Shares Outstanding: 277,578,617
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, July 28, 2021 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company")
is pleased to release the results of 5 new drill holes from the El
Favor deposit in the Los Ricos North project. Drill hole
LRGF-21-052 intersected 51.3m of 136
g/t silver equivalent ("AgEq"), including 0.9m of 1,576 g/t AgEq in the newly discovered El
Favor East zone. See Table 1 for breakdown of silver and gold
values, and Figure 2 for El Favor East map.
The exploration team has been moving east with drilling in
25m stepouts in the eastern end of El
Favor, beginning with discovery hole 48, and continuing to
intersect wide strong mineralization. This area is known as
the El Favor East zone and in addition to these drill holes,
additional drill holes further to the east are pending assays. The
mapping program at El Favor East has extended the presence of
mineralization 900m to the east of
hole 48 (El Favor East zone discovery hole).
"We're pleased to see strong results such as hole LRGF-21-052 in
our new El Favor East zone discovery and are excited to see the
results of more holes farther east which are pending assays and
look very promising," said Brad
Langille, President and CEO. "We believe extending the
strike length at the eastern end of El Favor at these grades will
contribute greatly to the upcoming resource."
Table 1: Drill Hole Intersections
Hold
ID
|
Area/Vein
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGF-21-052
|
El Favor
East
|
21.9
|
73.2
|
51.3
|
0.31
|
112.8
|
1.82
|
136.3
|
|
including
|
26.4
|
37.8
|
11.4
|
0.96
|
235.2
|
4.10
|
307.3
|
|
including
|
26.4
|
27.3
|
0.9
|
2.78
|
1,367.2
|
21.01
|
1,576.0
|
|
including
|
34.8
|
37.8
|
3.0
|
2.65
|
335.6
|
7.13
|
534.7
|
|
including
|
34.8
|
35.5
|
0.7
|
9.63
|
654.6
|
18.35
|
1,376.5
|
|
and
|
235.7
|
237.2
|
1.5
|
0.18
|
169.3
|
2.44
|
182.7
|
LRGF-21-053
|
El Favor
|
66.5
|
78.5
|
12.0
|
0.36
|
124.0
|
2.02
|
151.1
|
|
including
|
71.6
|
76.3
|
4.7
|
0.89
|
270.4
|
4.50
|
337.2
|
LRGF-21-054
|
El Favor
East
|
41.9
|
105.5
|
63.6
|
0.20
|
77.4
|
1.24
|
92.7
|
|
including
|
41.9
|
47.5
|
5.6
|
1.10
|
401.4
|
6.46
|
484.3
|
|
including
|
42.7
|
46.7
|
4.0
|
1.52
|
539.5
|
8.71
|
653.3
|
|
including
|
42.7
|
43.7
|
1.0
|
1.96
|
783.9
|
12.41
|
930.7
|
LRGF-21-056
|
El Favor
East
|
35.0
|
87.4
|
52.4
|
0.23
|
80.3
|
1.30
|
97.7
|
|
including
|
71.7
|
87.4
|
15.7
|
0.44
|
137.0
|
2.27
|
170.2
|
|
including
|
71.7
|
76.2
|
4.5
|
0.61
|
252.7
|
3.98
|
298.3
|
|
and
|
126.5
|
131.2
|
4.7
|
0.35
|
101.6
|
1.70
|
127.8
|
1.
|
Not true
width
|
2.
|
AqEq converted using
a silver to gold ratio of 75:1 at recoveries of 100%
|
3.
|
Hole LRGF-21-055 did
not intercept significant mineralization
|
Figure 1: El Favor Drill Hole Locations
Figure 2: El Favor East
The Eastern end of the El Orito deposit (as presently defined)
is located about 800 metres along strike to the west of the Hundido
Pit (see Figure 3). Wide zones of precious and base metal
mineralization were cut by drill holes at El Orito at elevations
between 600 to 800m. Geological
mapping, sampling and Induced Polarization ("IP") surveying
programs in the area between El Orito and El Favor are
underway.
Three of the four major veins (Salomon, Guitarrillas and
Los Chivos) appear to converge
into a 100m wide zone at the western
end of the El Favor deposit in the vicinity of the Hundido Pit at
an elevation of 1300m. The
wallrock in between the veins is strongly silicified, altered and
mineralized. The merging of these veins continue to provide
significant widths of good grade which could be potentially
amenable to bulk mining.
Figure 3: Favor-Orito Long Section
Table 2: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGF-21-052
|
585895
|
2336754
|
1211
|
180
|
-45
|
262.3
|
LRGF-21-053
|
585076
|
2336491
|
1264
|
180
|
-45
|
204.4
|
LRGF-21-054
|
585903
|
2336789
|
1203
|
180
|
-45
|
298.9
|
LRGF-21-055
|
585035
|
2336497
|
1245
|
180
|
-45
|
393.0
|
LRGF-21-056
|
585925
|
2336760
|
1220
|
180
|
-45
|
200.1
|
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos
North
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with
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Access the GoGold Company Profile on VRIFY at:
https://vrify.com
The VRIFY Slide Deck and 3D Presentation for GoGold can be
viewed
at: https://vrify.com/explore/decks/9404 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 resource was announced on July 29, 2020 which indicated 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 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 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 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 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.
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SOURCE GoGold Resources Inc.