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GoGold Announces Strong Results from New Drilling Program at Los Ricos South Main Area and the Eagle Concession

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GoGold Announces Strong Results from New Drilling Program at Los Ricos South Main Area and the Eagle Concession

 

 

 

 

 

11,103 g/t AgEq over 1.0m within 33.2m of 513 g/t AgEq in Main Area

 

3,420 g/t AgEq over 0.7m within 20.7m of 315 g/t AgEq in Eagle Area

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce drilling results from the Main Deposit within Los Ricos South as well as additional results from the newly acquired Eagle concession, which contains the northern strike extension of the Main Deposit on the Los Ricos South property.  Highlights of the Main Deposit drilling include hole LRGG-22-209, which intercepted 11,103 g/t silver equivalent over 1.0m, contained within 3.0m of 4,852 g/t AgEq within a wider intercept of 33.2m of 513 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

 

“We continue to advance the drilling in our newly added Eagle concession which we feel will add greatly to the value of our Los Ricos South project,” said Brad Langille, President and CEO. “In conjunction with the Eagle drilling program we have re-logged and re-examined the previous drilling in the Main zone and added additional drilling in areas where we felt we could add more very high grade ounces. As we progress the Los Ricos South deposit towards mining, we will better identify what portion will be mined in a lower strip ratio open pit, and what portion of our higher grade material would be better suited for bulk underground mining.”

 

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-22-041 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-22-044 Eagle 138.0 171.6 33.6 0.63 65.6 1.50 112.8
including 138.8 147.0 8.3 1.78 160.2 3.92 293.8
including 142.2 142.8 0.7 9.30 668.0 18.21 1,365.5
LRGAG-22-045 Eagle 22.0 37.0 15.0 0.31 42.8 0.88 65.7
including 28.0 29.0 1.0 2.94 196.0 5.55 416.5
LRGAG-22-046 Eagle 64.0 70.4 6.3 1.15 77.9 2.19 164.3
including 67.0 69.8 2.8 1.85 106.3 3.27 245.4
LRGAG-22-047 Eagle 94.9 96.4 1.4 1.37 90.8 2.58 193.7
LRGAG-22-049 Eagle 139.5 141.0 1.5 0.31 77.7 1.34 100.7
LRGAG-22-054 Eagle 24.5 31.5 7.1 0.34 60.2 1.14 85.8
including 24.5 26.5 2.0 0.96 145.3 2.90 217.2
LRGAG-22-059 Eagle 249.5 269.5 20.0 0.72 41.9 1.28 96.0
including 250.5 259.7 9.1 1.57 85.7 2.71 203.1
including 254.5 255.5 1.0 5.33 94.3 6.59 494.1
LRGAG-22-060 Eagle 22.7 23.6 1.0 0.40 56.2 1.15 86.4
LRGAG-22-061 Eagle 6.8 12.0 5.3 0.66 41.7 1.22 91.2
including 10.5 12.0 1.5 1.18 74.6 2.17 162.7
LRGAG-22-063 Eagle 26.0 41.7 15.7 1.21 46.7 1.83 137.4
including 28.3 33.7 5.4 2.99 108.5 4.43 332.5
including 30.8 31.6 0.8 16.35 339.0 20.87 1,565.3
LRGG-22-208 Main area 37.5 47.7 10.3 1.17 313.0 5.35 401.0
including 43.2 45.0 1.9 3.50 976.2 16.52 1,238.7
LRGG-22-209 Main area 58.3 91.5 33.2 3.15 276.5 6.84 512.8
including 86.0 89.0 3.0 30.19 2,587.7 64.69 4,851.7
including 87.0 88.0 1.0 73.10 5,620.0 148.03 11,102.5
LRGG-22-210 Main area 216.0 229.0 13.0 0.95 99.5 2.28 171.1
including 222.1 225.0 2.9 2.69 184.9 5.15 386.6
LRGG-22-211 Main area 94.4 118.5 21.7 1.77 117.1 3.33 249.5
including 98.3 101.9 3.7 7.54 348.1 12.18 913.5
including 100.1 101.9 1.8 10.02 391.0 15.23 1,142.5
LRGG-22-212 Main area 91.8 114.8 23.0 0.38 71.2 1.33 100.0
including 110.5 114.8 4.3 1.72 289.4 5.58 418.3
1.  Hole LRGAG-22-042, 048, 050-053, and 055-058 did not intercept significant mineralization

 

The LRGG holes contained in the results above are the first holes released as 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 was based upon when it was released on January 20, 2021.

 

The Eagle concession adjoins the Main Deposit where the Los Ricos South PEA is contained.  This represents an extension to this previously defined Mineral Resource Estimate at Los Ricos South. The 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.  Due diligence drilling 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.  See Figure 1 below which shows a cross section including drill hole LRGG-22-209.

 

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 5).

 

The Company exploration team has been completing detailed mapping and sampling at Jamaica over the last year and sees the same structure that was drilled in the main zone at Los Ricos South extending for several kilometres over the Jamaica concessions.  This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.

 

Table 2: Drill Hole Locations  

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGAG-22-043 610100 2328212 1312 0 -90 257
LRGAG-22-044 609977 2328575 1265 0 -90 249
LRGAG-22-045 610177 2328669 1351 50 -45 84
LRGAG-22-046 610065 2328643 1302 50 -45 144
LRGAG-22-047 609706 2328729 1218 50 -45 145
LRGAG-22-048 610064 2328642 1302 50 -80 102
LRGAG-22-049 609970 2328427 1252 50 -60 144
LRGAG-22-050 610196 2328659 1362 50 -45 73
LRGAG-22-051 610195 2328658 1362 0 -90 81
LRGAG-22-052 609705 2328729 1218 50 -70 167
LRGAG-22-053 610200 2328599 1337 50 -45 66
LRGAG-22-054 610165 2328692 1353 50 -45 56
LRGAG-22-055 610237 2328581 1347 50 -45 44
LRGAG-22-056 610256 2328511 1383 50 -45 105
LRGAG-22-057 609705 2328729 1218 0 -90 197
LRGAG-22-058 610200 2328598 1337 0 -90 72
LRGAG-22-059 610000 2328160 1318 50 -70 303
LRGAG-22-060 610216 2328343 1320 50 -45 51
LRGAG-22-061 609655 2328760 1210 50 -65 126
LRGAG-22-062 610205 2328368 1318 50 -45 72
LRGAG-22-063 610177 2328379 1311 50 -45 86
LRGG-22-208 610837 2327470 1252 50 -50 101
LRGG-22-209 610797 2327528 1255 50 -85 135
LRGG-22-210 610379 2327666 1261 50 -65 260
LRGG-22-211 610607 2327635 1278 50 -61 158
LRGG-22-212 610211 2328051 1311 50 -56 220

 

 

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 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 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.

 

 


Figure 1: Main Area – Cross Section Hole LRGG-22-209 (CNW Group/GoGold Resources Inc.)

 

 


Figure 2: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)

 

 


Figure 3: Eagle Longitudinal Section (CNW Group/GoGold Resources Inc.)

 

 


Figure 4: Main Area Longitudinal Section (CNW Group/GoGold Resources Inc.)

 

 


Figure 5: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)

 

Posted November 16, 2022

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