Shares Outstanding: 277,578,617
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, Aug. 18, 2021 /PRNewswire/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to release the results of 7 new drill
holes from the Casados deposit in the Los Ricos North
project. Drill hole LRGCS-21-053 intersected 3,435 g/t silver
equivalent ("AgEq") over 1.0m within
41.6m of 312 g/t AgEq. See
Table 1 for breakdown of silver and gold values.
"We're pleased with these exceptional grades contained within
wider zones of strong grades at Casados. As we work towards
our initial resource at Los Ricos North expected this fall, we're
beginning to work on finalizing our models for certain areas of the
project. At this point we've cut off drilling at Casados on
the principal Casados structure and La Trini and that data is being
forwarded to our third party," said Brad
Langille, President and CEO. "We continue with our
sampling and mapping program at Los Ricos North to generate drill
targets for future resource work in the Casados area."
Table 1: Drill Hole Intersections
Hole
ID
|
Area
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGCS-21-050
|
Casados
|
227.5
|
246.5
|
19.0
|
0.54
|
131.5
|
2.29
|
171.7
|
|
including
|
241.7
|
245.0
|
3.3
|
2.47
|
612.3
|
10.63
|
797.3
|
|
including
|
243.7
|
245.0
|
1.3
|
5.16
|
1,319.5
|
22.75
|
1,706.5
|
LRGCS-21-052
|
Casados
|
255.5
|
262.5
|
7.1
|
0.14
|
50.3
|
0.81
|
60.7
|
LRGCS-21-053
|
Casados
|
97.5
|
107.0
|
9.5
|
0.50
|
233.2
|
3.61
|
270.6
|
|
including
|
98.3
|
100.4
|
2.1
|
1.90
|
888.9
|
13.75
|
1,031.4
|
|
and
|
186.9
|
228.5
|
41.6
|
1.25
|
218.5
|
4.16
|
312.1
|
|
including
|
199.4
|
208.2
|
8.8
|
4.71
|
698.1
|
14.02
|
1,051.5
|
|
including
|
199.4
|
200.4
|
1.0
|
18.32
|
2,061.2
|
45.80
|
3,435.2
|
|
including
|
206.4
|
207.4
|
1.0
|
7.99
|
1,599.7
|
29.32
|
2,199.0
|
LRGCS-21-059
|
Casados
|
64.5
|
67.2
|
2.7
|
0.33
|
117.9
|
1.90
|
142.4
|
LRGCS-21-060
|
Casados
|
26.2
|
45.3
|
19.2
|
0.53
|
185.4
|
3.00
|
224.9
|
|
including
|
36.9
|
45.3
|
8.5
|
1.14
|
384.1
|
6.27
|
469.9
|
|
including
|
41.2
|
45.3
|
4.2
|
1.75
|
594.5
|
9.68
|
725.9
|
|
including
|
43.8
|
45.3
|
1.6
|
3.63
|
1,150.9
|
18.97
|
1,422.8
|
LRGCS-21-061
|
Casados
|
83.5
|
84.9
|
1.5
|
0.45
|
148.0
|
2.42
|
181.5
|
LRGCS-21-062
|
Casados
|
60.0
|
68.2
|
8.2
|
0.26
|
82.1
|
1.36
|
101.7
|
|
including
|
64.6
|
66.4
|
1.9
|
0.88
|
272.1
|
4.51
|
338.3
|
1.
|
Not true
width
|
2.
|
AqEq converted using
a silver to gold ratio of 75:1 at recoveries of 100%.
|
The Casados Veins strike nearly E-W, dips 45o to the
north and is hosted in andesitic tuffs and is exposed on surface
for about 400 metres along strike. In the 7 metres of old
stope that is above the water level at the Casados mine, the vein
shows as a zone of quartz stringers about a meter wide, but at
other places it is more than 2 metres wide. A zone of
silicification up to 50 metres wide envelopes the vein and this
resistant outcrop forms a steep ridge along the strike of the vein,
particularly on the north or hanging wall side.
Casados North
GoGold's geological mapping program has
located a series of historical workings along NNW trending veins
that splay off the main Casados Vein along a horsetail structure
(see Figure 4 for a plan view map and Figure 5 for a sampling
map).
A series of low sulphidation epithermal quartz veins have been
mapped over an area of 800m x
400m extending on a NNW trend from
the area of the Casados mine. The veins are exposed in a
dozen historical shallow workings and chip sampling has returned
high silver and gold values. Drill hole LRGCS-21-038 (see
press release dated May 26, 2021),
targeted to test below the Casados mine workings, intersected one
of these new veins close to surface as shown on the sampling
map.
Table 2: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGCS-21-050
|
583351
|
2337900
|
728
|
180
|
-60
|
348
|
LRGCS-21-052
|
583552
|
2337854
|
706
|
180
|
-70
|
315
|
LRGCS-21-053
|
583612
|
2337828
|
739
|
180
|
-50
|
319
|
LRGCS-21-059
|
583609
|
2337824
|
739
|
180
|
-75
|
352
|
LRGCS-21-060
|
583665
|
2337759
|
714
|
0
|
-90
|
421
|
LRGCS-21-061
|
583403
|
2337885
|
709
|
0
|
-90
|
404
|
LRGCS-21-062
|
583612
|
2337829
|
737
|
0
|
-90
|
521
|
Figure 1: Plan View – La Trini to El Favor Area of Los Ricos
North
Figure 2: Long Section –
Casados Deposit
Figure 3: Long Section – Grade
Thickness (GT) Equivalent – Casados Deposit
Figure 4: Drilling – Casados Deposit
Figure 5 – Casados North Sampling Map
VRIFY Slide Deck and 3D Presentation
VRIFY is a platform being used by companies to communicate with
investors using 360° virtual tours of remote mining assets, 3D
models and interactive presentations. VRIFY can be accessed by
website and with the VRIFY iOS and Android apps.
Access the GoGold Company Profile on VRIFY at:
https://vrify.com
The VRIFY Slide Deck and 3D Presentation for GoGold can be
viewed at: https://vrify.com/explore/decks/9404 and on the
Company's website at: www.gogoldresources.com.
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 an initial resource was announced on July 29, 2020 which 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. An initial PEA on the project was announced
on January 20, 2021 indicating an
NPV5% of US$295M.
The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor,
La Trini, Casados and El Orito targets. During 2020, GoGold's
exploration team identified over 100 targets on the Los Ricos North
properties, demonstrating the significant exploration
potential. The Company plans to drill 10 of these targets as
part of its 2021 drilling program which is planned to exceed
100,000 metres of drilling and will be one of the largest in
Mexico.
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 SGS
Laboratory in Durango, Mexico. SGS
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
GE_FAA515) and over limits greater than 10 grams per tonne are
re-assayed using a gravimetric finish (Code GO_FAU333). Silver and
multi-element analysis is completed using total digestion (Code 1F2
Total Digestion ICP) and Fire Assay Code GE_AAS42E). Over limits
greater than 100 grams per tonne silver are re-assayed using a
gravimetric finish (Code GO_FAG333).
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 Los Ricos South and North projects, and future plans and
objectives of GoGold, including the intention to undertake further
exploration at Los Ricos North, and the prospect of further
discoveries there, 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.