The Prospector News

GoGold Launches Second Exploration Project in the Los Ricos District

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

GoGold Launches Second Exploration Project in the Los Ricos District






GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report that the Company has launched a second exploration project in the Los Ricos district called Monte del Favor. The Company has consolidated its land position along the 35 km trend with the acquisition of 5 new concessions in the district, bringing the total number of concessions to 35 covering 22,493 hectares.  


The new concessions come with a legacy database of 50 historical drill holes with grades as high as 2,109 g/t silver equivalent (6.4 g/t Au and 1,629 g/t Ag) over 24.4m with further highlight drill holes in the table below. This area is where the Company will begin a drill program in the next 45 days. The Company’s technical team has been on the ground at the North Project mapping, trenching and sampling for the past 3 months and are currently preparing the first three drill targets.


“We have a strategic plan for the Los Ricos district which includes consolidation of concessions and drilling for ounces.  With the completion of the latest concession acquisitions and our financing, we will be adding drill rigs and accelerating our exploration to showcase the Los Ricos district to be one of the most prospective in Mexico” said Brad Langille, President and CEO. “All the elements are now in place for us to execute on creating more value at Los Ricos for our shareholders.”


The first target contains a number of historical underground workings, as well as small surface pits and trenches. Drilling on the concessions was completed most recently between 2005 to 2007, with 50 holes completed covering over 6,000 metres, of which the majority intercepted mineralization near surface.  Highlights of the historical drill results are shown in Table 1 below.


An updated concession map is available on the Company’s website at



 Table 1: Historical Drill Hole Intersections
Hole ID1 From To Length2 Au Ag AuEq3 AgEq3
  (m) (m) (m) (g/t) (g/t) (g/t) (g/t)
TRRC-32 130.0 154.4 24.4 6.4 1,629 28.1 2,109
Including 132.0 144.3 12.3 12.1 3,188 54.6 4,096
TRRC-06 8.1 26.4 18.3 3.1 150 5.1 383
TRRC-09 18.3 24.4 6.1 1.1 201 3.8 284
TRRC-12 20.3 22.4 2.1 1.7 463 7.9 591
TRRC-38 136.2 142.3 6.1 2.8 174 5.1 384
TRRC-48 22.4 42.7 20.3 0.4 225 3.4 257
Including 24.4 26.4 2.0 1.6 1,389 20.1 1,511
1. Historical drilling data comes from technical report for Tumi Resources Limited dated Jan. 15, 2008, available on SEDAR as filed by Kingsmen Resources Ltd. on Feb. 11, 2008.
2. Not true width.
3. AuEq converted using a gold to silver exchange ratio of 75:1.



New Concessions

The Company entered into an agreement to acquire ownership of 49% of 5 concessions from an arm’s length seller in consideration for US$225,000.  The Company also acquired an option to acquire the remaining 51% of the Property by paying US$210,000 on the second anniversary of the Agreement, subject to acceleration provisions. The Seller will retain a 1% NSR on the Property.  The Company may repurchase the 1% NSR at any time by paying the Seller US$1,000,000.   


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 project in the state of Chihuahua and has the Los Ricos exploration project in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.


Posted February 20, 2020

Share this news article


Appia Announces Further 2021 Assay Results and Provides Drilling Update for Alces Lake Rare Earth Property, Northern Saskatchewan

Appia Rare Earths & Uranium Corp. (CSE:API) (OTCQX:APAAF) (Ge... READ MORE

July 6, 2022

K92 Mining Closes CAN$50 Million Bought Deal Financing

K92 Mining Inc. (TSX: KNT) is pleased to announce that, further t... READ MORE

July 6, 2022

NMG Issues Results of Feasibility Study for its Integrated Ore-to-Anode-Material Model Projected to be North America’s Largest Natural Graphite Operation with Attractive Economics

This news release constitutes a “designated news release” for... READ MORE

July 6, 2022


Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

July 6, 2022

Brixton Metals Drills 64m of 5.74 g/t Gold Including 28.95m of 10.36 g/t Gold at its Trapper Target on its Thorn Project

Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE

July 6, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News