GoGold Resources (TSX:GGD) Intercepts 21,580 g/t Silver Equivalent Over 0.9m at Eagle Concession

GoGold Resources (TSX:GGD) has announced a second set of drill results at its Eagle concession containing the northern strike extension of the Main Deposit on the Los Ricos South property. The recent highlights add to previous results from the company at the project. New highlights include hole LRGAG-22-035, one of the strongest holes drilled to date in the Los Ricos district, which intercepted 21,580 g/t silver equivalent (“AgEq”) over 0.9m, contained within 11.5m of 3,047 g/t AgEq within a wider intercept of 110.6m of 388 g/t AgEq. 

President and CEO of GoGold Brad Langille commented in a press release: “Drilling along strike on the new Eagle concession continues to return exceptional results in both high grade and very wide widths. Today’s release of hole 35, along with hole 14 in our last release represent two of the best holes drilled in the Los Ricos district. With results like this, we are focussing the majority of our exploration on the new Eagle concession along with additional drill targets on the Main zone in Los Ricos South. Additional results are expected shortly.”

Figure 1: Eagle – Cross Section Holes 32,35. Source: GoGold Resources Inc.

Table 1:  Drill Hole Intersections

Hole ID Area / Vein From To Length1 Au Ag AuEq2 AgEq2
    (m) (m) (m) (g/t) (g/t) (g/t) (g/t)
LRGAG-22-032 Eagle 48.1 113.8 65.8 1.36 107.7 2.79 209.6
  including 85.8 113.8 28.1 2.96 216.6 5.85 439.0
  including 88.5 92.9 4.3 7.17 1,012.8 20.68 1,550.7
  including 88.5 89.1 0.6 25.00 3,020.0 65.27 4,895.0
LRGAG-22-033 Eagle 190.9 222.0 31.1 0.66 64.6 1.53 114.4
  including 215.5 219.3 3.8 1.92 170.6 4.19 314.5
LRGAG-22-035 Eagle 69.0 179.6 110.6 1.64 264.6 5.17 387.5
  including 129.0 140.5 11.5 11.31 2,198.3 40.62 3,046.7
  including 130.4 133.8 3.5 30.24 6,392.5 115.48 8,660.8
  including 130.4 131.9 1.5 63.24 12,729.3 232.96 17,472.0
  including 131.0 131.9 0.9 104.50 13,742.5 287.73 21,580.0
LRGAG-22-036 Eagle 87.0 128.0 41.0 1.26 83.9 2.38 178.5
  including 109.0 128.0 19.0 2.11 143.8 4.02 301.8
  including 119.5 120.9 1.5 9.00 509.3 15.79 1,184.3
  including 119.5 120.3 0.8 12.55 782.0 22.98 1,723.3
LRGAG-22-037 Eagle 122.2 167.8 45.7 0.82 69.9 1.76 131.7
  including 146.4 155.0 8.7 3.44 200.5 6.11 458.3
  including 149.9 151.6 1.7 12.95 181.7 15.37 1,152.6
  including 150.9 151.6 0.7 26.00 115.0 27.53 2,065.0
LRGAG-22-038 Eagle 88.0 124.0 36.0 1.30 75.7 2.31 173.0
  including 106.9 116.0 9.2 4.81 256.1 8.23 616.9
  including 108.4 109.6 1.3 6.76 1,271.6 23.72 1,778.9
  including 108.4 109.0 0.7 7.70 2,030.0 34.77 2,607.5
  also including 112.6 115.0 2.4 12.64 163.6 14.82 1,111.7
  including 114.2 115.0 0.8 31.60 70.0 32.53 2,440.0
LRGAG-22-039 Eagle 149.7 169.0 19.4 0.93 65.8 1.81 135.7
  including 156.8 164.4 7.6 1.87 145.0 3.81 285.6
  including 158.0 163.4 5.4 2.37 168.9 4.62 346.6

 

1. Not true width
2. AqEq converted using a silver to gold ratio of 75:1 at recoveries of 100%
3. Hole LRGAG-22-034 did not intercept significant mineralization

The Eagle concession adjoins the Main Deposit where the Los Ricos South Preliminary Economic Assessment (“PEA”) was released on January 20, 2021. This represents an extension to this previously defined Mineral Resource Estimate at Los Ricos South. The concession covers 1,107 hectares, including the area between the Main Deposit and the Company’s Jamaica concession located 3km to the northwest, where the Company holds the rights to additional concessions.  Due diligence drilling 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.  See Figure 1 below which shows a cross section including drill hole LRGAG-22-035.

Figure 2: Eagle + Main Area Longitudinal Section. Source: GoGold Resources Inc.

The Company has completed preliminary geological mapping, sampling, geophysical IP surveying, and has commenced a drill program at the Eagle.  Mapping and geophysics indicate the Eagle structure extending in excess of 2.5km to the northwest, at which point it continues onto the Company’s previously owned Jamaica concessions. The Main Area was included in the initial Los Ricos South Mineral Resource estimate released on July 29, 2020, which included 1.1 km along strike of the mineralized trend. 

Figure 3: Eagle Longitudinal Section. Source: GoGold Resources Inc.

While there was some historical underground mining development in the early 1900’s on the Eagle concession, there was only one historical void encountered during drilling, which suggest that the mineralization at the Eagle may be intact and not previously mined. The location and high grade intercepts may indicate the presence of a high grade ore shoot that was not previously exploited.  This differs from the Main Area which has had portions of it’s high grade ore shoots mined out.

The results of the sampling and geophysical IP survey (Figure 4) appear to indicate that the mineralized structure continues in a Northerly direction from the Main Area. Significant geophysical anomalies were identified which will form targets for the drilling campaign. 

The Eagle concession connects the Company’s concessions held in the southern portion of its Los Ricos South project, including the Main area where the Initial Resource was released, to its northern concessions in Los Ricos South, which includes the Jamaica exploration target.  As a result, all of the concessions in Los Ricos South are now contiguous (Figure 5).

The Company exploration team has been completing detailed mapping and sampling at Jamaica over the last year and sees the same structure that was drilled in the main zone at Los Ricos South extending for several kilometres over the Jamaica concessions.  This offers the potential for an additional bulk tonnage target in Los Ricos South, with continuity from the Main Area and Eagle.

Figure 4: Eagle & Main Area Geophysics. Source: GoGold Resources Inc.

Table 2: Drill Hole Locations  

Hole ID Easting Northing Elevation Azimuth Dip Length
LRGAG-22-032 610059 2328444 1278 50 -70 159
LRGAG-22-033 610057 2328344 1283 0 -90 295
LRGAG-22-034 609857 2328604 1244 50 -45 271
LRGAG-22-035 610058 2328443 1278 0 -90 216
LRGAG-22-036 610026 2328548 1271 0 -90 171
LRGAG-22-037 610090 2328247 1295 0 -90 213
LRGAG-22-038 609977 2328575 1265 50 -50 139
LRGAG-22-039 610087 2328271 1289 50 -65 219

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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