Shares Outstanding: 186,067,211
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, Jan. 7, 2020 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to release the assay results from 5
new diamond drill holes at the Los Ricos project including 3 holes
along the northern side of the Main stopes and 2 holes testing the
southern extension of the Main area past the historical stopes.
Hole LRGG-19-079 was drilled to test about 25m past the north end of the historical stope on
Section 500N. The hole intersected the Los Ricos quartz vein
from 128.2 to 144.7m and averaged
8.77 g/t gold equivalent or 657.8 g/t silver equivalent, made up of
4.29 g/t gold and 335.8 g/t silver over 16.5 metres. Two higher
grade intervals of 4.8m averaging
14.3 g/t gold equivalent and 6.2m
averaging 11.0 g/t gold equivalent are included in the
interval. No historical workings were encountered in this
hole.
Hole LRGG-19-081 was drilled on Section 500N approximately
50m down dip of hole LRGG-19-079 and
intersected 17.4m of quartz vein from
189.7 to 207.1m averaging 2.80 g/t
gold equivalent or 209.8 g/t silver equivalent, including
6.1m of 7.05 g/t gold equivalent. No
historical workings were encountered in the hole.
Hole LRGG-19-080 was drilled on Section 500N approximately
100m down dip of hole LRGG-19-081 and
intersected two sections of the Los Ricos quartz vein. The
upper intersection extended from 274.3 to 279.5m and averaged 2.01 gold equivalent over
5.2m. The hole passed through
several sections of gouge and faulted ground and cut a second
interval of the Los Ricos vein from 325.5 to 342.0m. Three metres of backfilled mine workings
were cut in this portion of the vein. The 13.5m interval of intact core averaged 3.73 g/t
gold equivalent consisting of 0.87 g/t gold and 214.8 g/t
silver.
"We've drilled over 17,000m to
date on the project, and continue to see wide zones of high-grade
silver and gold mineralization in the Los Ricos vein, such as those
in hole 79 which has potential to be a bulk mining target," said
Brad Langille, President and
CEO.
Holes LRGG-19-078 and 082 were drilled to test the strike
extension of the Los Ricos vein past the southern end of the
historical stopes. Hole LRGG-19-078 cut 22.0m of the Los Ricos vein from 178.2 to
200.1m and averaged 0.22 g/t gold,
59.9 g/t silver and 1.01 g/t gold equivalent. No workings were
cut in the hole.
Hole LRGG-19-082 cut 26.9m of the
Los Ricos vein from 169.7 to 196.6m
but encountered 3.4m of backfilled
mine workings. The 23.5m interval of
intact core averaged 2.63 g/t gold equivalent consisting of 0.79
g/t gold and 137.8 g/t silver.
In 2019, GoGold completed 112 diamond drill holes totaling
17,373m of HQ size diamond drill core
since starting the Los Ricos drilling program in March
2019. The majority of the holes (92) and metres were drilled
at the Main area. Twenty short holes were drilled on the
Cerro Colorado deposit. The
drilling program resumes this week and will continue to test the
strike and depth extensions of the Main area and other targets on
the property.
Detailed intersections are listed in Table 1, and the hole
locations are shown in Table 2.
A longitudinal section summary of all the holes drilled at Los
Ricos to date is available at
https://gogoldresources.com/component/rsfiles/preview?path=diagrams%252FLosRicos_LongSec_20200107.pdf
Table 1:
Drill Hole Intersections
|
|
Hole
ID
|
Area
|
Section
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGG-19-078
|
Main
South
|
250N
|
178.2
|
200.1
|
22.0
|
0.22
|
59.9
|
1.01
|
76.6
|
LRGG-19-079
|
Main
|
500N
|
128.2
|
144.7
|
16.5
|
4.29
|
335.8
|
8.77
|
657.8
|
|
including
|
|
129.2
|
134.0
|
4.8
|
3.90
|
782.0
|
14.32
|
1,074.4
|
|
including
|
|
137.5
|
143.7
|
6.2
|
8.16
|
212.5
|
11.00
|
824.2
|
|
and
|
|
150.8
|
161.5
|
10.7
|
0.08
|
22.7
|
0.38
|
28.7
|
LRGG-19-080
|
Main
|
500N
|
274.3
|
279.5
|
5.2
|
1.10
|
68.6
|
2.01
|
151.0
|
|
and3
|
|
325.5
|
342.0
|
13.5
|
0.87
|
214.8
|
3.73
|
279.8
|
LRGG-19-081
|
Main
|
500N
|
189.7
|
207.1
|
17.4
|
0.77
|
152.4
|
2.80
|
209.8
|
|
including
|
|
201.0
|
207.1
|
6.1
|
2.07
|
373.0
|
7.05
|
528.6
|
LRGG-19-082
|
Main
South4
|
200N
|
169.7
|
196.5
|
23.5
|
0.17
|
43.5
|
0.75
|
56.5
|
|
including
|
|
180.0
|
183.0
|
3.0
|
0.79
|
137.8
|
2.63
|
197.0
|
1.
|
Not true
width
|
2.
|
AuEq and AqEq
converted using a silver to gold ratio of 75:1
|
3.
|
Excludes 3.0m of open
stopes from historical underground workings
|
4.
|
Excludes 3.4m of open
stopes from historical underground workings
|
Table 2: Drill
Hole Locations
|
|
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGG-19-078
|
610580
|
2327511
|
1429
|
50
|
-65
|
238.2
|
LRGG-19-079
|
610441
|
2327719
|
1451
|
50
|
-65
|
172.5
|
LRGG-19-080
|
610320
|
2327618
|
1429
|
50
|
-65
|
375.0
|
LRGG-19-081
|
610405
|
2327690
|
1410
|
50
|
-65
|
241.5
|
LRGG-19-082
|
610623
|
2327481
|
1421
|
50
|
-65
|
245.0
|
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). Over limits greater than 100 grams per tonne
silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV
Ag).
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.
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 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.
SOURCE GoGold Resources Inc.