GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 6 diamond drill holes from the El Favor area in its Los Ricos North project. Hole LRGF-21-032 intersected 3.4m of 1,676 g/t silver equivalent (See Table 1 for details including breakdown of silver and gold values), contained within 15.3m of 524 g/t AgEq, within a larger intersect from surface of 69.3m of 145 g/t AgEq.
“El Favor continues to deliver high grade zones exceeding a kilo per ton surrounded by wide zones of potentially bulk mineable grades near surface,” said Brad Langille, President and CEO. “With 9 drill rigs operating, we are aggressively advancing towards our initial resource estimate in Los Ricos North.”
Table 1: Drill Hole Intersections
|incl. – Guitarrillas||30.4||45.7||15.3||392.2||1.76||524.1|
|and – Los Chivos||120.9||130.5||9.6||111.7||0.39||141.2|
|incl. – Salomon||74.3||79.3||5.0||361.4||0.90||428.6|
|and – Guitarrillas||156.7||159.5||2.8||109.7||0.16||121.6|
|and – Guitarrillas||211.9||223.9||12.0||86.2||0.09||93.2|
|and – Salomon5||70.2||95.7||23.3||92.1||0.22||108.5|
|1.||Not true width|
|2.||AqEq converted using a silver to gold ratio of 75:1.|
|3.||Hole LRGF-21-038 assays are still pending. Hole LRGF-21-037 did not intersect significant mineralization.|
|4.||Excludes 4.3m of historically mined void.|
|5.||Excludes 2.3m of historically mined void.|
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
Figure 1: Plan View – La Trini to El Favor Area of Los Ricos North
Figure 2: El Favor Drill Hole Locations
Figure 3: Favor-Orito Long Section
Figure 4: Cross Section LRGF-21-032
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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: 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.)
Figure 4: Cross Section LRGF-21-032 (CNW Group/GoGold Resources Inc.)
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