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GoGold Drills 2,274 g/t AgEq over 0.8m and 58.8m of 111 g/t AgEq at El Favor East in Los Ricos North

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GoGold Drills 2,274 g/t AgEq over 0.8m and 58.8m of 111 g/t AgEq at El Favor East in Los Ricos North

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)  is pleased to release the results of 8 new drill holes from the El Favor East zone and 1 drill hole from El Favor, both in the Los Ricos North project.  Drill hole LRGF-21-066 intersected 0.8m of 2,274 g/t silver equivalent, within 108.0m of 59 g/t AgEq.  Drill hole LRGF-21-069 intersected 58.8m of 111 g/t AgEq, including 4.8m of 551 g/t AgEq.  See Table 1 for breakdown of silver and gold values.

 

“Hole 72 is our most easterly hole released to date and extends the mineralization 300m to the east from discovery hole 48,” said Brad Langille, President and CEO.  “We have redirected drills to El Favor East as we aim to include a portion of El Favor East in our upcoming initial Los Ricos North resource.”

 

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-21-062 El Favor East 120.5 122.6 2.1 0.21 54.4 0.94 70.1
and 134.4 136.0 1.5 0.26 75.8 1.27 95.5
LRGF-21-063 El Favor 57.1 73.4 16.3 0.05 43.9 0.64 47.9
including 64.4 67.0 2.7 0.16 138.3 2.00 150.3
LRGF-21-064 El Favor East 69.7 70.6 0.9 0.31 232.6 3.41 255.4
and 146.1 148.8 2.7 0.07 50.0 0.74 55.6
LRGF-21-065 El Favor East 9.5 78.2 68.7 0.12 71.0 1.07 80.0
including 75.0 78.2 3.2 0.88 430.6 6.62 496.5
LRGF-21-066 El Favor East 49.4 157.4 108.0 0.16 47.0 0.78 58.9
including 107.6 123.7 16.1 0.65 152.6 2.68 201.2
including 116.3 118.4 2.1 4.08 737.9 13.92 1,043.9
including 116.9 117.8 0.8 9.05 1,595.5 30.33 2,274.4
LRGF-21-067 El Favor East3 50.4 128.5 73.7 0.26 66.0 1.14 85.8
including 52.3 53.9 1.6 5.10 316.3 9.32 698.8
including 68.0 70.5 2.5 1.32 514.7 8.19 613.9
including 69.1 70.5 1.5 2.12 843.0 13.36 1,002.1
and 116.5 125.1 8.6 0.15 66.9 1.05 78.5
LRGF-21-069 El Favor East4 76.0 139.8 58.8 0.28 90.1 1.48 110.9
including 101.7 106.4 4.8 1.71 423.0 7.35 551.4
LRGF-21-070 El Favor East5 62.2 118.0 48.1 0.28 83.3 1.39 104.5
including 102.5 105.5 3.0 1.79 219.3 4.71 353.2
LRGF-21-071 El Favor East6 95.8 143.0 43.7 0.17 56.1 0.92 69.1
including 99.2 100.1 0.9 2.34 833.7 13.45 1,009.0
LRGF-21-072 El Favor East 133.1 134.6 1.5 0.28 92.0 1.51 113.3
and 191.5 207.5 16.0 0.29 90.1 1.49 111.8
including 197.2 198.6 1.4 1.02 401.2 6.37 477.4
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Excludes 4.5m of historically mined void
4. Excludes 5.0m of historically mined void
5. Excludes 7.7m of historically mined void
6. Excludes 3.5m of historically mined void
7. Hole LRGF-21-068 is excluded as it did not intercept significant mineralization

 

The exploration team has been moving east of El Favor with drilling in 25m stepouts in the eastern end of El Favor, beginning with discovery hole 48, and continuing to intersect wide strong mineralization.  This area is known as the El Favor East zone, and a mapping program has extended the presence of mineralization 900m to the east of hole 48 (El Favor East zone discovery hole), as shown in Figure 2.  To date, 300m of El Favor East has been drilled showing the strong mineralization.

 

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.  The merging of these veins continue to provide significant widths of good grade which could be potentially amenable to bulk mining.

 

The El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 3).  Wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 800m.  Geological mapping, sampling and Induced Polarization surveying programs in the area between El Orito and El Favor are underway.

 

Table 2: Drill Hole Locations  

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-21-062 586086 2336779 1285 180 -45 218
LRGF-21-063 585006 2336494 1254 180 -45 382
LRGF-21-064 586057 2336776 1279 180 -45 202
LRGF-21-065 585953 2336750 1235 180 -45 249
LRGF-21-066 585935 2336800 1213 180 -45 264
LRGF-21-067 585874 2336806 1209 180 -45 311
LRGF-21-068 584986 2336464 1258 180 -45 429
LRGF-21-069 585983 2336800 1232 180 -45 308
LRGF-21-070 585958 2336795 1224 180 -45 246
LRGF-21-071 586005 2336815 1241 180 -45 304
LRGF-21-072 586128 2336795 1308 180 -45 391

 

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/decks/10437 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: El Favor Drill Hole Locations (CNW Group/GoGold Resources Inc.)

 


Figure 2: El Favor East (CNW Group/GoGold Resources Inc.)

 


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

 


Figure 4: Plan View – La Trini to El Favor Area of Los Ricos North (CNW Group/GoGold Resources Inc.)

 

Posted September 15, 2021

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