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|
|LRGF-21-084||El Favor East||64.5||69.6||5.1||1.07||193.1||–||–||–||3.65||273.6|
|El Favor East||228.5||294.6||66.1||0.17||57.7||–||–||–||0.94||70.3|
|LRGF-21-092||El Favor East||82.8||86.1||3.3||0.46||83.6||–||–||–||1.58||118.4|
|LRGF-21-094||El Favor East||83.8||92.0||8.2||0.24||76.2||–||–||–||1.26||94.1|
|LRGF-21-095||El Favor East||72.1||75.0||2.9||0.44||101.1||–||–||–||1.79||134.1|
|LRGF-21-097||El Favor East||244.6||248.0||3.4||0.35||130.9||–||–||–||2.09||156.9|
|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|
|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|
|LRGM-21-063||Mololoa – Soledad||14.0||20.9||7.0||0.52||141.3||–||–||–||2.41||180.5|
|LRGNY-21-023||El Nayar – Rubi||200.4||210.8||10.5||0.19||74.3||–||–||–||1.18||88.2|
|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
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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, 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.)
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We acknowledge the [financial] support of the Government of Canada.