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Canadian Explorer Releases Fresh Results from Mexico Gold Project

Stockhouse Editorial
0 Comments| March 16, 2022

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(Map via GoGold Resources Inc. Click to enlarge.)

A Canadian-based silver and gold producer released the results from its exploration project in the state of Jalisco, Mexico.

GoGold Resources Inc. (TSX: GGD, Forum) reported five drill holes at El Favor East within Los Ricos North on Wednesday.

The drill program at El Favor East is primarily focused on expansion of the resources with up-dip and down-dip drilling in addition to strike expansion on the zone towards the east.

In a news release detailing these results, the company’s President and CEO, Brad Langille said that El Favor East continues to provide great results, with high grade intercepts surrounded by wider zones of good potentially bulk mineable grades.

“Results such as these are what we believe will help us achieve our goal of aggressively expanding our mineral resources at Los Ricos in 2022.”

The company also noted that El Favor is located approximately 800 meters along strike to the east of the El Orito deposit.

The combined systems cover approximately 2.9 km in mineralized strike length over a 3.7km distance. At El Orito, wide zones of precious and base metal mineralization were cut by drill holes at El Orito at elevations between 600 to 900 metres.

The drill holes at El Favor have cut primarily silver-gold mineralization with trace to minor amounts of base metals at a higher elevation in the system, between 1,050 metres to 1,400 metres, compared to the semi-massive to massive base metal sulphide mineralization seen deeper in the El Orito deposit.

To date, approximately 800m of El Favor East has been drilled showing the strong mineralization. In September 2021, the company commissioned TMC Exploracion to complete an IP survey.

Earlier this month, GGD announced that it had closed its bought deal offering of 16,146,000 common shares at a price of $2.85 (CAD) per share, for aggregate gross proceeds of approximately $46 million (CAD), including proceeds from the full exercise of the over-allotment option to purchase an additional 2,106,000 common shares.




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