Los Ricos is split into two projects, Los Ricos South and Los Ricos North. They are 25 ko apart. Los Ricos North includes the Salomon-Favor, La Trini and Mololoa targets.
The drill program is testing the known zones of mineralization along strike and down-dip from historical underground workings.
Highlights included Hole LRGF-20-001, drilled on the El Favor target, intersected a quartz vein and brecciated stockwork zone hosted in andesite tuffs from 15.0 to 56.7 metres for 41.7 metres of 168 g/t silver equivalent (AgEg), consisting of 142 g/t silver and 0.36 g/t gold.
The intercept included 11.0 metres of 529 g/t AgEq, which was made up of 444 g/t silver and 1.12 g/t gold, beginning at a depth of 18.7 metres. The hole encountered further mineralization from 131.3 metres to 147 metres, for 15.6 metres of 59 g/t AgEq.
“We’re extremely encouraged with our initial drilling results at Salomon-Favor to see four stacked zones of wide mineralization starting from surface,” said GoGold President and CEO Brad Langille.
“With the completion of our $34.5 million financing last week, we have to funds to explore aggressively and drill multiple targets at Los Ricos North simultaneously, including La Trini, and Salomon-Favor, and move the project to an initial resource estimate by the second quarter of 2021.”
On Wednesday, GoGold shares eased 6.6% or 10 cents to $1.42 on volume of 477,651. The shares are currently trading in a 52-week range of $1.84 and 36 cents.
In July, 2020, the company announced an initial NI 43-101 compliant mineral resource estimate for Los Ricos South. Measured and indicated resources now stand at 63.7 million ounces of silver equivalent, grading 199 g/t AgEq contained in 10.0 million tonnes On top of that is an inferred resource of 19.9 million ounces AgEq, grading 190 g/t AgEq contained in 3.3 million tonnes.