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GoGold Drills 2,245 g/t AgEq over 2.3m and 70.5m of 115 g/t AgEq including 10.1m of 478 g/t AgEq at El Favor in Los Ricos North

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GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 12 diamond drill holes from the El Favor deposit in the Los Ricos North project.  Hole LRGF-21-033 intersected significant mineralization for a total of 48.5m out of 122.8m drilled, including 2.3m of 2,245 g/t silver equivalent within 8.8m of 636 g/t AgEq.  The hole also intersected 33.9m of 160 g/t AgEq which contained 3.0m of 527 g/t AgEq in a second vein, and intersected  5.8m of 420 g/t AgEq, including 2.1m of 854 g/t AgEq in a third vein. (See Table 1 for details including breakdown of silver and gold values).

 

Hole LRGF-20-025 intersected significant mineralization for a total of 96.2m out of 124.3m drilled from surface, including 70.5m of 115 g/t AgEq, 18.3m of 133 g/t AgEq, and 7.4m of 113 g/t AgEq.  The hole also included multiple higher grade intersections included within the wider intervals, including 10.1m of 478 g/t AgEq, 2.1m of 353 g/t AgEq, and 2.0m of 728 g/t AgEq .

 

“The El Favor target is demonstrating that not only does it have some high grades in the kilos, but also potentially bulk mineable zones approaching 100m in combined intercepts that are near surface,” said Brad Langille, President and CEO.  “The convergence of three semi-parallel veins on the Favor deposit in the Hundido area giving us widths and grades that could accelerate the growth of resource ounces. Our belief that Los Ricos North is a large mineralized system is strengthened with these results.”

 

Table 1:  Drill Hole Intersections

 

Hole ID Area From To Length1 Au Ag AuEq2 AgEq2
(m) (m) (m) (g/t) (g/t) (g/t) (g/t)
LRGF-20-023 Favor 0.0 13.7 13.7 0.26 97.5 1.56 117.3
including 10.5 13.7 3.2 0.51 148.1 2.49 186.5
LRGF-20-024 Favor 0.0 12.0 12.0 0.20 41.8 0.75 56.5
including 7.4 10.5 3.1 0.31 84.0 1.43 107.0
LRGF-20-025 Favor – Salomon 0.0 73.1 70.5 0.26 95.1 1.53 114.7
including3 47.0 69.8 20.1 0.59 251.5 3.94 295.5
including3 49.8 62.5 10.1 0.99 403.9 6.37 478.0
LRGF-20-025 Favor – Salomon 81.8 89.2 7.4 0.56 71.5 1.51 113.3
including 84.1 86.2 2.1 1.86 213.6 4.70 352.7
LRGF-20-025 Favor – Guitarrillas 107.0 125.3 18.3 0.35 106.8 1.77 133.1
including 122.3 124.3 2.0 2.17 565.6 9.71 728.3
LRGF-20-026 Favor – Guitarrillas 99.3 102.9 3.6 0.12 53.5 0.83 62.2
including 234.7 235.4 0.7 1.05 421.7 6.67 500.3
LRGF-20-028 Favor 23.1 42.0 17.7 0.12 52.8 0.82 61.7
including 38.0 40.3 2.3 0.14 147.7 2.11 158.2
LRGF-20-029 Favor 0.0 31.9 31.9 0.26 91.8 1.48 111.2
including 1.0 6.7 5.7 0.55 193.2 3.13 234.8
Favor – Salomon 75.0 95.2 20.2 0.27 63.4 1.11 83.6
LRGF-20-030 Favor 5.4 32.5 27.1 0.24 78.4 1.29 96.7
including 23.5 25.3 1.8 0.73 223.9 3.72 278.9
including 30.5 32.5 2.0 1.09 260.5 4.56 342.3
and 56.0 59.3 3.3 0.56 132.2 2.32 173.9
LRGF-20-031 Favor 14.4 25.3 10.9 0.51 71.4 1.47 109.9
including 16.7 19.1 2.4 2.18 213.8 5.03 377.2
LRGF-21-033 Favor – Salomon 1.8 35.7 33.9 0.59 116.2 2.14 160.4
including 10.1 13.0 3.0 1.25 433.1 7.02 526.6
LRGF-21-033 Favor – Guitarrillas 62.0 67.9 5.8 1.94 274.7 5.60 420.2
including 65.7 67.9 2.1 4.14 543.8 11.39 854.0
LRGF-21-033 Favor – Los Chivos 114.0 122.8 8.8 2.00 485.6 8.48 635.7
including 115.0 117.3 2.3 7.36 1693.0 29.94 2,245.2
1. Not true width.
2. AqEq converted using a silver to gold ratio of 75:1.
3. Excludes 2.6m of historically mined void.
4. Holes 21,22,27 excluded as did not intercept significant mineralization.  Hole 32 is excluded as the assays are pending.

 

Discussion of Drill Hole Results

 

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 1).  Wide zones of precious and base metal mineralization were cut by drill holes at El Orito (see Press Release dated January 27, 2021) 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.

 

Following are Figure 1, which shows a plan view of the area of Los Ricos North from La Trini to El Favor, Figure 2 which shows a plan view of the drilling to date at El Favor, Figure 3 which is a cross section of hole LRGF-20-025, and Figure 4 which is a cross section of hole LRGF-21-033.

 

 

Table 2: Drill Hole Locations

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-20-021 585397 2336724 1234 180 -60 279.0
LRGF-20-022 585096 2336514 1263 180 -65 243.5
LRGF-20-023 585404 2336564 1281 180 -45 195.0
LRGF-20-024 585458 2336629 1241 180 -45 235.0
LRGF-20-025 585208 2336487 1355 180 -45 222.0
LRGF-20-026 585329 2336595 1279 180 -45 295.7
LRGF-20-027 585475 2336679 1221 180 -65 189.0
LRGF-20-028 585428 2336647 1250 180 -45 175.0
LRGF-20-029 585407 2336599 1268 180 -45 162.0
LRGF-20-030 585825 2336750 1190 180 -45 108.0
LRGF-20-031 585723 2336367 1200 180 -45 121.9
LRGF-21-032 585240 2336495 1350 180 -45 202.5
LRGF-21-033 585277 2336494 1351 180 -45 222.5

 

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.  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, 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: Plan View – El Favor (CNW Group/GoGold Resources Inc.)

 

 


Figure 3: Cross Section – Hole LRGF-20-025 (CNW Group/GoGold Resources Inc.)

 

 


Figure 4: Cross Section – Hole LRGF-21-033 (CNW Group/GoGold Resources Inc.)

Posted February 24, 2021

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