2,017 g/t AgEq over 2.8m within 42.3m
of 288 g/t AgEq
Halifax,
NS, March 8, 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-22-125
intercepted 42.3m of 288 g/t silver
equivalent ("AgEq"), containing 2,017 g/t AgEq over 2.8m. See Table 1 for breakdown of silver
and gold values.
"We continue to see strong results from our drilling program at
Los Ricos South, such as those from hole 125 which expands on the
high-grade area shown in Figure 1," said Brad Langille, President and CEO. "It is
drilling results such as these which we anticipate will provide a
very positive impact when our Mineral Resource Estimate and
Preliminary Economic Assessment at Los Ricos South is updated
later this year. "
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-22-116
|
Eagle
|
57.6
|
72.3
|
14.7
|
1.45
|
68.9
|
2.37
|
177.6
|
|
including
|
57.6
|
62.6
|
5.0
|
2.56
|
162.0
|
4.72
|
353.9
|
|
including
|
58.6
|
59.6
|
1.0
|
5.18
|
257.0
|
8.61
|
645.5
|
LRGAG-22-117
|
Eagle
|
64.5
|
89.5
|
25.0
|
1.09
|
133.1
|
2.87
|
214.9
|
|
including
|
65.5
|
74.5
|
9.0
|
1.96
|
306.8
|
6.06
|
454.1
|
|
including
|
65.5
|
66.5
|
1.0
|
8.08
|
1,460.0
|
27.55
|
2,066.0
|
LRGAG-22-119
|
Eagle
|
162.0
|
174.5
|
12.5
|
0.89
|
81.5
|
1.98
|
148.3
|
|
including
|
186.0
|
187.4
|
1.4
|
2.77
|
321.0
|
7.05
|
529.1
|
LRGAG-22-120
|
Eagle
|
229.0
|
242.3
|
13.4
|
1.44
|
44.9
|
2.04
|
152.7
|
|
including
|
239.2
|
240.3
|
1.2
|
9.92
|
119.7
|
11.52
|
863.9
|
LRGAG-22-122
|
Eagle
|
203.7
|
216.0
|
12.4
|
1.54
|
28.2
|
1.91
|
143.6
|
|
including
|
205.1
|
207.3
|
2.2
|
6.05
|
45.6
|
6.65
|
499.0
|
LRGAG-22-124
|
Eagle
|
128.7
|
130.7
|
2.0
|
2.07
|
95.1
|
3.33
|
250.1
|
|
and
|
140.2
|
142.6
|
2.4
|
7.05
|
56.3
|
7.80
|
584.9
|
|
including
|
141.0
|
141.9
|
0.8
|
14.35
|
66.0
|
15.23
|
1,142.3
|
LRGAG-22-125
|
Eagle
|
127.9
|
170.2
|
42.3
|
2.14
|
127.9
|
3.84
|
288.3
|
|
including
|
153.9
|
161.3
|
7.3
|
9.66
|
485.8
|
16.13
|
1,210.0
|
|
including
|
153.9
|
156.7
|
2.8
|
15.35
|
865.7
|
26.89
|
2,016.8
|
LRGG-22-228
|
Main Area
|
235.7
|
251.5
|
11.9
|
1.30
|
120.1
|
2.90
|
217.5
|
LRGG-22-231
|
Main Area
|
30.0
|
32.0
|
2.0
|
0.59
|
95.3
|
1.86
|
139.8
|
LRGG-22-232
|
Main Area
|
112.6
|
122.8
|
10.2
|
2.60
|
60.9
|
3.41
|
255.7
|
|
including
|
113.4
|
114.2
|
0.8
|
24.60
|
238.0
|
27.77
|
2,083.0
|
LRGG-22-233
|
Main Area
|
280.2
|
299.0
|
18.9
|
0.51
|
78.2
|
1.56
|
116.7
|
|
including
|
281.1
|
282.0
|
0.9
|
1.84
|
400.0
|
7.17
|
538.0
|
|
|
1.
|
Not true
width
|
2.
|
AgEq converted using a
silver to gold ratio of 75:1 at recoveries of 100%
|
3.
|
Holes LRGG-22-121,
LRGG-22-229 and LRGG-22-230 did not intercept significant
mineralization
|
4.
|
Hole LRGG-22-123 was
abandoned due to technical difficulties
|
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.
![Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.) Figure 1: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)](https://mma.prnewswire.com/media/2018245/GoGold_Resources_Inc__GoGold_Releases_Additional_Strong_Drilling.jpg)
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.
A summary of Eagle zone drilling highlights are 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-22-113
|
Eagle
|
132.8
|
149.0
|
16.3
|
3.29
|
357.7
|
8.06
|
604.8
|
|
including
|
133.8
|
135.6
|
1.8
|
20.05
|
2,000.0
|
46.72
|
3,503.7
|
|
including
|
134.8
|
135.6
|
0.8
|
40.00
|
3,490.0
|
86.53
|
6,490.0
|
|
and
|
160.5
|
190.0
|
29.5
|
2.32
|
57.8
|
3.09
|
231.7
|
|
including
|
165.1
|
177.4
|
12.3
|
5.20
|
72.1
|
6.16
|
462.4
|
|
including
|
169.0
|
170.0
|
1.0
|
21.10
|
170.0
|
23.37
|
1,752.5
|
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 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.) Figure 2: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)](https://mma.prnewswire.com/media/2018246/GoGold_Resources_Inc__GoGold_Releases_Additional_Strong_Drilling.jpg)
Figure 3, which follows, provides a summary of the Los Ricos
District, including both the Los Ricos North and Los Ricos South
projects. The map includes an outline of the concession areas
and a summary of the current Mineral Resource Estimates ("MRE") on
the projects, as well as stars locating each of the deposits
included within the current MREs.
Table 3: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGAG-22-116
|
610068
|
2328476
|
1277
|
50
|
-45
|
127
|
LRGAG-22-117
|
610067
|
2328475
|
1277
|
50
|
-70
|
146
|
LRGAG-22-118
|
610066
|
2328475
|
1277
|
0
|
-90
|
181
|
LRGAG-22-119
|
610050
|
2328304
|
1283
|
50
|
-63
|
256
|
LRGAG-22-120
|
610014
|
2328144
|
1319
|
50
|
-68
|
297
|
LRGAG-22-121
|
610141
|
2328156
|
1329
|
50
|
-56
|
234
|
LRGAG-22-122
|
609993
|
2328421
|
1259
|
50
|
-77
|
253
|
LRGAG-22-123
|
610141
|
2328185
|
1325
|
50
|
-60
|
173
|
LRGAG-22-124
|
610057
|
2328341
|
1282
|
50
|
-61
|
202
|
LRGAG-22-125
|
609956
|
2328624
|
1267
|
50
|
-78
|
210
|
LRGG-22-228
|
610432
|
2327584
|
1263
|
50
|
-53
|
270
|
LRGG-22-229
|
610243
|
2327712
|
1236
|
50
|
-56
|
164
|
LRGG-22-230
|
610337
|
2327788
|
1256
|
50
|
-60
|
190
|
LRGG-22-231
|
610312
|
2328038
|
1299
|
50
|
-44
|
77
|
LRGG-22-232
|
610384
|
2327771
|
1264
|
50
|
-45
|
150
|
LRGG-22-233
|
610396
|
2327552
|
1251
|
50
|
-55
|
305
|
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.
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-releases-additional-strong-drilling-results-at-los-ricos-south-301765388.html
SOURCE GoGold Resources Inc.