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GoGold Reports Additional Strong Drilling at Main Area of Los Ricos South

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GoGold Reports Additional Strong Drilling at Main Area of Los Ricos South

 

 

 

 

 

404 g/t AgEq over 30.2m including 9.7m of 1,110 g/t AgEq including 0.8m of 5,468 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-23-302. The hole intercepted 30.2m of 404 g/t silver equivalent, including 9.7m of 1,110 g/t AgEq which also included a very high-grade interval of 5,468 g/t AgEq over 0.8m.

 

“We’ve drilled an additional 100 holes in the Main zone at Los Ricos South since our initial July 2020 Mineral Resource Estimate and we believe they are proving to be quite impactful on our upcoming updated Resource and Preliminary Economic Assessment,” said Brad Langille, President and CEO. “Our team is diligently working to complete the studies expected to release before end of summer.”

 

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-23-302 Main area 52.8 83.0 30.2 1.68 277.7 5.39 404.0
including 67.0 76.7 9.7 4.54 769.1 14.79 1,109.5
including 72.0 73.8 1.8 18.99 3,484.3 65.44 4,908.2
including 73.0 73.8 0.8 30.10 3,210.0 72.90 5,467.5
LRGG-22-281 Main area 135.8 147.5 11.7 0.93 387.3 6.10 457.2
including 136.6 138.0 1.4 5.36 2,780.4 42.43 3,182.6
LRGG-22-282 Main area 175.1 190.8 13.0 0.99 216.0 3.87 290.0
including 186.8 188.8 1.9 2.59 474.0 8.91 668.3
LRGG-22-283 Main area 106.1 118.0 12.0 0.67 80.2 1.74 130.7
including 106.1 107.1 1.1 5.06 169.0 7.31 548.5
LRGG-23-284 Main area 91.1 96.3 5.3 1.62 144.6 3.55 265.9
including 94.6 96.3 1.7 2.98 180.9 5.39 404.3
LRGG-23-285 Main area 68.7 74.8 6.1 1.01 173.4 3.32 249.3
and 90.2 92.6 2.4 1.84 366.0 6.72 503.9
LRGG-23-286 Main area 142.4 165.5 23.1 0.80 143.3 2.71 203.0
including 144.4 146.0 1.7 9.03 1,352.8 27.07 2,030.0
LRGG-23-287 Main area 62.5 72.6 10.1 1.48 81.9 2.58 193.3
including 62.5 69.3 6.8 2.02 97.3 3.31 248.6
and 79.2 80.2 1.1 1.55 459.0 7.67 575.3
LRGG-23-288 Main area 114.6 121.3 6.7 0.45 111.1 1.93 144.8
including 120.2 121.3 1.1 0.36 222.0 3.32 249.0
LRGG-23-289 Main area 101.3 129.4 28.1 0.71 128.7 2.42 181.9
including 111.5 112.5 1.1 3.38 1,080.0 17.78 1,333.5
LRGG-23-291 Main area 87.0 121.8 34.8 1.37 132.4 3.14 235.3
including 113.8 120.8 7.0 4.68 440.4 10.55 791.1
including 116.7 117.7 1.0 19.30 1,935.0 45.10 3,382.5
LRGG-23-292 Main area 141.0 152.8 11.8 0.91 224.1 3.89 292.1
including 141.0 145.3 4.3 2.33 563.1 9.84 737.7
including 144.2 145.3 1.1 3.24 1,295.0 20.51 1,538.0
LRGG-23-293 Main area 8.1 40.7 32.7 1.19 124.4 2.85 213.4
including 26.2 27.3 1.1 3.33 518.0 10.24 767.7
LRGG-23-294 Main area 145.2 161.4 16.3 1.02 69.8 1.95 146.6
including 145.2 146.3 1.1 5.53 125.0 7.20 539.8
LRGG-23-295 Main area 121.9 123.1 1.2 1.30 91.0 2.51 188.1
and 137.3 140.5 3.1 0.43 85.7 1.57 117.7
LRGG-23-296 Main area 147.6 150.2 2.6 0.75 62.4 1.58 118.6
LRGG-23-297 Main area 221.6 232.2 10.6 1.15 189.9 3.68 276.4
including 228.5 230.0 1.6 3.06 414.4 8.59 644.2
LRGG-23-298 Main area 196.2 204.5 8.3 0.83 121.7 2.45 183.6
including 199.1 201.8 2.7 1.71 222.2 4.68 350.7
LRGG-23-299 Main area 233.5 244.8 11.3 1.36 223.7 4.35 325.9
including 242.4 243.4 1.0 3.92 662.0 12.75 956.0
LRGG-23-300 Main area 135.4 138.4 3.1 1.23 112.5 2.73 204.5
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-22-281 610614 2327542 1253 50 -53 177
LRGG-22-282 610423 2327672 1280 50 -53 191
LRGG-22-283 610665 2327547 1251 50 -53 156
LRGG-23-284 610272 2327935 1278 50 -51 129
LRGG-23-285 610722 2327532 1245 50 -49 125
LRGG-23-286 610571 2327568 1254 50 -52 183
LRGG-23-287 610300 2327962 1281 50 -59 104
LRGG-23-288 610272 2327935 1278 50 -67 164
LRGG-23-289 610699 2327512 1246 50 -49 153
LRGG-23-290 610248 2328048 1306 50 -55 104
LRGG-23-291 610300 2327928 1284 50 -64 149
LRGG-23-292 610428 2327742 1270 50 -64 160
LRGG-23-293 610422 2327934 1312 50 -60 65
LRGG-23-294 610272 2327902 1278 50 -66 186
LRGG-23-295 610317 2327812 1256 50 -56 170
LRGG-23-296 610207 2327916 1251 50 -52 186
LRGG-23-297 610223 2327766 1233 50 -61 290
LRGG-23-298 610223 2327766 1233 50 -50 250
LRGG-23-299 610281 2327717 1237 50 -65 302
LRGG-23-300 610604 2327563 1258 50 -45 144
LRGG-23-301 610604 2327563 1258 50 -49 136
LRGG-23-302 610318 2327943 1286 50 -51 116

 

 

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 (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 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 August 2, 2023

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