Shares
Outstanding:
296,097,011
Trading
Symbols:
TSX: GGD
OTCQX: GLGDF
55.0m of 2,738
g/t AgEq, including 7.0m of 20,715
g/t AgEq
Also includes 63,658 g/t AgEq over 2.0m
HALIFAX,
NS, Jan. 23, 2023 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company")
is pleased to announce additional drilling results from Los Ricos
South, within the Eagle and Main Deposits. Hole LRGAG-22-218
is the best hole drilled to date in the Los Ricos district and
intercepted 55.0m of 2,738 g/t silver
equivalent ("AgEq"), containing 20,715 g/t AgEq over 7.0m. The hole also contained an extremely
high grade intercept of 63,658 g/t AgEq over 2.0m. See Table 1 for breakdown of silver
and gold values.
"Hole 118 represents not only the best drill hole drilled by our
team at Los Ricos, but it is also the best hole ever drilled by any
member of our technical team on any of our previous projects," said
Brad Langille, President and CEO.
"In mining, grade is king, and Los Ricos has demonstrated time and
time again that it has very high grades, with hole 118 being an
extraordinary example of that."
Table 1: Drill Hole
Intersections
Hole
ID
|
Area /
Vein
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGAG-22-118
|
Eagle
|
95.6
|
150.6
|
55.0
|
7.80
|
2,152.7
|
36.51
|
2,737.9
|
|
including
|
95.6
|
120.6
|
25.0
|
16.07
|
4,664.2
|
78.26
|
5,869.3
|
|
including
|
104.6
|
119.6
|
15.0
|
26.74
|
7,755.8
|
130.15
|
9,761.3
|
|
including
|
107.6
|
114.6
|
7.0
|
55.87
|
16,524.6
|
276.19
|
20,714.5
|
|
including
|
107.6
|
110.6
|
3.0
|
121.97
|
36,953.0
|
614.67
|
46,100.5
|
|
including
|
108.6
|
110.6
|
2.0
|
145.25
|
52,764.5
|
848.78
|
63,658.3
|
LRGAG-22-087
|
Eagle
|
94.5
|
103.5
|
9.0
|
0.87
|
38.5
|
1.39
|
103.9
|
|
including
|
94.5
|
97.5
|
3.0
|
1.77
|
24.7
|
2.10
|
157.2
|
LRGAG-22-090
|
Eagle
|
148.5
|
216.1
|
66.8
|
0.54
|
33.3
|
0.98
|
73.5
|
|
including
|
203.0
|
212.1
|
9.1
|
1.89
|
96.3
|
3.17
|
237.7
|
LRGAG-22-092
|
Eagle
|
312.0
|
313.4
|
1.4
|
4.42
|
12.7
|
4.59
|
344.2
|
LRGAG-22-094
|
Eagle
|
116.8
|
135.0
|
18.2
|
1.37
|
146.0
|
3.32
|
248.9
|
|
including
|
118.5
|
128.5
|
10.0
|
2.39
|
235.0
|
5.53
|
414.5
|
|
including
|
122.6
|
123.6
|
1.0
|
7.51
|
448.0
|
13.48
|
1,011.3
|
LRGAG-22-095
|
Eagle
|
254.3
|
257.3
|
3.1
|
0.52
|
58.6
|
1.30
|
97.8
|
LRGAG-22-097
|
Eagle
|
148.9
|
153.0
|
4.2
|
3.20
|
169.4
|
5.46
|
409.6
|
|
including
|
148.9
|
150.0
|
1.2
|
10.75
|
521.0
|
17.70
|
1,327.2
|
LRGAG-22-098
|
Eagle
|
318.6
|
329.6
|
11.0
|
0.69
|
73.2
|
1.67
|
125.3
|
|
including
|
324.2
|
326.6
|
2.4
|
2.88
|
224.8
|
5.87
|
440.6
|
LRGAG-22-099
|
Eagle
|
256.0
|
259.4
|
3.4
|
2.05
|
54.7
|
2.78
|
208.6
|
|
including
|
256.0
|
257.3
|
1.3
|
5.23
|
129.8
|
6.96
|
522.1
|
|
and
|
272.6
|
275.0
|
2.4
|
1.11
|
30.7
|
1.52
|
113.8
|
LRGAG-22-100
|
Eagle
|
393.8
|
406.3
|
12.5
|
0.52
|
59.5
|
1.32
|
98.8
|
|
including
|
394.8
|
398.8
|
4.0
|
1.35
|
148.3
|
3.33
|
249.7
|
|
including
|
396.8
|
397.8
|
1.0
|
2.95
|
349.0
|
7.60
|
570.3
|
LRGG-22-219
|
Main Area
|
126.3
|
128.8
|
2.5
|
0.65
|
66.6
|
1.54
|
115.6
|
LRGG-22-220
|
Main Area
|
63.8
|
79.4
|
15.6
|
0.50
|
98.9
|
1.82
|
136.2
|
|
including
|
70.7
|
74.1
|
3.4
|
1.34
|
156.5
|
3.42
|
256.8
|
LRGG-22-221
|
Main Area
|
194.9
|
224.2
|
29.4
|
0.85
|
138.3
|
2.69
|
202.1
|
|
including
|
202.0
|
206.4
|
4.4
|
4.98
|
748.7
|
14.97
|
1,122.5
|
|
including
|
203.9
|
204.9
|
0.9
|
12.70
|
2,370.0
|
44.30
|
3,322.5
|
LRGG-22-222
|
Main Area
|
127.7
|
136.3
|
8.7
|
0.94
|
104.8
|
2.34
|
175.6
|
|
including
|
134.3
|
134.9
|
0.6
|
7.60
|
592.0
|
15.49
|
1,162.0
|
1.
|
Not true
width
|
2.
|
AgEq converted using a
silver to gold ratio of 75:1 at recoveries of 100%
|
3.
|
Holes LRGAG-22-086,
088, 089, 091, 093, 096 did not intercept significant
mineralization
|
The Eagle Deposit adjoins the Main Deposit and represents a
northern extension of the previously defined Mineral Resource
Estimate in the Los Ricos South PEA. The Eagle concession covers
1,107 hectares, including the area between the Main Deposit and the
Company's Jamaica concession
located 3km to the northwest, where the Company holds the rights to
additional concessions. Drilling at the Eagle has returned
the highest grade intercepts to date in the district. These
wide high grade intercepts are consistent with geophysical targets
on the new concession.
The LRGG holes contained in the results above are part of a new
drilling program at the Main Deposit. The purpose of the
program is to better define the very high grade portions of the
current deposit that may be amenable to bulk underground
mining. The Company is carrying out a trade-off study to
better define what portion of the deposit could be mined in a lower
strip ratio pit and what portion would best be mined in more
selective bulk underground mining. These holes are in addition to
those drilled in 2019 and 2020 which formed part of the initial
resource upon which the Los Ricos South Preliminary Economic
Assessment ("PEA") was based upon when it was released on
January 20, 2021.
Following are maps including Figure 1 - a cross section of hole
LRGAG-22-118 showing the high grade intercept.
A summary of Eagle zone drilling highlights is included as Table
2 below.
Table 2 : Eagle Deposit Drill
Intercept Highlights
Hole
ID
|
Area /
Vein
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGAG-22-118
|
Eagle
|
95.6
|
150.6
|
55.0
|
7.80
|
2,152.7
|
36.51
|
2,737.9
|
|
including
|
95.6
|
120.6
|
25.0
|
16.07
|
4,664.2
|
78.26
|
5,869.3
|
|
including
|
104.6
|
119.6
|
15.0
|
26.74
|
7,755.8
|
130.15
|
9,761.3
|
|
including
|
107.6
|
114.6
|
7.0
|
55.87
|
16,524.6
|
276.19
|
20,714.5
|
|
including
|
107.6
|
110.6
|
3.0
|
121.97
|
36,953.0
|
614.67
|
46,100.5
|
|
including
|
108.6
|
110.6
|
2.0
|
145.25
|
52,764.5
|
848.78
|
63,658.3
|
LRGAG-22-035
|
Eagle
|
69.0
|
179.6
|
110.6
|
1.64
|
264.6
|
5.17
|
387.5
|
|
including
|
129.0
|
140.5
|
11.5
|
11.31
|
2,198.3
|
40.62
|
3,046.7
|
|
including
|
130.4
|
133.8
|
3.5
|
30.24
|
6,392.5
|
115.48
|
8,660.8
|
|
including
|
130.4
|
131.9
|
1.5
|
63.24
|
12,729.3
|
232.96
|
17,472.0
|
|
including
|
131.0
|
131.9
|
0.9
|
104.50
|
13,742.5
|
287.73
|
21,580.0
|
LRGAG-21-014
|
Eagle
|
144.3
|
216.9
|
72.6
|
5.13
|
76.0
|
6.14
|
460.6
|
|
including
|
198.8
|
210.7
|
11.9
|
28.58
|
115.9
|
30.13
|
2,259.8
|
|
including
|
208.6
|
210.7
|
2.1
|
146.03
|
176.8
|
148.39
|
11,128.9
|
|
including
|
208.6
|
209.3
|
0.7
|
266.00
|
319.0
|
270.25
|
20,269.0
|
LRGAG-22-031
|
Eagle
|
58.0
|
126.0
|
68.0
|
4.25
|
109.4
|
5.71
|
428.4
|
|
including
|
78.0
|
113.9
|
35.9
|
7.83
|
184.9
|
10.29
|
771.8
|
|
including
|
80.0
|
95.0
|
15.0
|
15.61
|
273.3
|
19.26
|
1,444.4
|
|
including
|
84.0
|
86.0
|
2.0
|
46.80
|
272.5
|
50.43
|
3,782.5
|
LRGAG-22-032
|
Eagle
|
48.1
|
113.8
|
65.8
|
1.36
|
107.7
|
2.79
|
209.6
|
|
including
|
85.8
|
113.8
|
28.1
|
2.96
|
216.6
|
5.85
|
439.0
|
|
including
|
88.5
|
92.9
|
4.3
|
7.17
|
1,012.8
|
20.68
|
1,550.7
|
|
including
|
88.5
|
89.1
|
0.6
|
25.00
|
3,020.0
|
65.27
|
4,895.0
|
LRGAG-22-041
|
Eagle
|
109.5
|
145.5
|
36.0
|
1.46
|
134.5
|
3.26
|
244.3
|
|
including
|
134.0
|
143.5
|
9.5
|
4.55
|
389.9
|
9.75
|
731.1
|
|
including
|
134.0
|
134.8
|
0.8
|
6.01
|
577.0
|
13.70
|
1,027.7
|
|
also
including
|
137.0
|
143.5
|
6.6
|
5.62
|
453.6
|
11.67
|
875.3
|
|
including
|
141.0
|
142.2
|
1.2
|
17.10
|
1,345.0
|
35.03
|
2,627.5
|
LRGAG-22-043
|
Eagle
|
146.0
|
154.2
|
8.2
|
0.67
|
78.4
|
1.72
|
129.0
|
|
and
|
166.0
|
186.7
|
20.7
|
1.32
|
215.8
|
4.20
|
315.1
|
|
including
|
176.5
|
185.8
|
9.3
|
2.73
|
428.2
|
8.44
|
633.1
|
|
including
|
182.0
|
184.5
|
2.5
|
7.89
|
999.1
|
21.21
|
1,591.1
|
|
including
|
182.0
|
182.7
|
0.7
|
17.20
|
2,130.0
|
45.60
|
3,420.0
|
LRGAG-21-018
|
Eagle
|
127.6
|
163.0
|
33.6
|
1.57
|
85.5
|
2.71
|
203.5
|
|
including
|
156.9
|
159.3
|
2.4
|
10.51
|
436.5
|
16.33
|
1,225.0
|
|
including
|
156.9
|
157.6
|
0.8
|
15.00
|
1,155.0
|
30.40
|
2,280.0
|
|
and
|
177.9
|
178.6
|
0.7
|
36.20
|
1,500.0
|
56.20
|
4,215.0
|
LRGAG-22-030
|
Eagle
|
42.9
|
79.5
|
36.7
|
1.77
|
156.2
|
3.85
|
289.0
|
|
including
|
51.9
|
61.0
|
9.1
|
6.00
|
553.3
|
13.38
|
1,003.2
|
|
including
|
54.1
|
54.8
|
0.7
|
14.00
|
1,260.0
|
30.80
|
2,310.0
|
LRGAG-22-029
|
Eagle
|
74.0
|
94.6
|
20.6
|
1.52
|
217.5
|
4.42
|
331.3
|
|
including
|
75.5
|
77.5
|
2.0
|
8.00
|
1,865.5
|
32.87
|
2,465.5
|
|
including
|
75.5
|
76.5
|
1.0
|
14.15
|
3,520.0
|
61.08
|
4,581.3
|
LRGAG-21-007
|
Eagle
|
148.5
|
191.0
|
42.5
|
1.64
|
137.5
|
3.47
|
260.6
|
|
including
|
188.6
|
190.2
|
1.6
|
6.83
|
1,269.5
|
23.76
|
1,781.8
|
![Figure 3: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.) Figure 3: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)](https://mma.prnewswire.com/media/1988014/GoGold_Resources_Inc__GoGold_Drills_Highest_Grade_Hole_to_Date_a.jpg)
The Eagle concession connects the Company's concessions held in
the southern portion of its Los Ricos South project, including the
Main area where the Initial Resource was released, to its northern
concessions in Los Ricos South, which includes the Jamaica exploration target. As a result,
all of the concessions in Los Ricos South are now contiguous
(Figure 4).
Table 2: Drill Hole
Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGAG-22-118
|
610066
|
2328475
|
1277
|
0
|
-90
|
181
|
LRGAG-22-087
|
609958
|
2328624
|
1268
|
50
|
-45
|
132
|
LRGAG-22-088
|
609404
|
2329006
|
1160
|
50
|
-45
|
61
|
LRGAG-22-089
|
609403
|
2329005
|
1160
|
0
|
-90
|
68
|
LRGAG-22-090
|
609966
|
2328360
|
1252
|
50
|
-60
|
270
|
LRGAG-22-091
|
609947
|
2328639
|
1268
|
0
|
-90
|
218
|
LRGAG-22-092
|
609808
|
2328145
|
1297
|
50
|
-45
|
443
|
LRGAG-22-093
|
609808
|
2328145
|
1297
|
50
|
-55
|
443
|
LRGAG-22-094
|
610142
|
2328156
|
1330
|
50
|
-70
|
255
|
LRGAG-22-095
|
609963
|
2328104
|
1325
|
50
|
-60
|
323
|
LRGAG-22-096
|
609913
|
2328448
|
1243
|
0
|
-90
|
348
|
LRGAG-22-097
|
610139
|
2328150
|
1329
|
0
|
-90
|
246
|
LRGAG-22-098
|
609963
|
2328103
|
1325
|
50
|
-75
|
377
|
LRGAG-22-099
|
609965
|
2328359
|
1252
|
50
|
-75
|
312
|
LRGAG-22-100
|
609962
|
2328103
|
1325
|
0
|
-90
|
446
|
LRGG-22-219
|
610307
|
2327836
|
1257
|
50
|
-58
|
162
|
LRGG-22-220
|
610401
|
2327885
|
1293
|
50
|
-46
|
125
|
LRGG-22-221
|
610220
|
2327768
|
1234
|
50
|
-56
|
261
|
LRGG-22-222
|
610289
|
2327820
|
1256
|
50
|
-57
|
198
|
VRIFY Slide Deck and 3D
Presentation
VRIFY is a platform being used by companies to communicate with
investors using 360° virtual tours of remote mining assets, 3D
models and interactive presentations. VRIFY can be accessed by
website and with the VRIFY iOS and Android apps.
The VRIFY 3D Slide Deck for GoGold can be viewed
at: https://vrify.com/companies/gogold-resources-inc and
on the Company's website at: www.gogoldresources.com.
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 Mineral
Resource was announced on July 29,
2020 which disclosed a Measured & Indicated Mineral
Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained
in 10.0 million tonnes, and an Inferred Mineral Resource of 19.9
million ounces AgEq grading 190 g/t AgEq contained in 3.3 million
tonnes. An initial PEA on the project was announced on
January 20, 2021 indicating an
NPV5% of US$295M.
The Eagle Concession was acquired in October
2022 and is adjacent to the Main Area which contains the
initial Mineral Resource.
The Los Ricos North Project was launched in March 2020 and an initial Mineral Resource was
announced on December 7, 2021, which
disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq
grading 122 g/t AgEq contained in 22.3 million tonnes, and an
Inferred Mineral Resource of 73.2 million ounces AgEq grading 111
g/t AgEq contained in 20.5 million tonnes. The Company has a drill
program for an additional 100,000 metres of drilling for 2022 in
place.
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 ALS
Chemex facility in Guadalajara,
Mexico. ALS Chemex 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 30-gram
charge by fire assay (Code AA23) and over limits greater than 10
grams per tonne are re-assayed using a gravimetric finish (Code
ME-GRAV21). Silver and multi-element analysis is completed using
total digestion (Code ME-ICP61 Total Digestion ICP). Over
limits greater than 100 grams per tonne silver are re-assayed using
a gravimetric finish (ME-GRA21).
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 mine in the state of
Chihuahua and has the Los Ricos South and Los Ricos North
exploration projects 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.
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 Los Ricos South and North projects, and future plans and
objectives of GoGold, including the intention to undertake further
exploration at Los Ricos North, and the prospect of further
discoveries there, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gogold-drills-highest-grade-hole-to-date-at-los-ricos-301727991.html
SOURCE GoGold Resources Inc.