Shares
Outstanding:
224,370,609
Trading
Symbols:
TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, Aug. 5, 2020 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company")
is pleased to release the assay results from the first 3 holes
drilled at the Company's La Trini silver-gold deposit on the
Los Ricos North project, and 4 drill holes from the Los Ricos South
project.
Hole LRGT-20-003 was drilled on the La Trini deposit and
intersected a silicified and altered quartz rhyolite unit
from 128.0 to 157.8m for 29.8m of 713 g/t silver equivalent ("AgEq"),
consisting of 532 g/t silver and 2.41 g/t gold. The intersect
included 4.5m of 4,251 g/t AgEq,
which was made up of 3,289 g/t silver and 12.83 g/t gold. The
hole was set up to twin historical RC drill hole TRRC-32 completed
by TUMI Resources in 2007, with both holes entering and exiting the
mineralized zone at similar depths and both carrying high grade
silver and gold mineralization.
"We are very excited that our initial holes on the La Trini
deposit have confirmed significant widths of high-grade silver and
gold mineralization. The La Trini deposit is a flat-lying zone
that outcrops on surface, strikes approximately east-west and dips
gently to the north around 20 degrees. These
characteristics, combined with the gentle topography, will allow
GoGold to rapidly develop the Mineral Resource of the deposit by
drilling a series of short holes from surface over the next 4 to 6
months. We're following the same exploration strategy and
approach that we used to develop the initial Mineral Resource
Estimate at Los Ricos South," said Brad
Langille, President and CEO. "Post-resource, we
continue to hit very encouraging results at the Rascadero target
within our Los Ricos South project, which we will continue to
follow up on."
Table 1: Drill Hole Intersections – Los Ricos
North
Hole
ID
|
Area
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGT-20-001
|
La Trini
|
72.0
|
115.1
|
43.1
|
0.70
|
91.0
|
1.91
|
143.6
|
|
including
|
96.0
|
113.8
|
17.8
|
0.89
|
132.0
|
2.65
|
198.9
|
|
including
|
96.0
|
100.0
|
4.0
|
1.92
|
224.8
|
4.92
|
369.0
|
LRGT-20-002
|
La Trini
|
35.4
|
78.1
|
42.8
|
0.40
|
51.8
|
1.09
|
81.5
|
|
including
|
39.0
|
49.5
|
10.5
|
1.23
|
55.7
|
1.97
|
148.0
|
LRGT-20-003
|
La Trini
|
128.0
|
157.8
|
29.8
|
2.41
|
531.7
|
9.50
|
712.6
|
|
including
|
137.5
|
142.0
|
4.5
|
12.83
|
3289.3
|
56.68
|
4,251.3
|
1.
|
Not true
width
|
2.
|
AuEq and AqEq
converted using a silver to gold ratio of 75:1
|
Currently the Company has 3 drill rigs operating at Los Ricos
North, with the initial focus on the La Trini, Mololoa and Solomon
targets. The Company is currently on the 14th
drill hole at the La Trini deposit and more results will
be announced shortly.
At Los Ricos South, hole LRGG 20-202 was drilled on section
1100N in the Rascadero area of the project and intersected the Los
Ricos vein near surface from 85.5 to 106.0m for 20.5m of
364 g/t silver equivalent, consisting of 2.86 g/t gold and 150 g/t
silver. The intersect included 11.5m of 613 g/t silver equivalent.
Detailed intersections for drilling at Los Ricos North are
listed in Table 1, details for drilling at Los Ricos South are
listed in Table 2, and the hole locations for both projects are
shown in Table 3.
Table 2: Drill Hole Intersections – Los Ricos
South
Hole
ID
|
Area
|
Section
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGG-20-199
|
East Vein
|
375N
|
157.7
|
162.0
|
4.3
|
0.74
|
70.3
|
1.68
|
125.8
|
|
including
|
|
158.5
|
160.5
|
2.1
|
1.27
|
130.1
|
3.00
|
225.2
|
LRGG-20-200
|
East Vein
|
375N
|
244.5
|
247.1
|
2.6
|
0.09
|
50.3
|
0.76
|
57.2
|
LRGG-20-201
|
Rascadero
|
1100N
|
47.7
|
51.5
|
3.8
|
0.15
|
40.0
|
0.69
|
51.4
|
LRGG-20-202
|
Rascadero
|
1100N
|
85.5
|
106.0
|
20.5
|
2.86
|
149.7
|
4.85
|
364.0
|
|
including
|
|
90.0
|
101.5
|
11.5
|
4.95
|
242.3
|
8.18
|
613.4
|
1.
|
Not true
width
|
2.
|
AuEq and AqEq
converted using a silver to gold ratio of 75:1
|
Table 3: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGT-20-001
|
582964
|
2339720
|
918
|
210
|
-60
|
200.5
|
LRGT-20-002
|
582920
|
2339687
|
909
|
0
|
-90
|
123.0
|
LRGT-20-003
|
583008
|
2339822
|
961
|
180
|
-60
|
214.0
|
LRGG-20-199
|
610929
|
2327967
|
1437
|
50
|
-45
|
175.5
|
LRGG-20-200
|
610929
|
2327967
|
1473
|
50
|
-70
|
298.5
|
LRGG-20-201
|
610196
|
2328298
|
1317
|
50
|
-45
|
75.0
|
LRGG-20-202
|
610196
|
2328298
|
1317
|
0
|
-90
|
195.0
|
Los Ricos District Exploration Projects
The Company's
two exploration projects at its Los Ricos property are in
Jalisco state, Mexico. The
Los Ricos 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, as well as the
Cerro Colorado, Las Lamas and East
Vein targets. An initial resource on the Los Ricos South
project was announced on July 29,
2020 and indicated a Measured & Indicated Mineral
Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained
in 10.0 million tonnes, and an Inferred Resource of 19.9 million
ounces AgEq grading 190 g/t AgEq contained in 3.3 million
tonnes.
The Los Ricos 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 South and Los Ricos North exploration projects 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 South and North
projects, 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.