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GoGold Provides Drilling Update at Main Area of Los Ricos South

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GoGold Provides Drilling Update at Main Area of Los Ricos South

 

 

 

 

 

706 g/t AgEq over 14.0m including 2.3m of 4,081 g/t AgEq including 0.6m of 9,283 g/t AgEq

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce additional drilling results from Los Ricos South, within the Main area, including a high-grade intercept from hole LRGG-22-280. The hole intercepted 14.0m of 706 g/t silver equivalent, including 2.3m of 4,081 g/t AgEq which also included a very high-grade interval of 9,283 g/t AgEq over 0.6m.

 

“We’ve drilled over 100 additional holes in the Main zone at Los Ricos South since our initial drilling which was included in our July 2020 Mineral Resource Estimate. Our additional drilling has helped us better define the continuity of the high grade ore shoots in the deposit,” said Brad Langille, President and CEO. “We believe this will be invaluable as we complete our mine plan for the upcoming Preliminary Economic Assessment and Pre-Feasibility Study at Los Ricos South.”

 

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)
LRGG-22-280 Main area 1.2 16.7 14.0 1.77 573.7 9.42 706.2
including 10.1 12.4 2.3 10.30 3,308.2 54.41 4,080.8
including 10.1 10.7 0.6 22.70 7,580.0 123.77 9,282.5
LRGG-22-241 Main area 53.2 59.6 6.3 0.59 86.0 1.74 130.5
including 54.5 55.5 1.0 1.93 321.0 6.21 465.7
LRGG-22-242 Main area 128.4 144.6 16.2 0.70 72.0 1.66 124.7
including 133.8 136.2 2.4 2.29 94.9 3.56 266.7
LRGG-22-243 Main area 195.4 199.8 4.5 0.76 142.9 2.67 199.9
LRGG-22-245 Main area 79.2 81.8 2.6 0.90 239.8 4.10 307.4
LRGG-22-246 Main area 185.0 199.0 14.0 2.90 84.6 4.03 302.3
including 193.6 194.6 1.0 31.80 261.0 35.28 2,646.0
LRGG-22-247 Main area 167.6 185.0 17.5 0.60 93.1 1.84 138.1
including 175.0 180.0 5.0 1.28 160.0 3.41 255.9
LRGG-22-248 Main area 120.8 122.2 1.4 0.66 78.3 1.70 127.8
LRGG-22-249 Main area 125.4 135.3 9.9 0.95 333.9 5.40 404.9
LRGG-22-250 Main area 151.2 157.5 6.3 1.54 101.5 2.89 217.1
including 152.3 154.1 1.8 3.12 213.0 5.96 447.0
LRGG-22-251 Main area 161.0 162.6 1.6 1.09 128.5 2.80 210.2
LRGG-22-252 Main area 123.6 133.2 7.4 1.39 167.6 3.62 271.6
including 126.1 126.8 0.7 4.81 429.0 10.53 789.7
LRGG-22-253 Main area 210.4 212.4 2.0 0.94 146.2 2.88 216.3
LRGG-22-254 Main area 167.7 179.6 11.9 1.28 183.1 3.72 279.2
including 170.5 171.1 0.6 7.06 1,830.0 31.46 2,359.5
and 189.4 192.9 3.4 0.45 166.1 2.67 200.1
LRGG-22-255 Main area 174.8 184.3 9.5 1.08 185.8 3.55 266.6
including 183.0 184.3 1.3 4.50 727.8 14.20 1,065.3
LRGG-22-256 Main area 135.3 142.0 5.4 1.97 136.1 3.79 284.0
including 138.0 139.0 1.1 5.28 336.0 9.76 732.0
LRGG-22-257 Main area 60.5 72.0 11.6 1.50 164.7 3.69 277.0
including 71.4 72.0 0.7 8.64 261.0 12.12 909.0
LRGG-22-258 Main area 144.8 151.0 6.2 1.14 162.5 3.31 248.3
LRGG-22-260 Main area 115.3 137.7 22.5 1.20 124.1 2.85 213.8
including 119.6 120.1 0.5 11.50 427.0 17.19 1,289.5
LRGG-22-261 Main area 50.6 56.2 5.6 0.67 58.1 1.45 108.6
LRGG-22-262 Main area 135.0 140.9 5.8 2.27 41.6 2.82 211.8
including 135.0 136.0 1.0 7.91 28.2 8.29 621.5
LRGG-22-263 Main area 150.2 155.6 5.4 1.50 85.7 2.64 198.3
including 153.0 153.5 0.5 0.87 472.0 7.16 537.3
LRGG-22-264 Main area 131.6 159.0 24.9 1.01 104.5 2.40 180.3
including 149.5 156.5 7.0 2.46 247.5 5.76 431.8
including 153.0 154.7 1.7 8.78 746.8 18.74 1,405.5
LRGG-22-265 Main area 134.7 141.8 7.1 1.25 416.6 6.81 510.7
including 136.0 139.0 3.0 2.69 905.0 14.76 1,106.7
including 137.1 138.0 0.9 5.70 2,300.0 36.37 2,727.5
and 151.9 156.2 4.3 0.86 215.8 3.73 280.0
LRGG-22-267 Main area 57.0 73.5 16.5 1.32 153.2 3.36 251.9
including 66.0 68.5 2.5 6.44 571.5 14.06 1,054.5
LRGG-22-268 Main area 17.7 20.6 2.9 3.54 264.6 7.07 530.1
LRGG-22-269 Main area 42.1 59.4 17.3 2.53 159.8 4.66 349.5
including 50.2 51.0 0.9 26.70 1,215.0 42.90 3,217.5
LRGG-22-271 Main area 39.5 43.3 3.8 2.19 197.0 4.82 361.5
LRGG-22-272 Main area 79.9 84.4 4.5 1.54 73.5 2.52 188.7
LRGG-22-273 Main area 40.2 49.5 9.3 0.74 92.7 1.98 148.3
LRGG-22-274 Main area 55.6 66.0 8.3 0.63 100.6 1.97 148.1
LRGG-22-275 Main area 67.5 71.8 4.3 0.51 170.4 2.78 208.7
LRGG-22-276 Main area 135.0 148.7 13.7 1.48 213.4 4.32 324.1
including 137.5 140.0 2.5 4.26 439.7 10.13 759.5
LRGG-22-277 Main area 138.0 142.2 4.2 1.45 254.4 4.85 363.4
LRGG-22-278 Main area 170.2 176.3 6.1 1.02 76.7 2.04 153.2
LRGG-22-279 Main area 179.5 185.5 6.0 1.44 199.2 4.09 306.9
1.        Not true width
2.        AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

 

The Main area drilling campaign’s purposes is to better define the very high-grade portions of the current deposit that may be amenable to bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial Mineral Resource Estimate upon which the Los Ricos South Preliminary Economic Assessment was based upon when it was released on January 20, 2021. It is expected that these holes will be included in an updated Resource to be released by the end of the summer.

 

Figure 2, above, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South projects. The map includes an outline of the concession areas and a summary of the current Mineral Resource Estimates (“MRE”) on the projects, as well as stars locating each of the deposits included within the current MREs.

 

Table 2: Drill Hole Locations 

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGG-22-241 610277 2328012 1285 50 -45 87
LRGG-22-242 610266 2327866 1265 50 -45 180
LRGG-22-243 610484 2327564 1261 50 -51 228
LRGG-22-244 610240 2327843 1249 50 -50 175
LRGG-22-245 610276 2328011 1285 50 -85 112
LRGG-22-246 610392 2327710 1263 50 -63 226
LRGG-22-247 610256 2327791 1247 50 -57 230
LRGG-22-248 610278 2327846 1259 50 -59 171
LRGG-22-249 610589 2327583 1263 50 -51 137
LRGG-22-250 610411 2327725 1266 50 -61 201
LRGG-22-251 610207 2327821 1239 50 -52 216
LRGG-22-252 610578 2327607 1268 50 -53 175
LRGG-22-253 610156 2327906 1274 50 -50 247
LRGG-22-254 610419 2327707 1273 50 -65 213
LRGG-22-255 610283 2327782 1247 50 -59 237
LRGG-22-256 610533 2327604 1260 50 -49 164
LRGG-22-257 610730 2327536 1246 50 -46 77
LRGG-22-258 610556 2327585 1257 50 -53 185
LRGG-22-259 610156 2327906 1275 50 -68 260
LRGG-22-260 610684 2327505 1247 50 -50 167
LRGG-22-261 610812 2327478 1246 50 -56 85
LRGG-22-262 610684 2327505 1247 50 -63 189
LRGG-22-263 610183 2327997 1279 50 -66 198
LRGG-22-264 610651 2327508 1245 50 -50 182
LRGG-22-265 610586 2327550 1252 50 -46 205
LRGG-22-266 610316 2328106 1328 50 -45 101
LRGG-22-267 610250 2328049 1306 50 -45 101
LRGG-22-268 610310 2328071 1312 50 -44 99
LRGG-22-269 610806 2327506 1252 50 -59 90
LRGG-22-270 610823 2327456 1243 50 -56 86
LRGG-22-271 610859 2327485 1264 50 -51 65
LRGG-22-272 610768 2327467 1232 50 -54 112
LRGG-22-273 610282 2328044 1300 50 -45 111
LRGG-22-274 610764 2327510 1242 50 -48 107
LRGG-22-275 610246 2328081 1318 50 -45 114
LRGG-22-276 610524 2327627 1270 50 -44 193
LRGG-22-277 610524 2327627 1270 50 -57 171
LRGG-22-278 610523 2327626 1270 50 -71 179
LRGG-22-279 610591 2327520 1242 50 -61 237
LRGG-22-280 610324 2328087 1321 50 -45 84

 

 

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.

 

The VRIFY 3D Slide Deck for GoGold can be viewed at: https://vrify.com/companies/gogold-resources-inc 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 Mineral Resource was announced on July 29, 2020, which disclosed 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 Mineral 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 Eagle Concession was acquired in October 2022 and is adjacent to the Main Area which contains the initial Mineral Resource.

 

The Los Ricos North Project was launched in March 2020 and an initial Mineral Resource was announced on December 7, 2021, which disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3 million tonnes, and an Inferred Mineral Resource of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 million tonnes. An initial PEA on the project was announced on May 17, 2023, indicating an NPV5% of US$413M.

 

Procedure, Quality Assurance / Quality Control and Data Verification 

 

The diamond drill core 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 ALS Chemex facility in Guadalajara, Mexico. ALS Chemex 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 30-gram charge by fire assay (Code AA23) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code ME-GRAV21). Silver and multi-element analysis is completed using total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (ME-GRA21).

 

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: Eagle + Main Area Grade Thickness Longitudinal Section (CNW Group/GoGold Resources Inc.)

 


Figure 2: Los Ricos District Overview (CNW Group/GoGold Resources Inc.)

 

Posted July 19, 2023

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