Shares Outstanding: 222,274,246
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, June 11, 2020 /CNW/ - GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is
pleased to announce that they have began drilling at their Los
Ricos North project.
The Company has began drilling with one drill rig at the La
Trini target, which is included in the Los Ricos North
project. The first holes will be drilled using HQ triple tube
core drilling equipment to maximize core recoveries at shallow
depths and are being laid out to 'twin' historical drill holes
completed by Tumi Resources and National Lead. Details of the
historical drill holes are included in the table below. The
Company's exploration team has located the monuments from these
historical holes. Upon completion of the 'twinning' of these
holes, the Company expects that the historical data from these
holes will then be able to be used in future resource
reporting.
The Company expects to add additional drill rigs to the Los
Ricos North project in the near future at the La Trini, Mololoa,
and Salomon targets.
Table 1: Historical Drill Hole Intersections
Hole
ID
|
Year
Drilled
|
From
|
To
|
Length3
|
Au
|
Ag
|
AuEq4
|
AgEq4
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
TRRC-321
|
2005
|
130.0
|
154.4
|
24.4
|
6.4
|
1,629
|
28.1
|
2,109
|
TRRC-061
|
2007
|
8.1
|
26.4
|
18.3
|
3.1
|
150
|
5.1
|
383
|
TRRC-381
|
2007
|
136.2
|
142.3
|
6.1
|
2.8
|
174
|
5.1
|
384
|
T1E.12
|
1971
|
0.0
|
19.7
|
19.7
|
4.9
|
193
|
7.4
|
557
|
T0E.12
|
1971
|
47.2
|
61.3
|
14.1
|
4.9
|
261
|
8.4
|
629
|
T1W.22
|
1971
|
34.7
|
45.2
|
10.5
|
5.7
|
188
|
8.3
|
619
|
|
|
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.
|
Historical drilling
data from 1977 resource report of National Lead.
|
3.
|
Not true
width.
|
4.
|
AuEq converted using
a gold to silver exchange ratio of 75:1.
|
The Company's two exploration projects at its Los Ricos property
are in Jalisco state,
Mexico. The South Project began in March 2019 and includes the 'Main' area, which is
focused on drilling around a number of historical mines including
El Abra, El Troce, San Juan, and Rascadero. The South
Project also includes the Cerro
Colorado and Las Lamas targets. The Company is nearing
completion of resource drilling at the South Project for its
upcoming 43-101 compliant resource calculation. The North
Project was launched in March 2020
and includes the Monte del Favor, Salomon, La Trini, and Mololoa
targets.
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.
View original
content:http://www.prnewswire.com/news-releases/gogold-begins-drilling-at-los-ricos-north-301074107.html
SOURCE GoGold Resources Inc.