GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) 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 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
|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
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
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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: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)
Figure 2: El Orito Long Section – Grade Thickness (GT) Equivalent (CNW Group/GoGold Resources Inc.)
Figure 3: El Orito Drill Hole Locations (CNW Group/GoGold Resources Inc.)
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)
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We acknowledge the [financial] support of the Government of Canada.