November 20, 2019
Trading Symbol: TSX: GGD
Shares Outstanding: 185,985,961
GoGold Intersects 26m at 2.97 g/t Gold Equivalent Including 4m at 14.16 g/t Gold Equivalent
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 10 new diamond drill holes at the Los Ricos project, with 4 holes in the Main area, 4 holes in the San Juan area and 2 in the southern area of the project.
Hole LRGG-19-056, drilled in the Main area, intersected 26.0m at 296.0 to 325.0m, averaging 2.97 g/t gold equivalent or 222.8 g/t silver equivalent, made up of 0.50 g/t gold and 185.5 g/t silver, including 4.0m of 14.16 g/t gold equivalent. Historical workings of 3.0m were encountered in this hole. This is the second deepest hole drilled at the Los Ricos project to date, eclipsed by hole LRGG-19-061 which intersected 18.0m of 0.80 g/t gold equivalent from 324.4 to 349.2m, although 6.8m within this intersection included void due to historical underground workings.
“Holes 56 and 61 are the deepest holes drilled to date at Los Ricos, and shows the project continues to be open at depth with strong mineralization. We still see a broader mineralized zone of over 20 metres at these depths which may be amenable to deeper bulk mining and also shows a high-grade core within these broader zones which may represent underground mining targets,” said Brad Langille, President and CEO.
Hole LRGG-19-063 was drilled in the Main area and intersected 24.5m at 98.0 to 122.5m, averaging 1.67 g/t gold equivalent or 125.1 g/t silver equivalent, made up of 0.53 g/t gold and 85.3 g/t silver, including 5.3m of 4.96 g/t gold equivalent. No historical workings were encountered.
Hole LRGG-19-069 was drilled in the San Juan area and intersected 16.3m of 2.48 g/t gold equivalent from 107.0 to 128.5m, consisting of 1.11 g/t gold and 103.0 g/t silver. This hole encountered voids due to historical workings totalling 5.3m. Included in this intersection was 3.0m of 8.24 g/t gold equivalent or 618 g/t silver equivalent.
Hole LRGG-19-068 was drilled in the south end of the Main area and intersected 7.8m from 161.9 to 169.7m, averaging 3.07 g/t gold equivalent or 230.1 g/t silver equivalent, consisting of 0.92 g/t gold and 161.1 g/t silver, including 3.2m of 6.96 g/t gold equivalent. The hole is along the southern edge of mineralization found at the project and is more than 100m deeper than hole LRGG-19-009 which intersected 21.2m of 24.6 g/t gold equivalent (per press release dated May 14, 2019).
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_20191120.pdf
Table 1: Drill Hole Intersections
- Not true width
- AuEq and AqEq converted using a silver to gold ratio of 75:1
- Excludes 3.0m of open stopes from historical underground workings
- Excludes 6.8m of open stopes from historical underground workings
- Excludes 5.3m of open stopes from historical underground workings
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.