GoGold drills 43 metres of 322.7 g/t AgEq at Los Ricos, shares up
GoGold Resources Inc. [GGD-TSX; GLGDF-OTCQX] reported results of the initial six diamond drill holes from the new discovery called El Orito in its 100%-optioned Los Ricos North Project in Jalisco state, Mexico.
All six holes have intersected significant zones of epithermal silver, gold and base metal sulphide mineralization as shown in the associated table. These are the first drill holes ever to test El Orito.
Drill hole LRGO-20-005 intersected 43.0 metres averaging 322.7 g/t silver equivalent consisting of 49.0 g/t silver, 0.05 g/t gold, 0.45% copper, 2.99% lead and 4.69% zinc, including 14.3 metres of 537.8 g/t AgEq. Drill hole LRGO-20-002, 400 metres away from LRGO-20-005, intersected 63.4 metres of 171.0 g/t AgEq consisting of 75.8 g/t silver, 0.06 g/t gold, 0.16% copper, 3.00% lead and 0.14% zinc, including 6.7 metres of 685.9 g/t AgEq.
“We are really excited about this new discovery, which is 1.2 km to the west of the El Favor deposit. These are the first holes that have ever been drilled in this area of Los Ricos North. These strong results further strengthen our belief that Los Ricos North is a very large mineralized system,” said Brad Langille, President and CEO. “For Los Ricos we see 2021 being a year where more resources may be defined, and there is the potential for further discoveries like El Orito.”
The El Orito deposit is located about 1,200 metres to the west along strike from the El Favor deposit and continues westward for 1,000 metres. In the fall of 2020, geological mapping teams observed several areas of historical mine workings and found several outcrops of silver- and gold-bearing quartz veins within a 50-metre wide by 750-metre long zone of silicification and epithermal alteration. A nearby second zone of quartz veining was found within a 35-metre wide by 700-metre long zone of silicification, which was about 300 metre to the south of and parallel to the first vein. Both zones are dipping steeply to the north between -70 and -75 degrees.
In January 28 trading, shares gained $0.10 to $2.52, up 4.1%, on a volume of 743,500 shares traded.