HALIFAX, NS, Aug. 25, 2021 /PRNewswire/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to release the results of 6 diamond
drill holes from the El Orito area in its Los Ricos North
project. Hole LRGO-21-062 intersected 1.2m of 1,197 g/t silver equivalent ("AgEq")
contained within 73.7m of 101 g/t
AgEq (See Table 1 for details including breakdown of zinc, silver
and gold values).
The Company completed an Induced Polarization ("IP")
geophysical survey to map out the sulphide rich zone along strike
and down dip. Hole LRGO-21-062 and LRGO-21-059 were drilled
because of the IP survey, as surface samples taken in that area did
not produce strong results, while the IP survey indicated a strong
chargeability target. The geophysical survey is continuing
eastwards showing a strong target in the El Favor east zone where
drilling results are awaited.
"We continue to see strong results from the El Orito zone, and
similar to Casados and La Trini we are approaching data cut off for
the calculation of the initial resource at the El Orito zone," said
Brad Langille, President and
CEO. "We continue drilling at El Favor east, Mololoa and
El Nayar, which we believe will
greatly strengthen the initial resource to be published in Los
Ricos North."
Table 1: Drill Hole Intersections
Hole
ID
|
Area
|
From
|
To
|
Length1
|
Ag
|
Au
|
Cu
|
Pb
|
Zn
|
AgEq2
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
(%)
|
(g/t)
|
LRGO-21-055
|
El Orito
|
274.0
|
321.9
|
47.9
|
14.7
|
0.03
|
0.08
|
0.70
|
1.27
|
83.0
|
LRGO-21-056
|
El Orito
|
228.1
|
261.7
|
33.6
|
37.3
|
0.08
|
0.25
|
1.13
|
2.18
|
165.6
|
|
including
|
243.8
|
257.2
|
13.5
|
56.7
|
0.10
|
0.39
|
2.11
|
4.12
|
288.1
|
|
including
|
255.3
|
257.2
|
1.9
|
104.3
|
0.19
|
0.67
|
5.38
|
12.83
|
734.9
|
LRGO-21-057
|
El Orito
|
451.8
|
455.6
|
3.8
|
27.6
|
0.05
|
0.13
|
0.25
|
1.05
|
84.4
|
LRGO-21-058
|
El Orito
|
290.1
|
298.1
|
7.9
|
14.9
|
0.09
|
0.01
|
0.58
|
0.76
|
61.8
|
|
and
|
305.1
|
307.6
|
2.5
|
24.4
|
0.16
|
0.10
|
1.74
|
2.35
|
165.3
|
LRGO-21-059
|
El Orito
|
182.6
|
184.9
|
2.3
|
93.4
|
0.24
|
0.06
|
0.75
|
0.90
|
164.8
|
|
and
|
207.5
|
251.0
|
43.5
|
52.1
|
0.18
|
0.27
|
1.98
|
3.24
|
245.5
|
|
including
|
220.7
|
241.9
|
21.2
|
61.1
|
0.22
|
0.40
|
3.39
|
5.23
|
369.4
|
|
including
|
236.7
|
241.9
|
5.2
|
93.5
|
0.65
|
0.45
|
5.02
|
9.14
|
608.1
|
|
including
|
236.7
|
237.7
|
1.0
|
162.6
|
3.14
|
0.37
|
5.99
|
10.77
|
932.8
|
LRGO-21-062
|
El Orito
|
247.7
|
321.4
|
73.7
|
22.3
|
0.04
|
0.09
|
0.91
|
1.37
|
100.9
|
|
including
|
308.5
|
313.5
|
5.0
|
73.5
|
0.07
|
0.28
|
5.47
|
3.13
|
338.6
|
|
including
|
312.3
|
313.5
|
1.2
|
131.6
|
0.08
|
1.08
|
22.54
|
12.72
|
1,197.4
|
LRGO-21-064
|
El Orito
|
263.6
|
271.6
|
7.9
|
38.8
|
0.04
|
0.63
|
2.18
|
3.52
|
270.4
|
|
including
|
263.6
|
267.6
|
4.0
|
65.3
|
0.05
|
1.15
|
3.52
|
5.83
|
457.1
|
1.
|
Not true
width
|
2.
|
AqEq converted using
a silver to gold ratio of 75:1. Copper, Lead and Zinc converted
using $3.66/lb, $0.90/lb and $1.26/lb at 100% recoveries based on a
silver price of $26.00/oz
|
3.
|
Hole LRGO-21-060,
061, and 063 are pending assays
|
The holes that the Company has drilled to date at El Orito have
shown mineralization averaging approximately 30m in width for more than 700m in strike length and up to approximately
300m in vertical depth from surface
and is open in all directions. The El Orito deposit is located
about 1,000 meters to the west along strike from the El Favor
deposit. The Company's exploration team is mapping, sampling, and
surveying with IP geophysics to potentially connect the two
deposits. The El Orito deposit may be 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 primarily silver and gold mineralization.
The known strike length of the El Orito – El Favor structure is
now approaching 2,500 meters and is still open in both
directions. The surface topography at El Orito is 400 to
500m lower compared to El Favor and
is allowing the exploration team to see this large, mineralized
structure over a vertical height of 750 meters when measured from
the surface outcrops at El Favor to the intersections in the El
Orito drill holes.
Figure 1: Favor-Orito Long Section
Table 2: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGO-21-055
|
583684
|
2337024
|
885
|
210
|
-55
|
489
|
LRGO-21-056
|
583793
|
2336927
|
929
|
210
|
-58
|
488
|
LRGO-21-057
|
584136
|
2336858
|
1021
|
210
|
-55
|
583
|
LRGO-21-058
|
583705
|
2337010
|
893
|
210
|
-60
|
479
|
LRGO-21-059
|
583733
|
2336922
|
921
|
210
|
-58
|
446
|
LRGO-21-062
|
583725
|
2336997
|
898
|
210
|
-55
|
472
|
LRGO-21-064
|
583767
|
2336957
|
920
|
210
|
-64
|
447
|
Figure 2: El Orito Long Section – Grade Thickness (GT)
Equivalent
Figure 3: El Orito Drill Hole Locations
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
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.
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.