Aug 22, 2019
Trading Symbol: TSX: GGD
Shares Outstanding: 185,823,461
GoGold Drills 27.5m averaging 2.99 g/t Gold Equivalent at Los Ricos and 11.6m averaging 2.71g/t Gold Equivalent 1,500m Southeast of the Main Zone
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) is pleased to release the assay results from three new diamond drill holes at the Los Ricos Main area and 7 core holes drilled on the Cerro Colorado target located 1500m to the southeast of the Main area.
Drill hole LRGG-19-028 intersected the Los Ricos vein from 34.5m to 62.0m and averaged 2.99 g/t gold equivalent made up of 1.21 g/t gold and 133.5 g/t silver over 27.5m; including an 11.0m interval averaging 6.85g/t gold equivalent made up of 2.93 g/t gold and 293.9 g/t silver.
“Our drilling program continues to show wide intervals of gold-silver mineralization in the Los Ricos vein near surface in the short holes. We are very encouraged that our first step out drilling 1.5km along strike to the southeast has confirmed that the near surface mineralization at Cerro Colorado continues. We are also in the process of step out drilling to the northwest of the main zone expanding on the potential of our 3.2km mineralized zone.” stated Brad Langille, President and CEO.
The Cerro Colorado is located approximately 1500m to the southeast along strike from the historical underground mine at Los Ricos. The mineralization outcrops at surface (see Press Release dated May 30, 2019) and geological mapping shows the continuity of the Los Ricos vein system between Cerro Colorado and the historical mining area. To date, 7 holes totalling 477m of HQ size drill core were completed on 3 drill pads testing an initial 500m strike length along the Cerro Colorado target.
Two holes, LRGC-19-001 and 004 were drilled on the first drill pad located approximately 1400 metres to the south of the Los Ricos mine. Hole LRGC-19-001 intersected from 23.3 to 27.2m, 3.9m averaging 3.95g/t gold equivalent made up of 1.59 g/t gold and 177.3 g/t silver. The hole intersected a fault zone between 9.0m and 23.3m and then immediately entered the Cerro Colorado vein consisting of white-grey quartz carrying pyrite, chalcopyrite, galena and black silver sulphides.
Hole LRGC-19-004 was collared up-dip and intersected from 6.5 to 18.0m, 11.5m averaging 2.71g/t gold equivalent made up of 1.28 g/t gold and 107.2 g/t silver, including 3.7m averaging 7.29 g/t gold equivalent made up of 3.36 g/t gold and 294.6 g/t silver.
Holes LRGC-19-002, 003 and 006 were drilled on drill pad 2 located approximately 300 metres southeast of Fence 1 along the strike of the Cerro Colorado vein. Drill hole LRGC-19-002 cut 3.5m averaging 4.47 g/t gold equivalent made up of 3.27 g/t gold and 90.4 g/t silver from 0.0 to 3.5m. Drill hole LRGC-19-003 intersected the Cerro Colorado vein from 2.0m to 8.5m averaging 1.90 g/t gold equivalent made up of 1.38 g/t gold and 39.0 g/t silver over 6.5m.
Holes LRGC-19-005 and 007 were collared on drill pad 3 located approximately 200m to the northwest of holes LRGC-19-001 and 004 and intersected broad zones of low grade gold and silver mineralization.
“Our first exploration holes are showing the mineralization along the Cerro Colorado quartz vein system has good grades over a strike length of at least 500m. The next phase of our work will be to continue testing the target to locate a high-grade ore shoot in the zone similar to the ones mined at Los Ricos,” stated Brad Langille, President and CEO.
Detailed intersections are in Table 1, and drill holes locations are included in Table 2. Figure 1 provides a 3D view of the Los Ricos property surrounding the historical underground workings at the El Abra zone, with the location of the other zones shown.
Table 1: Drill Hole Intersections
- Not true width
- AuEq converted using a silver to gold ratio of 75:1
- Historical underground working, no sample
Figure 1: Los Ricos Zones 3D View
Table 2: Drill Hole Locations
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 program has now been expanded for additional testing along 3.2 km of the Los Ricos mineralized zone.
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:
T: 416 855 0435
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.