GoGold Resources (CVE:GGD) shares advanced Monday after revealing new drilling results from the Chispa De Oro South target within its San Diego project in Durango, Mexico.
Hole GGS-056 returned the best drill results so far on the property, the company said, hitting 194.3 metres of 100 grams per tonne (g/t) silver equivalent and 1.1% copper, which included an intercept of 82.3 metres of 176 g/t silver equivalent and 1.6% copper.
The vertical hole, which was drilled in the breccia zone, shows the continuity of the high grade mineralization within the structure to a depth of 225 metres, GoGold added.
The company’s geologists believe this breccia zone could potentially fall within a high grade open pit target at the Chispa South area, the company said, adding that the same hole also intercepted a deeper zone of mineralization that could represent a potential underground target as well.
The Chispa De Oro South zone is one of three high potential areas for resource development within the San Diego project. The other two mineralized discoveries made so far include the Las Europas high grade silver target, and the Breccia Hill area, where the company previously released silver, gold and copper drill intercepts and “high grade silver trenches”.
The mineral explorer noted that only 10 per cent of the 71,495 hectare project has been systematically mapped and sampled so far.
Shares in GoGold advanced 3.7 per cent this afternoon to $1.40 on the Canadian junior exchange.
