Shares Outstanding: 222,274,246
Trading Symbols:TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, June 24, 2020 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to release the assay results from 3
diamond drill holes at the Los Ricos South Project, including 1 at
San Juan, 1 at Rascadero and the
second hole released at the East Vein.
Hole LRGG-20-177 was drilled on section 1025N in the Rascadero
area of the project and intersected the Los Ricos quartz vein from
104.0 to 143.0m for 39.0m of 151 g/t silver equivalent, consisting of
2.01 g/t gold and 117 g/t silver. The intersect included
11.0m of 424 g/t silver
equivalent.
"This hole drilled in the Rascadero area of the Los Ricos South
project is our northernmost hole drilled to date in the area and it
is encouraging to see such a wide intersect of high grade
mineralization in this area," said Brad
Langille, President and CEO. "This may represent the
beginning of a new ore shoot on the northwesternmost area of Los
Ricos South."
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/LosRicos_LongSec_20200624.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-20-166
|
San Juan
|
850N
|
288.0
|
315.0
|
27.0
|
0.09
|
27.57
|
0.46
|
34.1
|
|
|
|
292.0
|
296.0
|
4.0
|
0.45
|
89.45
|
1.65
|
123.5
|
LRGG-20-177
|
Rascadero
|
1025N
|
104.0
|
143.0
|
39.0
|
0.45
|
116.9
|
2.01
|
151.0
|
|
|
|
118.0
|
129.0
|
11.0
|
1.40
|
319.1
|
5.66
|
424.4
|
LRGG-20-179
|
East Vein
|
125N
|
178.7
|
181.9
|
3.2
|
0.15
|
25.0
|
0.48
|
36.1
|
1
|
Not true
width
|
2
|
AuEq and AqEq
converted using a silver to gold ratio of 75:1
|
Table 2: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGG-20-166
|
850N
|
610080
|
2327869
|
1299
|
50
|
-65
|
LRGG-20-177
|
1025N
|
610243
|
2328239
|
1344
|
0
|
-90
|
LRGG-20-179
|
175N
|
611070
|
2327852
|
1419
|
50
|
-70
|
Los Ricos Exploration Projects
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, Las Lamas and East
Vein targets. The North Project was launched in March 2020 and includes drilling at the Monte del
Favor, Salomon, La Trini, and Mololoa targets.
Procedure, Quality Assurance / Quality Control and Data
Verification
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 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 mine 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.
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SOURCE GoGold Resources Inc.