GoGold drills 288 g/t AgEq over 42.3 metres at Los Ricos South, Mexico
GoGold Resources Inc. [GGD-TSX; GLGDF-OTCQX] reported additional drilling results from the 100%-optioned Los Ricos South project, Jalisco, Mexico, within the Eagle and Main deposits. Hole LRGAG-22-125 intercepted 42.3 metres of 288 g/t AgEq (silver equivalent), containing 2,017 g/t AgEq over 2.8 metres.
“We continue to see strong results from our drilling program at Los Ricos South, such as those from hole 125, which expands on the high-grade area,” said Brad Langille, president and CEO. “It is drilling results such as these which we anticipate will provide a very positive impact when our mineral resource estimate and preliminary economic assessment at Los Ricos South is updated later this year.”
LRGAG-22-117 returned 25.0 metres of 1.09 g/t gold and 133.1 g/t silver, including 1.96 g/t gold and 306.8 g/t silver, including 8.08 g/t gold and 1,460.0 g/t silver. Other holes returned equally encouraging assays.
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 3 km to the northwest, where the company holds the rights to additional concessions. Drilling at 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 herein 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. 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 was based on when it was released on Jan. 20, 2021.
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 released 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 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 released on Jan. 20, 2021, indicating a net present value at a 5-per-cent discount of US$295-million. 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 released 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.
Halifax, Nova Scotia-based GoGold Resources 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.