May 07, 2020
Trading Symbol: TSX: GGD | OTCQX: GLGDF
Shares Outstanding: 222,187,746
GoGold Intersects 3.2m of 1,094 g/t Silver Equivalent
Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the assay results from 15 diamond drill holes at the Los Ricos South Project, including 7 at San Juan, 3 at the Main area, and the first 5 reported results from the Las Lamas target.
Hole LRGG-20-155 was drilled on section 600N in the Main area of the project and intersected the Los Ricos quartz vein from 223.7m to 276.0m for an estimated true width of 19.0m of 275 g/t silver equivalent, consisting of 0.89 g/t gold and 208 g/t silver. The intersect included 3.2m of 1,094 g/t silver equivalent.
Hole LRGG-20-152 was drilled on section 800N in the San Juan area and intersected 14.6m of 260 g/t silver equivalent from 15.0 to 29.6m, consisting of 137 g/t silver and 1.64 g/t gold. The intersect also included 9.0m of 385 g/t silver equivalent.
“The drilling at Los Ricos South continues to demonstrate the grade and continuity of this zone, with some grades in excess of 1 kilogram silver equivalent per tonne. Drill hole LRGG-20-152 continues to show more near surface mineralization at the newly delineated San Juan ore shoot,” said Brad Langille, President and CEO. “We’re anticipating restarting our drilling program within the next two weeks as we put on a final push to complete the drilling for our initial resource at Los Ricos South. Restarting of drilling operations is contingent on the Mexican government and complying with all COVID-19 mandates and policies to ensure the safety of our employees, contractors and communities.”
The results from the Las Lamas target are the first five drill holes completed at that target. The Las Lamas target is approximately one kilometre southeast of the Main area. Four of the five holes at Las Lamas intersected mineralization, while the fifth was abandoned in the hanging wall above the Los Ricos Vein due to faulting. Hole LRGG-20-153 was drill at Las Lamas and intersected the Los Ricos quartz vein from 27.0 to 42.7m, for 15.7m of 62 g/t silver equivalent which included 2.2m of 344 g/t silver equivalent, consisting of 83 g/t silver and 3.48 g/t gold.
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_20200513.pdf
Table 1: Drill Hole Intersections
|LRGG-20-150||Las Lamas||350S||Abandoned in HW above Los Ricos Vein due to fault|
|LRGG-20-151||San Juan||750N||Abandoned in HW above Los Ricos Vein due to fault|
|LRGG-20-156||Main||225N||No Significant Mineralization|
- Not true width
- AuEq and AqEq converted using a silver to gold ratio of 75:1
- Excluding 3.0m of open stopes from historical underground workings.
- Estimated true widths are shown
Table 2: Drill Hole Locations
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:
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.