GoGold Resources Inc. [GGD-TSX] on Wednesday November 4 released additional assay results from the La Trini deposit located at the 100%-optioned Los Ricos Project in Jalisco State, Mexico.
The company said hole LRGT-20-046 was drilled at the La Trini deposit and intersected a silicified and altered quartz rhyolite unit from 147.9 to 165.1 metres. Assay highlights included 17.2 metres of 186 g/t silver equivalent (AgEq), consisting of 70 g/t silver and 1.55 g/t gold.
That intersection included 11.0 metres of 267 g/t AgEq, which was made up of 110 g/t silver and 3.56 g/t gold, beginning at a depth of 150 metres.
However, the shares reacted by falling 5.7% or $0.09 to $1.47 in light trading. The shares are currently trading in a 52-week range of $1.84 and 36.5 cents.
Los Ricos is split into two projects, Los Ricos South and Los Ricos North. They are 25 km 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.
Recent highlights included Hole LRGF-20-001, which was drilled on the El Favor target and 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 seeing continued strong results from La Trini as we continue drilling with six drill rigs, which are deployed between the Salomon-Favor, Trini and El Orito targets, and we are currently mobilizing two additional drill rigs to the Los Ricos North site,” said GoGold President and CEO Brad Langille.
With the recent completion of a $34.5 million financing, Langille said GoGold has the funds to explore and drill multiple targets at Los Ricos North simultaneously, including La Trini, and Salomon-Favor, and move the project to an initial resource estimate.