GoGold Releases Additional Excellent Drilling Results at Los Ricos South

Rhea-AI Summary

GoGold Resources Inc. (OTCQX: GLGDF) has released promising drilling results from its Los Ricos South Project. Hole LRGAG-22-113 intersected 16.3m of 605 g/t silver equivalent (AgEq), with a high-grade portion of 6,490 g/t AgEq over 0.8m. The results include significant additional intercepts, contributing to expectations of a positive update on the Mineral Resource Estimate and Preliminary Economic Assessment later this year. The Eagle Deposit, adjacent to the Main Deposit, is showing high-grade intercepts indicative of valuable mineralization, further supporting GoGold's exploration efforts in Mexico.

Positive

• High-grade drilling results at Los Ricos South, including 6,490 g/t AgEq over 0.8m.
• Significance of results supports a positive outlook for upcoming Mineral Resource Estimate and PEA update.
• Eagle Deposit has returned record-grade intercepts, highlighting exploration success.

Negative

• None.

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Trading Symbols:           TSX: GGD
OTCQX: GLGDF

6,490 g/t AgEq over 0.8m within 16.3m of 605 g/t AgEq

HALIFAX, NS, Feb. 22, 2023 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce additional drilling results from Los Ricos South, within the Eagle and Main Deposits.  Hole LRGAG-22-113 intercepted 16.3m of 605 g/t silver equivalent ("AgEq"), containing 6,490 g/t AgEq over 0.8m, and.  The hole also intercepted an additional 12.3m of 462 g/t AgEq. See Table 1 for breakdown of silver and gold values.  A cross section of hole LRGAG-22-113 is included as Figure 1 below.

"Impressive drill results continue to come in for the Eagle," said Brad Langille, President and CEO. "We expect these holes, along with our previously released drilling results, will provide a very positive impact when we update our Mineral Resource Estimate and Preliminary Economic Assessment at  Los Ricos South later this year. "

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)
LRGAG-22-101	Eagle	196.1	198.0	1.9	1.00	11.3	1.15	86.6
LRGAG-22-102	Eagle	203.6	205.2	1.6	2.39	67.9	3.29	247.0
	and	218.4	219.4	1.0	2.36	3.4	2.41	180.4
LRGAG-22-104	Eagle	182.0	184.0	2.0	4.71	12.6	4.87	365.5
	including	182.0	183.0	1.0	9.04	18.0	9.28	696.0
LRGAG-22-105	Eagle	309.0	318.5	9.5	0.46	55.7	1.20	90.3
	including	313.0	315.5	2.5	1.12	117.5	2.69	201.7
	and	335.4	349.4	14.0	0.91	35.7	1.38	103.8
LRGAG-22-106	Eagle	192.2	205.2	13.0	0.69	71.8	1.65	123.4
	including	189.2	192.2	3.0	0.93	162.1	3.09	231.8
LRGAG-22-108	Eagle	130.5	138.0	7.5	0.44	78.7	1.49	111.8
	including	132.0	133.0	1.0	1.35	179.0	3.74	280.3
LRGAG-22-110	Eagle	62.0	124.4	62.4	1.43	42.8	2.00	149.7
	including	98.7	114.7	16.0	4.57	70.7	5.52	413.6
	including	102.6	103.9	1.4	17.05	189.0	19.57	1,467.7
LRGAG-22-112	Eagle	322.6	331.1	8.5	0.80	114.5	2.33	174.8
	including	323.6	324.6	1.0	1.64	365.0	6.51	488.0
LRGAG-22-113	Eagle	132.8	149.0	16.3	3.29	357.7	8.06	604.8
	including	133.8	135.6	1.8	20.05	2,000.0	46.72	3,503.7
	including	134.8	135.6	0.8	40.00	3,490.0	86.53	6,490.0
	and	160.5	190.0	29.5	2.32	57.8	3.09	231.7
	including	165.1	177.4	12.3	5.20	72.1	6.16	462.4
	including	169.0	170.0	1.0	21.10	170.0	23.37	1,752.5
LRGAG-22-115	Eagle	180.1	211.6	31.5	1.44	75.1	2.45	183.4
	including	191.6	202.6	11.0	3.38	147.2	5.34	400.4
	including	200.6	201.6	1.0	12.85	64.0	13.70	1,027.8
LRGG-22-224	Main area	97.6	102.8	5.2	1.51	145.0	3.44	258.3
	including	99.8	102.8	3.0	2.32	193.0	4.89	366.8
LRGG-22-225	Main area	254.4	260.2	5.8	0.50	91.0	1.71	128.2
LRGG-22-226	Main area	136.5	137.9	1.4	1.10	153.1	3.14	235.8
LRGG-22-227	Main area	124.0	153.0	29.0	1.28	105.2	2.68	200.9
	including	130.6	137.0	6.3	4.84	352.0	9.54	715.2
	including	132.0	132.7	0.7	24.00	335.0	28.47	2,135.0

1.	Not true width
2.	AgEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3.	Holes LRGAG-22-103, 107, 109, 111, 114 did not intercept significant mineralization

The Eagle Deposit adjoins the Main Deposit and represents a northern extension of the previously defined Mineral Resource Estimate in the Los Ricos South PEA. The Eagle concession covers 1,107 hectares, including the area between the Main Deposit and the Company's Jamaica concession located 3km to the northwest, where the Company holds the rights to additional concessions.  Drilling at the Eagle has returned the highest grade intercepts to date in the district.  These wide high grade intercepts are consistent with geophysical targets on the new concession. 

The LRGG holes contained in the results above are part of a new drilling program at the Main Deposit.  The purpose of the program is to better define the very high grade portions of the current deposit that may be amenable to bulk underground mining.  The Company is carrying out a trade-off study to better define what portion of the deposit could be mined in a lower strip ratio pit and what portion would best be mined in more selective bulk underground mining. These holes are in addition to those drilled in 2019 and 2020 which formed part of the initial resource upon which the Los Ricos South Preliminary Economic Assessment ("PEA") was based upon when it was released on January 20, 2021.

A summary of Eagle zone drilling highlights is included as Table 2 below.

Table 2: Eagle Deposit Drill Intercept Highlights

Hole ID	Area / Vein	From	To	Length1	Au	Ag	AuEq2	AgEq2
		(m)	(m)	(m)	(g/t)	(g/t)	(g/t)	(g/t)
LRGAG-22-118	Eagle	95.6	150.6	55.0	7.80	2,152.7	36.51	2,737.9
	including	95.6	120.6	25.0	16.07	4,664.2	78.26	5,869.3
	including	104.6	119.6	15.0	26.74	7,755.8	130.15	9,761.3
	including	107.6	114.6	7.0	55.87	16,524.6	276.19	20,714.5
	including	107.6	110.6	3.0	121.97	36,953.0	614.67	46,100.5
	including	108.6	110.6	2.0	145.25	52,764.5	848.78	63,658.3
LRGAG-22-035	Eagle	69.0	179.6	110.6	1.64	264.6	5.17	387.5
	including	129.0	140.5	11.5	11.31	2,198.3	40.62	3,046.7
	including	130.4	133.8	3.5	30.24	6,392.5	115.48	8,660.8
	including	130.4	131.9	1.5	63.24	12,729.3	232.96	17,472.0
	including	131.0	131.9	0.9	104.50	13,742.5	287.73	21,580.0
LRGAG-21-014	Eagle	144.3	216.9	72.6	5.13	76.0	6.14	460.6
	including	198.8	210.7	11.9	28.58	115.9	30.13	2,259.8
	including	208.6	210.7	2.1	146.03	176.8	148.39	11,128.9
	including	208.6	209.3	0.7	266.00	319.0	270.25	20,269.0
LRGAG-22-031	Eagle	58.0	126.0	68.0	4.25	109.4	5.71	428.4
	including	78.0	113.9	35.9	7.83	184.9	10.29	771.8
	including	80.0	95.0	15.0	15.61	273.3	19.26	1,444.4
	including	84.0	86.0	2.0	46.80	272.5	50.43	3,782.5
LRGAG-22-032	Eagle	48.1	113.8	65.8	1.36	107.7	2.79	209.6
	including	85.8	113.8	28.1	2.96	216.6	5.85	439.0
	including	88.5	92.9	4.3	7.17	1,012.8	20.68	1,550.7
	including	88.5	89.1	0.6	25.00	3,020.0	65.27	4,895.0
LRGAG-22-041	Eagle	109.5	145.5	36.0	1.46	134.5	3.26	244.3
	including	134.0	143.5	9.5	4.55	389.9	9.75	731.1
	including	134.0	134.8	0.8	6.01	577.0	13.70	1,027.7
	also including	137.0	143.5	6.6	5.62	453.6	11.67	875.3
	including	141.0	142.2	1.2	17.10	1,345.0	35.03	2,627.5
LRGAG-22-113	Eagle	132.8	149.0	16.3	3.29	357.7	8.06	604.8
	including	133.8	135.6	1.8	20.05	2,000.0	46.72	3,503.7
	including	134.8	135.6	0.8	40.00	3,490.0	86.53	6,490.0
	and	160.5	190.0	29.5	2.32	57.8	3.09	231.7
	including	165.1	177.4	12.3	5.20	72.1	6.16	462.4
	including	169.0	170.0	1.0	21.10	170.0	23.37	1,752.5
LRGAG-21-018	Eagle	127.6	163.0	33.6	1.57	85.5	2.71	203.5
	including	156.9	159.3	2.4	10.51	436.5	16.33	1,225.0
	including	156.9	157.6	0.8	15.00	1,155.0	30.40	2,280.0
	and	177.9	178.6	0.7	36.20	1,500.0	56.20	4,215.0
LRGAG-22-030	Eagle	42.9	79.5	36.7	1.77	156.2	3.85	289.0
	including	51.9	61.0	9.1	6.00	553.3	13.38	1,003.2
	including	54.1	54.8	0.7	14.00	1,260.0	30.80	2,310.0
LRGAG-22-029	Eagle	74.0	94.6	20.6	1.52	217.5	4.42	331.3
	including	75.5	77.5	2.0	8.00	1,865.5	32.87	2,465.5
	including	75.5	76.5	1.0	14.15	3,520.0	61.08	4,581.3
LRGAG-21-007	Eagle	148.5	191.0	42.5	1.64	137.5	3.47	260.6
	including	188.6	190.2	1.6	6.83	1,269.5	23.76	1,781.8

 

Figure 4, which follows, provides a summary of the Los Ricos District, including both the Los Ricos North and Los Ricos South projects.  The map includes an outline of the concession areas and a summary of the current Mineral Resource Estimates ("MRE") on the projects, as well as stars locating each of the deposits included within the current MREs.

Table 3: Drill Hole Locations  

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Length
LRGAG-22-101	609964	2328357	1252	0	-90	327
LRGAG-22-102	609942	2328282	1272	50	-67	273
LRGAG-22-103	609823	2328439	1231	50	-50	306
LRGAG-22-104	609822	2328438	1231	50	-65	351
LRGAG-22-105	609942	2328282	1272	0	-90	386
LRGAG-22-106	610034	2328128	1317	50	-55	274
LRGAG-22-107	609820	2328437	1231	0	-90	386
LRGAG-22-108	610126	2328072	1310	50	-45	184
LRGAG-22-109	610126	2328072	1310	50	-65	239
LRGAG-22-110	610062	2328411	1283	50	-60	170
LRGAG-22-111	610126	2328072	1310	50	-85	296
LRGAG-22-112	609931	2328050	1326	50	-55	377
LRGAG-22-113	610060	2328410	1282	0	-90	266
LRGAG-22-114	609404	2328744	1247	50	-45	310
LRGAG-22-115	610035	2328259	1306	50	-63	308
LRGG-22-224	610410	2327788	1276	50	-45	138
LRGG-22-225	610220	2327768	1233	50	-70	320
LRGG-22-226	610306	2327803	1254	50	-56	185
LRGG-22-227	610440	2327718	1270	50	-56	177

 

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.

The VRIFY 3D Slide Deck for GoGold can be viewed at: https://vrify.com/companies/gogold-resources-inc 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 Mineral Resource was announced on July 29, 2020 which disclosed 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 Mineral 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_5% of US$295M.  The Eagle Concession was acquired in October 2022 and is adjacent to the Main Area which contains the initial Mineral Resource.

The Los Ricos North Project was launched in March 2020 and an initial Mineral Resource was announced on December 7, 2021, which disclosed an Indicated Mineral Resource of 87.8 million ounces AgEq grading 122 g/t AgEq contained in 22.3 million tonnes, and an Inferred Mineral Resource of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 million tonnes. The Company has a drill program for an additional 100,000 metres of drilling for 2022 in place.

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 ALS Chemex  facility in Guadalajara, Mexico. ALS Chemex  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 30-gram charge by fire assay (Code AA23) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code ME-GRAV21). Silver and multi-element analysis is completed using total digestion (Code ME-ICP61  Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (ME-GRA21).

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 are the latest drilling results for GoGold Resources (GLGDF)?

GoGold reported drilling results from its Los Ricos South Project, with hole LRGAG-22-113 showing 16.3m of 605 g/t AgEq, including 6,490 g/t over 0.8m.

How will the drilling results affect GoGold's Mineral Resource Estimate?

The impressive drilling results are expected to have a very positive impact on GoGold's upcoming Mineral Resource Estimate and Preliminary Economic Assessment.

Where is GoGold Resources' Los Ricos Project located?

The Los Ricos Project is located in Jalisco, Mexico, and consists of two primary areas: Los Ricos South and Los Ricos North.

What is the significance of the Eagle Deposit for GoGold (GLGDF)?

The Eagle Deposit is crucial for GoGold as it continues to deliver high-grade intercepts, supporting the potential for bulk underground mining.

When will GoGold update their Mineral Resource Estimate?

GoGold plans to update its Mineral Resource Estimate and Preliminary Economic Assessment later this year.