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GoGold Drills 1,243 g/t AgEq over 1.3m within 56.1m of 105 g/t AgEq at El Favor in Los Ricos North

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GoGold Drills 1,243 g/t AgEq over 1.3m within 56.1m of 105 g/t AgEq at El Favor in Los Ricos North

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 6 new drill holes from the El Favor deposit in the Los Ricos North project.  Drill hole LRGF-21-041 intersected 56.1m of 105 g/t silver equivalent, including 1.3m of 1,243 g/t AgEq.  The merging of 4 veins in the western portion of El Favor continue to provide significant widths of good grade which could be potentially amenable to bulk mining.  Currently at El Favor drilling is underway on an eastern extension of the structure where good mineralization has been encountered and assay results are expected in the coming weeks.  See Table 1 for breakdown of silver and gold values.

 

“Over the last several months, our exploration drilling on El Orito and El Favor led us to believe that these structures may connect to form a mineralized zone in excess of 3 kilometres.  This is a very exciting development which could add greatly to the potential mineral resources in Los Ricos North,” said Brad Langille, President and CEO.  “The combination of geophysics and drill testing on this El Orito – El Favor trend are powerful tools in the development of Los Ricos North.”

 

 

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-21-038 Favor 22.9 39.0 16.2 0.36 134.0 2.15 161.0
including 29.3 36.6 7.4 0.67 262.7 4.17 312.7
Salomon 111.8 119.5 7.7 0.28 93.6 1.52 114.3
including 115.8 118.9 3.1 0.55 189.7 3.08 230.8
LRGF-21-040 Salomon 74.3 90.5 16.2 0.28 97.1 1.57 117.8
including 88.9 90.5 1.6 1.35 484.3 7.81 585.8
LRGF-21-041 Favor 23.0 24.6 1.7 0.38 84.4 1.50 112.7
and3 94.2 152.5 56.1 0.31 82.5 1.41 105.4
incl. Salomon 123.1 124.4 1.3 3.57 975.0 16.57 1,242.9
incl. Guitarillas 148.2 148.9 0.7 0.49 197.5 3.12 234.3
Los Chivos 160.0 176.9 17.0 0.14 37.6 0.64 48.1
including 163.6 165.9 2.3 0.19 89.6 1.39 104.1
LRGF-21-042 Favor 10.9 24.5 13.6 0.20 97.5 1.50 112.6
including 14.4 18.3 4.0 0.44 227.4 3.47 260.4
And 49.9 126.3 76.4 0.13 47.1 0.76 56.9
including 68.1 75.7 7.6 0.58 103.3 1.96 146.8
including 99.3 104.8 5.5 0.34 197.0 2.96 222.3
LRGF-21-043 Favor 42.1 42.7 0.7 0.36 99.0 1.68 125.9
Salomon 103.5 105.8 2.3 0.19 35.0 0.66 49.1
and 134.0 135.1 1.1 5.61 0.4 5.62 421.2
LRGF-21-046 Favor 2.5 12.0 9.5 0.15 51.0 0.83 62.6
and 21.4 23.8 2.4 0.14 74.7 1.13 85.0
Los Chivos 87.7 108.0 20.3 0.21 56.3 0.96 72.0
including 88.2 95.0 6.8 0.48 118.5 2.06 154.3
including 93.5 95.0 1.5 1.21 314.0 5.39 404.5
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Excludes 2.3m of historically mined void.
4. Assays are still pending for holes LRGF-21-044 and LRGF-21-045.

 

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.  This mineralization can be observed in outcrop at the Hundido Pit, underground in the Salomon Cross Cut and in the road cuts along the north side of the El Favor hill and in the drill holes. More holes are required in this area to determine the strike length and potential depth of these wide combined zones.

 

The Eastern end of the El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 2).  Wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 800m.  Geological mapping, prospecting and sampling programs in the area between El Orito and the Hundido Pit have been accelerated and given priority.

 

Table 2: Drill Hole Locations

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-21-038 585375 2336611 1274 180 -45 287
LRGF-21-040 585479 2336569 1283 180 -45 267
LRGF-21-041 585183 2336523 1318 180 -45 246
LRGF-21-042 585652 2336767 1171 180 -45 305
LRGF-21-043 585482 2336630 1250 180 -45 274
LRGF-21-046 585425 2336405 1320 180 -45 156

 

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 Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)

 


Figure 3: Favor-Orito Long Section (CNW Group/GoGold Resources Inc.)

 

Posted June 2, 2021

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