GoGold Intersects 11.2m of 625 g/t Silver Equivalent and 3.0m of 1,271 g/t Silver Equivalent

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NEWS RELEASE

Apr 22, 2020
PR #19-2020
Trading Symbol: TSX: GGD | OTCQX: GLGDF
Shares Outstanding: 222,106,496


GoGold Intersects 11.2m of 625 g/t Silver Equivalent and 3.0m of 1,271 g/t Silver Equivalent


Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 12 diamond drill holes that continue to increase the potential size of the Los Ricos South Project in the Company’s Los Ricos district.

Hole LRGG-20-136 was drilled on section 400N in the Main area of the project and intersected the Los Ricos quartz vein from 162.6 to 173.8m.  The 11.2m intersection averaged 625 g/t silver equivalent, which consisted of 358 g/t silver and 3.56 g/t gold.

“As additional assays come in from our exploration program at Los Ricos South, we continue to be pleased with the results.  Hole 132 includes one of our widest intercepts, at close to 50 metres, while also showing a very high-grade core of 3 metres of 1,270 g/t silver equivalent,” said Brad Langille, President and CEO. “We also have strong results near surface from hole 135, and good results from others including 133 and 137 which we believe will help to increase the number of silver equivalent ounces in our future resource.”

Hole LRGG-20-132 was drilled on section 625N in the Main area and intersected 49.4m, from 321.9 to 371.2m, of 111 g/t silver equivalent, consisting of 80.3 g/t silver and 0.41 g/t gold. The intersection included 3.0m of 1,271 g/t silver equivalent.

Hole LRGG-20-135 was drilled on section 500N in the Main area of the project and intersected 22.6m at surface averaging 212 g/t silver equivalent, made up of 133 g/t silver and 1.06 g/t gold. The intersection included 11.3m of 297 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/LosRicos_LongSec_20200422.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-20-130 Main 575N Abandoned in hanging wall above Los Ricos Vein due to fault
LRGG-20-131 Main 500N Abandoned due to excessive hole deviation
LRGG-20-132 Main  625N 321.9 371.2 49.4 0.41 80.3 1.48 111
  including   340.4 343.4 3 5.42 864.8 16.95 1,270.90
LRGG-20-133 Main3 500N 230.6 270 36.4 0.36 81.6 1.45 108.7
  including   240 247.5 7.5 1.15 202.5 3.85 288.4
LRGG-20-134 San Juan 775N 0 14.5 14.5 0.3 51.2 0.99 73.9
LRGG-20-135 Main4 500N 0 25.6 22.6 1.06 132.6 2.82 211.8
  including   12 23.3 11.3 1.29 200.1 3.96 296.6
LRGG-20-136 Main 400N 162.6 173.8 11.2 3.56 358.4 8.34 625.2
LRGG-20-137 Main 525N 34.25 48.15 13.9 0.91 185.2 3.38 253.6
LRGG-20-138 Main5 525N 211.9 223.9 9 0.13 67.8 1.03 77.5
LRGG-20-139 Main6 725N 13.5 36.1 21.6 0.2 82 1.29 96.9
LRGG-20-140 Main 175N 176.9 198.4 21.5 0.12 25 0.45 34
LRGG-20-141 Main 525N 222.5 231 8.5 0.34 58.9 1.12 84.1
  1. Not true width
  2. AuEq and AqEq converted using a silver to gold ratio of 75:1
  3. Excluding 3.0m of open stopes from historical underground workings.
  4. Excluding 3.0m of open stopes from historical underground workings.
  5. Excluding 3.0m of open stopes from historical underground workings.
  6. Excluding 1.0m of open stopes from historical underground workings.

 

Table 2: Drill Hole Locations  

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGG-20-130 610235 2327646 1226 50 -65 249
LRGG-20-131 610699 2327950 1478 230 -41 217.5
LRGG-20-132 610216 2327695 1224 50 -75 391
LRGG-20-133 610699 2327937 1478 230 -45 270
LRGG-20-134 610361 2328012 1302 50 -20 30
LRGG-20-135 610540 2327804 1311 50 -20 72
LRGG-20-136 610471 2327615 1278 50 -50 230.3
LRGG-20-137 610519 2327818 1309 50 -20 67.5
LRGG-20-138 610378 2327688 1260 50 -70 260.4
LRGG-20-139 610384 2327966 1303 50 -20 42
LRGG-20-140 610660 2327480 1241 50 -65 202.9
LRGG-20-141 610675 2327950 1474 230 -45 235.5

 

Los Ricos Exploration Projects

Drilling at the Los Ricos projects is temporarily suspended due to COVID-19 to ensure the safety of the Company’s employees, contractors, and surrounding communities, in compliance with the Mexican Federal government’s mandate that all non-essential business temporarily suspend activities.  The Company continues to receive assaying results on drill holes completed previous to the suspension of drilling, which are in the assaying process.

The Company’s two exploration projects at its Los Ricos property are 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 in March 2020 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.