HALIFAX, NS, Jan. 12, 2022 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release the results of 13 drill holes at Mololoa within Los Ricos North. Hole LRGM-21-077 intersected 1.0m of 6,675 g/t silver equivalent (“AgEq”) contained within 36.3m of 489 g/t AgEq. See Table 1 for breakdown of silver and gold values. These are the first drill holes announced after the release of the initial Mineral Resource Estimate at Los Ricos North on December 7, 2021.
“We are very pleased with these results at Mololoa, as we continue our aggressive resource expansion drilling program at Los Ricos North. This is in addition to the initial Mineral Resource Estimate released in December,” said Brad Langille, President and CEO. “We’ve also commenced drilling at the Gran Cabrera zone, which is our newest target for Los Ricos North, where we see an exploration potential that may be similar to the El Favor deposit.”
Table 1: Drill Hole Intersections
|LRGM-21-066||Mololoa – Tamara||138.8||150.1||11.3||1.21||242.3||4.44||333.0|
|LRGM-21-068||Mololoa – Tamara||143.1||156.0||12.9||0.60||155.3||2.68||200.6|
|LRGM-21-077||Mololoa – Tamara||147.7||184.0||36.3||1.51||375.7||6.52||489.1|
|LRGM-21-083||Mololoa – Tamara||311.3||324.8||13.6||0.26||82.1||1.35||101.3|
|LRGM-21-085||Mololoa – Tamara||174.8||194.6||19.9||0.35||77.1||1.38||103.4|
|LRGM-21-086||Mololoa – Tamara||159.0||160.6||1.7||1.53||345.3||6.13||459.7|
- Not true width
- AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
- Excludes 1.3m of historically mined void
- Holes LRGM-21-70,71,75,76,80,81,82,84 all intersected mineralization over 60 g/t AgEq with an average length of 1.0m. Full details of those drill holes are included on the Company’s website
- Holes LRGM-21-87 and 88 are pending assays.
The Mololoa deposit is located approximately 1 km north of the El Favor deposit and may be an eastward extension of the Casados deposit. The deposit consists of multiple veins with a total strike length exceeding 1,000m to date and numerous historical workings have been encountered in the drilling to date.
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 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 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 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 (“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.
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.
SOURCE GoGold Resources Inc.