Halifax, NS – GoGold Resources Inc. (TSX: GGD) (“GoGold”, “the Company”) is pleased to report the assay results from the first two diamond drill holes returned over 40% higher grades than the historic RC drilling completed at the Los Ricos project located about 100 km northwest of the city of Guadalajara.
“Our initial two holes confirm the results from historical RC drilling programs are reliable as well as providing high quality geological, assay and geochemical information on the mineralized halo surrounding the historical high grade ore shoots. The next phase of the core drilling will be focused on following the high grade ore shoot down dip below the historical RC drilling” stated Brad Langille, President and CEO.
GoGold commenced a 10,000 m diamond drilling program of HQ size core in conjunction with a field program of geological mapping, sampling and trenching on the property. The core drilling campaign is focused on defining the mineralized halo around the historical high grade ore shoots as defined by the underground workings and the 65 historical RC drill holes on the property.
The first 2 core holes were laid out to “twin” RC drill holes completed by TUMI Resources in 2003-04. The first twinned pair, DDH LRGG-19-001 and RCH CMRC-34, entered and exited the mineralized zone at similar depths, both intersected a narrow 1.0 to 1.5 m wide void related to old workings and had similar gold and silver values as shown in Table 1. LRGG-19-001 intersected 35.5m averaging 1.24 g/t gold, 284.7 g/t silver and 5.04 g/t gold equivalent including 6.5m averaging 3.32 g/t gold, 905.8 g/t silver and 15.4 g/t gold equivalent.
The second twinned pair, DDH LRGG-19-002 and RCH CMRC-48, entered and exited the mineralized zone at similar depths with the gold and silver grades over 70% higher in GoGold’s core hole. LRGG-19-002 intersected 27.6m averaging 1.56 g/t gold, 159.0 g/t silver and 3.68 g/t gold equivalent including 5.6m averaging 5.52 g/t gold, 525 g/t silver and 12.5 g/t gold equivalent. See Table 2 for the Location of GoGold’s diamond drill holes completed to date.
Table 1: Drill Hole Intersections
|Hole ID||Comment||From (m)||To (m)||Length6(m)||Au (g/t)||Ag (g/t)||AuEq1 (g/t)|
- AuEq converted using a silver to gold ratio of 75:1
- Historical drilling data comes from TUMI Resources Press Release dated November 25, 2003 available on SEDAR as filed by Kingsmen Resources Ltd.
- Historical drilling data comes from TUMI Resources Press Release dated July 14, 2004 available on SEDAR as filed by Kingsmen Resources Ltd.
- 1.0m underground working, no sample
- 1.5m underground working, no sample
- Not true width
Table 2: Drill Hole Locations
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 ActLabs facility in Zacatecas, Mexico. ActLabs 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 50 gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP).
Quality Assurance / Quality Control and Data Verification
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 project in the state of Chihuahua, and has the Los Ricos exploration project 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.
For further information please contact:
T: 416 855 0435
E: [email protected]
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 Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, 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.