Shares Outstanding: 186,229,711
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, Feb. 20, 2020 /CNW/ - GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF) ("GoGold" or the
"Company") is pleased to report that the Company has launched a
second exploration project in the Los Ricos district called
Monte del Favor ("North
Project"). The Company has consolidated its land position
along the 35 km trend with the acquisition of 5 new
concessions in the district, bringing the total number of
concessions to 35 covering 22,493 hectares.
The new concessions come with a legacy database of 50 historical
drill holes with grades as high as 2,109 g/t silver equivalent (6.4
g/t Au and 1,629 g/t Ag) over 24.4m
with further highlight drill holes in the table below. This area is
where the Company will begin a drill program in the next 45 days.
The Company's technical team has been on the ground at the North
Project mapping, trenching and sampling for the past 3 months and
are currently preparing the first three drill targets.
"We have a strategic plan for the Los Ricos district which
includes consolidation of concessions and drilling for
ounces. With the completion of the latest concession
acquisitions and our financing, we will be adding drill rigs and
accelerating our exploration to showcase the Los Ricos district to
be one of the most prospective in Mexico" said Brad
Langille, President and CEO. "All the elements are now in
place for us to execute on creating more value at Los Ricos for our
shareholders."
The first target contains a number of historical underground
workings, as well as small surface pits and trenches. Drilling
on the concessions was completed most recently between 2005 to
2007, with 50 holes completed covering over 6,000 metres, of which
the majority intercepted mineralization near surface.
Highlights of the historical drill results are shown in Table 1
below.
An updated concession map is available on the Company's website
at
https://gogoldresources.com/component/rsfiles/preview?path=diagrams%252FConcessionMap20200220.pdf
Table 1:
Historical Drill Hole Intersections
|
|
Hole
ID1
|
From
|
To
|
Length2
|
Au
|
Ag
|
AuEq3
|
AgEq3
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
TRRC-32
|
130.0
|
154.4
|
24.4
|
6.4
|
1,629
|
28.1
|
2,109
|
Including
|
132.0
|
144.3
|
12.3
|
12.1
|
3,188
|
54.6
|
4,096
|
TRRC-06
|
8.1
|
26.4
|
18.3
|
3.1
|
150
|
5.1
|
383
|
TRRC-09
|
18.3
|
24.4
|
6.1
|
1.1
|
201
|
3.8
|
284
|
TRRC-12
|
20.3
|
22.4
|
2.1
|
1.7
|
463
|
7.9
|
591
|
TRRC-38
|
136.2
|
142.3
|
6.1
|
2.8
|
174
|
5.1
|
384
|
TRRC-48
|
22.4
|
42.7
|
20.3
|
0.4
|
225
|
3.4
|
257
|
Including
|
24.4
|
26.4
|
2.0
|
1.6
|
1,389
|
20.1
|
1,511
|
|
|
1.
|
Historical drilling
data comes from technical report for Tumi Resources Limited dated
Jan. 15, 2008, available on SEDAR as filed by Kingsmen Resources
Ltd. on Feb. 11, 2008.
|
2.
|
Not true
width.
|
3.
|
AuEq converted using
a gold to silver exchange ratio of 75:1.
|
New Concessions
The Company entered into an agreement
(the "Agreement") to acquire ownership of 49% of 5 concessions
("the Property") from an arm's length seller (the "Seller") in
consideration for US$225,000.
The Company also acquired an option to acquire the remaining
51% of the Property by paying US$210,000 on the second anniversary of the
Agreement, subject to acceleration provisions. The Seller will
retain a 1% NSR on the Property. The Company may repurchase
the 1% NSR at any time by paying the Seller US$1,000,000.
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:
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 timing and completion of the Offering, the intended use of
proceeds from the Offering, and 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 completion of the Offering, general economic
and market conditions, mineral prices and the accuracy of mineral
resource estimates. 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.