Mako Gold Confirms High-Grade Gold at Napié Project

Mako Gold Limited (ASX: MKG) has received the remainder of assays from a recent 10,000m RC drill programme completed on the company’s flagship Napié project, Côte d’Ivoire.

The assay results received are from 11 holes at the Tchaga West target, one of the first of four targets to be drilled out of the 15 large targets identified during the company’s recent auger drill programme.

Managing director, Peter Ledwidge, commented, “We are very excited to have discovered high-grade gold on several new prospect areas which were identified as high priority targets following our recent 25,000m auger drilling programme.”

The Tchaga West target is situated along the 30km-long Napié Shear, which hosts the Tchaga and Gogbala deposits, which together constitute the maiden resource of 868Koz at 1.2g/t Au.

Wide and high-grade gold mineralization was intersected, including 6m at 6.03g/t Au, which includes 1m at 15.16g/t.

The discovery of high-grade gold mineralization 200m west of the Tchaga resource is encouraging for Mako, pointing to great potential resource expansion, given the drilling was very shallow with mineralization encountered less than 100m from surface.

Mr. Ledwidge continued, “Considering the very wide-spaced drilling with spacing of drill fences at 400m, intersecting gold mineralization on one or more sections is highly encouraging. We also see great potential for further gold zones to be found at Napié, given the result reported today represent only four out of 15 targets identified from our recent auger drilling.”

Gold mineralization remains open in all directions with significant growth potential with further drilling.

Mako Gold will commence diamond drilling shortly to target high-grade extensions of new gold mineralization identified in the drilling programme, and to collect structural data.

Additionally, future RC drilling is planned to close the 400m gap between fences, as the company looks to expand our current 868Koz maiden resource at Napié.

GoGold Reports Parral Production for Quarter Ending June 2023 and Reports on Planned Zinc Circuit

HALIFAX, NS, July 12, 2023 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the quarter ending June 30, 2023 of 375,112 silver equivalent ounces, consisting of 203,894 silver ounces, 1,512 gold ounces, and 135 tonnes of copper.

Proposed SART Zinc Circuit

The Company has completed bench scale and in-field heap leach testing that has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that will greatly increase cash flow at our Parral operation over the next seven years of mine life.

Summary of Zinc circuit effects:

Saleable zinc precipitate to be added to the revenue stream

Regeneration of approximately 750 tons of cyanide per quarter

Anticipated to generate net increased cash flows of $1.5 million per quarter

Zinc circuit capital expenditure estimated at $2 million over 6 month construction period

Project payback expected within 6 months after construction

Construction of zinc circuit is independent of current SART operations, therefore no interruption to current operations is expected

Parral up to end of its mine life will be a producer of silver, gold, copper and zinc

"During the quarter at Parral, we continued with our planned reprocessing of old pad material which resulted in further metal extraction plus reclamation of new pad space which has the benefit of delaying further pad capital expenditure. In addition, we have been working on further optimization of the SART process to generate an additional saleable metal (zinc) and more importantly, the regeneration and recycling of more cyanide which has the benefit of reducing the volume of fresh cyanide required for purchase. Our expectation is the circuit will generate an additional $1.5 million in cash flows per quarter after the circuit is completed," said Brad Langille, President and CEO. "Our main focus at GoGold is our flagship asset at Los Ricos. With that being said, we are now in our tenth year of production at our Parral operation, with a remaining seven years ahead of us. The addition of a zinc circuit is another way that Parral can remain a meaningful contributor of revenue over its remaining mine life. At Los Ricos South, our next objective is the completion of a revised mineral resource estimate and updated preliminary economic assessment this summer."