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GoGold Drills194.3 Meters of100 g/t Silver Equivalent and 1.1% Copper Including 82.3 Meters of176 g/t Silver Equivalent and 1.6% Copper at Chispa South

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GoGold Drills194.3 Meters of100 g/t Silver Equivalent and 1.1% Copper Including 82.3 Meters of176 g/t Silver Equivalent and 1.6% Copper at Chispa South

 

 

 


GoGold Resources Inc. (TSX-V: GGD), announce new drilling results from the ChispaDe Oro South target areawithinthecompany’s San Diego Project in Durango, Mexico. Hole GGS-056returned the best drill results to date on the property,194.3 Meters of 100 g/t Silver Equivalent (silver Eq) and 1.1% Copperwhich included an intercept of 82.3 Meters of 176 g/t Silver Equivalent and 1.6% Copper.This vertical hole was drilled in the breccia zone and demonstrates the continuity of the high grade mineralization within the structure to a depth of 225 meters. GoGold geologists believe this breccia zonecould potentially fall within a high grade open pit targetat the Chispa South area. The same hole also intercepted a deeper zone of mineralization that may represent a potential underground targetas well.See Underground Intercept Section: http://gogoldresources.com/downloads/diagrams/PR20121126_SanCarlosSection_web.pdf

 

 

 

Other holes previously released in the potential high grade pit area being developed are:

 

Potential High Grade Open Pit Area Developing at Chispa South

 

GGS-1874.5 meters of87.4 g/t silver Eq

GGS-18 53.9 meters of 1.25% copper

GGS-19 94 meters of55.9 g/t silver Eq

GGS-19 65.6 meters of0.45% copper

GGS-20 50 meters of177.1 g/t silver Eq

GGS-2014 meters of1.07% copper

GGS-32 124.3 meters of51.6 g/t silver Eq and0.34% copper 

GGS-33 92.1 meters of37.1 g/t silver Eq and0.55% copper 

GGS-3570 meters of130.8 g/t silver Eq and 1.08% copper 

GGS-49 48.9 meters of67.9 g/t silver Eq and0.82% copper

GGS-5011.3 meters of45.0 g/t silver Eq and0.13% copper

 

 

 

 

Bulk Underground Target

 

 

 

 

A second new drill holeGGS-54 was drilled to intercept a deeper zone where it intercepted a flat lying zone of38.7 meters of 64 g/t silverEq and 1.9% copper that may represent a thick zone of potentially underground bulk minable mineralizationthat the Company is also targeting in this area. Newhole GGS-56also intersected this zone in the bottom of the hole with 36.6 meters of 17 g/t silver Eq and 1.7% copper.Other holes that intercepted this deeper zone previously are Hole GGS-048 intercepted 51 meters of 53 g/t silver Eqand 1.35% copper including 16 meters of 151.4 g/t silver Eqand 2.89% copper, andHoleGGS-043with18.5 meters of 75.1 g/t silver Eqand 1.30% copper.

 

 

 

 

The company intends to define a resource at Chispa South through definition drilling and to also continue to define other high grade areas within the San Diego project that we believe can develop into resources quickly.

 

 

 

 

Table 1: New Drill Results from Chispa De Oro:(Copper is not included in the Silver Equivalent calculation)

 

 

 

 

Drill Hole

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Silver Equivalent  (g/t)

Plus Copper (%)

GGS-054

332.6

371.3

38.7

0.08

60.3

64

1.9%

including

332.6

344.8

12.2

0.16

119.7

127

4.0%

including

332.6

358.3

25.7

0.10

77.4

82

2.5%

GGS-054

453.6

459.6

6.0

0.03

13.7

15

2.2%

GGS-055

123

127.5

4.5

1.12

208.1

260

2.0%

GGS-055

122

171.5

49.5

0.12

25.1

31

0.3%

GGS-056

31.2

225.5

194.3

0.28

87.0

100

1.1%

including

38.7

121

82.3

0.35

159.4

176

1.6%

GGS-056

325.5

362.1

36.6

0.01

16.2

17

1.7%

including

332.5

362.1

29.7

0.02

18.5

19

2.0%

 

 

True Widths are not yet determined. Orientation of the mineralization is not yet understood. *Silver/Gold ratio of 46:1 used for Silver Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%.The figures in the table may not compute exactly due to rounding.

 

 

 

 

Table 2: Previously Released Drill Holes(Copper is not included in the Silver Equivalent calculation)

 

 

 

 

Drill Hole

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Silver Equivalent g/t

Plus Copper (%)

GGS-18

3.05

77.5

74.5

0.24

76.4

87.4

 

GGS-18

59.6

113.5

53.9

     

1.25%

GGS-19

36.4

131

94

0.04

54

55.8

 

GGS-19

26.4

92

65.6

     

0.45%

GGS-20

1

51

50

0.35

161

177.1

 

GGS-20

40

54

14

     

1.07%

GGS-32

4.8

129.1

124.3

0.1

47

51.6

0.34%

GGS-33

78.2

170.3

92.1

0.09

33

37.1

0.55%

GGS-35

10.4

80.4

70

0.42

111.5

130.8

1.08%

GGS-43

314.5

333

18.5

0.1

70.5

75.1

1.30%

GGS-48

356

407

51

0.08

49.3

53

1.40%

including

356

372

16

0.24

140.4

151.4

2.90%

GGS-48

356

407

51

0.08

49.3

53

1.40%

GGS-49

15

63.9

48.9

0.22

57.8

67.9

0.82%

GGS-050

21.7

33

11.3

0.63

16

45

0.13%

 

 

 

 

True Widths are not yet determined. Orientation of the mineralization is not yet understood. *Silver/Gold ratio of 46:1 used for Silver Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%. The figures in the table may not compute exactly due to rounding. GGS -18, 19, and 20 – See March 22, 2012 press release. GGS – 32, 33 – See September 13, 2012 press release. GGS – 35, 43See October 4, 2012 press release. GGS – 49, 50 – See October 11, 2012 press release.  See press releases for location, azimuth and dip.

 

 

 

 

 

The San Diego Project

 

 

 

 

The Chispa De Oro South zone is one of three areas of high potential for resource development within the San Diego project. With only 10% of the 71,495 hectare project systematically mapped and sampled to date, the discovery of three zones of significant mineralization identified thus far bodes well for the discovery of more areas within this prospective land package as exploration continues. The other two mineralized discoveries made to date include the Las Europas high grade silver target and Breccia Hill area where the Company previously released very exciting silver, gold and copper drill intercepts and high grade silver trenches.

 

 

 

 

Table 3: Coordinates for Table 1. New Drill Results from Chispa De Oro:

 

 

 

 

HOLE_ID

EAST

NORTH

ELEV

Az

Dip

DEPTH

GGS-054

471017

2576226

775

0

-90

569

GGS-055

471070

2576175

745.7

0

-90

368.6

GGS-056

471044

2576273

770

0

-90

614.7

 

 

 

 

Core Samples

 

 

 

 

The core was either HQ or NQ in size in the surface holes. Holes were started at the larger HQ size and reduced to NQ if necessary. The drilling crew boxes the core and GoGold employees transport it to the core shack. In the core shack the core is geologically logged with sample lengths indicated. When the sample lengths are determined the core is split using an impact splitter with one half of the core being bagged and tagged for assay. The other half is returned to the core trays for storage.

 

 

 

 

Lab Preparation

 

 

 

 

The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs sample preparation facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples. Ninety percent of the pulp will pass Tyler 150 mesh (106μm). The pulps are sent to ActLabs in Canada for analysis for Au/Ag fire assays with a gravimetric finish and ICP-41 for all the other elements. This process is expected to continue as additional drill core continues to arrive.

 

 

 

 

Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the geological information of this release.

 

 

 

 

 

 

 

 

For further information please contact:

 

 

 

 

Terence F. Coughlan, President and CEO,

or,

Sean Tufford, Vice President, Corporate Development

GoGold Resources Inc.,

T: 902 482-1998

F: 902 442-1898

 

 

 

 

Email : sean@gogoldresources.com

Or visit : www.gogoldresources.com

 

 

 

 

CAUTIONARY STATEMENT:

 

 

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

 

This News Release includes certain “forward-looking statements”.  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of GoGold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from GoGold’s expectations are exploration risks detailed herein and from time to time in the filings made by GoGold with securities regulators.

Posted November 26, 2012

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