The holes were drilled to test the Los Ricos vein in an area of known underground workings. The vein was intercepted and the unmined 17.1m of the Los Ricos vein averaged 1.59 grams per tonne gold and 364.2g/t silver for 6.45g/t gold-equivalent.
The company also reported the first hole drilled at the historical San Juan mine some 400m to the north of the Main Area returned an intercept of 16.9m grading 0.54g/t gold and 67.8g/t silver.
"Our drilling programme continues to show wide intervals of gold-silver mineralisation remain on both sides of the stopes in the historical underground workings at the Main Area. We are very encouraged our first step out drilling 400m along strike to the northwest and our previously announced step out drilling 1,500m along strike to the southeast are greatly expanding the size of the Los Ricos target," said president and CEO Brad Langille.
Los Ricos, about 100km north-west of Gaudalajara, covers over 22,000 hectares and is home to several historical mining operations. The company accelerated the acquisition of the project in August.
GoGold commenced a 10,000m diamond drilling programme in March 2019 to define the mineralised halo around the historical high-grade ore shoots as defined by underground workings and the 65 historical reverse circulation drill holes. This has now been expanded to test an additional 3.2km of the Los Ricos mineralizsed zone.
Shares in GoGold Resources (TSX:GGD) are trading at C75¢, valuing the company at $139 million. Its share price has increased 53% in the past month.
