GoGold drills 1,079 g/t AgEq over 21.2 metres at Los Ricos North, Mexico

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GoGold Resources Inc. [GGD-TSX; GLGDF-OTCQX] reported results of six drill holes at El Favor East within the 100%-optioned Los Ricos North property, Jalisco State, Mexico. Hole LRGF-21-107 intersected 1.0 metre of 11,307 g/t silver equivalent (AgEq) contained within 21.2 metres of 1,079 g/t AgEq. See complete assays in company press release.

These drill holes represent data that are after the resource cut-off date and will form part of a future resource update. The drill program at El Favor East is primarily focused on expansion of the resources with updip and downdip drilling in addition to strike expansion on the zone toward the east.

In the past fall, the drill program at El Favor East was focused on following the zone along strike to the east with drill pads built along the historical road to the Constancia mine workings. The first phase of drilling has cut wide zones of high-grade mineralization at vertical depths near 300 metres from surface. Phase 2 of the drill program will progressively drill both the fill-in holes along strike and the updip holes required for the 2022 mineral resource estimation. Crews are currently building the roadways and drill pads required to drill the new holes to follow up on the zones discovered in holes LRGF-21-107 and LRGF-21-109.

“The results from these new holes demonstrate the importance of the El Favor East zone,” said Brad Langille, president and CEO. “With these high grades and widths at depth as shown in holes 107 and 109, we have the opportunity to quickly increase the mineral resource by simply drilling the zone up to surface. Two thousand twenty-two will be another year of aggressive resource expansion in the Los Ricos district.”

The exploration team has been moving east of El Favor with drilling step-outs 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 a mapping and drilling program has extended the presence of mineralization 900 metres east of hole 48 (El Favor East zone discovery hole).

To date, approximately 800 metres of El Favor East have been drilled showing the strong mineralization. The drill holes in this release were not included in the initial mineral resource estimate for Los Ricos North released on December 7, 2021; hole LRGF-21-094 was the final drill hole included in that resource.

In September, the company commissioned TMC Exploracion to complete an IP (induced polarization) survey. El Favor is located approximately 800 metres along strike to the east of the El Orito deposit.

The Los Ricos South project began in March, 2019, and an initial mineral resource was announced on July 29, 2020, which disclosed a Measured and 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 was announced January 20, 2021, indicating an NPV (5%) of US$295-million.

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