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GoGold Drills Highest Grade Hole to Date at Los Ricos

GoGold Drills Highest Grade Hole to Date at Los Ricos
PR Newswire
HALIFAX, NS, Jan. 23, 2023

Shares Outstanding:        296,097,011Trading Symbols:            TSX: GGDOTCQX: GLGDF
55.0m of 2,738 g/t AgEq, including 7.0m of 20,715 g/t AgEqAlso inclu…

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GoGold Drills Highest Grade Hole to Date at Los Ricos

PR Newswire

Shares Outstanding:        296,097,011
Trading Symbols:            TSX: GGD
OTCQX: GLGDF

55.0m of 2,738 g/t AgEq, including 7.0m of 20,715 g/t AgEq
Also includes 63,658 g/t AgEq over 2.0m

HALIFAX, NS, Jan. 23, 2023 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce additional drilling results from Los Ricos South, within the Eagle and Main Deposits.  Hole LRGAG-22-218 is the best hole drilled to date in the Los Ricos district and intercepted 55.0m of 2,738 g/t silver equivalent (“AgEq”), containing 20,715 g/t AgEq over 7.0m.  The hole also contained an extremely high grade intercept of 63,658 g/t AgEq over 2.0m.  See Table 1 for breakdown of silver and gold values.

“Hole 118 represents not only the best drill hole drilled by our team at Los Ricos, but it is also the best hole ever drilled by any member of our technical team on any of our previous projects,” said Brad Langille, President and CEO. “In mining, grade is king, and Los Ricos has demonstrated time and time again that it has very high grades, with hole 118 being an extraordinary example of that.”

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)

LRGAG-22-118

Eagle

95.6

150.6

55.0

7.80

2,152.7

36.51

2,737.9

including

95.6

120.6

25.0

16.07

4,664.2

78.26

5,869.3

including

104.6

119.6

15.0

26.74

7,755.8

130.15

9,761.3

including

107.6

114.6

7.0

55.87

16,524.6

276.19

20,714.5

including

107.6

110.6

3.0

121.97

36,953.0

614.67

46,100.5

including

108.6

110.6

2.0

145.25

52,764.5

848.78

63,658.3

LRGAG-22-087

Eagle

94.5

103.5

9.0

0.87

38.5

1.39

103.9

including

94.5

97.5

3.0

1.77

24.7

2.10

157.2

LRGAG-22-090

Eagle

148.5

216.1

66.8

0.54

33.3

0.98

73.5

including

203.0

212.1

9.1

1.89

96.3

3.17

237.7

LRGAG-22-092

Eagle

312.0

313.4

1.4

4.42

12.7

4.59

344.2

LRGAG-22-094

Eagle

116.8

135.0

18.2

1.37

146.0

3.32

248.9

including

118.5

128.5

10.0

2.39

235.0

5.53

414.5

including

122.6

123.6

1.0

7.51

448.0

13.48

1,011.3

LRGAG-22-095

Eagle

254.3

257.3

3.1

0.52

58.6

1.30

97.8

LRGAG-22-097

Eagle

148.9

153.0

4.2

3.20

169.4

5.46

409.6

including

148.9

150.0

1.2

10.75

521.0

17.70

1,327.2

LRGAG-22-098

Eagle

318.6

329.6

11.0

0.69

73.2

1.67

125.3

including

324.2

326.6

2.4

2.88

224.8

5.87

440.6

LRGAG-22-099

Eagle

256.0

259.4

3.4

2.05

54.7

2.78

208.6

including

256.0

257.3

1.3

5.23

129.8

6.96

522.1

and

272.6

275.0

2.4

1.11

30.7

1.52

113.8

LRGAG-22-100

Eagle

393.8

406.3

12.5

0.52

59.5

1.32

98.8

including

394.8

398.8

4.0

1.35

148.3

3.33

249.7

including

396.8

397.8

1.0

2.95

349.0

7.60

570.3

LRGG-22-219

Main Area

126.3

128.8

2.5

0.65

66.6

1.54

115.6

LRGG-22-220

Main Area

63.8

79.4

15.6

0.50

98.9

1.82

136.2

including

70.7

74.1

3.4

1.34

156.5

3.42

256.8

LRGG-22-221

Main Area

194.9

224.2

29.4

0.85

138.3

2.69

202.1

including

202.0

206.4

4.4

4.98

748.7

14.97

1,122.5

including

203.9

204.9

0.9

12.70

2,370.0

44.30

3,322.5

LRGG-22-222

Main Area

127.7

136.3

8.7

0.94

104.8

2.34

175.6

including

134.3

134.9

0.6

7.60

592.0

15.49

1,162.0

1.

Not true width

2.

AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%

3.

Holes LRGAG-22-086, 088, 089, 091, 093, 096 did not intercept significant mineralization

 

The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA. The Eagle concession covers 1,107 hectares, including the area between the Main Deposit and the Company’s Jamaica concession located 3km to the northwest, where the Company holds the rights to additional concessions.  Drilling at the Eagle has returned the highest grade intercepts to date in the district.  These wide high grade intercepts are consistent with geophysical targets on the new concession. 

The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit.  The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining.  The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which the Los Ricos South Preliminary Economic Assessment (“PEA”) was based upon when it was released on January 20, 2021.

Following are maps including Figure 1 – a cross section of hole LRGAG-22-118 showing the high grade intercept.

A summary of Eagle zone drilling highlights is included as Table 2 below.

Table 2 : Eagle Deposit Drill Intercept Highlights

Hole ID

Area / Vein

From

To

Length1

Au

Ag

AuEq2

AgEq2

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

(g/t)

LRGAG-22-118

Eagle

95.6

150.6

55.0

7.80

2,152.7

36.51

2,737.9

including

95.6

120.6

25.0

16.07

4,664.2

78.26

5,869.3

including

104.6

119.6

15.0

26.74

7,755.8

130.15

9,761.3

including

107.6

114.6

7.0

55.87

16,524.6

276.19

20,714.5

including

107.6

110.6

3.0

121.97

36,953.0

614.67

46,100.5

including

108.6

110.6

2.0

145.25

52,764.5

848.78

63,658.3

LRGAG-22-035

Eagle

69.0

179.6

110.6

1.64

264.6

5.17

387.5

including

129.0

140.5

11.5

11.31

2,198.3

40.62

3,046.7

including

130.4

133.8

3.5

30.24

6,392.5

115.48

8,660.8

including

130.4

131.9

1.5

63.24

12,729.3

232.96

17,472.0

including

131.0

131.9

0.9

104.50

13,742.5

287.73

21,580.0

LRGAG-21-014

Eagle

144.3

216.9

72.6

5.13

76.0

6.14

460.6

including

198.8

210.7

11.9

28.58

115.9

30.13

2,259.8

including

208.6

210.7

2.1

146.03

176.8

148.39

11,128.9

including

208.6

209.3

0.7

266.00

319.0

270.25

20,269.0

LRGAG-22-031

Eagle

58.0

126.0

68.0

4.25

109.4

5.71

428.4

including

78.0

113.9

35.9

7.83

184.9

10.29

771.8

including

80.0

95.0

15.0

15.61

273.3

19.26

1,444.4

including

84.0

86.0

2.0

46.80

272.5

50.43

3,782.5

LRGAG-22-032

Eagle

48.1

113.8

65.8

1.36

107.7

2.79

209.6

including

85.8

113.8

28.1

2.96

216.6

5.85

439.0

including

88.5

92.9

4.3

7.17

1,012.8

20.68

1,550.7

including

88.5

89.1

0.6

25.00

3,020.0

65.27

4,895.0

LRGAG-22-041

Eagle

109.5

145.5

36.0

1.46

134.5

3.26

244.3

including

134.0

143.5

9.5

4.55

389.9

9.75

731.1

including

134.0

134.8

0.8

6.01

577.0

13.70

1,027.7

also including

137.0

143.5

6.6

5.62

453.6

11.67

875.3

including

141.0

142.2

1.2

17.10

1,345.0

35.03

2,627.5

LRGAG-22-043

Eagle

146.0

154.2

8.2

0.67

78.4

1.72

129.0

and

166.0

186.7

20.7

1.32

215.8

4.20

315.1

including

176.5

185.8

9.3

2.73

428.2

8.44

633.1

including

182.0

184.5

2.5

7.89

999.1

21.21

1,591.1

including

182.0

182.7

0.7

17.20

2,130.0

45.60

3,420.0

LRGAG-21-018

Eagle

127.6

163.0

33.6

1.57

85.5

2.71

203.5

including

156.9

159.3

2.4

10.51

436.5

16.33

1,225.0

including

156.9

157.6

0.8

15.00

1,155.0

30.40

2,280.0

and

177.9

178.6

0.7

36.20

1,500.0

56.20

4,215.0

LRGAG-22-030

Eagle

42.9

79.5

36.7

1.77

156.2

3.85

289.0

including

51.9

61.0

9.1

6.00

553.3

13.38

1,003.2

including

54.1

54.8

0.7

14.00

1,260.0

30.80

2,310.0

LRGAG-22-029

Eagle

74.0

94.6

20.6

1.52

217.5

4.42

331.3

including

75.5

77.5

2.0

8.00

1,865.5

32.87

2,465.5

including

75.5

76.5

1.0

14.15

3,520.0

61.08

4,581.3

LRGAG-21-007

Eagle

148.5

191.0

42.5

1.64

137.5

3.47

260.6

including

188.6

190.2

1.6

6.83

1,269.5

23.76

1,781.8

 

The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target.  As a result, all of the concessions in Los Ricos South are now contiguous (Figure 4).

Table 2: Drill Hole Locations  

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Length

LRGAG-22-118

610066

2328475

1277

0

-90

181

LRGAG-22-087

609958

2328624

1268

50

-45

132

LRGAG-22-088

609404

2329006

1160

50

-45

61

LRGAG-22-089

609403

2329005

1160

0

-90

68

LRGAG-22-090

609966

2328360

1252

50

-60

270

LRGAG-22-091

609947

2328639

1268

0

-90

218

LRGAG-22-092

609808

2328145

1297

50

-45

443

LRGAG-22-093

609808

2328145

1297

50

-55

443

LRGAG-22-094

610142

2328156

1330

50

-70

255

LRGAG-22-095

609963

2328104

1325

50

-60

323

LRGAG-22-096

609913

2328448

1243

0

-90

348

LRGAG-22-097

610139

2328150

1329

0

-90

246

LRGAG-22-098

609963

2328103

1325

50

-75

377

LRGAG-22-099

609965

2328359

1252

50

-75

312

LRGAG-22-100

609962

2328103

1325

0

-90

446

LRGG-22-219

610307

2327836

1257

50

-58

162

LRGG-22-220

610401

2327885

1293

50

-46

125

LRGG-22-221

610220

2327768

1234

50

-56

261

LRGG-22-222

610289

2327820

1256

50

-57

198

 

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. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

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 (“QA/QC”) 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 (TSX: GGD) 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. For more information visit gogoldresources.com.

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, and the prospect of further discoveries there, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gogold-drills-highest-grade-hole-to-date-at-los-ricos-301727991.html

SOURCE GoGold Resources Inc.

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