GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 11 new drill holes from the Casados deposit in the Los Ricos North project. Drill hole LRGCS-21-056 intersected 4,367 g/t silver equivalent (“AgEq”) over 1.0m within 45.9m of 259 g/t AgEq. See Table 1 for breakdown of silver and gold values.
“The zone at Casados continues to show high grade intercepts included within wider zones of potentially bulk mineable tonnage,” said Brad Langille, President and CEO. “We continue to advance Los Ricos North towards a significant initial resource.”
Table 1: Drill Hole Intersections
|1.||Not true width||3. Holes LRGCS-21-050,52 and 53 are pending assays.|
|2.||AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%.|
The Casados Veins strike nearly E-W, dips 45o to the north and is hosted in andesitic tuffs and is exposed on surface for about 400 metres along strike. In the 7 metres of old stope that is above the water level at the Casados mine, the vein shows as a zone of quartz stringers about a meter wide, but at other places it is more than 2 metres wide. A zone of silicification up to 50 metres wide envelopes the vein and this resistant outcrop forms a steep ridge along the strike of the vein, particularly on the north or hanging wall side.
GoGold’s geological mapping program has located a series of historical workings along NNW trending veins that splay off the main Casados Vein along a horsetail structure (see Figure 4 for a plan view map and Figure 5 for a sampling map).
A series of low sulphidation epithermal quartz veins have been mapped over an area of 800m x 400m extending on a NNW trend from the area of the Casados mine. The veins are exposed in a dozen historical shallow workings and chip sampling has returned high silver and gold values. Drill hole LRGCS-21-038 (see press release dated May 26, 2021), targeted to test below the Casados mine workings, intersected one of these new veins close to surface as shown on the sampling map.
Table 2: Drill Hole Locations
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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 SGS Laboratory in Durango, Mexico. SGS 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 GE_FAA515) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code GO_FAU333). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP) and Fire Assay Code GE_AAS42E). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code GO_FAG333).
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.
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