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GoGold Drills 1,007 g/t AgEq over 4.2m within 58.0m of 168 g/t AgEq at El Orito in Los Ricos North

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GoGold Drills 1,007 g/t AgEq over 4.2m within 58.0m of 168 g/t AgEq at El Orito in Los Ricos North

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 12 diamond drill holes from the El Orito area in its Los Ricos North project.  Hole LRGO-21-041 intersected 4.2m of 1,007 g/t silver equivalent contained within 58.0m of 168 g/t AgEq (See Table 1 for details including breakdown of zinc, silver and gold values).

 

After seeing the amount and types of sulphide minerals present in the first drill holes through the El Orito deposit, the company initiated an Induced Polarization survey to map out the sulphide rich zone along strike and down dip.  The IP survey is mapping a strong chargeability anomaly over the mineralization, and it is thought to be related to the pyrite and chalcopyrite content in the zone.  The survey is continuing eastwards into the El Favor deposit (see Figure 2).

 

“These new drilling results are continuing to expand the size of the El Orito deposit,” said Brad Langille, President and CEO.  “The mineralization at both the El Orito and El Favor deposits can be identified and followed with the IP survey and I believe will help to locate and define the next series of deposits on our Los Ricos North properties.  We expect more results over the coming weeks to develop out of this additional tool we are using in our exploration efforts.  We believe the Los Ricos district is becoming very significant in the silver space.”

 

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-21-028 El Orito 126.0 135.5 9.5 20.2 0.03 0.10 0.35 0.73 63.8
and 187.5 189.3 1.8 17.9 0.04 0.25 0.48 2.53 139.7
LRGO-21-029 El Orito 219.8 232.1 12.4 38.2 0.08 0.23 2.11 3.79 221.2
including 227.8 230.3 2.6 92.6 0.09 0.61 5.32 9.90 536.5
and 246.9 249.6 2.8 22.5 0.02 0.05 0.73 1.72 102.5
LRGO-21-030 El Orito 62.9 66.5 3.7 49.2 0.12 0.07 1.01 1.22 129.3
including 63.7 65.1 1.3 121.0 0.32 0.13 2.36 1.51 263.1
and 74.5 75.8 1.3 28.0 0.02 0.20 1.26 0.97 110.9
and 83.8 97.2 13.4 64.0 0.44 0.12 0.86 0.20 135.3
including 92.9 95.8 3.0 222.2 1.93 0.29 2.72 0.14 464.4
and 109.0 153.2 44.3 23.3 0.04 0.08 0.66 1.23 90.5
including 144.7 149.6 4.9 43.9 0.16 0.16 2.48 3.50 246.4
LRGO-21-031 El Orito 95.0 121.6 26.6 13.7 0.04 0.07 1.13 1.29 93.6
including 101.0 106.1 5.1 38.2 0.17 0.20 4.55 1.95 242.7
including 101.0 102.4 1.4 87.4 0.55 0.23 10.67 0.10 407.4
LRGO-21-032 El Orito 196.8 206.8 10.0 56.2 0.11 0.06 1.21 0.61 119.8
including 198.4 199.9 1.4 273.1 0.49 0.02 1.56 0.09 351.9
and 215.7 245.0 29.4 35.7 0.06 0.23 2.16 4.15 250.8
including 228.3 245.0 16.8 51.3 0.07 0.36 3.33 6.45 383.8
including 237.1 243.3 6.3 90.3 0.09 0.65 5.16 9.55 598.6
and 291.8 294.6 2.8 32.1 0.08 0.22 1.89 3.12 208.1
LRGO-21-033 El Orito 141.1 142.7 1.6 76.8 0.20 0.02 0.14 0.21 103.4
and 217.5 221.2 3.8 32.9 0.09 0.13 0.31 2.43 140.0
LRGO-21-034 El Orito 133.0 137.0 4.0 28.2 0.03 0.08 0.52 0.51 66.9
and 198.5 203.0 4.5 14.7 0.02 0.04 0.33 1.21 67.9
and 223.1 224.8 1.7 15.9 0.03 0.04 0.93 1.60 97.2
LRGO-21-035 El Orito 68.2 70.9 2.8 100.6 0.30 0.01 0.07 0.02 126.0
and 142.0 143.5 1.6 32.4 0.27 0.05 0.20 0.51 79.0
LRGO-21-036 El Orito 206.4 207.9 1.5 528.3 0.03 0.12 0.00 0.01 542.1
and 232.4 350.3 117.9 6.3 0.02 0.02 0.19 1.33 58.2
including 245.2 248.4 3.3 37.2 0.20 0.05 0.63 3.81 198.8
including 259.0 262.7 3.7 22.2 0.02 0.10 1.69 3.09 175.9
including 268.5 270.8 2.3 7.0 0.01 0.06 0.27 8.40 298.1
LRGO-21-037 El Orito 240.5 243.5 3.0 28.5 0.03 0.16 1.15 1.52 124.2
LRGO-21-040 El Orito 200.2 206.0 5.8 9.2 0.01 0.08 0.32 1.53 75.4
including 201.0 203.0 2.0 16.7 0.01 0.13 0.66 3.12 149.0
LRGO-21-041 El Orito 182.1 240.1 58.0 30.8 0.04 0.19 1.25 2.59 168.0
including 206.0 229.0 23.0 60.7 0.08 0.40 2.43 4.88 325.0
including 217.8 229.0 11.3 95.6 0.13 0.69 3.33 7.52 500.3
including 217.8 221.9 4.2 185.7 0.22 1.46 6.87 15.12 1,007.2
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-21-039 did not intercept significant mineralization.  Hole LRGO-21-038 assays are pending.

 

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.

 

Table 2: Drill Hole Locations

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGO-21-028 583511 2336727 822 210 -55 284.0
LRGO-21-029 583578 2336995 851 210 -65 330.9
LRGO-21-030 583867 2336663 868 30 -45 221.0
LRGO-21-031 583522 2336720 824 210 -45 238.0
LRGO-21-032 583685 2336968 895 210 -50 322.0
LRGO-21-033 583867 2336663 868 30 -60 284.9
LRGO-21-034 583563 2336713 825 210 -50 401.0
LRGO-21-035 583601 2336933 891 210 -50 385.0
LRGO-21-036 583920 2336839 974 210 -70 419.4
LRGO-21-037 583602 2337020 843 210 -65 334.5
LRGO-21-038 583571 2336749 841 210 -55 309.0
LRGO-21-039 583960 2336886 999 210 -75 525.3
LRGO-21-040 583502 2336786 811 210 -55 275.0
LRGO-21-041 583607 2336982 865 210 -55 277.0

 

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 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: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)

 


Figure 2: El Orito – Induced Polarization (“IP”) Survey Map (CNW Group/GoGold Resources Inc.)

 


Figure 3: El Orito Drill Hole Locations (CNW Group/GoGold Resources Inc.)

 


Figure 4: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)

 

Posted June 9, 2021

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