GoGold Drills 21.0m Averaging 3.33 g/t Gold Equivalent at San Juan and Expands Drilling Program

NEWS RELEASE

October 2, 2019
PR #26-2019
Trading Symbol: TSX: GGD
Shares Outstanding: 185,823,461


GoGold Drills 21.0m Averaging 3.33 g/t Gold Equivalent at San Juan and Expands Drilling Program


Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) is pleased to release the assay results from hole LRGG-19-048, the latest hole completed on the San Juan area located 400 metres to the northwest of the Los Ricos Main mine area.  Hole LRGG-19-049 was drilled at the northern end of the Main mine area.

Hole LRGG-19-048 intersected 21.0m of the Los Ricos vein from 89.1 to 110.1m down the hole and averaged 3.33 g/t gold equivalent made up of 1.38 g/t gold and 145.9 g/t silver; including a 5.0m interval averaging 10.2 g/t gold equivalent made up of 4.36 g/t gold and 436.2 g/t silver.  No historical underground workings were encountered in the hole. 

“We are encouraged with these new high grade assay results at San Juan.  Hole 48 was drilled to test about 50m up dip from our San Juan discovery hole LRGG-19-030 and is quickly demonstrating the potential for near surface mineralization.  We have now tested San Juan 200m down dip from surface and our drilling program will continue to focus on the extent of this newly discovered potential ore shoot down dip and along strike,” stated Brad Langille, President and CEO.  “We’ve expanded our drilling program with the addition of a third drill rig.”

The Company’s initial drilling program, which began in March, was planned for 10,000 metres of drilling.  As of today, the drilling program has exceeded 8,700 metres, and the Company intends to continue drilling well past the 10,000 metre mark due to the strength of the results achieved to date.  A third drilling rig was added to the project last week.

Detailed intersections are listed in Table 1, and the hole locations are shown in Table 2.  A longitudinal section summary of all the holes drilled at Los Ricos to date is available at https://gogoldresources.com/component/rsfiles/preview?path=diagrams%252FLosRicos_LongSec_20191002.pdf

 

Table 1:  Drill Hole Intersections

Hole ID Area From (m) To (m) Length1 (m) Au (g/t) Ag (g/t) AuEq2 (g/t)
LRGG-19-047 San Juan 83.5 97.5 14 0.16 23.5 0.47
LRGG-19-048 San Juan 89.1 110.1 21 1.38 145.9 3.33
  including 89.1 99 9.9 2.76 258.6 6.21
  including 91 96 5 4.36 436.2 10.17
LRGG-19-049 Main 7.9 20.1 12.2 0.1 47.3 0.73
  Main 39 51 12 0.76 108.4 2.21
  Including 40.2 47.5 7.3 1.02 155.6 3.1
  1. Not true width
  2. AuEq converted using a silver to gold ratio of 75:1

 

Table 2: Drill Hole Locations

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGG-19-047 610241 2327994 1435 50 -45 250.5
LRGG-19-048 610266 2327933 1450 50 -45 147
LRGG-19-049 610506 2327840 1492 50 -45 81

 

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:
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.