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GoGold Drills 1,127 g/t AgEq over 8.1m within 82.9m of 265 g/t AgEq at El Favor in Los Ricos North

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GoGold Drills 1,127 g/t AgEq over 8.1m within 82.9m of 265 g/t AgEq at El Favor in Los Ricos North

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)  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-21-060 intersected 82.9m of 265 g/t silver equivalent, including 8.1m of 1,127 g/t AgEq, which also included 1.4m of 2,587 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

 

“El Favor is providing us with exciting drilling results at both the eastern and western ends.  Hole 60 is near the west end of the deposit, and gave us an excellent high grade intercept of over 2 kilos, enveloped in a very wide 83m intercept of 265 g/t AgEq.  At the other end, in El Favor East, hole 59 is a strong hole which is 100m to the east of hole 56, previously our most easterly hole in El Favor East,” said Brad Langille, President and CEO.  “We continue to extend strike length at El Favor with excellent widths and grades, which we anticipate will contribute greatly to the upcoming resource.”

 

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)
LRGF-21-057 El Favor East 13.5 64.9 51.4 0.32 79.4 1.38 103.5
including 31.2 33.0 1.9 2.74 779.6 13.14 985.1
and 83.8 100.5 16.8 0.20 107.9 1.64 123.1
including 97.1 99.1 2.0 0.54 380.1 5.61 420.7
LRGF-21-058 El Favor3 5.8 91.0 84.2 0.18 78.7 1.23 92.0
including 11.5 13.8 2.3 0.70 388.7 5.88 441.1
including 12.0 12.8 0.8 1.36 817.8 12.27 920.0
incl. Salomon3 50.0 73.0 22.0 0.47 190.0 3.00 225.2
including3 60.0 67.0 6.0 1.35 587.9 9.19 689.4
including 61.2 63.0 1.9 2.92 1,356.1 21.01 1,575.4
LRGF-21-059 El Favor East 112.2 139.4 27.2 0.38 11.8 2.27 170.5
including 133.8 135.7 1.9 2.45 1,073.2 16.76 1,257.2
LRGF-21-060 El Favor4 8.0 93.0 82.9 0.36 238.3 3.54 265.3
including4 45.6 92.0 44.4 0.62 407.7 6.05 454.1
including4 66.7 82.6 13.8 1.09 700.3 10.43 782.2
including4 72.5 82.6 8.1 1.56 1,009.2 15.02 1,126.5
including 77.4 78.8 1.4 5.66 2,162.8 34.49 2,587.0
LRGF-21-061 El Favor East 75.5 118.2 40.7 0.21 124.7 1.87 140.2
including 76.5 79.8 3.3 0.56 583.6 8.34 625.6
including 77.5 78.3 0.8 1.80 1,629.3 23.52 1,764.2
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Excludes 1.0m of historically mined void
4. Excludes 2.1m of historically mined void

 

 

Figure 1: El Favor Drill Hole Locations

 

Figure 2: El Favor East

 

The exploration team has been moving east of El Favor 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), as shown in Figure 2.

 

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.

 

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.

 

Figure 3: Favor-Orito Long Section

 

Table 2: Drill Hole Locations  

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-21-057 585878 2336762 1198 180 -45 244
LRGF-21-058 585134 2336469 1301 180 -45 189
LRGF-21-059 586028 2336759 1266 180 -45 220
LRGF-21-060 585103 2336463 1295 180 -45 228
LRGF-21-061 586002 2336759 1254 180 -45 252

 

 

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/decks/10437 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.

 

 

 

Posted September 8, 2021

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