GoGold Intersects 9.5m at 430 g/t Silver Equivalent at Los Ricos South Project

NEWS RELEASE

March 10, 2020
PR #10-2020
Trading Symbol: TSX: GGD | OTCQX: GLGDF
Shares Outstanding: 222,025,246


GoGold Intersects 9.5m at 430 g/t Silver Equivalent at Los Ricos South Project


Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 11 diamond drill holes at the South Project in the Company’s Los Ricos district project, including two at San Juan and nine in the Main area.

Hole LRGG-20-106 was drilled on Section 775N in the San Juan area of the project and intersected the Los Ricos quartz vein from 101.1 to 122.0m.  The vein averaged 219 g/t silver equivalent or 2.92 g/t gold equivalent, made up of 118 g/t silver and 1.35 g/t gold over 21.0 metres and included 9.5 metres of 430 g/t silver equivalent, or 5.73 g/t gold equivalent.

“We’ve increased the pace of drilling at the Los Ricos South Project and continue to hit wide intercepts of good grade.  We’ve released the results of our first short holes along the el Abra outcrop which confirm grade starts at surface, including hole 102 which showed 10.7m of 235 g/t silver equivalent,”  said Brad Langille, President and CEO.  “At the Los Ricos North Project, we are mobilizing and completing preparatory work for our upcoming drilling campaign (as announced February 20, 2020 per PP#07-2020).”

Hole LRGG-20-101 was also drilled on section 775N in the San Juan area of the project and intersected 33.8 metres from 120.8 to 154.5m of 156 g/t silver equivalent or 2.08 g/t gold equivalent.  Included in the intercept was 5.0m of 617 g/t silver equivalent.

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_20200310.pdf

 

Table 1:  Drill Hole Intersections

Hole ID Area Section From
(m)
To
(m)
Length1
(m)
Au
(g/t)
Ag
(g/t)
AuEq2
(g/t)
AgEq2
(g/t)
LRGG-20-101 San Juan 775N 120.8 154.5 33.8 0.54 115.9 2.08 156
  including   146.5 151.5 5 2 466.9 8.22 616.6
LRGG-20-102 Main 300N 0 10.7 10.7 1.05 156.2 3.13 234.8
LRGG-20-103 Main 250N 0 17 17 0.28 93.1 1.53 114.4
LRGG-20-104 Main 225N 0 20 20 0.44 88.3 1.61 120.9
LRGG-20-105 Main 150N 2.2 24.6 22.4 0.39 75.8 1.4 105.3
  including   15.4 21.8 6.4 0.81 134.8 2.6 195.3
LRGG-20-106 San Juan 775N 101.1 122 21 1.35 117.9 2.92 219.4
  including   101.1 110.6 9.5 2.83 217 5.73 429.5
LRGG-20-107 Main 125N 6 34 28 0.2 40.6 0.75 55.9
LRGG-20-108 Main 75N 20.9 33.8 12.9 0.79 96.9 2.08 155.8
  stope   33.8 38 4.2        
LRGG-20-109 Main 350N 5.2 21 15.8 0.69 79.5 1.75 131.4
  including   9 12 3 2.61 225 5.61 420.6
  and   27 29.6 2.6 0.39 92.5 1.63 122
LRGG-20-110 Main 375N 0 22 22 0.38 102 1.74 130.3
  including   0 6 6 0.62 191.6 3.17 238
LRGG-20-111 Main 625N 226 232.9 6.9 0.31 49.5 0.97 72.6
  1. Not true width
  2. AuEq and AqEq converted using a silver to gold ratio of 75:1

 

Table 2: Drill Hole Locations   

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGG-20-101 610271 2327937 1276 50 -75 190.5
LRGG-20-102 610663 2327678 1276 50 -20 60
LRGG-20-103 610716 2327624 1266 50 -20 42
LRGG-20-104 610736 2327608 1265 50 -20 51
LRGG-20-105 610792 2327558 1252 50 -20 54
LRGG-20-106 610271 2327937 1276 50 -60 150
LRGG-20-107 610815 2327544 1252 50 -20 60
LRGG-20-108 610845 2327505 1263 50 -20 38.8
LRGG-20-109 610643 2327694 1283 50 -20 51
LRGG-20-110 610623 2327709 1278 50 -20 27
LRGG-20-111 610216 2327695 1224 50 -65 351

 

Los Ricos Exploration Projects

The Company is undertaking two drilling and exploration projects at its Los Ricos property located in Jalisco state, Mexico.  The South Project began in March 2019 and includes the ‘Main’ area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero.  The South Project also includes the Cerro Colorado and Las Lamas targets.  The North Project was launched this month and includes the Monte del Favor, Salomon, La Trini, and Mololoa targets.   

 

Procedure, Quality Assurance / Quality Control and Data Verification

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 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.