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GoGold Drills 2.0m of 928 g/t AgEq at El Favor in Los Ricos North within 15.3m of 174 g/t AgEq

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GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release additional assay results from the Company’s El Favor deposit on the Los Ricos North property, including 2.0m of 928 g/t silver equivalent within 15.3m of 174 g/t AgEq, both from hole LRGF-20-019.

 

“Results from our first 20 diamond drill holes are demonstrating the El Favor deposit is hosted by a large scale zone of semi-parallel silver and gold bearing structures.  The deposit is open along strike and at depth and may be amenable to bulk mining,” said Brad Langille, President and CEO.  “We believe El Favor will form a significant part of our maiden resource for the Los Ricos North project.  With 10 new targets already identified for diamond drilling in 2021, we see the opportunity to realize great value creation through discovery in the Los Ricos district.”

 

The El Favor deposit consists of several sub-parallel mineralized vein systems (El Favor, Salomon, Las Guittarrillas, Los Chivos) that occur along a 2km E-W trending, north dipping, structural zone. The junction of veins is highly favorable for bulk tonnage mineralization and all 4 veins merge in the area of the historical Hundido open pit and Salomon underground workings.

 

Hole LRGF-20-019 was drilled to test below the Salomon workings and intersected 70.5m of 61 g/t AgEq from 25.5 to 96.0m, consisting of 50 g/t Ag and 0.15 g/t Au in silicified and altered quartz rhyolite units, including a high-grade intercept of 2.9m of 390 g/t AgEq.  The hole also intersected another vein from 112.2 to 127.5m for 15.3m of 174 g/t AgEq, which included a high-grade intercept of 2.0m of 928 g/t AgEq.

 

Hole LRGF-20-010 intersected 14.8m of 168 g/t AgEq from 36.0 to 50.8m, consisting of 131 g/t Ag and 0.49 g/t Au, including an intercept of 3.2m of 604 g/t AgEq, made up of 452 g/t Ag and 2.03 g/t Au.

 

Hole LRGF-20-020 intersected 12.8m of 149 g/t AgEq from 144.8 to 157.6m, consisting of 127 g/t Ag and 0.30 g/t Au, including an intercept of 3.3m of 368 g/t AgEq.  The hole also intersected 2.0m of 254 g/t AgEq from 243.6 to 245.6m.

 

Detailed intersections are listed in Table 1 with a summary of the previously release drill holes at El Favor included in Table 2.  Drill hole locations are included in Table 3. A drill plan map of El Favor is included as Figure 1 below, along with an isometric view included as Figure 2, and Figure 3 shows an overview of the Los Ricos district.

See Table 2 below for details of intersections for previously released drill holes.

 

Table 1:  Drill Hole Intersections

 

Hole ID3 Area From To Length1 Au Ag AuEq2 AgEq2
(m) (m) (m) (g/t) (g/t) (g/t) (g/t)
LRGF-20-010 El Favor 36.0 50.8 14.8 0.49 130.9 2.24 167.9
including 41.5 44.7 3.2 2.03 451.6 8.05 604.1
LRGF-20-011 El Favor 10.5 16.0 5.5 0.10 53.3 0.81 60.5
including 11.8 12.6 0.9 0.35 197.2 2.98 223.5
LRGF-20-012 El Favor 43.6 67.3 23.7 0.14 31.9 0.56 42.1
and 102.4 118.4 16.0 0.30 101.5 1.65 123.7
including 114.0 117.0 3.0 1.16 383.8 6.28 470.7
LRGF-20-013 El Favor 0.2 6.0 5.8 0.63 204.3 3.36 251.7
and 72.5 102.5 30.0 0.18 70.0 1.11 83.4
including 99.0 101.6 2.6 0.53 396.3 5.81 436.0
and 217.5 219.9 2.3 0.16 146.2 2.11 158.1
LRGF-20-014 El Favor 112.0 114.5 2.5 0.74 152.6 2.78 208.3
LRGF-20-015 El Favor 0.0 31.1 30.2 0.18 63.5 1.03 77.3
including 18.3 27.7 8.6 0.28 145.6 2.23 166.9
LRGF-20-017 El Favor 0.0 3.0 3.0 0.35 71.9 1.31 98.3
and 25.0 30.6 5.6 0.55 286.6 4.37 328.0
including 28.9 30.6 1.7 1.70 834.5 12.83 961.9
LRGF-20-018 El Favor 18.0 19.5 1.5 1.63 341.4 6.18 463.5
LRGF-20-019 El Favor 25.5 96.0 70.5 0.15 49.9 0.82 61.4
including 39.0 48.7 9.7 0.55 198.7 3.20 239.9
including 45.8 48.7 2.9 0.51 351.1 5.20 389.7
and 112.2 127.5 15.3 0.30 151.1 2.31 173.9
including 119.8 121.8 2.0 1.72 798.9 12.37 927.9
LRGF-20-020 El Favor 144.8 157.6 12.8 0.30 126.5 1.99 148.9
including 151.8 155.1 3.3 0.89 301.8 4.91 368.4
and 243.6 245.6 2.0 0.62 207.9 3.39 254.4
1.  Not true width
2.  AuEq and AgEq converted using a silver to gold ratio of 75:1
3.  Holes 20-016 did not intercept significant mineralization

 

 

Table 2: Previously Released Drill Holes – El Favor

 

Hole ID Area From  To Length1 Au  Ag AuEq2 AgEq2
(m)   (m) (m)   (g/t)  (g/t) (g/t) (g/t)
The following drill holes were previously released per GoGold news release #43 dated November 18, 2020:
LRGS-20-001 Salomon 2.6 22.5 19.9 0.18 52.4 0.88 65.9
and 45.0 55.4 10.4 0.18 50.5 0.85 63.8
and 90.0 110.3 20.3 0.18 54.9 0.91 68.6
and 223.5 237.5 14.0 0.24 280.4 3.98 298.2
including 225.8 230.9 5.0 0.51 698.7 9.82 736.6
LRGF-20-001 El Favor 15.0 56.7 41.7 0.36 141.8 2.25 168.4
including 18.7 29.7 11.0 1.12 444.4 7.05 528.6
and 131.3 147 15.7 0.14 48.1 0.79 58.9
LRGF-20-002 El Favor 0.0 18.0 18.0 0.16 64.2 1.01 76.0
and 29.7 71.0 41.3 0.07 16.5 0.29 21.9
including 29.7 36.0 6.3 0.20 40.2 0.74 55.2
LRGF-20-003 El Favor 1.5 34.5 33.0 0.13 68.2 1.04 77.8
including 32.5 34.5 2.0 0.37 186.7 2.86 214.3
LRGF-20-004 El Favor 0.0 15.8 15.8 0.26 73.1 1.23 92.6
including 9.0 14.8 5.8 0.57 151.5 2.59 194.4
and3 23.0 70.5 41.1 0.24 74.6 1.24 92.7
including 34.0 38.1 4.1 1.45 418.9 7.04 527.6
LRGF-20-005 El Favor 22.5 43.5 21.0 0.11 74.4 1.10 82.7
including 22.5 31.5 9.0 0.23 150.1 2.23 167.4
LRGF-20-006 El Favor 41.0 53.0 12.0 0.20 95.9 1.48 110.9
including 44.0 47.4 3.4 0.53 271.4 4.15 311.0
and 70.5 97.5 27.0 0.97 113.0 2.47 185.5
including 76.0 83.3 7.3 3.35 349.6 8.01 601.0
LRGF-20-007 El Favor 0.0 11.0 11.0 0.28 159.7 2.40 180.3
including 3.5 7.0 3.5 0.53 291.5 4.41 330.9
LRGF-20-008 El Favor 0.0 52.1 52.1 0.69 254.5 4.08 306.0
including 15.0 52.1 37.1 0.93 343.0 5.51 413.1
including 26.0 31.0 5.0 5.62 2052.0 32.98 2473.4
including 26.7 30.0 3.3 8.47 3039.5 49.00 3674.7
LRGF-20-009 El Favor 3.0 14.6 11.6 0.43 148.3 2.41 180.5
including 3.0 5.5 2.5 1.22 324.5 5.55 416.0
and 60.0 92.5 32.5 0.32 63.0 1.15 86.6
including 74.5 81.5 7.0 0.64 171.3 2.93 219.6
1. Not true width
2. AuEq and AgEq converted using a silver to gold ratio of 75:1
3. Excludes 6.4m of historically mined voids

 

 

Table 3: Drill Hole Locations

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-20-010 585410 2336646 1258 180 -60 280.5
LRGF-20-011 585380 2336638 1261 180 -45 236.0
LRGF-20-012 585309 2336552 1299 180 -45 241.5
LRGF-20-013 585362 2336546 1303 180 -45 262.5
LRGF-20-014 585576 2336719 1224 180 -45 231.0
LRGF-20-015 585627 2336691 1229 180 -45 199.5
LRGF-20-016 585576 2336719 1224 180 -70 255.0
LRGF-20-017 585627 2336691 1229 180 -70 76.5
LRGF-20-018 585600 2336708 1227 180 -70 202.5
LRGF-20-019 585332 2336571 1292 180 -45 216.0
LRGF-20-020 585279 2336577 1294 180 -45 327.0

 

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 includes the ‘Main’ area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero, as well as the Cerro Colorado, Las Lamas and East Vein targets.  An initial resource on the Los Ricos South project was announced on July 29, 2020 and 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.

 

The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, and El Orito targets.

 

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 – El Favor (CNW Group/GoGold Resources Inc.)

 


Figure 2: El Favor – Isometric View Looking West (CNW Group/GoGold Resources Inc.)

 


Figure 3: Los Ricos District (CNW Group/GoGold Resources Inc.)

 

Posted January 6, 2021

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