Shares Outstanding: 277,741,117
Trading Symbols: TSX: GGD
OTCQX:
GLGDF
HALIFAX, NS, Sept. 8, 2021 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to release the results of 5 new drill
holes from the El Favor deposit in the Los Ricos North
project. Drill hole LRGF-21-060 intersected 82.9m of 265 g/t silver equivalent ("AgEq"),
including 8.1m of 1,127 g/t AgEq,
which also included 1.4m of 2,587 g/t
AgEq. See Table 1 for breakdown of silver and gold
values.
"El Favor is providing us with exciting drilling results at both
the eastern and western ends. Hole 60 is near the west end of
the deposit, and gave us an excellent high grade intercept of over
2 kilos, enveloped in a very wide 83m
intercept of 265 g/t AgEq. At the other end, in El Favor
East, hole 59 is a strong hole which is 100m to the east of hole 56, previously our most
easterly hole in El Favor East," said Brad
Langille, President and CEO. "We continue to extend
strike length at El Favor with excellent widths and grades, which
we anticipate will contribute greatly to the upcoming
resource."
Table 1: Drill Hole Intersections
Hole
ID
|
Area /
Vein
|
From
|
To
|
Length1
|
Au
|
Ag
|
AuEq2
|
AgEq2
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(g/t)
|
LRGF-21-057
|
El Favor
East
|
13.5
|
64.9
|
51.4
|
0.32
|
79.4
|
1.38
|
103.5
|
|
including
|
31.2
|
33.0
|
1.9
|
2.74
|
779.6
|
13.14
|
985.1
|
|
and
|
83.8
|
100.5
|
16.8
|
0.20
|
107.9
|
1.64
|
123.1
|
|
including
|
97.1
|
99.1
|
2.0
|
0.54
|
380.1
|
5.61
|
420.7
|
LRGF-21-058
|
El
Favor3
|
5.8
|
91.0
|
84.2
|
0.18
|
78.7
|
1.23
|
92.0
|
|
including
|
11.5
|
13.8
|
2.3
|
0.70
|
388.7
|
5.88
|
441.1
|
|
including
|
12.0
|
12.8
|
0.8
|
1.36
|
817.8
|
12.27
|
920.0
|
|
incl.
Salomon3
|
50.0
|
73.0
|
22.0
|
0.47
|
190.0
|
3.00
|
225.2
|
|
including3
|
60.0
|
67.0
|
6.0
|
1.35
|
587.9
|
9.19
|
689.4
|
|
including
|
61.2
|
63.0
|
1.9
|
2.92
|
1,356.1
|
21.01
|
1,575.4
|
LRGF-21-059
|
El Favor
East
|
112.2
|
139.4
|
27.2
|
0.38
|
11.8
|
2.27
|
170.5
|
|
including
|
133.8
|
135.7
|
1.9
|
2.45
|
1,073.2
|
16.76
|
1,257.2
|
LRGF-21-060
|
El
Favor4
|
8.0
|
93.0
|
82.9
|
0.36
|
238.3
|
3.54
|
265.3
|
|
including4
|
45.6
|
92.0
|
44.4
|
0.62
|
407.7
|
6.05
|
454.1
|
|
including4
|
66.7
|
82.6
|
13.8
|
1.09
|
700.3
|
10.43
|
782.2
|
|
including4
|
72.5
|
82.6
|
8.1
|
1.56
|
1,009.2
|
15.02
|
1,126.5
|
|
including
|
77.4
|
78.8
|
1.4
|
5.66
|
2,162.8
|
34.49
|
2,587.0
|
LRGF-21-061
|
El Favor
East
|
75.5
|
118.2
|
40.7
|
0.21
|
124.7
|
1.87
|
140.2
|
|
including
|
76.5
|
79.8
|
3.3
|
0.56
|
583.6
|
8.34
|
625.6
|
|
including
|
77.5
|
78.3
|
0.8
|
1.80
|
1,629.3
|
23.52
|
1,764.2
|
1.
|
Not true
width
|
2.
|
AqEq converted using
a silver to gold ratio of 75:1 at recoveries of 100%
|
3.
|
Excludes 1.0m of
historically mined void
|
4.
|
Excludes 2.1m of
historically mined void
|
Figure 1: El Favor Drill Hole Locations
Figure 2: El Favor East
The exploration team has been moving east of El Favor with
drilling in 25m stepouts in the
eastern end of El Favor, beginning with discovery hole 48, and
continuing to intersect wide strong mineralization. This area
is known as the El Favor East zone and in addition to these drill
holes, additional drill holes further to the east are pending
assays. The mapping program at El Favor East has extended the
presence of mineralization 900m to
the east of hole 48 (El Favor East zone discovery hole), as shown
in Figure 2.
Three of the four major veins (Salomon, Guitarrillas and
Los Chivos) appear to converge
into a 100m wide zone at the western
end of the El Favor deposit in the vicinity of the Hundido Pit at
an elevation of 1300m. The
wallrock in between the veins is strongly silicified, altered and
mineralized. The merging of these veins continue to provide
significant widths of good grade which could be potentially
amenable to bulk mining.
The El Orito deposit (as presently defined) is located about 800
metres along strike to the west of the Hundido Pit (see Figure
3). Wide zones of precious and base metal mineralization were
cut by drill holes at El Orito at elevations between 600 to
800m. Geological mapping,
sampling and Induced Polarization ("IP") surveying programs in the
area between El Orito and El Favor are underway.
Figure 3: Favor-Orito Long Section
Table 2: Drill Hole Locations
Hole
ID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Length
|
LRGF-21-057
|
585878
|
2336762
|
1198
|
180
|
-45
|
244
|
LRGF-21-058
|
585134
|
2336469
|
1301
|
180
|
-45
|
189
|
LRGF-21-059
|
586028
|
2336759
|
1266
|
180
|
-45
|
220
|
LRGF-21-060
|
585103
|
2336463
|
1295
|
180
|
-45
|
228
|
LRGF-21-061
|
586002
|
2336759
|
1254
|
180
|
-45
|
252
|
Figure 4: Plan View – La Trini to El Favor Area of Los Ricos
North
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/decks/10437 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 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 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.