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GoGold Releases Final Drill Holes Prior to Upcoming Initial Mineral Resource Estimate at Los Ricos North

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GoGold Releases Final Drill Holes Prior to Upcoming Initial Mineral Resource Estimate at Los Ricos North

 

 

 

 

 

1,523 g/t AgEq over 0.7m included within 13.3m of 139 g/t AgEq at El Favor East

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to release the results of 5 drill holes at El Favor East, 2 at El Orito, 1 at Mololoa and 1 at El Nayar within Los Ricos North. Hole LRGF-21-095 intersected 0.7m of 1,523 g/t silver equivalent within 13.3m of 139 g/t AgEq. See Table 1 for breakdown of silver and gold values.

 

“With these final drill holes, we’ve reached the data cut-off for our initial Los Ricos North mineral resource estimate, which we expect to release shortly. While the data cut-off for the resources has been hit, the drills continue to progress on the next 100,000 metres which is budgeted for the Los Ricos district through 2022,” said Brad Langille, President and CEO. “Today’s release includes results from the El Favor East target which continue to extend the discovery to the east.  This is one key area where we plan to continue drilling and exploring in our 2022 drilling program.”

 

 

Table 1:  Drill Hole Intersections

 

Hole ID Area / Vein From To Length1 Au Ag Cu Pb Zn AuEq2 AgEq2
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (g/t)
LRGF-21-084 El Favor East 64.5 69.6 5.1 1.07 193.1 3.65 273.6
and 123.0 129.0 6.0 0.22 105.9 1.63 122.4
and 154.4 158.2 3.8 0.29 88.3 1.47 110.0
El Favor East 228.5 294.6 66.1 0.17 57.7 0.94 70.3
including 228.5 231.7 3.2 1.26 255.8 4.67 349.9
including 270.0 283.5 13.5 0.37 110.6 1.85 138.5
including 270.0 273.0 3.0 1.03 167.3 3.26 244.6
including 278.0 283.5 5.5 0.31 153.9 2.36 177.1
LRGF-21-092 El Favor East 82.8 86.1 3.3 0.46 83.6 1.58 118.4
and 207.0 226.0 19.0 0.43 105.0 1.83 137.1
including 208.4 218.2 9.8 0.79 186.1 3.27 245.6
including 215.6 217.5 1.9 1.91 509.2 8.70 652.2
and 338.6 346.9 8.3 0.22 90.5 1.43 107.2
including 361.2 361.9 0.7 0.29 238.8 3.48 260.9
LRGF-21-094 El Favor East 83.8 92.0 8.2 0.24 76.2 1.26 94.1
including 85.9 88.0 2.1 0.72 226.5 3.74 280.8
and 297.5 309.5 12.1 0.23 85.7 1.37 102.8
including 300.6 305.5 4.9 0.47 169.4 2.73 204.7
including 302.8 304.6 1.8 1.15 337.1 5.65 423.7
including 303.9 304.6 0.7 1.96 543.6 9.21 690.4
LRGF-21-095 El Favor East 72.1 75.0 2.9 0.44 101.1 1.79 134.1
and 233.8 247.0 13.3 0.35 113.0 1.85 139.0
including 244.4 245.0 0.7 3.81 1,236.9 20.30 1,522.6
and 283.7 284.9 1.2 0.56 156.4 2.65 198.6
LRGF-21-097 El Favor East 244.6 248.0 3.4 0.35 130.9 2.09 156.9
and 303.3 304.9 1.6 0.16 87.7 1.33 99.4
LRGO-21-069 El Orito Vein 36.6 52.4 15.9 0.14 96.5 0.02 0.13 0.04 1.52 114.0
including 47.0 48.0 1.0 1.30 640.0 0.02 0.13 0.02 9.90 742.8
LRGO-21-070 El Orito Vein 281.4 311.2 29.8 0.02 10.7 0.10 0.41 2.87 1.68 126.0
including 285.0 294.4 9.4 0.03 18.9 0.11 0.91 5.52 3.14 235.8
LRGM-21-063 Mololoa – Soledad 14.0 20.9 7.0 0.52 141.3 2.41 180.5
including 17.0 19.2 2.2 1.46 396.4 6.75 506.1
LRGNY-21-023 El Nayar – Rubi 200.4 210.8 10.5 0.19 74.3 1.18 88.2
including 202.4 203.2 0.8 1.83 555.0 9.23 692.2
and 216.8 225.7 8.9 0.32 144.4 2.24 168.2
including 216.8 222.2 5.3 0.44 220.1 3.37 252.7
including 216.8 218.3 1.5 1.08 489.0 7.60 570.0
1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

 

Table 2: Drill Hole Locations  

 

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGF-21-084 586427 2336782 1313 180 -45 324.0
LRGF-21-092 586552 2336758 1333 180 -45 406.5
LRGF-21-094 586779 2336768 1261 180 -45 356.0
LRGF-21-095 586227 2336793 1373 180 -45 339.8
LRGF-21-097 586627 2336787 1326 180 -45 469.0
LRGO-21-069 583695 2336835 888 210 -58 235.5
LRGO-21-070 583896 2336929 943 210 -66 459.5
LRGM-21-063 584720 2337870 1021 240 -50 83.0
LRGNY-21-023 578306 2344246 825 200 -60 329.4

 

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, Mololoa, 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 ALS Chemex  facility in Zacatecas, 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: El Favor Plan View (CNW Group/GoGold Resources Inc.)

 


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

 


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

 


Figure 4: Los Ricos Overview (CNW Group/GoGold Resources Inc.)

 

Posted November 17, 2021

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