November 6, 2019
Trading Symbol: TSX: GGD
Shares Outstanding: 185,985,961
GoGold Drilling Extends Continuous Mineralization over 1 kilometre in the Main Zone at Los Ricos
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 4 new diamond drill holes including three more step out holes testing the El Troce area, and one from the Main area. Holes LRGG-19-058, 059, and 060 were completed at the El Troce area located 500 metres northwest of the Los Ricos Main mine area.
“Hole 60 is the furthest we’ve stepped out west of the Main area, which is over a kilometre from our southernmost hole in the Main area. With these holes we’ve drilled at El Troce, we’ve seen continuous mineralization for over a kilometre through the Main, San Juan and El Troce areas, which form one continuous structure,” said Brad Langille, President and CEO. “Our deepest hole along this continuous structure is over 300m deep, with historical workings extending down dip to over 850m.
Hole LRGG-19-059 was drilled in the El Troce area and intersected 11.0m at from 10.5 to 24.6m, averaging 2.72 g/t gold equivalent made up of 0.94 g/t gold and 133.7 g/t silver. The hole intersected 3.1m of historical underground workings. Included in the intersection was 3.5m of 5.65 g/t gold equivalent, comprised of 1.95 g/t gold and 277.2 g/t silver, and 1.8m of historical underground workings were encountered.
Hole LRGG-19-060 was drilled in the El Troce area and is the farthest hole stepped out to date, and over a kilometre from the southernmost hole in the Main area. The hole intersected 16.0m at surface from 0 to 16.0m, averaging 1.19 g/t gold equivalent made up of 0.32 g/t gold and 65.5 g/t silver, including 3.0m averaging 2.98 g/t gold equivalent made up of 0.83 g/t gold and 161.8 g/t silver.
Hole LRGG-19-057 was drilled to test the Los Ricos vein in the Main area. The hole intersected 14.1m from 230.4 to 244.5m down the hole and averaged 2.65 g/t gold equivalent made up of 0.91 g/t gold and 130.6 g/t silver; including a 5.3m interval averaging 5.50 g/t gold equivalent made up of 2.14 g/t gold and 252.5 g/t silver. No historical underground workings were encountered in the hole.
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_20191106.pdf
Table 1: Drill Hole Intersections
- Not true width
- AuEq and AqEq converted using a silver to gold ratio of 75:1
- Excludes 3.1m of open stopes from historical underground workings
- Excludes 1.8m of open stopes from historical underground workings
- Assays for hole LRGG-19-056 are pending.
Table 2: Drill Hole Locations
In mid-October 2019, GoGold completed the Phase 1 diamond drilling program consisting of 10,000 m of HQ size diamond drill core that began in March 2019. The Phase II program has started and a third drill machine was added to the program.
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.