Trading Symbol:
TSX: GGD
Shares Outstanding: 186,072,211
HALIFAX, NS, Dec. 30, 2019 /CNW/ - GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to announce the filing of an NI
43-101 Technical Report on their Los Ricos Project and the filing
of their 2019 Annual Information Form. The technical report
is a partial summary of work completed in the 2019 GoGold drill
program and will be followed up by the completion of an NI 43-101
compliant Mineral Resource Estimate in 2020.
P&E Mining Consultants Inc. was engaged to prepare a
Qualified Person's Review and National Instrument 43-101 Standards
of Disclosure for Mineral Projects ("NI 43-101") Technical Report
for the Los Ricos Project located in the State of Jalisco, Mexico for GoGold. The
key outcomes of work by GoGold on Los Ricos to date are:
- Diamond drilling continues to intersect the silver and gold
bearing Los Ricos veins past the limits of the former underground
workings
- Original drawings of the legacy mine workings recovered from
the Mansfield Library at the University of
Montana in Missoula, Montana
were digitized and compiled into 3-D modeling software.
- Compilation of over 8,000 historical silver and gold assays of
the underground stopes, crosscuts, raises and drifts have
identified the dimensions and plunge of the high-grade ore shoots
and extensions of the vein along strike and down dip.
- Compilation of the underground workings identified new target
areas for drill testing extensions of the Cinco Minas Vein
including the San Juan, Rascadero,
Magdalena and San Pedro prospects.
- Compilation of the original monthly reports by the Mine Manager
of the Cinco Minas Mining Company has provided a wealth of
information on the underground geology, development, mining
methods, plant operations, metal recoveries and bullion sales over
the life of the mine from 1914 to 1930.
The Technical Report concludes that GoGold's diamond drilling
program is continuing to intersect wide zones of silver and gold
mineralization hosted by the Los Ricos quartz vein from surface to
vertical depths of 300m. The Los
Ricos Deposit is open along strike to the north and with depth. The
southern extension is offset by faulting. The silver and gold
assays are restricted to the quartz vein; hence the assay model
conforms to the geological model. High-grade portions of the vein
have been mined out by the historical underground mining
operations, however, wide intervals of Los Ricos Vein carrying
silver-gold mineralization are potentially amenable to surface
mining methods. The Technical Report recommends that the
diamond drilling program be continued during 2020 with four drill
rigs working to further define the potential of the Project Mineral
Resources. A budget of US$5.3 million
is proposed for the upcoming 12-month period.
GoGold plans to complete an NI 43-101 compliant Mineral Resource
Estimate on Los Ricos in 2020.
Technical information contained in this news release with
respect to GoGold has been reviewed and approved by Mr.
David Duncan, P.Geo., who is a
Qualified Person for the purposes of NI 43-101.
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.
About P&E Mining Consultants Inc.
P&E Mining
Consultants Inc., established in 2004, provides geological and mine
engineering consulting reports, Mineral Resource Estimate Technical
Reports, Preliminary Economic Assessments and Pre-Feasibility
Studies. In addition, they are affiliated with major
Toronto based consulting firms for
the purposes of joint venturing on Feasibility Studies. Their
experience covers over 350 Technical Reports on diamonds, most
metallic deposits including gold, silver, base metals, PGM and iron
for both open pit and underground deposits.
Email : steve@gogoldresources.com
Or visit : www.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 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 ability to satisfy all conditions to
funding of the second tranche under the credit
agreement. 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 the 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.