March 2019.  The core drilling campaign is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property.

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work. 

The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50 gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).

 

Quality Assurance / Quality Control and Data Verification

Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.  All results stated in this announcement have passed GoGold’s QA/QC protocols.

Mr. David Duncan, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

 

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico.  The Company operates the Parral Tailings project in the state of Chihuahua and has the Los Ricos exploration project in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

 

For further information please contact:
Steve Low
Corporate Development
GoGold Resources
T: 416 855 0435
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.