GoGold Drills 1,243 g/t AgEq over 1.3m within 56.1m of 105 g/t AgEq at El Favor in Los Ricos North
GoGold Resources has released positive results from six new drill holes from the El Favor deposit at its Los Ricos North project. Drill hole LRGF-21-041 revealed significant potential with a 56.1m intersection averaging 105 g/t silver equivalent, including a high-grade section of 1.3m at 1,243 g/t AgEq. These findings suggest the possibility of a mineralized zone exceeding 3 kilometers. The company plans extensive drilling this year, targeting over 100,000 meters across various sites, bolstering its resource potential in the area.
- Drill hole LRGF-21-041 showed 56.1m of 105 g/t AgEq, indicating high mineralization potential.
- Significant widths of good-grade mineralization could be suitable for bulk mining.
- Exploration suggests a mineralized zone possibly exceeding 3 kilometers, enhancing resource potential.
- None.
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HALIFAX, NS, June 2, 2021 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to release the results of 6 new drill holes from the El Favor deposit in the Los Ricos North project. Drill hole LRGF-21-041 intersected 56.1m of 105 g/t silver equivalent ("AgEq"), including 1.3m of 1,243 g/t AgEq. The merging of 4 veins in the western portion of El Favor continue to provide significant widths of good grade which could be potentially amenable to bulk mining. Currently at El Favor drilling is underway on an eastern extension of the structure where good mineralization has been encountered and assay results are expected in the coming weeks. See Table 1 for breakdown of silver and gold values.
"Over the last several months, our exploration drilling on El Orito and El Favor led us to believe that these structures may connect to form a mineralized zone in excess of 3 kilometres. This is a very exciting development which could add greatly to the potential mineral resources in Los Ricos North," said Brad Langille, President and CEO. "The combination of geophysics and drill testing on this El Orito – El Favor trend are powerful tools in the development of Los Ricos North."
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-21-038 | Favor | 22.9 | 39.0 | 16.2 | 0.36 | 134.0 | 2.15 | 161.0 |
including | 29.3 | 36.6 | 7.4 | 0.67 | 262.7 | 4.17 | 312.7 | |
Salomon | 111.8 | 119.5 | 7.7 | 0.28 | 93.6 | 1.52 | 114.3 | |
including | 115.8 | 118.9 | 3.1 | 0.55 | 189.7 | 3.08 | 230.8 | |
LRGF-21-040 | Salomon | 74.3 | 90.5 | 16.2 | 0.28 | 97.1 | 1.57 | 117.8 |
including | 88.9 | 90.5 | 1.6 | 1.35 | 484.3 | 7.81 | 585.8 | |
LRGF-21-041 | Favor | 23.0 | 24.6 | 1.7 | 0.38 | 84.4 | 1.50 | 112.7 |
and3 | 94.2 | 152.5 | 56.1 | 0.31 | 82.5 | 1.41 | 105.4 | |
incl. Salomon | 123.1 | 124.4 | 1.3 | 3.57 | 975.0 | 16.57 | 1,242.9 | |
incl. Guitarillas | 148.2 | 148.9 | 0.7 | 0.49 | 197.5 | 3.12 | 234.3 | |
Los Chivos | 160.0 | 176.9 | 17.0 | 0.14 | 37.6 | 0.64 | 48.1 | |
including | 163.6 | 165.9 | 2.3 | 0.19 | 89.6 | 1.39 | 104.1 | |
LRGF-21-042 | Favor | 10.9 | 24.5 | 13.6 | 0.20 | 97.5 | 1.50 | 112.6 |
including | 14.4 | 18.3 | 4.0 | 0.44 | 227.4 | 3.47 | 260.4 | |
And | 49.9 | 126.3 | 76.4 | 0.13 | 47.1 | 0.76 | 56.9 | |
including | 68.1 | 75.7 | 7.6 | 0.58 | 103.3 | 1.96 | 146.8 | |
including | 99.3 | 104.8 | 5.5 | 0.34 | 197.0 | 2.96 | 222.3 | |
LRGF-21-043 | Favor | 42.1 | 42.7 | 0.7 | 0.36 | 99.0 | 1.68 | 125.9 |
Salomon | 103.5 | 105.8 | 2.3 | 0.19 | 35.0 | 0.66 | 49.1 | |
and | 134.0 | 135.1 | 1.1 | 5.61 | 0.4 | 5.62 | 421.2 | |
LRGF-21-046 | Favor | 2.5 | 12.0 | 9.5 | 0.15 | 51.0 | 0.83 | 62.6 |
and | 21.4 | 23.8 | 2.4 | 0.14 | 74.7 | 1.13 | 85.0 | |
Los Chivos | 87.7 | 108.0 | 20.3 | 0.21 | 56.3 | 0.96 | 72.0 | |
including | 88.2 | 95.0 | 6.8 | 0.48 | 118.5 | 2.06 | 154.3 | |
including | 93.5 | 95.0 | 1.5 | 1.21 | 314.0 | 5.39 | 404.5 |
1. | Not true width |
2. | AqEq converted using a silver to gold ratio of 75:1 at recoveries of |
3. | Excludes 2.3m of historically mined void. |
4. | Assays are still pending for holes LRGF-21-044 and LRGF-21-045. |
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. This mineralization can be observed in outcrop at the Hundido Pit, underground in the Salomon Cross Cut and in the road cuts along the north side of the El Favor hill and in the drill holes. More holes are required in this area to determine the strike length and potential depth of these wide combined zones.
The Eastern end of the El Orito deposit (as presently defined) is located about 800 metres along strike to the west of the Hundido Pit (see Figure 2). Wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 800m. Geological mapping, prospecting and sampling programs in the area between El Orito and the Hundido Pit have been accelerated and given priority.
Table 2: Drill Hole Locations
Hole ID | Easting | Northing | Elevation | Azimuth | Dip | Length |
LRGF-21-038 | 585375 | 2336611 | 1274 | 180 | -45 | 287 |
LRGF-21-040 | 585479 | 2336569 | 1283 | 180 | -45 | 267 |
LRGF-21-041 | 585183 | 2336523 | 1318 | 180 | -45 | 246 |
LRGF-21-042 | 585652 | 2336767 | 1171 | 180 | -45 | 305 |
LRGF-21-043 | 585482 | 2336630 | 1250 | 180 | -45 | 274 |
LRGF-21-046 | 585425 | 2336405 | 1320 | 180 | -45 | 156 |
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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 NPV
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.
FAQ
What were the results of the latest drill holes from GoGold Resources at El Favor?
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What potential does the recent drilling indicate for the Los Ricos North project?
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