11:46:50 EDT Fri 30 Sep 2022
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
GoGold Resources Inc
Symbol GGD
Shares Issued 265,740,217
Close 2021-03-30 C$ 2.22
Recent Sedar Documents

GoGold drills 1.8m of 1,126 g/t AgEq at Los Ricos North

2021-03-31 06:39 ET - News Release

Mr. Brad Langille reports

GOGOLD DRILLS 1,126 G/T AGEQ OVER 1.8M WITHIN 11.4M OF 275 G/T AGEQ AND 48.6M OF 164 G/T AGEQ AT EL ORITO IN LOS RICOS NORTH

GoGold Resources Inc. has released the results of seven diamond drill holes from the El Orito area in its Los Ricos North project. Hole LRGO-21-016 intersected 11.4 metres of 275 grams per tonne silver equivalent (AgEq) (see the associated table for details including breakdown of zinc, silver and gold values), which included 1.8 m of 1,126 g/t AgEq, containing high values of zinc (18.9 per cent) and lead (10.6 per cent). The El Orito deposit is unique in the Los Ricos district as it is the deeper part of the system where silver and base metals are present, while the other targets in the system to date have shown only silver and gold.

"Our drilling at El Orito within Los Ricos North continues to yield exceptional results that we believe will strengthen the initial resource estimate to be released this year," said Brad Langille, president and chief executive officer. "We continue to invest our free cash flows from Parral into the Los Ricos projects, which we believe will create exceptional value for our shareholders."

                                   DRILL HOLE INTERSECTIONS
  
Hole ID            From       To    Length (1)       Ag       Au       Cu       Pb       Zn  AgEq (2)
                    (m)      (m)           (m)    (g/t)    (g/t)      (%)      (%)      (%)     (g/t)

LRGO-20-011       153.2    179.1          25.9      9.3     0.01     0.04     0.25     0.85      48.1
LRGO-21-013       289.0    309.0          20.0     10.4     0.01     0.03     0.27     1.08      56.4
                  418.6    420.1           1.4     14.0     0.01     0.08     1.29     1.00      87.0
LRGO-21-015       269.8    298.0          28.2     44.9     0.10     0.08     0.58     1.26     115.5
                  285.5    290.4           4.9    106.4     0.33     0.14     0.97     1.91     230.4
LRGO-21-016       136.8    148.2          11.4     26.9     0.06     0.24     2.04     5.20     274.9
                  142.6    146.9           4.3     62.2     0.14     0.60     5.04    10.24     588.8
                  145.1    146.9           1.8    117.8     0.28     1.13    10.59    18.89   1,125.7
LRGO-21-018       197.8    246.4          48.6     34.7     0.05     0.19     1.24     2.36     163.8
                  220.8    227.2           6.4    139.3     0.17     0.82     3.76     6.70     542.2
                  237.0    239.7           2.8    114.4     0.18     0.60     5.52    12.68     737.9
LRGO-21-021       165.9    197.3          31.4     43.9     0.10     0.13     0.89     0.86     113.4
                  188.6    196.6           8.0     98.7     0.23     0.29     2.06     2.61     279.9
                  189.5    192.9           3.4    174.0     0.49     0.50     3.63     4.54     495.3
LRGO-21-023        48.1     51.0           3.0     80.6     0.32     0.04     0.19     0.12     116.5
                   70.9     73.5           2.6    107.5     0.58     0.02     0.14     0.16     160.9
                   97.5    128.9          31.4     34.6     0.20     0.14     0.36     0.28      80.7
                  109.3    121.3          12.0     59.3     0.42     0.27     0.64     0.61     152.5
                  118.9    120.7           1.8    144.4     1.35     0.08     0.17     0.04     258.1

(1) This is not true width.
(2) AqEq converted using a silver to gold ratio of 75:1. Copper, lead 
and zinc converted using $3.66/pound, 90 cents/lb and $1.26/lb at 100-per-cent 
recoveries based on a silver price of $26/ounce.
(3) Holes LRGO-21-017, 019, 020 and 022 assays are still pending.
  

The holes that the company has drilled to date at El Orito have shown mineralization averaging 30 m in width over 700 m in strike length and 200 m in vertical depth from surface, and is open in all directions. The El Orito deposit is located about 1,000 metres to the west along strike from the El Favor deposit. The company's exploration team is mapping and sampling the area to determine the connection between the two deposits.

The known strike length of the El Orito-El Favor structure is now approaching 2,500 metres and is still open in both directions. The surface topography at El Orito is 400 to 500 m lower compared with El Favor and is allowing the exploration team to see this large, mineralized structure over a vertical height of 750 metres when measured from the surface outcrops at El Favor to the intersections in the El Orito drill holes.

Los Ricos district exploration projects

The company's two exploration projects at its Los Ricos property are in Jalisco state, Mexico. The Los Ricos South project began in March, 2019, and an initial resource was announced on July 29, 2020, which indicated a measured and indicated mineral resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an inferred resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes. An initial PEA (preliminary economic assessment) on the project was announced on Jan. 20, 2021, indicating an NPV5 (net present value at a 5-per-cent discount) of $295-million (U.S.).

The Los Ricos North project was launched in March, 2020, and includes drilling at the El Favor, La Trini, Casados and El Orito targets. During 2020, GoGold's exploration team identified over 100 targets on the Los Ricos North properties, demonstrating the significant exploration potential. The company plans to drill 10 of these targets as part of its 2021 drilling program, which is planned to exceed 100,000 metres of drilling and will be one of the largest in Mexico.

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 testwork.

The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200- to 300-gram pulp samples with 90 per cent passing Tyler 150 mesh (106 micrometres). The pulps are assayed for gold using a 50-gram charge by fire assay (code 1A2-50) and overlimits greater than 10 grams per tonne are reassayed using a gravimetric finish (code 1A3-50). Silver and multielement analysis is completed using total digestion (code 1F2 total digestion ICP (inductively coupled plasma)). Overlimits greater than 100 grams per tonne silver are reassayed 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.

David Duncan, PGeo, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources Inc.

GoGold Resources is a Canada-based silver and gold producer focused on operating, developing, exploring and acquiring high-quality projects in Mexico. The company operates the Parral tailings mine in Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in Jalisco. Headquartered in Halifax, N.S., GoGold is building a portfolio of low-cost, high-margin projects.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.